The tax haven called Dubai is one of the biggest … hiding places for Russian oligarchs, but also for those who want to avoid the sanctions imposed by the West. Dubai appears as an earthly paradise for the rich of the world. Ever since the outbreak of war in Ukraine On February 24, Russian oligarchs and companies arrive in the Emirates at an unprecedented rate.
It is impressive that Real estate purchases from wealthy Russians have risen 67% in recent times. In fact, a Russian economist claims that more than 200,000 Russians have taken refuge there. It is known that the Arab Gulf country has not imposed sanctions on Russia, nor has it criticized its invasion of Ukraine. At the same time, it issues visas to Russians who are not subject to Western sanctions.
Dubai has always been a popular tourist destination for those who own and occupy Russia, of which tens of thousands visited it every month. Real estate agents based in Dubai say Russians are worried about a possible economic collapse in their country and that is why they are moving there, investing and buying real estate. Simply put, the rich are interested in securing their wealth. Of course, there are also the Russians, according to the heads of the offices, who see this place as their “second home”.
Dozens of multinational companies as well as Russian start-ups also transfer employees to United Arab Emirates. The challenge was even greater for companies dealing with international clients and brands, as most Western companies have severed ties with companies based in Russia.
Global companies such as Goldman Sachs, JP Morgan and Google, which were forced to close their offices in Russia, are also relocating some of their employees to Dubai.
With information from BBC.
Follow Skai.gr on Google News
and be the first to know all the news
