A recent report by Henley & Partners has highlighted a growing trend: India’s super-rich are increasingly migrating to the United Arab Emirates (UAE). In 2023, an estimated 4,300 millionaires are expected to leave India, with Dubai being the top destination. This migration trend underscores the UAE’s allure for high-net-worth individuals seeking better opportunities and lifestyle improvements. Here are five reasons why India’s wealthy are choosing to make the UAE their new home.
1. Attractive Investment and Property Market
The UAE, particularly Dubai, has become a favored destination for India’s wealthy due to its robust property market and attractive investment opportunities. According to a report by Henley & Partners, approximately 4,300 millionaires are expected to leave India for the UAE in 2023. In 2022, Indian buyers contributed significantly to Dubai’s real estate market, accounting for 40% of homebuyers and generating 16 billion dirhams (Rs 35,500 crore) in property purchases. This influx highlights the UAE’s appeal to affluent Indians seeking secure and profitable investment opportunities.
2. Favorable Tax Environment
One of the primary motivations for India’s super-rich to migrate to the UAE is the favorable tax environment. The UAE offers a tax-free lifestyle, with no personal income tax, making it an attractive option for high-net-worth individuals looking to protect their wealth from potential tax liabilities in India. Additionally, the UAE’s business-friendly policies, including the elimination of the requirement for companies to have a majority local partner, further enhance its appeal as a financial haven for the wealthy.
3. Golden Visa Program
The UAE’s Golden Visa program has been a significant draw for affluent Indians. Expanded in 2022, the program now includes more professionals, skilled workers, scientists, and researchers, offering long-term residency with exclusive benefits. This program not only provides stability and security for individuals and their families but also facilitates business operations and investment opportunities in the UAE, making it an attractive option for India’s elite.
4. Superior Quality of Life
The UAE’s cosmopolitan culture, high-quality infrastructure, excellent civic amenities, and diverse entertainment options contribute to its allure for India’s wealthy. The country boasts world-class healthcare, top-notch education, luxury shopping, and a high standard of living, making it an ideal destination for those seeking a better quality of life. The combination of these factors ensures that the UAE remains a preferred choice for affluent Indians looking to enhance their lifestyle.
5. Thriving Tech and Startup Ecosystem
The UAE has become a hotspot for tech entrepreneurs and startups, offering a supportive policy environment and various incentives. Dubai, in particular, has seen a significant influx of Indian tech talent, with over 30% of its startup community comprising Indians. The city offers 100,000 Golden Visas to entrepreneurs and technology investors, allowing them to reside in the country for up to 10 years. Additionally, Dubai’s national small-business program assists startups in securing funding and partnering with established companies, fostering a thriving ecosystem for innovation and entrepreneurship.
Summary
India’s super-rich are migrating to the UAE for its attractive investment and property market, favorable tax environment, Golden Visa program, superior quality of life, and thriving tech and startup ecosystem. The UAE offers secure investment opportunities, a tax-free lifestyle, long-term residency options, high living standards, and strong support for tech entrepreneurs, making it a preferred destination for affluent Indians.
