Chris Boswell, 39, is one of the Middle East's most successful real estate dealmakers with more than $1.15 billion (Dh4.22bn) in total sales.
He still holds the record for selling Dubai’s most expensive private residence for Dh185 million in 2015, and has also sold luxury homes in Los Angeles, London and New York.
An avid collector of art and memorabilia, Mr Boswell is also a PropTech investor, adviser and divides his time between Dubai, Lake Como in Italy and his family home in Scotland.
How did your upbringing shape your attitude towards money?
I grew up in Birmingham in the UK with my mother and Irish grandparents. Our household was pretty much working class, but from a very early age I always dreamt of one day having a large house with a fleet of luxury cars.
My grandfather was born in Belfast, Northern Ireland, and came from extremely humble beginnings. He was a very frugal person and set in his ways. Like many in his generation, he worked extremely hard for many years to afford what he had and he always told me to try and find a stable job/career that resulted in a good pension – this terrified me!
He would often say my head was in the clouds and I grew up being disillusioned about many things. I refused to believe that those things I dreamt of that only big money could buy were out of my reach. This made me more tenacious and determined not to live a conventional life.
I can recall watching a TV commercial showing a young boy visiting a Porsche dealership on his bike and sitting in the new Carrera 911 before telling the salesman he'll be back in 20 years. That reminded me of myself at that age.
How much were you paid in your first job?
My first ever job was a glass collector on weekends in my local community Irish club. I was about 16 and was paid the mind-blowing amount of £3.50 (about Dh18) per hour.
Why did you move to the UAE?
I was very fortunate, as it was an almost serendipitous event. My brother was the founder and chief executive of Ocean View Real Estate, which at its height in 2007 was the leading real estate brokerage in Dubai. In late 2005, despite seldom visiting the UK, he arrived for a short stay and offered to bring me over to Dubai and employ me as a sales consultant.
He gave me a desk and a phone and told me to shadow the sales team and basically find my way. This “thrown in the deep end” approach was the best thing for me and I am very grateful for being given the chance to work for that company, which was the start of my real estate broker journey.
What are your biggest career milestones?
I would say the business I did in 2015 and the first quarter of 2021.
I sold more than $105m worth of Dubai real estate in 2015, which included the highest private residence sale in Dubai’s history and the highest ever amount paid for a private residence on Palm Jumeirah.
I retired from Dubai real estate in early 2016 as I moved back to the UK to focus on Prime Central London property (needed a change) and ended up still selling over $35m in Dubai property from my office in Mayfair and also completed a sale of a $38m property in Bel Air, Los Angeles.
In January of this year, I decided to move back to Dubai and have since closed more than $56m in sales, including a $19m Palm Jumeirah Signature Villa (pictured below), the highest sale achieved for a villa of that type.
What has been your best investment?
The best investment I ever made was purchasing our family home in Scotland. I’m a very strong believer that owning your home is the best decision you can make.
I share the sentiment of the US financial adviser Suze Orman, who was famously quoted as saying, “Owning a home is a keystone of wealth – both financial affluence and emotional security" and she is absolutely right.
When the pandemic hit, my UK home paid an enormous dividend for me and my family. We have a beautiful four-bedroom rural gated farmhouse surrounded by fields and forestry. I basically closed my gates and went into lockdown with no pressure to pay a mortgage or any rent and did not fear the financial uncertainty that lay ahead.
What’s your smartest financial move?
I would say my art and memorabilia purchases. In 2010, I purchased a piece of pop art from UK artist Paul Oz titled Heath Ledger's The Joker Oil on Canvas, which is one of one in the world and has increased in tremendous value since I bought it.
I also own a very special signed letter by “The King of Cool” Steve McQueen, which is the only signed letter that has been authenticated by his former assistant and is accompanied by personal photographs of Steve that are nowhere in the public domain. I was recently offered $100,000 for it from one of my clients but I respectfully declined.
Does money make you happy?
Yes. Money gives you freedom and opportunity. Above all, money pays for those experiences that form lasting and unforgettable memories. The most paramount thing money has given me is the freedom to do what I want, when I want without having to answer to anybody.
I’m an extremely spontaneous person and prior to Covid-19 would often fly off with my family for a vacation or, before my children were born, my wife and I would on many occasions book a flight the same day and head off for a week or two. We flew to many places in my 20s, such as New York, Miami, Monte Carlo, Paris, Sydney, Phuket and London over the years all on a whim.
In October 2019, I decided to fly out to LA and take my children to Disneyland and Universal Studios, which was one of the best experiences of my life. Having stable employment would not have allowed me to do this on such short notice, so I’m lucky, but I work very hard for what I have.
What financial advice would you offer your younger self?
I made many millions of dollars in my 20s and spent a fortune on cars, watches, socialising, holidays and clothes, but would not change any of it. I do wish I had kept my Ferrari F355 Spider, which I paid around $60,000 in 2014 and would have been the only car I bought and sold that has increased in value.
The one piece of advice I would give to myself would be to have purchased more real estate instead of all the depreciative assets I purchased.
How did you see education affecting your future earnings?
I never really thought about any correlation between the two. I always knew that one day, somehow I would make my fortune. From the age of 16 until I started my real estate career at 23 I wanted to make movies. I was, and still am, quite a creative person and wrote a script, produced and directed a short film at Solihull Technical College in 2002, which was shortlisted at several UK film festivals.
I didn't go to university, but had many friends that did and I practically moved in with one of them for a short time and would often sneak into some lectures (I have no idea why!).
Do you have a financial plan for the future?
I believe in having a tangible asset-rich portfolio. Although I have invested in stocks in the past, I prefer real estate above everything else. I am putting a large portion of my income into residential property and creating passive and residual income. I also want to be able to move around frequently during my retirement from city to city, so am about to purchase a vacation home in Lake Como and another in LA later this year.
I am also looking to buy some high-yielding smaller assets in Dubai, which I’ve found offering eight to 10 per cent return on investment in areas like Jumeirah Village Circle.
Do you prefer using a credit card or cash?
I never carry a wallet – I'm Apple Pay all the way. My preferred payment method is my Platinum AMEX, which has a huge amount of benefits and is the best card out there.
Will we be seeing you on Netflix smash hit Selling Sunset one day?
Well, I am partnered in a PropTech company based in West Hollywood, so I hope to be in Los Angeles more frequently once travel becomes more flexible.
Some trivia – I did sell the Oppenheim brothers (Brett and Jason, who own the Oppenheim Group, the property company that is the subject of Selling Sunset) a domain name I owned in 2011, which they still use today, so I may pass by their showroom the next time I'm on Sunset Boulevard to say hello!
What car do you drive?
A Porsche Carrera 4s 911.
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
The five pillars of Islam
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
