Dubai is dead, any alternative to the free zone 9% tax?

[Dandyline]

Yes, one more point - the fines. I’m about to close asap but I’m looking for alternative, where can I move?

Depends on the nature of your business and your lifestyle.

 

[jafo]

The investment requirement is too high because that's just the beginning... All services, accommodation, everything is priced in an insane way.

Of course, it depends ... This is all a personal decision.
For example, one can stay at Fairmont. Just go past the lobby to the end and turn right and you'll find the offices of Fairmont Residencies. I have plenty of friends that have a studio for about €7000 a month with everything included. Of course, food, entertainment, drinks etc is up to each individual.

Just recently I helped a divorced Scandinavian friend to get something like this: 1-bedroom apartment with sea view in a hotel residence in the center of Monaco., furnished, parking space, with panoramic view - Ref. CO - FM - 02
My friend has plenty of money and his wealth taxes alone exceed €55K a month. In Monaco, he is splurging and NOT even paying half that and there is no threat of prison time. Not to mention how much taxes he is saving from his business.

For me, that's it. The fact that some idiot Low IQ public servant can make a mistake with my tax assessments (and they ALWAYS do) and me spending the next 10 years in a legal battle (all tax events BTW) and run the risk of some envious judge(s) wanting to lock me away out of spite. I'd rather NOT say what I would do ... in such a situation.

I NO longer have ANY fear of this as I have MOVED a long time ago! The combination (1) Monaco personal life and Zug (business life) is the best combination for me, personally!

PS. In my case, I purchased a home in Monaco in the '90s when no such thing as SOF/SOW etc etc existed. Of course, YMMV

 

[GrumpyMess]

PS. In my case, I purchased a home in Monaco in the '90s when no such thing as SOF/SOW etc etc existed

Things were quite different even in 2010, without even considering 90s. We have to look for a solution that works now, but I don’t see it within continental Europe.

 

[jafo]

We have to look for a solution that works now

True and also do NOT forget to "look into the future" e.g. 2050...
I already have 5 backup places for 2050...since I am NOT being extorted (read taxed), I can afford to go long on certain places where the EU & USA's influence will be "negligent". Places those two will NOT want to "conquer, dominate & enslave" and places refugees/migrants have NO interest in moving to.

PS. I don't know how long Monaco & CH can hold out from the refugee/migrant crisis... If the surrounding refugees/migrants around Monaco decided to "invade" Monte-Carlo... I don't think there is enough ammunition to successfully defend the principality. I've thought about this a lot!

 

[Jerry1911]

PS. I don't know how long Monaco & CH can hold out from the refugee/migrant crisis... If the surrounding refugees/migrants around Monaco decided to "invade" Monte-Carlo... I don't think there is enough ammunition to successfully defend the principality. I've thought about this a lot!

Plenty of yachts to escape with

 

[Marzio]

I already have 5 backup places for 2050

Really curious to know at least 3

 

[DomOCT]

Bosnia and Mexico were safe havens during Covid. In case of a conflict in Europe, I would look into Argentina or Uruguay: List of countries by food self-sufficiency rate - Wikipedia

Generally speaking, the more corrupt a country is, the easier it will be to leverage it against Agenda 2030 or similar.

 

[jafo]

Really curious to know at least 3

I did it here https://www.offshorecorptalk.com/th...lution-on-the-behest-of-a-forum-member.44072/

If you can't see it, let me know and I'll DM you the places.

 

[wonderfulboy]

If Dubai is dead because of 9% corporate tax how comes that most other countries are not dead with low taxes? No tax policy is game over when looking at my research so far!

Did you found other solution better in UAE ?

 

[Cloudbanck]

If Dubai is dead because of 9% corporate tax how comes that most other countries are not dead with low taxes? No tax policy is game over when looking at my research so far!

Did you found other solution better in UAE ?

Well Dubai is far from dead. Still, putting Abu Dhabi aside, the only first world large city with essy immigration and no income tax, no capital gains tax, no wealth tax, and a - let's be real - a very low corporate income tax.

But other solutions, well, I have an acquaintance that spends half the year in Monaco and half the year in Dubai.

Another living as non dom in Malta with foreign income and no tax.

Another who left Dubai for Thailand where there is - as ive understood it - no tax on foreign earnings if you don't remit it.

And my favorite, mixing Dubai with West Africa, and staying below the threshold number of days for corp tax in Dubai.

 

[scooterguy]

If Dubai is dead because of 9% corporate tax how comes that most other countries are not dead with low taxes? No tax policy is game over when looking at my research so far!

Did you found other solution better in UAE ?

Well, the problem is that Dubai kinda sucked already.

It's a sausage party, there's Sharia law, there's a monopoly on telecommunications, you get nothing out of your taxes (no healthcare, no future pension, etc.).

Also, make a mistake somewhere in your taxes and be ready for exorbitant fines, and God forbid you end up in a jail there.

Plus, on top of the 9% corporate tax there are also expensive audits now and other fees that didn't exist 10 years ago like the e-channel registration for the freezones or VAT.

To be honest I'd rather pay up to 20-25% tax somewhere else rather than 9% in Dubai and have to deal with all of that BS and risks, in exchange for nothing in return.

0% tax, no audits and no VAT, that's the UAE that can compete against other countries IMO.

 

[manukahoney]

0% tax, no audits and no VAT, that's the UAE that can compete against other countries IMO.

