Increasingly, rich Indians are opting to relocate to cities such as Dubai and Abu Dhabi in the UAE. Have you ever wondered why? Here's an article that deconstructs the primary reasons, ranging from not having to pay taxes to receiving special visas. Let's examine what makes the UAE so attractive to India's top earners.
1. You pay practically No taxes here
One huge reason why the rich folks adore the UAE? They get to retain more of their cash.
In contrast to India, where you must hand over a significant portion of your earnings to the government, the UAE doesn't touch any of your personal income. This implies that rich individuals can save more and make their money grow better.
2. It's super easy to do business
The UAE isn’t just about saving on taxes—it’s also really good for business.
They have special business zones where it’s easy to set up companies, and they welcome new ideas with open arms. Whether you’re starting something new or growing your old business, the UAE makes everything easier.
Reports indicate 4,300 affluent Indians will be emigrating out of India in 2024, with the majority going to Dubai. The UAE is now the number one destination for extremely wealthy individuals.
3. Special long-term visa perks
The UAE's golden visa, the other huge draw.
Launched in 2022, this special visa allows skilled professionals, scientists, researchers, and wealthy investors to remain in the country long-term.
Others can reside, work, or study there without having to worry about frequent renewals of visas. For affluent families, this implies that they can plan their future securely.
4. Living the high life in Dubai
If you enjoy luxurious things, then the UAE is the best. Dubai is renowned for its great shopping malls, fine dining, and stunning houses.
From luxurious apartments in skyscrapers to massive houses, the UAE is all about luxury living. Wealthy individuals consider it a destination where they can make money and live life to the fullest.
5. Ideal for new business and family money management
The UAE is gaining popularity as a destination for new businesses and family money management.
Many Indian business owners move here to protect their money and avoid India’s strict rules and taxes. By moving their family businesses to the UAE, they can reach more countries and spread out their investments.
Fun fact: Over 30% of Dubai’s new businesses are run by Indians, and the city wants even more Indian tech experts. Dubai helps new businesses get money, find partners, and sell to other countries.
6. Indians’ love for property
Rich Indians are buying lots of property in the UAE.
4 out of 10 home buyers in Dubai are Indian, showing how much they like the city. With its great location, safety, and fancy housing options, the UAE is perfect for rich people looking to buy property.
Altogether, the UAE provides rich Indians with all they desire: no taxation, simple business formation, luxurious living, and privileged visas. With everything else, including access to the world market and a haven to call home, it's easy to see why Dubai and Abu Dhabi are finding themselves the new home of India's richest individuals.