The UAE has recently rolled out a lot of visa incentives for property investors. Now, with as less as AED 1 million of an investment will make you eligible for a 2-year residence visa in Dubai. Besides this, the UAE has been giving away ‘golden visas’, which are 10-year renewable visas to businessmen who have over an AED 5 billion total investment in the country. Recently, there was a law passed enabling foreign workers to bring their families to Dubai and sponsor their visas. The minimum salary of Dh4,000 or Dh3,000 plus accommodation costs is required to bring your wife under sponsorship. In addition to this, the UAE offers visa-free entry for over 60 countries & several visas on-arrival initiatives as well for other countries.
In UAE no income tax, however, there is a minimal VAT (value added tax) of 5% levied on the purchase of certain goods and services. The only cases where there is a corporate tax levied are on oil companies and foreign banks. Excise tax is levied on specific goods which are typically harmful to human health or the environment.
3. LOW CRIME RATE & SAFETY LAW
The UAE & Dubai is known to be very safe country and city in all around the world. In fact, it is often touted as the safest country in the world. A survey taken by the 12th International Symposium for Police Best Practices in 2019 said that over 96.1% of respondents felt safe walking the streets at night. Travel magazine that collated the data based on information provided by the World Economic Fund (for crime rates), the World Risk Report (for the likelihood of major natural disasters), the NHS Fit for Travel website (for health risks), and the Foreign and Commonwealth Office’s (FCO) assessment of terrorism risk levels.
Despite regional worries, the UAE remains politically stable. The rulers of the emirates are extremely proactive and involved in daily governance. One may say that it’s one of the safest countries in the MENA region to invest in. The UAE also carries significant financial and monetary stability. Its well-developed, sophisticated banking system features extensive credit facilities and ample liquidity.
5. LUXURY FOR LESS
Dubai offers some of the most luxurious homes & apartments for less in comparison to major cities across the globe. According to a global wealth survey by Knight Frank, US$1 million can get you a home that spans up to 243 sqm. It beats several cities in terms of value for luxury, including major cities like London, Paris, New York, Hong Kong, Singapore, Shanghai & Mumbai.
6. EASY CONNECTIVITY & STRATEGIC LOCATION
Transport is very easy and less rated. Home to two major airlines, Emirates & Etihad Airways, the UAE is a great center of connectivity to the rest of the world. Its great location & comfortable living environment now makes it home to over 199 nationalities. Dubai Airports alone served over 89 million passengers in 2018.
Dubai is the first paperless country in the world. thrives on innovation. It is one of the fewer smart economies in this world, with lots of aims at making processes both seamless and online. Everything from buying a property to paying your phone bill can be done through an app. By 2021, the government’s aim is to reach the status of a sustainable city. Even registrations of new businesses can be done with just a click & successful submission of documents. Currently, there are 200 smart initiatives and more than 1,000 smart services by two dozen government departments and private sector partners.