The sought-after Dubai golden visa for investors has catapulted the city into the top half of the world’s best cities for international companies, entrepreneurs, and investors. A new index ranks Dubai at No. 11 out of the world’s top 25 cities for their Residence-by-Investment (RBI) programmes. Henley & Partners’ Best Residence-by-Investment Cities for Business Index ranks the cities on more than 40 parameters.

Dubai’s zero income tax and notable tax incentives for businesses, its success in controlling the pandemic and countering its economic fallout, along with its world-class physical and digital infrastructure make it a strong magnet for businesses, professionals and well-heeled individuals.

“Dubai is a renowned leader for companies looking to expand thanks to its notable tax benefits, stable economy, and top transport system”

Best RBI Cities for Business Index

“While just missing out on being in the top 10, Dubai in 11th spot is not to be overlooked,” said Dominic Volek, Group Head of Private Clients and a Member of the Executive Committee of Henley & Partners. The Dubai Golden Visa and Retire in Dubai programmes are part of the emirate’s open-door policy to allow qualified businesses, professionals and other individuals to live, work and settle in the emirate for the long term.

“[Dubai] scored highest overall in the index in tax, owing to its zero corporate tax, as well as ranking second in Covid safety – making it a highly appealing option. Dubai has been focusing on attracting investors and endeavours to be the start-up capital of the world,” said Volek.

Millionaires are looking for greener playgrounds

Henley & Partners said it launched the new index in collaboration with Deep Knowledge Analytics “in response to a dramatically changing global landscape, with business and talent relocation on the rise for a host of reasons — from the US-China trade wars, to Covid-19, remote work, and the G20 proposal for a global minimum corporate income tax”.

“New trends are emerging. Business owners no longer need be confined to the same jurisdictions as their businesses — they now have a choice and can be ‘present’ in multiple locations at the same time,” said Henley & Partners CEO Dr. Juerg Steffen.

Experts maintain that while Covid has accelerated the flight to quality, the world was already changing before the pandemic. “If we take a step back from the Covid chaos, it is interesting to consider what history shows us, and use this to inform our next move. The first bubonic plague of 541–544 led to the end of Roman rule and the formation of culturally distinct groups, which evolved into medieval European nations,” said Volek.

“Dubai has implemented investor‑friendly measures to maintain its regional hub status and strengthen its global portfolio”

Best RBI Cities for Business Index

“Europe’s 14th century Black Death plague resulted in food and labour shortages that saw village labourers able to demand higher wages, diminishing the class barrier and ultimately resulting in a new middle class arising. These changes instigated by pandemics are still with us today,” said Volek.

Things won’t be the same once the pandemic is over, he warned. “When the storm subsides, everything will be different. By making good choices now and investing in strategic residence-by-investment program options, you can be the agent of your change and define the future — for your family and your business,” Volek said.

Why Dubai?

“Dubai is a renowned leader for companies looking to expand thanks to its notable tax benefits, stable economy, and top transport system,” said the RBI report. The UAE ranked 15th globally in Kearney’s 2021 Foreign Direct Investment (FDI) Confidence Index, up from 19th place in 2020.

The country’s business environment has continued to demonstrate strengths in factors most important to investors, including government incentives for investors. The UAE ranked 16 among 190 economies in the World Bank’s annual Ease of Doing Business rankings.

“Dubai scored highest overall in the [RBI] index in tax, owing to its zero corporate tax, as well as ranking second in Covid safety – making it a highly appealing option. Dubai has been focusing on attracting investors and endeavours to be the start-up capital of the world”

“The city of Dubai has reinvented itself and remains firmly committed to being a financial and economic hub for the emirates and the Middle East. Dubai has implemented investor‑friendly measures to maintain its regional hub status and strengthen its global portfolio. The city has invested significantly and fashioned itself into a world leader of lifestyle infrastructure of unlimited scope, providing comfortable, modern living,” said the RBI report.

“Exemption from paying personal, corporate, and capital gains taxes, a low VAT rate, and its integrated approach to economic and financial policymaking, involving all key government departments, ensures the region’s attractiveness to foreign investors and continued accelerated economic growth,” said the report.