UAE Wealth Managers Urged to "Raise the Bar" for Global Citizen Clients

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UAE wealth advisors urged to map client tax exposure across jurisdictions as 90% expat base complicates advice

UAE wealth managers are being urged to move beyond product sales and address clients' full cross-border tax and jurisdictional exposure.
Expatriates make up an estimated 90 to 95 percent of the UAE's population, with most holding assets across multiple countries and tax regimes.
René Wessels of Investec Wealth and Investment International called for greater accountability and education at the Hubbis Independent Wealth Management Forum - Dubai 2026.
UK, US, and Indian nationals in the UAE each face distinct home-country tax reporting obligations that effective wealth advisors must understand and factor into their advice.
The Capital Market Authority (CMA) assumed responsibility for UAE capital markets from the Securities and Commodities Authority (SCA) on 1 January 2026, as part of a broader regulatory overhaul.
GCC private wealth is growing at 4 to 5 percent annually, with the UAE wealth management sector projected to expand at a compound annual rate of 8 percent.

Why the Capital Market Authority Era Is Raising the Stakes for UAE Wealth Advisors

The UAE's wealth management sector is undergoing a fundamental shift. With expatriates accounting for an estimated 90 to 95 percent of the country's population, the advisory challenges facing financial professionals are no longer local in nature. Cross-border wealth structuring, jurisdictional exposure analysis, and the interplay of multiple tax regimes have become the defining features of effective advisory practice in the Emirates.

Industry leaders at the Hubbis Independent Wealth Management Forum - Dubai 2026 made clear that product-led wealth management is giving way to something more sophisticated. Advisors must now map their clients' full global footprint - across assets, residencies, and tax obligations - not just optimise returns. The Capital Market Authority (CMA), which replaced the Securities and Commodities Authority (SCA) on 1 January 2026, reinforced this shift with an expanded regulatory mandate and stronger enforcement powers.

A 90% Expatriate Economy: The Scale of the Advisory Challenge

The UAE's demographic profile is unlike virtually any other major financial centre. Foreign nationals account for between 90 and 95 percent of the country's estimated 9 to 10 million residents, drawn by professional opportunities and an environment with no personal income tax. Most arrive with assets already in place - property, pensions, savings, and investment portfolios - governed by the rules of their home jurisdiction.

That complexity does not disappear on relocation. Research published by RBC Wealth Management found that more than a quarter of high-net-worth individuals operate companies internationally, while around one-in-five own property in another country. Those asset footprints - spanning multiple jurisdictions, currencies, and legal systems - create advisory demands that go well beyond fund selection or portfolio construction.

Against this backdrop, the wealth management opportunity in the UAE is substantial and growing. According to EY's 2025 GCC Wealth Management Industry Report, GCC private wealth is expanding at 4 to 5 percent annually, with the UAE sector projected to grow at 8 percent compound per year. For advisory firms willing to develop genuine cross-border expertise, the addressable market is only getting larger.

The Tax Regimes That UAE Advisors Must Understand

René Wessels, a South African-qualified attorney and senior executive at Investec Wealth and Investment International, used his address at the Dubai 2026 forum to set out the stakes plainly. Advisors must treat "jurisdictional exposure" - the interplay of overlapping tax regimes - as a core part of their advisory service, not an afterthought.

The tax landscape facing a typical UAE expat is far from simple. British nationals must contend with significant changes to UK non-domicile tax rules, which took effect on 6 April 2025 and abolished the remittance basis of taxation for long-term non-UK domiciled residents. For those who may one day return to the UK, the implications for capital gains and inheritance tax require proactive planning now.

US citizens and green card holders face binding FATCA (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank Account Report) obligations, and must file US federal tax returns regardless of their country of residence. Indian nationals are subject to FEMA (Foreign Exchange Management Act) restrictions on how property sale proceeds can be repatriated. Meanwhile, the Common Reporting Standard (CRS) enables automatic exchange of financial account information across more than 120 countries - closing the opacity that once characterised offshore holdings.

From Products to Structure: The Evolving Advisory Standard

Wessels' central argument was that wealth advisors must shift their value proposition from investment performance to long-term structural integrity. Clients who hold assets across multiple jurisdictions need advisors who can map those exposures, identify where legal systems conflict, and recommend arrangements that hold up across borders - not just through the next quarter's reporting cycle.

In practice, this means structures such as foundations, discretionary trusts, and estate planning vehicles must now be assessed across multiple tax regimes simultaneously - not just for their efficiency under UAE law. A foundation appropriate under UAE rules may attract entirely different treatment under UK inheritance tax or US estate tax provisions if a beneficiary holds that country's citizenship or residency.

Wessels was direct about the collective responsibility of the industry. "As an industry, we have to keep each other accountable," he said. He called on advisors to set higher standards for service and technical knowledge, and to decline structures that do not withstand scrutiny rather than simply completing a sale.

What This Means for Wealth Managers and Independent Advisors

For advisors, the practical implications of this shift are significant. At minimum, a thorough onboarding process should include a structured review of the client's jurisdictional profile - covering citizenships, prior tax residencies, asset locations, and how each is treated under applicable law. Advisors who omit this step risk giving technically accurate product advice that is nevertheless poorly suited to the client's real tax position.

UK-connected clients demand particular attention following the April 2025 non-domicile reforms, and advisors should review existing arrangements without delay. For those serving clients of multiple nationalities, the most effective approach is multidisciplinary - drawing on tax specialists, legal advisors, and estate planners. Understanding what changed under the UK inheritance tax reforms is a useful starting point for advisors with British nationals on their books.

What Clients are Asking their Advisors

What does "jurisdictional exposure" mean in wealth management?

Jurisdictional exposure refers to the risk that your assets, income, or estate are subject to the tax or legal rules of more than one country simultaneously. In the UAE context, this often means a client's wealth is governed partly by their home country's tax system and partly by UAE regulations. Advisors use jurisdictional exposure analysis to identify where these rules overlap, conflict, or create unexpected liabilities.

Do UAE expats have to file tax returns in their home country?

It depends on nationality and home-country rules. US citizens and green card holders must file US federal tax returns regardless of where they reside, including completing FATCA and FBAR reporting for foreign accounts. British nationals are generally not taxed on overseas income during periods of non-UK residency, though the April 2025 non-domicile reforms mean that returning to the UK can trigger new tax exposure sooner than previously.

Is wealth advice in the UAE regulated to the same standard as the UK or US?

The UAE has three distinct regulatory jurisdictions: the Dubai International Financial Centre (DIFC), the Abu Dhabi Global Market (ADGM), and mainland UAE. The DIFC is regulated by the Dubai Financial Services Authority (DFSA), ADGM by the Financial Services Regulatory Authority (FSRA), and the mainland by the Capital Market Authority (CMA). Regulatory standards have strengthened considerably since 2025, bringing the UAE closer to established international frameworks.

What are the risks of using a wealth advisor who does not understand cross-border tax?

An advisor treating the UAE as an isolated financial environment may recommend structures that work locally but create unexpected tax liabilities or reporting failures in a client's home jurisdiction. Common risks include unreported foreign accounts under FBAR or CRS rules, inheritance plans that ignore home-country estate tax, and investment structures that become inefficient once a client moves country or returns home.