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I have lived in the UAE for the past 20 years. Considering the amazing infrastructure, public transportation and five lane highways that our delivery trucks drive on, I think it's only fair that we start paying taxes. I say it's long overdue and we can't expect any government to just keep on building an awesome country without paying taxes. Well done to the UAE👏
80% of the population is South Asian - I doubt they're paying all that much in rent. Westerners want to live in exclusive parts and if you're from London or Melbourne or NYC - I doubt you're paying more in Dubai.
I dunno if I agree with your logic. In Malta you need to actually live on the island to get that rate or you would need someone on the board of directors on the island. Confirmed this with Maltese advisors last week. Ireland has good Corporate tax rates but terrible capital gains, income tax etc. Again being Non Dom you'll need someone on your board of directors probably in Ireland. Cyprus maybe the better option I would think you need someone based there too. I can't see EU countries being that flexible as Dubai. It all comes down to your permanent residence and where that's established.
The corporate taxes, not your personal income taxes. There are many sources and deductions that can be made (under 1 percent is playing it unsafe, I would say around 5% is possible).
First they lure you, then they screw you! Aside of true tax havens, these average countries with zero taxes will soon be taxing the hell out of people and companies! Like you said, it's better to choose decent taxes in amazing places than to choose just because the tax is 0%.
I’m visiting Dubai - “the city of the future” - now, and it’s an . . . interesting future. My assessment so far is that the city has 40%+- of the Las Vegas “tackiness”, but with only 15%+- of the “sliminess”. One of my biggest observations is the clearly bimodal quality of life - you have the $800 per dinner “movers & shakers” crowd, and the $800 per month income group. While $800 is usually 3-5x what they could make in their home country, the juxtaposition is interesting to note. If the future is spending all day in [very nice] shopping malls, I’ll be enjoying the city for the value it offers, but looking to get more greenery in my life elsewhere.
@@rrrick83 why do u think these people go to the Middle East ? Because the net result in terms of saving is higher there than in their home country … in their home countries expenses are typically very low .
Who in their thick Skull would go to Dubai just cause it has a better tax rate dosent mean that your equal under Emirati law since the locals are mainly supported there rather than the expat themselves unless your good friends with a local there but still ain't worth living there at all!
I think Dubai is great place to start out on your journey to economic freedom. If you're looking to just get some real estate, start a business, you're making hundreds of thousands of dollars, it's great for that sort of thing. Once you've got millions then yeah you can move but you also have more options to move to because for a lot of countries it's just a matter of price to get a bank account or residency.
Great video, Andrew. I feel both humbled and happy that my comment on your previous video about Dubai would, in part, inspire you to make this one. Wish you and the NC team all the best.
You forgot something to add if you make 500k for example you can take 100k tax free income , 100k no taxes and only 9% on 300k so if your business makes 500k profit you only pay 27k , no capital gain , no crypto taxes , no heritance taxes , no rental income taxes .
UAE just got out of FATF grey list and now Saudi under MBS is awakening a sleeping giant and in 2021 MBS in an interview said KSA will remain tax free. Maybe UAE will lower the 9% once they receive feedback after 1-2 years of the new tax rate, Saudi will start snatching their potential customers and now that UAE is out of FATF
Have you guys considered how you can use transfer pricing to minimize your taxes? general anti-avoidance rules apply - but it may be a better work around then paying yourself a huge salary. Granted, it would be a bit more complicated set up. Also - you may be able to recover VAT if you plan your expenditure.
You hit on Foreign Income Exemption for US citizens I looked it up and I m impressed So if I moved overseas after retirement use your strategy of living four months in three different countries get a job making $11k a month in each country I could pay zero US taxes and zero taxes on that income because I’m not a tax resident. Did I get that right? Also I saw a foreign housing exclusion where I can deduct housing from $96 to $300 a day (Hong Kong ) on top of that. So if I got this right I could live tax free overseas and not be a millionaire?
If i was high income I would take Italy lump sum tax deal over Dubai any day of the week. History great food and great culture and truly amazing authentic life style. Dubai is flashy lack of culture and yes it is safe until you get accused of something than you will throwing in jail and good luck dealing with that. And you will spend whatever you save on taxes trying to keep up with the Kardashian and traffic tickets.
I’m noticing that more countries are taxing companies because even if you aren’t living in the u.a.e but your business is still present in the u.a.e.The real question is what do the citizens of United Arab Emirates 🇦🇪 are paying in tax for there business being in the u.a.e.I think this is important to note because it probably plays a part in the new tax being applied on foreigners having there business in the u.a.e.
Wrong, the tax is only for biz that do business in Dubai, if you do business from Dubai but internationally there is no tax. The first 450,000 profit are not taxed, payroll will never be taxed so increase you salary and pay no tax.
Canadian citizen with canadian corp can't for the life of me figure out how to avoid canadian tax as it seems no matter where we go anything earned in canada is taxed there no matter where you go.
So people go to Dubai to avoid paying 40% tax in their home country, and they are upset with UAE charging 9% AFTER deducting aed 375k and after deducting expenses?
Aren't the foreign companies of USA citizens treated as FDE(foreign disregard entity). So basically the income of the company is considered the income of the individual
says the american patriot who would "never leave his country" despite it becoming a shithole and them deep down inside wanting to be anywhete BUT the states😂😂
It's raised to 15%, I think, from 2025 tax year, and its divived withholding tax is 25% so it's really 35% if you are living off that company and the income tax goes up to 50% anyway but you can reduces slightly because of the tax brackets so you pay yourself a salary up to the point where it's equal with the dividend withholding Truthfully all the Tech companies that were there weren't even paying 12.5, which was really closer to 5% because of a tax loophole To be honest the best option is probably just pay yourself a salary and not living Ireland truthfully Eastern European countries And Malta probably way better
The 9% rate is part of the Pillar 2 regime - it will likely have increase to 15% under those international tax rules. Every offshore financial centre will have to have a minimum tax rate of 15%.
