Why Indian Business & Sports Icons are Moving to Dubai?
In recent years, a significant number of Indian business leaders and sports stars have been relocating to Dubai, and the trend shows no signs of slowing down. The city’s allure lies in its unique blend of tax-free living, luxurious lifestyle, and business-friendly policies. In this blog post, we’ll delve into the reasons behind this exodus and explore the benefits that Dubai offers to its expat community.
Zero Income Tax: A Major Attractor
One of the primary reasons Indian business leaders and sports icons are flocking to Dubai is the absence of income tax. The UAE, where Dubai is located, has a zero-income tax policy, making it an attractive destination for those looking to save on taxes. This is particularly significant for high-net-worth individuals who stand to benefit greatly from this policy.
For instance, a study by the Mercer CFA Institute Global Pension Index found that Singapore, Hong Kong, and the UAE have the highest pension system in the world, with the UAE offering a tax-free environment for pension funds. This means that Indian expats can enjoy a higher take-home pay and invest their savings more effectively.
Luxury Living: A Key Draw
Dubai is renowned for its luxurious lifestyle, with world-class amenities, high-end properties, and a vibrant cultural scene. The city’s opulence is matched only by its convenience, with modern infrastructure, a well-connected international airport, and a seamless transportation system.
For Indian business leaders and sports stars, Dubai offers a unique opportunity to experience a high-end lifestyle while still maintaining a strong connection to their Indian roots. The city’s Indian community is significant, with many Indian expats having settled in Dubai over the years. This has led to the establishment of a thriving Indian business community, with numerous Indian restaurants, shops, and cultural centers.
Business-Friendly Policies: A Boon for Entrepreneurs
Dubai is known for its business-friendly policies, making it an attractive destination for entrepreneurs and start-ups. The city has a range of initiatives aimed at attracting foreign investment, including the Dubai Free Zone Authority, which offers 100% ownership and zero customs duty.
The UAE’s Golden Visa program, launched in 2019, has further sweetened the deal for Indian entrepreneurs. This program offers a 10-year residency visa to foreign nationals who meet certain criteria, such as having a minimum investment of AED 5 million (approximately USD 1.36 million) or earning a minimum salary of AED 15,000 (approximately USD 4,000) per month.
Real Estate Boom: A Lucrative Opportunity
Dubai’s real estate market has been experiencing a boom in recent years, with prices rising steadily. This has made it an attractive destination for Indian business leaders and sports stars looking to invest in property.
The city’s property market is characterized by its range of options, from affordable apartments to luxurious villas. The Dubai Marina, Downtown Dubai, and Palm Jumeirah are some of the most popular areas for property investment, with prices ranging from AED 1 million (approximately USD 272,000) to AED 10 million (approximately USD 2.72 million).
Security: A Top Priority
Security is a top priority for Indian business leaders and sports stars, and Dubai offers a high level of security and stability. The city has a low crime rate, with strict laws and a robust law enforcement system in place.
In addition, Dubai has a strong focus on community policing, with a range of initiatives aimed at building trust between the police and the community. This has led to a high level of satisfaction among expats, with many stating that they feel safe and secure in the city.
The Great Exodus: A Growing Trend
The trend of Indian business leaders and sports stars relocating to Dubai is a growing one, with over 4,300 millionaires leaving India in 2024 alone. According to a report by the Reserve Bank of India, the number of Indians holding foreign assets has increased significantly over the years, with Dubai being a popular destination.
Some of the notable Indian business leaders and sports stars who have made the move to Dubai include:
- Business tycoon and philanthropist, Anand Mahindra, who has invested heavily in real estate and renewable energy in the city.
- Cricketer, Suresh Raina, who has purchased a luxurious villa in Dubai Marina.
- Bollywood actress, Priyanka Chopra, who has invested in a Dubai-based production company.
Conclusion
Dubai’s unique blend of tax-free living, luxury lifestyle, and business-friendly policies has made it an attractive destination for Indian business leaders and sports stars. The city’s real estate boom, security, and Golden Visa program have further sweetened the deal, making it an ideal haven for wealth, safety, and global opportunities.
As the trend of Indian expats relocating to Dubai continues to grow, it’s likely that we’ll see more high-profile business leaders and sports stars making the move. With its unparalleled lifestyle and business opportunities, Dubai is poised to remain a top choice for Indian expats looking to relocate.
Source:
https://ascendants.in/business-stories/why-indian-business-leaders-sports-stars-moving-to-dubai/
