Why Indian Business & Sports Icons are Moving to Dubai?
Dubai, the bustling metropolis in the United Arab Emirates, has become a magnet for Indian business leaders and sports stars. Despite being thousands of miles away from their homeland, the city’s allure is undeniable. So, why are they making the move? In this article, we’ll dive into the reasons behind this exodus and explore why Dubai has become the ultimate haven for Indian wealth and talent.
Zero Income Tax: A Major Draw
One of the primary reasons Indian business leaders and sports stars are flocking to Dubai is the absence of income tax. Unlike India, where income tax rates can be as high as 30%, Dubai offers a tax-free environment. This significant difference in taxation policies means that individuals can retain a larger portion of their earnings, making it an attractive option for those looking to grow their wealth.
Luxury Living
Dubai is renowned for its opulence and extravagance. From opulent villas to luxurious penthouses, the city offers a range of high-end residential options. The city’s infrastructure and amenities, including world-class dining, entertainment, and shopping, cater to the tastes of the elite. For Indian business leaders and sports stars, Dubai’s luxurious lifestyle is a major draw, allowing them to live a life of comfort and indulgence.
Business-Friendly Policies
Dubai is a business-friendly city, with a range of policies and initiatives designed to attract entrepreneurs and investors. The Dubai Free Zones, for instance, offer a range of benefits, including 100% foreign ownership, zero taxes, and streamlined regulations. This makes it an attractive option for Indian businesses looking to expand their operations or establish new ones.
The UAE’s Golden Visa
The UAE’s Golden Visa program has been a game-changer for Indian expats. Launched in 2019, the program offers a 10-year residency visa to individuals who meet certain criteria, including having a minimum investment of AED 5 million (approximately INR 12.5 crore). The visa allows holders to live and work in the UAE without the need for a sponsor, making it an attractive option for Indian business leaders and sports stars.
Real Estate Boom
Dubai’s real estate market has been booming in recent years, with demand for luxury properties driving prices higher. The city’s popularity among Indian expats has contributed to this growth, with many opting to invest in Dubai’s real estate market. The city’s developers have responded by launching new projects and initiatives, including the Dubai 10x initiative, which aims to make the city a hub for innovation and entrepreneurship.
Security
Security is a major concern for many Indian business leaders and sports stars, particularly in the wake of recent political and economic uncertainty in India. Dubai, on the other hand, is known for its stability and security, making it an attractive option for those looking for a safe haven. The city’s low crime rate and strict laws ensure that residents can live and work without worrying about their safety.
The Exodus of Indian Millionaires
In 2024, a staggering 4,300 millionaires left India, with many opting for Dubai as their destination of choice. This exodus is a testament to the city’s allure and the benefits it offers. From entrepreneurs to sports stars, Dubai’s unique blend of luxury, business opportunities, and security has made it the ultimate haven for Indian wealth and talent.
Conclusion
Dubai’s appeal to Indian business leaders and sports stars is undeniable. From zero income tax to luxury living, business-friendly policies, and security, the city offers a range of benefits that are hard to resist. As the UAE’s Golden Visa program and real estate market continue to grow, it’s likely that we’ll see even more Indian expats making the move to Dubai. Whether you’re a business leader or a sports star, Dubai is the ultimate destination for those looking to grow their wealth, live a life of luxury, and take advantage of the city’s world-class opportunities.
Source:
https://ascendants.in/business-stories/why-indian-business-leaders-sports-stars-moving-to-dubai/
