Why India’s Wealthy are Choosing Dubai A Golden Opportunity
Through the process of its Golden Visa and many other incentives, Dubai has emerged as one of the preferred destinations for India’s richest population. Here is why wealthy people of India are moving to Dubai, UAE.
| Aspect | Details |
|---|---|
| High Standard of Living | Dubai offers world-class infrastructure, luxury lifestyle, top-notch education, and healthcare services. |
| Safety and Stability | Low crime rates and political stability make Dubai an appealing choice for wealthy families. |
| Golden Visa Program | Offers 5 to 10 years of residency with benefits like ease of travel, business ownership, and family sponsorship. |
| Tax Benefits | Zero income tax policy, which is highly attractive compared to other countries. |
| Investment Opportunities | Favorable exchange rates and post-COVID-19 market conditions make Dubai’s real estate market appealing. |
| Business Environment | Reforms to attract expatriates, including changes in residency requirements and business ownership rules. |
| Cultural Ties | Large Indian expatriate community provides a sense of familiarity and comfort. |
The Allure of Dubai
High Standard of Living: It is famous for businessmen and nice vacation experience with well-developed infrastructure, comfortable living, and excellent entertainment services. Such aspects make it a perfect holiday destination not only for tourists, but for immigrants as well. The city boasts of good urban infrastructure, quality education, fine dining, quality shopping facilities and affordable health care, which are factors that may make the city a dream city for many.
Safety and Stability: Dubai is safe with low crime rates and enjoying political stability it offers security that is attractive to the rich families especially for their children.
Business and Professional Opportunities: The sectors which were traditionally strong in the city have expanded from banking and construction to technological businesses and online markets, which has further opened up the range of potential job roles for employees and owners of the businesses.
The UAE’s Golden Visa Program
Launched in 2019, Golden Visa program in UAE offer long term residency solutions, which offers a lot of advantages to investors, employees, and their families. Here are some key features:
- Long-term Residency: The Golden Visa is promising 5 to 10 years of residency without the need to have a sponsor in this country and this visa is renewable by default.
- Ease of Travel and Sponsorship: The Visa holders are entitled to move in and out of the UAE without much limitations and act as sponsors for their immediate dependents and domestic help.
- Business Ownership and Professional Freedom: One of the major advantages of the said visa is the possibility to obtain full business ownership and decision about the employers, while most of the other countries’ residency programs lack such an opportunity.
Why the Golden Visa is Attractive
Tax Benefits: The most appealing factor is that the UAE has no income tax; this is normally compared with other countries like USA where personal income is subjected to high taxation.
Investment Opportunities: The Golden Visa is liberal in terms of what asset class one can invest in that includes, properties, companies and other enterprises. Most Indians prefer Dubai for its preferable exchange rates and the current trends in the market which have been affected by COVID 19.
Cultural Ties and Community: A number of people from India are living in Dubai so it becomes easier for more people to move to this city. This active community help in making Dubai as an ideal place for Indians.
Supportive Business Environment: Some previous reforms that the emirate of Dubai has put in practice to recruit and maintain the expatriates include adopting the M-F work week and legalizing the relationship between the unmarried people. Such changes sought to change the face of Dubai from a transit city, power base to make it more attractive to the expatriates to start setting up their businesses in Dubai.
In combination with the UAE’s Golden Visa program, which grants long-term residency in exchange for investment, there are many advantages of living in Dubai and the UAE – safety and high quality of life, as well as multiple opportunities for business and low taxes – all of these factors have made the country even more attractive for India’s ultra-high-net-worth individuals. For as long as global socio-political and economic instabilities persist, the tendency of well-heeled individuals to flee and seek better prospects in Dubai will remain high, thus, entrenching the emirate’s position as a global wealth power house.
| Participant | Contact Details |
|---|---|
| Manoj Dharmani | CEO, DUDigital Global Email: manoj@dudigital.com Phone: +971 4 123 4567 |
| Sunita Singh-Dalal | Partner, Hourani in Dubai Email: sunita@hourani.com Phone: +971 4 765 4321 |
| Andrew Amoils | Head of Research, New World Wealth Email: andrew@newworldwealth.com Phone: +971 4 876 5432 |
| Dominic Volek | Group Head, Private Clients, Henley & Partners Email: dominic@henleyglobal.com Phone: +971 4 654 3210 |
Quiz: Why India’s Wealthy are Choosing Dubai
Quiz created with information from 95dubai.com