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If you’ve got the money and are considering a move abroad, the United Arab Emirates (UAE) might be the destination for you. The UAE, particularly Dubai, has rapidly become one of the most sought-after locations for expatriates, especially those with ample financial resources.
According to Forbes, Dubai has surpassed iconic cities like New York, Miami, and Paris in terms of being a preferred destination for expatriates.
A report by Henley & Partners, an international investment migration advisory firm, showed that the UAE has become the most preferred destination for the ultra-wealthy.
The report indicated that approximately 4,300 millionaires are expected to leave India in 2024, with a significant number choosing to relocate to Dubai in the UAE.
But what exactly is making Dubai such a magnet for wealthy Indians?
Dubai: A magnet for wealthy Indians
Dubai has evolved far beyond its image of towering skyscrapers and luxury shopping malls. Today, it’s a thriving hub for business, innovation, and an exceptional quality of life. According to Manoj Dharmani, CEO of DUDigital Global, “Dubai offers a high standard of living, world-class infrastructure, and a diverse range of leisure and entertainment options.” This makes it an attractive destination not just for vacationers, but for those looking to relocate permanently.
Indian professionals have long seen Dubai as a land of opportunity. Initially, the city attracted workers in traditional industries such as banking, retail, and construction. However, in recent years, the city’s economy has diversified, making room for tech startups, eCommerce businesses, and digital media agencies. This diversification has broadened the scope of opportunities available to those considering a move.
Another major factor drawing people to Dubai is safety. As Dharmani notes, “Dubai is recognised as a safe place, making it appealing for wealthy families seeking a stable environment for their children.” The city’s low crime rates and political stability provide a secure environment that many find appealing.
The UAE’s Golden Visa: A key attraction
One of the biggest draws to Dubai is the UAE’s Golden Visa, introduced in 2019, according to Dharmani.
This long-term visa programme is designed to attract and retain global talent and investors, offering residency options that are more flexible and accommodating than many other countries’ programmes.
Key features of the UAE Golden Visa:
Long-term residency: The Golden Visa provides a residence permit for 5 to 10 years without requiring a local sponsor. It’s automatically renewable.
Ease of travel: Visa holders can travel freely in and out of the UAE with minimal restrictions and can also sponsor immediate family members.
Professional and business freedom: The visa allows for 100% business ownership and freedom to choose employers.
Family and domestic worker sponsorship: Visa holders have the ability to sponsor their family members and any number of domestic workers.
Eligibility for the Golden Visa
“The Golden Visa is not limited to the ultra-wealthy; it’s designed to attract a wide range of skilled professionals and investors. The categories for eligibility are broad, encompassing doctors, scientists, creative professionals, executive directors, investors, and entrepreneurs, among others,” says Dharmani.
Eligibility requirements:
Doctors and scientists: Must obtain approval from the Ministry of Health or relevant scientific councils.
Creative professionals: Need approval from the Department of Culture and Arts.
Executive directors: Must hold a degree, have at least five years of experience, and earn a salary of AED 50,000 (approx Rs 11,42,808).
Investors: Required to deposit AED 2 million, own a business, or pay AED 250,000 in taxes.
Entrepreneurs: Must have a project valued at AED 500,000 with the relevant endorsements.
You can apply online through the UAE’s official portal, with the ‘One-touch’ Golden Visa service.
Why is the golden visa popular?
The UAE’s long-term visa options, including the 5-year Tourist Visa and the 10-year Golden Visa, have proven to be highly attractive to Indian nationals.
Dubai has also emerged as a significant hub for Indian startups and entrepreneurs. Today, over 30% of Dubai’s startup community comprises Indian nationals, and the city continues to attract more talent with its supportive business environment and various incentives. This makes it an ideal place for entrepreneurs and business owners to thrive.
Cultural ties between India and the UAE increase Dubai’s appeal. The presence of a large Indian community provides new arrivals with a sense of familiarity and comfort, easing the transition into life in Dubai. Coupled with the vibrant lifestyle the city offers, these factors make Dubai a top choice for Indians seeking new opportunities and a better quality of life.
In fact, Indian superstars like Rajinikanth, Salman Khan, Ranveer Singh and Shahrukh Khan also have the visa, according to reports.
The UAE is home to a large Indian expatriate community, with over 3.5 million Indians residing in the country, according to official data.
How does the UAE’s Golden Visa compare to other countries?
“The UAE’s Golden Visa programme stands out when compared to similar residency programmes offered by other countries,” says Dharmani.
Here’s how:
Tax benefits: The UAE’s Golden Visa comes with tax advantages, including no personal income tax. This contrasts sharply with the US EB-5 programme, where investors are subject to both federal and state income taxes.
Visa duration: The UAE’s Golden Visa offers long-term residency (up to 10 years), which is renewable. This provides a level of stability and flexibility that complements the EB-5 programme’s path to permanent residency.
Investment options:The UAE’s Golden Visa is flexible, allowing for investments in a variety of sectors, including real estate, startups, and other approved business ventures. This is broader compared to the US EB-5 programme, which is more focused on investment in new commercial enterprises.
Processing time:The UAE’s Golden Visa application process is known for its speed and efficiency. In contrast, the EB-5 programme often has lengthy processing times due to high demand and limited visa availability.
Number of Golden Visas issued by the UAE:
Since the inception of the Dubai Golden Visa programme in May 2019, over 100,000 individuals have received these long-term residency permits.
Notably, in 2023 alone, Dubai’s General Directorate of Residency and Foreigners Affairs (GDRFA) issued 158,000 Golden Visas. This is a significant increase compared to the 79,617 Golden Visas issued in 2022 and more than triple the 47,150 issued in 2021.