They don't care about digital nomads with $300k businesses anymore, that's obvious. And to be fair - it's a fraction of the number of incomers Dubai sees every year. Half-million Russians came in last year and a half, hundreds of thousand British are moving and will continue after the election and God knows how many Chinese and Indians. There is always a s**t show somewhere in the world and Dubai is getting all the cream. London used to be a "safe heaven", not anymore.

 

[GrumpyMess]

Also, make a mistake somewhere in your taxes and be ready for exorbitant fines, and God forbid you end up in a jail there.

Plus, on top of the 9% corporate tax there are also expensive audits now and other fees that didn't exist 10 years ago like the e-channel registration for the freezones or VAT.

To be honest I'd rather pay up to 20-25% tax somewhere else rather than 9% in Dubai and have to deal with all of that BS and risks, in exchange for nothing in return.

Yes, in most countries in Eastern Europe you can get about 15%, but this will not be a country where you will be jailed for using a VPN. It will also be a cheaper country with girls & plenty to do.

 

[jafo]

Well, the problem is that Dubai kinda sucked already.

It's a sausage party, there's Sharia law, there's a monopoly on telecommunications, you get nothing out of your taxes (no healthcare, no future pension, etc.).

Also, make a mistake somewhere in your taxes and be ready for exorbitant fines, and God forbid you end up in a jail there.

Plus, on top of the 9% corporate tax there are also expensive audits now and other fees that didn't exist 10 years ago like the e-channel registration for the freezones or VAT.

To be honest I'd rather pay up to 20-25% tax somewhere else rather than 9% in Dubai and have to deal with all of that BS and risks, in exchange for nothing in return.

0% tax, no audits and no VAT, that's the UAE that can compete against other countries IMO.

This gentleman understands PEACE of MIND!

They don't care about digital nomads with $300k businesses anymore, that's obvious. And to be fair - it's a fraction of the number of incomers Dubai sees every year. Half-million Russians came in last year and a half, hundreds of thousand British are moving and will continue after the election and God knows how many Chinese and Indians. There is always a s**t show somewhere in the world and Dubai is getting all the cream

All Dubai needed to do is e.g. offer a Dubai Reserve Visa! For example, a one-time fee of AED 600K and then AED 100K every year with a VAT of 9% (on purchases only) and forget everything else.
No income tax, no capital gains tax, no wealth tax, no dividend tax, no audits, a few regulated crypto banks with onramp & offramp, and no corporate income tax.
Also, NO bragging on Social Media about your lifestyle in Dubai, so parasitic and unproductive *ssholes like Lagarde and others can't log in and start their envy monster. Posting on Social Media is immediate cancellation of your Residency Visa and a fine of AED 100M.

I'd go for that in a second! Just to have another quiet getaway place!

Notice very few people, except a young British guy, are posting on social media about Monaco. He's actually very moderate, which can be expected from him. Just take a look at him. He's NOT selling anything. Super nice guy. Nobody is running scams or pyramid businesses out of Monaco. (OK, with the exceptions of some really big conmen, but we are NOT their target ) No digital nomads here either.

Just a quiet place for one to think deeply!

Distraction is the enemy of progress!

 

[manukahoney]

I wouldn't compare a 35k Monaco with 3mil Dubai. Even considering the "personnel" it's like 20-25k against 500-1000k well-off residents.

Nobody in the world cares about Monaco exactly because it's tiny, there is a very limited amount of people who can reside there and it generally complies with EU regulations when it comes to banking, extradition etc. And you can't use Monaco for corporate tax tricks, so again - nothing to compare with.

No income tax, no capital gains tax, no wealth tax, no dividend tax, no audits, a few regulated crypto banks with onramp & offramp, and no corporate income tax.

You have all of that in UAE except crypto banks. But to be frank, there are almost no proper crypto banks in the world, so hard to complain.
Regarding the corporate tax - well, again, they are actively diversifying their income streams, they went from 50%+ oil revenue to something like 15% and keep pushing. And while technically you don't pay any taxes on personal income, you do pay 5% VAT on all goods and services now and you pay property tax (DLD, DEWA etc) etc.

I like EU, I would move in Spain in a heartbeat if they had something like a non-dom tax regime and a clear approach to taxing, however it will not possible in the foreseen future in the socialist ruled EU.

 

[GrumpyMess]

I like EU, I would move in Spain in a heartbeat if they had something like a non-dom tax regime and a clear approach to taxing, however it will not possible in the foreseen future in the socialist ruled EU.

Seems to be possible with Beckham law. Just get a work contract on paper and all your overseas income is tax free for 5 years.

 

[jafo]

you can't use Monaco for corporate tax tricks, so again - nothing to compare with.

What kind of tax tricks are you referring to?

 

[xFre4kii]

Would it not make sense to open a HK company and living in thailand?

 

[Dandyline]

The biggest hassle with Dubai is banking, that you can't open EU accounts and PSPs with a UAE residency.. You need a dual residency to be all set..

Rest is fine if you make from $50k/month and up...

 

[sinos]

The biggest hassle with Dubai is banking, that you can't open EU accounts and PSPs with a UAE residency.. You need a dual residency to be all set..

Rest is fine if you make from $50k/month

UAE has been removed from FATF grey list. France, Germany, UK and the US were behind this. So, now in a month or two back to being old Dubai again. Euro clearances will be smooth.