The popularity of the Emirate of Dubai among the wealthy representatives of our planet is growing exponentially every year. Dubai was long ago recognized as the most popular destination for purchasing immovable property of a Luxury category. A few years ago, wealthy people of the world gave their preference to luxury real estate in Monaco, but today they pay more and more attention to the United Arab Emirates, and in particular to the Dubai megalopolis.
According to the international experts and analysts, Dubai is the representative of a new wave of investment destination. Today Dubai is much more attractive to investors than the investment markets of Paris, London and New York. Experts identify several attractive factors, among which there are:
- Advantageous geographical location and a favourable climate;
- Status of a reliable tax-free haven;
- Possibility to acquire immovable property by foreign citizens;
- Relatively low cost of real estate.
In this article, we will try to clear up what is the basis of the attractiveness of the Emirate of Dubai for wealthy people of our planet.
Real estate as an effective investment tool
The United Arab Emirates is a prominent representative of the national economy, which actively uses a resource factor for its development, and which has achieved a phenomenal success. This country, despite certain difficulties, has managed to use economic and social indicators for bringing the national economy to a completely new level.
The Emirate of Dubai has managed to turn the demonstration of success and prosperity into a profitable business. In addition to the fact, that it is the region's largest financial and tourist center, it is an attractive destination in terms of investments. This is the place where the most expensive, astonishing, high and large-scale buildings, which glitter with luxury and wealth, are built annually. A large-scale and grandiose building activity has already become a hallmark of the Emirate of Dubai. Such a building boom attracts potential investors from all over the world, and wealthy investors did not become an exception.
Attractiveness of Dubai as an investment destination is due to a set of objective factors, in particular:
- Specialized "Freehold" zones, where real estate is available for foreign citizens;
- Establishment of the state registry of wills, which guarantees the right of the owner to transfer property by inheritance;
- Maximum transparency of the local real estate market;
- Great perspectives for growth of property prices and the opportunity to live in the safest part of the planet;
- Stable tax-free income from renting out immovable property;
- Worked out and modern design of surrounding landscapes and residential complexes;
- Highly developed urban and social infrastructure;
- Relatively low cost of owning and maintenance of the immovable property;
- Possibility to become an owner of elite housing in the most prestigious urban areas.
Leading positions in terms of export and re-export
Dubai, as the centre of world export and re-export, ranks third after Singapore and Hong Kong. It is the jurisdiction where private business is exempted from bureaucratic hurdles and corporate taxation, and it is normal that it attracts wealthy businessmen and potential investors. A competent public policy has turned Dubai into an ideal place for private business. All those who wish to exaggerate their financial assets quickly and without difficulties will be able to implement their plans in the United Arab Emirates.
International ratings recognize that Dubai has entered first positions in terms of the effectiveness and reasonability of the current financial policy. Primarily, it is due to the large-scale investments in transport communications and utilities, entertainment infrastructure, recreation and international tourism.
Besides, specialized zones with special economic status operate on the territory of the jurisdiction. Each zone is linked with the region's largest transport hubs, what is also an optimal condition for business development and optimization of the manufacturing processes. The success of free trade economic zones is associated with a loyal fiscal policy and an opportunity to get benefits when importing the professional machinery and equipment.
Specialized zones are not only the region’s and world’s largest business centers; they had long ago become a home to the head offices of many international companies and holding formations. Dubai is a well-established financial and business center of the Middle East.
Protection of information and privacy, secured by law
This factor is of no small importance for the wealthiest people of the planet. It should be noted that all information related to bank deposits, purchased property, ultimate beneficiaries and recipients of benefits is of a confidential nature and is inaccessible to third parties.
Fiscal policy and corporate law have the same goal – provision of business with favourable environment and protection of the legitimate interests of private business. Economic and political stability in the region, in its turn, serves as the guarantor of the prospects of development.
Possibility of obtaining a residence visa for all family members
When investing your assets into Dubai real estate, or registering company, you get the possibility to obtain a residence visa. Moreover, the visa is granted both to the property owner and to the members of his family. A resident status gives possibility to come freely into the country, to study, to work and to receive medical services. The visa of this type is issued for a term of two years and may be renewed an unlimited number of times.
A year-round comfortable climate and warm waters of the azure sea
The holiday season in the UAE lasts all the year round, and a modern resort industry allows one to derive maximum pleasure. This is the place, where the foreign visitors come in order to take a fascinating sea travels on the luxury yachts, or to dive to the bottom of the sea and to observe magnificence of the underwater world. Wealthy people prefer to acquire into ownership such housing, which is used then for a proper rest and living in the best resort area of our planet.
In conclusion, we would like to single out a few factors that play a key role and actively contribute to the development of the Emirate:
- Financing of the real economic sector and diversification of the oil revenues;
- Active measures aimed at the development and improvement of health protection, education and housing;
- Formation of the status of the respectable and prestigious investment destination;
- Favourable conditions for the organization and development of the existing business.
All what was mentioned above makes Dubai to be one of the most attractive places for business and living of wealthy people of the world.