India is currently not positioned to become a world residency centre like Dubai is, and the figures support this. Dubai’s model has been derived from quantifiable motivators: any investor applying for the UAE Golden Visa can get a renewable 10 year residency for an investment starting at AED 2 million (about ₹4.5–5 crores) to qualify. Also, it is very quick to do this—usually within 5–10 days—and there’s no need for an employer to sponsor you in the process— importantly, the UAE has no overseas personal tax—this being a key component to the global migration of wealth. The numbers show the results. Each year it is expected that the UAE will have approximately 6,700 new millionaires who have moved there, one of the highest net inflows around the world. Therefore, the Indian investor is making huge sums of money, to the tune of between Dh35 and Dh40 billion (equating to ₹75,000 and ₹90,000 crores) on a yearly basis into property in Dubai, and this is primarily due to residency-linked incentives.

In the same year,........

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