British mogul Richard Desmond. ARCHIVE

Richard Desmond, one of the UK's most prominent media moguls, has joined a growing list of wealthy individuals securing a golden visa in Dubai for "lifestyle" reasons. The 72-year-old former owner of the Daily Express and Daily Star joins a growing number of high-net-worth individuals who have chosen to base themselves in the tax-friendly emirate. He reportedly acquired the visa after purchasing a home in Dubai earlier this year. Desmond’s decision to relocate partially to Dubai comes as he diversifies his investment portfolio and seeks new opportunities. “It’s not just the weather, but the business environment here is fantastic,” a close associate revealed. The mogul is expected to divide his time between London and Dubai, where he has purchased a home. Desmond, who continues to pay UK taxes, is one of many wealthy individuals exploring options abroad amid changing tax policies in the UK. With the Labour government considering higher taxes on capital gains, entrepreneurs and financiers have been seeking alternative locations to protect their wealth. Dubai’s appeal lies in its status as a global hub for business, offering tax breaks and opportunities for high-net-worth individuals to invest. “Richard sees Dubai as a place where he can enjoy life while still being close to international markets,” the source added. The UAE’s golden visa program, which grants residency to individuals with investments or special skills, has attracted a wave of expatriates from Europe and beyond. Desmond’s move is part of a broader trend among wealthy Britons dissatisfied with the current political and economic climate in the UK. ICA/Expat Media ALSO READ: UAE Golden Visa: 16 questions to know if you qualify
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