Indian biggies up for buying Dubai residence
Indian biggies up for buying Dubai residence
Hassle free travel is the key necessity for Indian biggies to have residence in foreign land. They have an appetite for residence in foreign land by investment programs. As per Henley Passport Index, India ranks at 85th place in visa free access to foreign countries. There are 59 countries where Indians can visit without a visa. Last year, there was a steep increase in Indians who are interested in buying property or opting for foreign citizenship. As the high net worth individuals have enough funds, they want a hassle free movement and a comfortable process. For them, their convenience and luxury is essential, hence they opt to invest in foreign residency. Earlier, Canada and Portugal were the most desired destinations. This has now shifted to UAE in the last few years
Why Dubai these days?
It is more expensive to buy a property in India as compared to other countries. For instance, buying a villa in France is cheaper than buying a flat in Delhi or Mumbai. This difference makes Indians opt for buying a property abroad. There are more than a 100 different nationalities residing in UAE which creates a multicultural environment and a quality of life and work which is preferred by Indians. Dubai consists of a large population of Indians. It makes Dubai more appealing for Indians to go for Dubai as their second residence. Not only are Indians buying property in Dubai but they are also the leading investors. Further, in comparison to other countries the average return on the property in Dubai is more and it acts as an advantage. There is no tax on rental income. Thus the tax free status and easy repatriation policy makes it a profitable investment for Indians. Dubai is considered as one of the safest countries in the world. The buyers do not face security issues which makes it even more appealing as an investment option.
Investing in residency program
Indians prefer to opt for investing in residency programs as they do not want to give up their citizenship, and at the same time, they want free mobility. The best way possible is by investment program. In Dubai, Indian investors can benefit from tax-free returns of 8-10% and sound capital appreciation as the dirham is pegged to the US dollar and cannot be affected by currency fluctuations. Moreover, as per the Reserve Bank of India’s liberated remittance scheme, an Indian investor can transfer $2.5 Lacs legally per year. Hence, a couple can send an incredible amount of $5 Lacs every year, which is an amount that is more than enough to buy a great property in Dubai. The rich Indians are taking advantage of global mobility. By such investments, they do not intend to permanently move out of the country. It is for their visa free mobility. A number of famous Indian stars and celebrities own properties in Dubai as well.
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A number of famous Indian stars and celebrities own properties in Dubai as well.
Dubai- Second home for Indians
Many big names in India have Dubai as their second home or holiday home. With amendments in Policies and rebates offered by the bank and developers, it has become a hot avenue for Indians who want to invest in property. Dubai is the 30th wealthiest city in the world and with all the laws and orders in place, it is one of the safest countries in the world. Last month, the UAE government amended its nationality laws to attract more foreign talent to contribute to the country’s development journey, which is considered as a move to attract more high payers/ earners to UAE. They have also announced special categories who can acquire Emirati citizenship like doctors, engineers, investors, scientists and special talents which makes Dubai more appealing for investment purposes.
What our experts say:
Indians’ business relationships with Dubai go way back, even before the formal formation of the UAE in 1971. South Asian communities were always a part of this economy, hence they still have strong cultural roots here. This country has had a history of attracting talent and investors to find their second home in Dubai, hence it has prepared a great infrastructure to perfectly cater to the possible future demands.