Dubai was ranked the 11th best global residence-by-investment city, according to the recent Henley and Partners Best Residence-by-Investment Cities for Business Index. It was also the only city from the Middle East and Africa region to feature in the index, apart from Port Louis.
Dubai followed Toronto, at the 11th position with a city score of 538.5. In comparison, the top cities in the index were London, with a score of 705.7, New York, with 666.6, and Sydney, which scored 647.1.
The ranking reveals the top cities with residence-by-investment schemes worldwide that offer attractive business and relocation destinations for HNIs and UHNIs, entrepreneurs, and company owners. It spans 25 cities across five regions, with over 40 parameters and more than 1,000 data points.
Dubai scored especially well for taxation, becoming the only city to receive a top score of 100 for this parameter. The city came in 2nd for COVID safety, with a score of 66.5. Singapore, the top city for COVID safety in the index, scored 71.6.
It also came in 9th for infrastructure, scoring 63.8 (as compared to Singapore, which scored the highest in this domain with a score of 81.8). At the 13th spot, Dubai also stood out for security with a score of 69.8, compared to Sydney, which had the top score of 92.6.
The report highlighted tax benefits, a stable economy, and Dubai’s transport system as the top reasons for its ranking. Noting that the UAE had a global ease of doing business ranking of 16, the report also highlighted Dubai’s low VAT rate, investor-friendly measures, and approach to economic and financial policymaking.
RESIDENCE-BY-INVESTMENT IN DUBAI
Last year, Dubai began offering five-year and retirement residence-by-investment visas for real estate. The visas offered residency options to investors with fully paid property in Dubai. This could include multiple properties.
For five-year residence-by-investment visas, investors would need to hold a minimum of AED 5 million fully paid in property investments. For retirement visas, the minimum investment is AED 2 million.
The property market in the emirate is especially popular for second homes, and has been largely buoyed by demand from high-end domestic investors this year. Moreover, residence-by-investment schemes were a key driver of demand for property in Dubai from Indian HNWIs, apart from flexible discounts and post-handover payment options, and a steep price drop.
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