While countries such as the United Kingdom, China, and India are losing wealthy people, Dubai is expecting about a 4% increase in millionaires by the end of this year – four times the number of millionaires it attracted pre-pandemic.
According to Savory & Partners, millionaires around the world are flocking into Dubai in increasing numbers, making it the 29th most popular city for High-net-worth-individuals (HNWI).
The UAE has cemented its place as a top destination for the rich for multiple reasons. One is the high level of financial and personal privacy the country offers its inhabitants compared to most countries.
Why Dubai?
Not only has the UAE become a cryptocurrency hub in the MENA region, but it also possesses a vigorous economy, solid diplomatic relations, peace, and safety. Due to its strategic location and excellent infrastructure, the UAE provides a large spectrum of business opportunities attracting many professionals and entrepreneurs.
All of these, combined with the allure of living in Dubai, one of the world’s leading cities and home to a magnificent array of architecture and various cultural outlets, has made the UAE in general, and Dubai, in particular, a magnet for those looking to maximize their wealth and enjoy it in a sunny environment.
Other reasons include a first-class healthcare system and an elite lifestyle with luxury apartments, shopping malls, and restaurants. For the wealthy who have children, the country offers vast leisure activities, from beaches and water sports to museums and indoor adventures. With more than 200 international schools, the Emirates presents the expatriate community with various educational options. In Dubai alone, there are 140 international schools available with British, American, and International Baccalaureate (IB) curriculums.
What is also applaudable is the UAE’s quick response to the pandemic. Its foresight and proactive policies have jointly helped it overcome challenges and further extend efforts to support other countries in need of medical aid.
Tax-Free Living Attracting Business and Real Estate Investors
Dubai’s tax-free living is a magnet for the rich as it allows them to sustain and grow their wealth. Compared to other countries, Dubai’s zero-income tax policy both attracts the wealthy and enriches its economy.
Although investors have endless options for cities to set up a company, Dubai is fertile land for business development. The Dubai International Financial Centre (DIFC) reported approximately 1000 new company registrations in Dubai in 2021, and that number is expected to grow in 2022. Business owners from countries like the US, UK, Switzerland, and Germany are setting up family offices in Dubai. Businesspeople from Singapore and Hong Kong are expressing a rising interest. Dubai has become the place to be for any company wanting to put its stamp on the global scene.
The interest in Dubai is global, with people flocking in from every corner of the world. One example is the inflow of Russians into Dubai, the demand for real estate from Russians has increased by 40% since February of this year. The futuristic city has also become a favorite investment destination for Indians.
Dubai’s land department stated that property sales in Dubai increased by 136.5% from August 2021 to August 2022.
Getting into the UAE has never been easier
In 2019, the UAE launched its Golden Visa program, enabling foreign investors, scientists, humanitarian pioneers, and others to live, work or study in the UAE. This Golden Visa is distinctive as its scheme differs depending on the beneficiary. For instance, real estate investors can obtain UAE’s Golden Visa if they purchase a property of at least AED 2 million, while entrepreneurs can acquire it if they own or partner in a revenue-generating start-up registered in the UAE.
The country also offers Golden Visas for exceptional talents in vital fields, scientists recommended by the Emirates Scientists Council, researchers with high achievements (i.e., a master’s or a Ph.D. degree in a STEM field), outstanding graduates from the best universities worldwide, and frontline heroes in crises.
In July 2021, the UAE granted Golden Visas to 45 high-achieving students and, in the same month, made 100,000 visas available to computer coders.
Once attained, golden visa holders will enjoy long-term renewable residency valid for ten years. The holder will be able to sponsor their family members – including children of any age – and an unlimited number of domestic helpers. Dubai recently announced new changes to its golden visa.
New Golden Visa rules
The new rules, which came into effect on October 3, 2022, entail flexible grace periods of up to six months and the removal of conditions such as the return to the UAE once in six months to maintain the Visa.
For the middle-income bracket, green visas have been introduced. Aimed at skilled workers, freelancers, and the self-employed, they grant the holder five years’ residency.
To be eligible, an applicant requires a monthly salary of AED15,000 and a bachelor’s degree in certain skilled fields, including science, law, education, culture, or social sciences, among others.
A green visa holder can sponsor relatives for residency for five years. Previously, this was typically allowed for two years.
More options and opportunities
Countless favorable characteristics coupled with a versatile Golden visa scheme make a recipe for captivating the wealthy. It is no wonder then that Dubai will attract the highest number of millionaires globally by the end of 2022.
Earlier this month, a new urban technology district was unveiled, which is set to create 4,000 jobs in green urban technology, education, and training. The Dubai Urban Tech District will be located on the Creekside of Al Jaddaf district in Dubai and will cover 140,000 square meters of built-up area.
From September 5th, the Emirates have up to 10 different types of visit and tourist visas.
Contact Savory & Partners to book a consultation and learn more about the visas and eligibility criteria.
