Ok Dubai is not for you and i am not going to convince you otherwise move on.Next question.
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Best tropical place to live?
- Thread starter JustAnotherNomad
- Start date
That's what I was afraid of. So not even the Cayman Islands or Bahamas could fit that category?
I like Singapore, my main issue is that it feels very sterile. It feels like an office, like everyone is just there to work.
I have heard that many people living there don't really like it and try to get away as often as possible (at least many nice vacation spots are nearby), it's just so small.
I really like Japan, even though I haven't been there for longer. Clean, organized, developed. But the weather isn't great in winter. And I know for long term, people either love it or hate it, because the culture is so different and you will never be fully accepted, even if you speak Japanese.
I would say, maybe up to $5k per month? Something like that?
You can live really well with that money in Thailand, Thailand is still an option.
In Dubai, you don't get very far with that money, but you can have an OK life. But the friends whose apartment I like pay $8-10k in rent, I think.
That's probably good advice. But from what I have read, I'm too poor for St. Barths...
I was renting a 3bed for about $100k annually before buying and remodelling a bit. $20k monthly was our total budget excluding schools, actually very close to what we had back in London. I understand that Dubai can be stupidly pricey sometimes, but you need to actively looking for such a lifestyle.
As I saw / know.. Dubai is definitely a place where you should buy instead of rent (except if you just want to try for 1 year). But most probably, any mid term view (3-4years+) probably worth the buying, as the rent is really high compare to the buying price.
And you can still make your flat better, and rent it with good yield (and upfront payment) when you not there.
In Thailand, at least in BKK, it's the opposite IMO. Rent are low compare to the buying price (bad rental investment yield most of the time). Except maybe if you want to apply for the LTR visa (10years) 'wealthy global citizen'
Buying is risky in Dubai as well. Like I said, I know people who lost most of their investment.
Right now, prices are high, but nobody knows what will happen in the future. Until covid, prices had been dropping continuously for years.
Right now, prices are high, but nobody knows what will happen in the future. Until covid, prices had been dropping continuously for years.
Agree too, I didnt say its not risky, but someone paying 10% of the buying price every year for 4-5years+.. What's the worse?
Long term nobody can know, but on a mid term view, I dont see lot of very bad news why UAE woud be much less attractive than now.. especially in middle east.
Some people are talking about Saudi, Qatar, bahrein etc.. but honesty, actually WHO want to live there? Especially as a no muslim ?
Ofc Dubai has bad side for sure, but in this region, i dont see any other one beat Dxb in the next coming years..
I think there is a substantial risk of the introduction of income tax. Then again, if you live off dividends, that might not be an issue...
Interesting thread, if middle east, then nothing beats Oman. If Europe then nothing beats Malta. If North American then Miami. If south America then Uruguay. If Africa then Cape town or Mauritius. If Asia then, Thailand or Malaysia.
All are not perfect options but are well balanced countries and with some hidden gems in them. Goodluck.
All are not perfect options but are well balanced countries and with some hidden gems in them. Goodluck.
Why would they introduce personal income tax? Most of the foreigners living in Dubai are putting up with heat, pollution, crazy traffic, and superficial culture, only because they don't have to pay tax. Remove that benefit and everyone leaves Dubai..
As I understood income from outside UAE is not subject to corporate tax, and personal income tax is still 0% so majority of foreigners are still enjoying a tax-free setup in the UAE.
If they start taxing all the wealthy foreigners and 'digital nomad' types, they will quickly leave.
They can start with something like 5% and only on salaries over $5k or something like that.
Have you had a look at what they're trying to do? Make Dubai green etc.? That will cost a lot of money.
The rich won't leave because they mostly have passive income, and the poor can be exempted by having a tax free minimum salary.
Many people are established with families etc., they won't leave because of 5% tax.
They have even said they don't plan to introduce income tax "at the moment". It doesn't get much clearer than that.
VAT was introduced in 2018, corporate tax was introduced in 2023. Probably income tax will be next in 2028.
You misunderstood. The UAE has implemented laws for management and control and permanent establishment.
They absolutely can tax offshore companies in Dubai.
Of course they start going after the big local companies first, they have to concentrate their resources on the simple cases. I don't think you will run into issues running an offshore company from Dubai - for now.
But the laws are there and they can also easily go back several years once they start going after the smaller businesses.
No. Only enforcement is weak at the moment.
No, it's already taxable.
https://gulfnews.com/business/corpo...n-businesses-must-prepare-for-1.1703480392292
You also have to get the proper licenses. And the rules are as clear as mud.
Most people are left alone, but they can always find something to fine or jail you if they want. It's a really bad place to do business.
But it's nice if you can show that you only have passive income, since that is clearly not taxable.
How come Oman is better than UAE/Dubai?
Prices are cheaper for sure but what other qualities you get from living there compared to UAE? Why not Bahrein then for eg?
I would like to know more about your stand on Malta?
Why Malta? Properties are expensive and tax laws are complicated. Cyprus is much better choice for many.
I don't know, 5% may be low enough to keep people staying there, but I strongly feel that 0 tax (or weak enforcement) is the primary reason for moving there, for >80% of foreigners earning foreign sourced income.
UAE doesn't have much wiggle room here, once people start having to pay amounts close to what they would have paid back in their home country, I don't know how many will want to tolerate the excessive heat/pollution, but i guess we will find out.
Oman is better than Bahrain and UAE combined.
1. Better locals and willing to communicate and integrate with no superiority complex
2. Oman is not a pyramid scheme like dubai which attracts and traps people.
3. Oman has way more land, nature and better beaches.
4. I think Oman doesnt have income tax, not like dubai where its a grey area as per their whitepaper.
5.Oman has lower cost of living
6. Cheaper and better value real estate
7. You are more likely to be Oman citizen than UAE.
8. Oman is not a materialistic society
9. Oman has more friendlier relations with other gulf countries than UAE.
10. Oman is not militarily involved in Yemen or Sudan.
11. Oman didnt strip its residents even if it had problems with a particular country.
12. Oman in general is way more natural and beautiful country.
Malta is way better than Cyprus.
1. Malta is not invaded by turkey.
2. Malta is way closer to mainland europe
3. Cyprus is more closer to Gaza.
4. Cyprus was threatened multiple times by islamic militant groups.
5. Cyprus is a way poorly connected.
6. Malta has a better taxation system than Cyprus.
7. Malta has lower CIT than Cyprus.
8. Malta has no CFC rule.
9. Malta has indefinite non dom.
10. Malta is 1hr away from sicily and Cyprus is 1hr away from Gaza lol.
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