Fashionz by Danube

Attention property investors in India!

Remittance tax on foreign property investment will increase by 15% from July 1 2023 for Indian residents – so here’s why you should consider buying in Dubai beforehand.

The Indian government has announced tax rate increases starting from July 1 2023 that will affect foreign remittances. The current remittance tax rate of 5% will increase to 20% on the transaction amount.

The new tax rate will be applied to money sent overseas on investments, gifts, and vacation packages. The only expected exemption will be expenses catered to education and medical means.

India Remittance Tax Hike explained

But what does that mean for foreign property investors? It means that your property purchases in any international city, including Dubai, will result in higher remittance tax.

1Let’s say today you buy a Dubai property that costs AED 1,000,000 with associated fees.

2With the current remittance tax rate of 5%, your total property cost would be AED 1,000,000 + 5% = AED 1,050,000.

3But, if you buy the same property on or after July 1 2023, you'd end up paying a total of AED 1,000,000 + 20% remittance tax = AED 1,200,000.

Why invest in Dubai?

The benefits of investing in Dubai are aplenty. A global transport hub for passengers and cargo, the city is constantly evolving with a focus on innovation and technology. Additionally, it prides itself on economic and social resilience due to its strong regulatory framework.

While UAE doesn’t have a provision for permanent residency for foreigners, UAE permanent residency by investment is available, where you get the “UAE Golden visa”. A 10-year renewable investor visa in Dubai is available to individuals purchasing real estate in the UAE worth AED 2 million or more.

One of the most appealing draw-ins is that Dubai is a ‘no tax’ emirate; but do expect a monthly “housing fee” (also known as the municipality tax) and a transfer fee of 4%. All property owners must pay 5% of the average rental value in their area and must pay a fee to the Dubai Land Department upon transfer of the property.

In summary, Dubai is one of the cheapest cities for property investment in the world.

Jumeirah Village Triangle (JVT) has emerged as one of the most ambitious projects with brilliantly developed plans. Keeping all the demographic challenges into consideration, this freehold, gated community nestles on the northern side of Dubai. The area is strategically developed between Sheikh Mohammed Bin Zayed Road and Al Khail Road, two of the major highways in the UAE, allowing an easier commute to other central locations of the emirate.

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Price List of
Fashionz by Danube

Unit Type Studio

Unit Sizes 431 to 848 Sqft

Price 1.9 Cr*

Unit Type 1 BHK

Unit Sizes 759 to 873 Sqft

Price On Request

Unit Type 2 BHK

Unit Sizes 1070 to 1177 Sqft

Price On Request

Unit Type 3 BHK

Unit Sizes 1468 to 1472 Sqft

Price On Request