More number of wealthy Indians are increasingly seeking for the Dubai residency visa to avoid the black money law of the country.
According to reports, during the past decade many wealthy Indians had moved to the United Arab Emirates searching for an opportunity and work.
Indians have also emerged as very contributing investors within the UAE and same time India becoming UAE export destination for its manufactured goods.
According to the Foreign exchange management act (FEMA), the Indian citizens employed in abroad are considered as non-residents, while the income tax law states such persons are required to stay at least for 182 days in order to claim the non resident status.
Non-resident Indians do not have to disclose their foreign assets to the Indian tax authorities. FEMA is a regulatory authority which enables the RBI and central government to make the rules and regulations related to foreign exchange with reference to foreign trade policy of India.
