By Manoj Dharmani
The city of Dubai, a cosmopolitan marvel identified with opulence and innovation, is famed worldwide for its image as a veritable El Dorado that offers a lifestyle of leisure and luxury.
In an age of globalization, mobility is a prized concept and the definition of residency has evolved beyond the borders of one’s birthplace. With increased movement of people, countries worldwide have recognized the benefits of attracting foreign investment through residency with creative investment plans.
Dubai, the glittering jewel of the United Arab Emirates (UAE), signifies this trend with its Golden Visa programme that has captured the imagination of Indians.
Indians are increasingly seeking Golden Visas in Dubai for a variety of reasons. A key factor is the promise of career opportunities and high standards of living. Dubai’s robust economy offers a wide range of job prospects across various industries, including finance, real estate, technology, and tourism, making it an attractive destination for skilled Indian professionals seeking growth and advancement.
With its economy powered by a 90% expatriate population and a per capita GDP of USD 46,665 in 2022, Dubai offers one of the most sought-after Golden Visa programmes in the world. Launched in 2019, the Dubai Golden Visa aims to attract talent, entrepreneurs, and investors by providing them with long-term residency benefits.
This initiative is a testament to the Emirate’s commitment to diversifying its economy and encouraging innovation. The Dubai Golden Visa programme targets individuals who can contribute to the growth and development of the Emirate’s economy.
A Golden Visa, also known as an investor visa or residency by investment programme, is a pathway for foreign nationals to obtain residency rights in a country by making a significant investment. These programmes are built to attract wealthy individuals, entrepreneurs, investors, and skilled professionals, who can further enrich the country’s economy through their financial investments and expertise.
The process of securing a Dubai Golden Visa consists of some elaborate steps which include determining the most suitable investment option based on eligibility criteria, financial considerations, and long-term goals.
This is followed by preparing the necessary documents, such as proof of investment, financial statements, passport copies, and any additional documentation required by the authorities.
The completed application along with supporting documents is submitted through the designated channels, such as government portals or authorized agencies.
The application then undergoes a thorough review process by the relevant authorities, who assess the eligibility of the applicant and the merits of the investment.
Upon approval, the applicant and their eligible family members receive their Golden Visas, granting them residency rights in Dubai.
As an added attraction, Dubai allows foreigners to own real estate, with global real estate consulting major Jones Lang LaSalle naming Dubai, along with Dublin and Las Vegas, as its “World Winning City,” a research programme aimed at identifying the future’s most attractive property markets.
Following the Covid-19 pandemic, Dubai’s Department of Economic Development has also issued guidelines stating that it is no longer compulsory for foreign investors to have Emirati partners or specify a quota ratio for them, allowing foreigners full ownership of businesses in Dubai, in order to speed up the country’s economic recovery.
Dubai’s strategic location as a global business hub provides access to a diverse market and networking opportunities, which can significantly benefit Indian entrepreneurs and business owners looking to expand their ventures internationally.
The favourable tax regime in Dubai, with no personal income tax and low corporate taxes, is also a significant draw for Indian expatriates looking to maximize their earnings and savings.
This low-tax environment, along with a high quality of life, state-of-the-art infrastructure, and multicultural lifestyle, makes Dubai an irresistibly alluring destination for Indians seeking a high standard of living for themselves and their families.
Further, Dubai’s golden visa programme offers long-term residency benefits to investors, entrepreneurs, skilled professionals, outstanding students, retirees and outstanding specialized talent in several fields, and their families, providing them with stability and security in the region. This residency pathway acts as a powerful incentive for Indians to establish roots in Dubai and access its varied opportunities for personal and professional growth.
This matchless combination of economic prospects, tax benefits, lifestyle amenities, and long-term residency options makes Dubai an increasingly popular destination for Indians looking to boost their career prospects and quality of life abroad.
(Author is CEO, DUDigital Global)