The largest ethnic community in UAE is Indian, 38 per cent of the population of the UAE consists of around 3.5 million Indian nationals. India and the UAE have historical solid ties especially in trade and business due to their close proximity geographically and other commonalities.
Now, Indians are key to the UAE's construction, retail, financial services, healthcare, manufacturing and transport sectors. A sizeable minority of Indian migrants are involved in professional services and entrepreneurship, according to a Henley & Partners report there is a big influx in the number of millionaires and billionaires from India over the next decade.
According to Henley Private Wealth Migration Dashboard, 8,000 of India’s richest migrated out of the country in 2022. The report also highlighted a substantial inflow of millionaires from India to the UAE, predicting that the UAE would gain an extra 4,000 high-net-worth individuals by the end of 2022 and continuing numbers in the future.
The new inflow of high-net-worth individuals (HNWI) will join other Dubai-based Indian billionaires including Micky Jagtiani of the Landmark Group, Yusuff Ali M.A. of Lulu Group International, Ravi Pillai of the Ravi Pillai Group, the Chhabria family of the Jumbo Group, Sunny Varkey of GEMS Education, Tony Jashanmal of the Jashanmal Group and Joy Alukkas of Joyalukkas Jewellery, to name a few.
Last year, Mukesh Ambani, India’s second-biggest billionaire, bought a villa in Dubai for $163 million in a record residential deal. Indians make up a significant proportion of the investors in Dubai residential properties in upmarket areas such as Emirates Hills, The Palm, Arabian Ranches, Al Barari and Mohamed Bin Rashid City.
Access to high-end luxury investment properties is one of the reasons many Indian HNWI are relocating to the UAE, there are also other contributing factors such as:
Residency options, including active promotion of long-term Golden visas, India does not allow a dual passport regime
The reformed business rules, which include 100% foreign ownership
Easy access to international banking platforms and services
The existing regulatory framework both in financial and non-financial free zones in UAE
Favourable tax regulations, such as 0% income tax
Luxury lifestyle amenities including world-class shopping, restaurants, activities and educational institutions
Security, the UAE has some of the lowest crime rates in the world
Countries that draw wealthy individuals and families to migrate to their shores tend to be robust, with low crime rates, competitive tax rates, and attractive business opportunities.
So don’t be surprised if you bump into a Bollywood star or business mogul soon in the UAE.
Synergy Gulf has a specialist team of consultants that provide business setup services, long-term visa services, and bank account assistance. If you are an Indian national who is looking to establish a business or office in the UAE we would be delighted to help.