TradeInformer has learned from regulatory filings that IC Markets founder and CEO Andrew Budzinski has become a UAE resident.
Budzinski is Australian but was most recently a Cypriot resident, where he also appears to have acquired citizenship via the country’s golden visa regime.
Dubai has emerged as an increasingly attractive jurisdiction for the FX/CFD industry. Several companies have set up offices or obtained regulatory licences in the region over the last couple of years, including CMC Connect, Plus500, and eToro.
Aside from tax, the region acts as a useful hub for broker operations. Situated neatly between Europe, Asia, and Africa, brokers based in the region can easily manage operations across these different jurisdictions.
Finally, many executives appear to have moved there for the tax benefits and lifestyle. Many European countries are seeing higher taxes and increasing house prices, but then face much poorer public services.