New Delhi: The UAE is all set to attract the largest number of millionaires in the world this year, surpassing big countries like Australia, Singapore, Israel, Switzerland, USA, Canada, New Zealand, UK, and others. The latest Henley Global Citizens Report projected that 4,000 millionaires will migrate to the UAE in 2022. Among the 10 countries where the highest net outflows of HNWIs are predicted are Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia.
In fact, the report predicts that at least 8,000 super rich Indians will migrate out of India this year and their top two preferred destinations are Dubai and Singapore. India does not allow a dual passport regime, and most HNWIs are looking for residency permits or multiple entry and long-term visas, rather than all-out citizenship.
Lured by the ease of setting up business, complete waiver on personal income tax, and a friendlier policy environment, several of India's tech entrepreneurs have been emigrating to the UAE using the country's golden visa program, at a time when India has emerged as the third largest startup ecosystem in the world after the US and China.
Indians form over 30 per cent of the startup community in Dubai and the city wants to attract a lot more tech talent from India. It is offering 100,000 “golden visas," that allow entrepreneurs and technology investors to live in the country for up to 10 years, longer than regular visas and has even set up a national small-business programme to help startups find funding, partner with established companies and market their products overseas.

What is this golden visa?
The golden visa, issued for five or 10 years, is essentially a long-term residence visa for the UAE. It is offered to investors, entrepreneurs, people with specialised talents and researchers in the fields of science, culture and art as well as students with promising scientific capabilities. The visa allows foreigners to live, work and study in the UAE without a national sponsor and with 100% ownership of their business in the UAE.

Golden Residence for start-up entrepreneurs/investors
Under the new rules, entrepreneurs/investors can get a 10-year residence visa by investing in a start-up in the UAE. However, the start-up should be registered in the UAE in the category of small and medium enterprises (SME), and should have annual revenue of not less than AED 1 million (approx. Rs 2.1 crore). Secondly the start-up idea should be approved by an official business incubator, the Ministry of Economy, or the competent local authorities, explained Paresh Karia, a CA and CEO of Acquest Advisors.

Also this: founders or co-founders of any start-up can also apply for a Golden Residence visa if they have sold their company for AED 7 million or more (approx. Rs 14.5 crore).

More information on this Website: https://timesofindia.indiatimes.com/business/india-business/explainer-why-indian-entrepreneurs-are-using-the-golden-visa-to-move-base-to-dubai/articleshow/92251413.cms