The problem with all this is the countries can change the rules on a whim. There are really no rules about changing rules. Trust becomes an issue. Do you trust these countries to remain stable to Americans with your money?
😅 Temperature is above 40 degrees for just 2 months. Other 10 months its pleasant. People usually step out during 6pm to purchase during summers. Two months of summer isnt too much. Dubai sharjah abu dhabi and ajman has similar temperature to Singapore,bali,Kuala Lumpur and perth. Dubai has pleasant climate for 10 months.
@@Ashley-nk3we Yeah, It is pleasant like Singapore or Bali for approx 10 months. I have been to 4 emirates and I can say the temperature thing is blown out of proportion.
Definitely the more rich that leave Dubai the more its gonna suffer trying to find new investors investing into the country or else how will the locals claim their benefits lmaoo 😂.
@@everydayfun9531 Absolutely. This rate basically means the ultra wealthy have been given an evection notice. It is not worth for a multi millionaire to iincur the extra cost and risk of inventing imaginary deductions just move to the Cayman Island.
Im half Qatari, half Emirati … I agree with you nothing wrong with Dubai but if they don’t offer lower taxes and good programs why wasting my time there. I agree, I never see what you are recommending is bad against UAE at all. All what you saying is reasonable and thoughtful. 🤝 thanks for helping other nations how to choose wisely.
Correct me if I'm wrong: Corporate TAX Dubai: 9% corporate tax applies to profits above 375.000 AED. Companies up until 3mln AED turnover can apply for corporate tax exemption, until 2026. VAT: - 0% VAT applies to companies that sell to clients outside of the UAE. - When the turnover exceeds AED 375,000 VAT needs to be reported, but shown as sales with 0% VAT. (Companies that sell goods/services in the UAE will pay 5% VAT when turnover(not profit) exceeds 375.000 AED) - VAT will need to be paid to Europe for all the sales made to Europe at the VAT rate of each individual European country.
9% tax is fine, but not when mixed with high yearly fees on everything business related, visas, business licenses etc. Either do tax or keep it as it was
Let me get this straight. Dubai is tax- free for freelancers? And not tax free for foreign capital gains (investing in dividend foreign stocks and gettimg paid) and ownes abroad real estate gains?
@@RajshreyashAdhav yes seriously. My company is based in Malta. I've never visited the country either. Getting business banking is a challenge, but there's various Dutch, Singapore or HK based online only banks (or payment receiving accounts) who will happily open an account for a Maltese ltd. The 5% requires an offshore holding company, usually based in the UK or Gibraltar. Set up fees in yr 1 expect to pay €4-5k. In year two, you'll have to pay for a mandatory audit (€1k) plus government and registered office fees (€1-1.5k). Annual accountant fees expect to pay €1-2k. So add all the above to your calculations.
It think you need to understand that clients who they are referring to are not who earn like 100k to 900k a year . They are targeting over million plus . So this strategies are more applied to those clients and above . You are still good at those places if you are left with lower incomes , below million . So relax . But generally is it good to know that running uae company remotely is hard . So guys better go to Singapore . Everything can be done remotely , you have tax incentives especially for new companies . So start from there and build your wealth .
Well paying taxes is totally fine if you get a good return on them in the form of public infrastructure and social stability, safety and freedom or a good lifestyle and solid business environment... It's why I don't mind paying the lumpsum-tax in Switzerland on a personal level and a fair share of corporate taxes in line with my overall, international setup
Whereas my english town gets less and less safe, but my taxes are going up. It's definitely not all the migrants with a different religion and culture. It couldn't possibly be that.
That millionaire is pretty spoiled. He should try france for a couple of years. He will be much happier after returning to the UAE. But i understand, its hard to pay anything, if your used to paying nothing. Sidenote, living in the UAE gives you allot more then a low tax.
Hi @@qwertyasf ,oh cool- what stores have real organic food. Yeah usually organic food is alittle expensive but when more people buy organic the prices go down.
*Come to Singapore. Our Taxes may not be as low, but we have great infrastructure, Very efficient government, extremely low corruption, great variety of food and from Singapore you can travel to great vacation locations in South East Asia without burning a hole in your pocket. We are safe, multicultural and a meritocracy. You can find your hometown food and even folks from your home country. Our currency is pretty solid and our region is comparably peaceful.* 🎉🎉🎉
Dubai is now an official country of the WEF. Soon they will have nothing and be happy. Singapore already is. Their President Shanmugharatnam is a founder member of the WEF. Tax free first, taxes next , then money free.
Still better than the Netherlands Under 75k a year it’s 37% tax Above 75k a whopping 49,50% tax rate. This doesn’t account for multinationals, Netherlands offers loopholes that they pay 0% tax 😅
If Dubai is 9%, then why has to go all the way to Dubai???? Hungary, a member of Schengen Zone, also has 9% corporate tax. You can just establish your company in Hungary and leave it there.
I just don't Understand a Word you say about Dubail beside HATE! Its BEAUTFULL Country and their rules That I can understand better than the USA however, it's out of my reach could afford living there! I don't have Billions or Zillions of dollars and the Heat I pass! Why are you flirting batting your eyes that I don't get it?
Why don’t you just simplify your comments and say a company is a separate legal person. It is a separate legal entity. Why that is so hard for people to understand is beyond me. It’s not rocket science.
That's kind of a pedantic technicality really, when it comes to the practicality of it, because everyone goes there to be in Dubai. Sure, you can be in sharjah or whatever but to everyone the UAE and Dubai and synonymous.
