Get ready for an exclusive report! According to a study by Henley & Partners, an estimated 4,300 millionaires are set to depart from India this year, with the United Arab Emirates (UAE) emerging as the ultimate hotspot for their relocation. Amidst this significant exodus, India still manages to produce a remarkable number of new high net worth individuals (HNWIs), and it’s worth noting that the departing millionaires often retain business interests and property within India.
The UAE holds a strong appeal for wealthy Indians, surpassing other popular migration destinations like Australia, Singapore, and the US. Notably, the Dubai real estate market saw substantial investment from Indians, with a 40% share of homebuyers originating from India, primarily from Delhi-NCR, Ahmedabad, Surat, Hyderabad, and Punjab.
The trend of wealthy Indians setting up family offices abroad, particularly in cities like Dubai, Singapore, and London, is gaining momentum. This is driven by factors such as optimizing taxes, accessing global markets, and diversifying investments. Moreover, the UAE’s Golden Visa program, which grants long-term residence permits to foreign professionals and entrepreneurs, has attracted a significant number of Indians.
The tech industry has seen a surge in Indian entrepreneurs moving to the UAE. They’re attracted by the streamlined business setup process, exemption from personal income tax, and the opportunity to obtain golden visas. The UAE has been proactive in restructuring its economic framework, providing expatriates with more options to establish businesses and residences. As a result, there has been a notable increase in the number of active business licenses and registered entities in the country.
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