Indian Family Offices Add Singapore and GIFT City as Dubai Backup Hubs

Indian family offices are starting to diversify their structures beyond Dubai. According to Citywire Asia, there’s been a noticeable uptick in inquiries about setting up in Singapore and GIFT City, especially since the Iran conflict has raised questions about Dubai’s status as a safe haven.

This change is more about strategy than a knee-jerk reaction. Families aren’t selling off their Dubai assets; instead, they’re looking to create a backup plan. LGT Wealth has noted a growing interest from clients in Singapore’s 13O framework. Meanwhile, India’s FIF route through GIFT City, which was meant to rival Singapore, is still on hold after initial approvals hit a snag.

This trend reflects a broader movement among wealthy individuals in Asia. EAMs in Singapore and Hong Kong have reported that clients are hitting the brakes on new investments in Dubai. While real estate purchases are being delayed, they aren’t being canceled outright. In fact, AIF commitments in India have skyrocketed past ₹15.7 trillion, growing at an impressive 30% CAGR, as families shift their focus to more institutional-grade options.

Property owners in Dubai are holding steady, with rental yields hovering around 7% and no income tax making long-term investments appealing. The real concern isn’t about geography; it’s about putting all your eggs in one basket. Infrastructure funds in areas like data centers, renewables, and power grids are starting to emerge as valuable complements to physical assets.

At Octagon, we still see the UAE as a key location for international families. The core advantages—business-friendly environment, tax efficiency, and strong regional connections—are still very much in place. What’s evolving is how families are structuring their investments around these strengths.

Have you considered how your family office would cope if one jurisdiction became unavailable for six months?