Why Indian Business & Sports Icons are Moving to Dubai?
Dubai, the glittering gem of the Middle East, has become the ultimate destination for Indian business leaders and sports stars. The city’s unparalleled luxury, business-friendly policies, and zero income tax have made it an irresistible magnet for those seeking a better quality of life and greater opportunities. In recent years, a significant number of high-profile Indians have made the move to Dubai, leaving behind the chaos and uncertainty of their homeland. But what drives them to make this bold decision?
One of the primary reasons is the UAE’s Golden Visa program, which offers residency permits to individuals who meet certain criteria, such as having a minimum balance of AED 5 million (approximately USD 1.36 million) in their bank account or having a salary of AED 15,000 (approximately USD 4,000) or more. This program allows residents to live, work, and even own property in the UAE, without the need for a sponsor or employer. For Indian business leaders, this means they can relocate their families and operate their businesses seamlessly, without being tied to a specific company or employer.
Another significant draw is the zero income tax policy in Dubai. Unlike India, where income tax rates can range from 5% to 30%, Dubai offers a tax-free environment, making it an attractive destination for entrepreneurs and high-net-worth individuals. This means that Indian business leaders can enjoy their hard-earned wealth without being burdened by heavy tax liabilities.
Dubai’s real estate market is another significant factor driving the exodus of Indian business leaders and sports stars. The city’s property market has witnessed a remarkable boom in recent years, with prices rising steadily due to high demand and limited supply. This has created a lucrative opportunity for investors to buy, sell, and rent properties, making Dubai an attractive destination for those looking to diversify their portfolios.
The UAE’s reputation for security and stability is also a major draw. Unlike India, which has been grappling with issues of crime, corruption, and political uncertainty, Dubai is known for its low crime rate and strict laws. This provides a sense of security and stability for Indian business leaders and their families, making it an attractive destination for those seeking a peaceful and secure lifestyle.
Furthermore, Dubai’s strategic location at the crossroads of East and West makes it an ideal hub for international business and trade. The city’s state-of-the-art infrastructure, including airports, seaports, and free trade zones, makes it an attractive destination for entrepreneurs and business leaders seeking to expand their global reach.
The recent migration of Indian business leaders and sports stars to Dubai is not limited to individual entrepreneurs and investors. Several Indian companies, including major conglomerates and startups, have also established operations in the city. This has created a thriving business ecosystem, with Indian businesses contributing significantly to Dubai’s GDP.
One of the most notable examples is the move of the Adani Group, one of India’s largest business conglomerates, to Dubai. The group’s chairman, Gautam Adani, has stated that the company’s decision to set up operations in Dubai was driven by the city’s business-friendly policies and strategic location. The Adani Group has invested heavily in Dubai’s real estate and infrastructure sectors, making it one of the city’s largest employers.
Another notable example is the move of the Indian cricket team’s captain, Virat Kohli, to Dubai. Kohli, one of the world’s highest-paid athletes, has invested in a luxury apartment in the city and has also started a business venture in Dubai. His decision to move to Dubai was reportedly driven by the city’s tax-free environment and the opportunities it presents for entrepreneurs.
In recent years, the exodus of Indian business leaders and sports stars to Dubai has been staggering. According to a recent report, over 4,300 millionaires left India in 2024, with Dubai emerging as the top destination for Indian wealth. This trend is expected to continue, driven by the city’s business-friendly policies, zero income tax, and luxury living.
In conclusion, Dubai’s appeal to Indian business leaders and sports stars is driven by a combination of factors, including the UAE’s Golden Visa program, zero income tax, real estate boom, and security. The city’s strategic location and business-friendly policies make it an attractive destination for entrepreneurs and business leaders seeking to expand their global reach. While the exodus of Indian business leaders and sports stars to Dubai may seem like a recent phenomenon, it is likely to continue in the years to come, driven by the city’s unparalleled appeal and the opportunities it presents.
News Source:
https://ascendants.in/business-stories/why-indian-business-leaders-sports-stars-moving-to-dubai/
