Explore key factors helping UAE lure more and more super rich Indians

International investment migration advisory firm Henley & Partners highlighted the latest and most interesting insights into the global migration of millionaires in an exclusive report on June 18. The UK, China and India are set to be the biggest millionaire losers of 2024.

But for the third year running, the UAE looks all set to take first place as the leading millionaire magnet globally, as a record-breaking 6,700 rich individuals are expected to make the Gulf state home by the end of the year, as per the report.

India’s richie rich are increasingly migrating to the UAE and a confluence of factors are to be highlighted – tax benefits, a business-friendly environment, security, strategic location, luxury living and accessible residency options.

Factors helping UAE lure more super-rich Indians

1. Lucrative tax regime

Unlike India’s income and capital gains taxes, the UAE has a near-tax-free environment. This translates to a number of financial benefits for individuals and families looking to optimise their asset management strategies.

2. Business-friendly environment

The UAE presents streamlined business setup processes, free trade zones and a focus on innovation. These factors easily make the country a fertile ground for entrepreneurs and established businesses alike as they can optimally expand their ventures.

3. Easier access to foreign markets

Founders of various startups are moving their operations to the UAE and establishing family offices there. Several factors drive this trend, such as the people seek to protect their assets from potential tax or regulatory issues and to get access to foreign markets.

4. UAE Golden Visa program

The UAE’s Golden Visa programme, expanded in 2022 to include more skilled professionals, has made the Gulf state even more appealing to affluent Indians. It offers a long-term residence visa, letting foreign talent stay in the UAE and enjoy exclusive benefits.

5. Boon for startup community

Indians make up more than 30% of the startup community in Dubai. To achieve this, the emirate offers 100,000 Golden Visas, permitting entrepreneurs and investors to reside in the country for up to 10 years. The city has also established a national small-business program.

Read More: 10 unmatched benefits of starting a business in UAE