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How 81,200 Millionaires Have Fled to Low-Tax Dubai · IMI Podcasts

• 0:00
  SPEAKER_00: So about the UA Golden Visa, I mean the UA is, you know, doubled its population now, I think, in the last 10 years, something like that.
• 0:05
  SPEAKER_00: We just crossed the four million people marked in Dubai.
• 0:08
  SPEAKER_00: Specifically in Dubai, 4 million.
• 0:10
  SPEAKER_00: In terms of golden visas, you've got millionaires pouring from all over the world.
• 0:13
  SPEAKER_00: Last year's prediction for Henley was around 6,500.
• 0:16
  SPEAKER_00: It ended up being 7,200 millionaires moving to Dubai.
• 0:19
  SPEAKER_00: And that's just people that, you know, declare they're a millionaire.
• 0:21
  SPEAKER_00: You don't know how many other millionaires are actually moving to Dubai.
• 0:23
  SPEAKER_00: Resident prices have doubled in the last four or five years.
• 0:26
  SPEAKER_00: And in this year, I think it's going to be around 9,500 are the latest Henley estimates in terms of foreign direct immigration into Dubai, making it once again for 30 in a row, the number one recipient of millionaires worldwide.
• 0:40
  SPEAKER_00: In terms of the minimum requirement for the Golden Visa, we're looking at$550,000 into a property, let's say that's the usual route or a route.
• 0:49
  SPEAKER_00: However, you can put down 20% of that just as the down payment.
• 0:52
  SPEAKER_00: So look at$100,000 in terms of down payment for a property off plan.
• 0:57
  SPEAKER_00: You got some properties that offer a 30,000-70 payment plan.
• 1:00
  SPEAKER_00: So you only really have to put another 10% in the next three, four years.
• 1:03
  SPEAKER_00: So really$100,000, maybe another$50,000,$100,000 over three years.
• 1:07
  SPEAKER_00: And then once it's built, you can mortgage if you want, or you know, you can pay the rest of the property.
• 1:12
  SPEAKER_00: So the requirements are pretty low compared to most golden visas where you actually have to put the full price up front and then apply.
• 1:19
  SPEAKER_00: In Dubai, really, you only need, as I said,$100,000 for the golden visa.
• 1:24
  SPEAKER_00: It's a 10-year, no physical presence required.
• 1:26
  SPEAKER_00: So I mean, there's different routes uh for the golden visa in Dubai.
• 1:29
  SPEAKER_00: Now they're giving it to most kind of director levels you can get it.
• 1:31
  SPEAKER_00: You know, if you got, I don't know, if you own a yacht, that that's a good one.
• 1:34
  SPEAKER_00: The the uh the Abu Dhabi uh government did.
• 1:37
  SPEAKER_00: So, you know, they're really encouraging, you know, skilled immigration and you know, high net worth immigration.
• 1:42
  SPEAKER_00: So, you know, the high echelons of of investment migration.
• 1:45
  SPEAKER_00: Why hasn't the UA taken off in the investment migration world?
• 1:48
  SPEAKER_00: Why aren't agencies pushing it?
• 1:49
  SPEAKER_00: The reality is most agencies do offer UA golden bees, and most have uh a Dubai brokerage that can offer it.
• 1:55
  SPEAKER_00: Commissions aren't as high as other programs, so you know I'd venture that's the main reason.
• 2:00
  SPEAKER_00: Another reason could be that every property qualifies, so it's actually very tough to close a client on a specific deal.
• 2:06
  SPEAKER_00: And you know, we've we've seen that, you know, we we suffer that in Cyprus or other countries, Turkey where everything kind of qualifies.
• 2:11
  SPEAKER_00: So we typically want, you know, easy deals to close, meaning a kind of restricted market as opposed to everything qualifying.