Tax-Free Dubai is DEAD
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
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Brace yourselves, expats and entrepreneurs! The tax haven landscape in Dubai and the UAE has undergone a seismic shift, with the introduction of a 9% corporate tax. In this eye-opening video, we dissect the recent changes that have left many scratching their heads and reevaluating their business strategies.
00:00 Start
00:39 Initial Tax Structure Announcement
1:37 Recent Changes and Challenges
3:07 Is Hong Kong a Better Option?
6:08 Qualifying Activities for 0% Tax
8:54 Excluded Activities and Tax Implications
10:38 Understand Your Use Case
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This is exactly the reason why you shouldn't put all eggs in the same basket even if you're rich. This is why you need to have multiple infrastructures in different places around the world so you are always protected against shit like this. This is absolutely the worst thing Dubai could ever do. It's suicide.
9% tax is suicide oppose to what the West? Little dramatic 😂🤣. Dubai is the most free economy in the world. Ask the Russian Billionaires.
Its a normal thing. Is now on the footsteps of new york or California. They want to profit now and make it like a long lasting thing. Like silicon valley and new york.
9% is still very cheap with a great climate, try britain, shit weather, ungrateful rude people, streets full, driving anywhere takes forever, LAW & ORDER completely broken, all the World's economic refugees claiming everything, live for free while inocent hardworking taxpayer financing this toilet, taxes are stupidly high when all added up, stay in Dubai !!
Wow 😮 Really ?. Was thinking of relocating there next year for consulting jobs for just 2 years.
Agree. It was bound to happen. 9% will soon turn to 30%
I always had a feeling Dubai was going to do this. When something gets too popular, it gets changed by bean counters
That's why I don't get this channel. Channel's like this blow places up and then are surprised when that location has to change it's policies to cope with the influx or to profit. There's a reason why the wealthy used to gatekeep information like this.
Exactly! Every government gets greedy
Its why most places s!ck nowadays. It isn't specific to Dubai. Europe is making it harder to travel there with mandatory visa nonsense. Harder to immigrate there as well. Tons of Asian countries are making it harder. We are seeing de globalization happen.
Would you want a bunch of people temporarily dipping into your country just to avoid taxes elsewhere, knowing they didn't really want to live there, contribute to your society or be part of/repect your culture ? If your sole reason for interacting with a country is avoiding taxes, you really should be paying somethung there
Dubai is incredibly overrated anyway.
As a contractor I can still pay 0% tax. However, I'm working for a US based company.
Last month I applied for a mortgage but all UAE banks rejected my application.
If you don't like my money, I can pay 9% tax in Hungary, no problem )
Screw them and thier draconian laws
That’s interesting you say that. I was wondering if you happen to also be looking for contractors within your field. My background is technical with commercial experience and very much interested in a move to another US company. Much appreciated @lixi-qing5310
Well than go to Hungary or pay less if you can somewhere else!
@@mentalparkour1223are you from Hungary?
go to Hungary man free country much nicer safe like Dubai beautiful if you have house there better than any country on earth I visit Hungary its amazing safe country if you can make it financially good for you
Dubai is for what I would describe as "plastic people".
It was inevitable that Dubai would attract you in to buy property with no taxes and then suddenly start increasing tax.
I recall property falling 45% in 2008/9/10 financial dilemma and expect it to fall again in 2025.
Did you buy any in UAE?
@@yassine073t No. I purchased a house and farm land in Thailand as I believe the Middle East is not the place to live for me.
How is the farm in Thailand ? is it a good ROI
@@MisterSpeed68 Very little money in it for a westerner. It is about security of food and a relaxed lifestyle. We only have 30 acres and grow mainly rice (Jasmine and Sticky), cassava and sugar cane. We have fish in the ponds for food, and mango, papaya, lemon, coconut trees and various other tropical fruit trees. In Thailand one can live well on $1,500 a month so this channel is not really about people like me.
how you learned all that farming stuff there?@@johntheaccountant5594
They bait and switch. That's the problem. Then you're caught by surprise with all your assets there being quickly devalued and a tax bill to leave. I agree with your strategy of always be spread across a few countries whenever possible. 🙂
The tax is on Net Income, not gross. You can pit yourself on the payroll and pay yourself a huge salary and bonus which resuces your company's profit below the threshold eligible for tax. Personal income is still tax free in the UAE.
trust me, that makes no difference. this simply shows the mentality shift and is all we need to know. just like sales tax and now gross income tax, personal income tax is eventually going to come too.
Not only could that cause an issue for people with personal tax obligations in other countries (ie: US persons using the Foreign Earned Income Exclusion), but taking a $10 million salary won't be as justifiable as taking a $100,000 salary.
@SARWSiddiqui Wont be long before personal income tax will be implemented.
@@eugenechin2863 Yeah, could be; but the whole place will empty out of that happens.
@@eugenechin2863 Lets talk about it when they impose P Inc Tax. corp tax is imposed due to US/EU minimum tax pressure. UAE can live off oil money and VAT
First, it will be a 9% tax, then a few years later it will be a 15% tax, then a few years later it will rise to 20%. Just skip the trouble and move your cash somewhere else.
What is a good country for a crypto trading company? Seems like not many options anymore.
Puerto Rico and Portugal
@@Breammummyhow come this affects you, individual tax is still 0%? …
@al-gv7 how? He said trading, not holding
There has been a global corporate tax agreement signed by over 160 nations so finding these low taxed countries will be hard. The across the board minimum is set at 15%.
Terrible place, no soul. Lived there for 2 years.
@BB-xx3dv stop being a dickhead and answer his question seriously
If people are leaving a place over a few percentage points, it couldn't be that great of a place. Not just applicable to Dubai
If its weather were like that of a southern Spain, France or Calif, it would have at least one major leg up. But I've read that Dubai can get warmer than even Las Vegas.
Lived there for 10 years and it is better than the west in terms of wealth, infrastructure, architecture and soul. 💯
You mean no community. Humans are tribal animals.
Over the past two years, we went to great expense including multiple in-person visits by numerous shareholders, to set up a free zone company in Dubai. We were attracted primarily by the 0% corporate tax. It feels more than odd that after all our efforts, we are told "oh yeah, never mind, give us 9%".
You guys need to start thinking deeper - UAE rulers are the pup pet show they will always comply with the glob all ists wishes.
lol
lol
Yeah , sounds like an Arab to me
still better than 17% in singapore. very few places have such low tax anyway. still great place
9% is still reasonable compared to 40-50%
Agree. People like him who fixate on 1 -taxes - thing are sad. He can go to Europe, cold weather and crime and leftist govs. Or go back to HK - terrible air quality and waiting for the CCP to further limit basic rights. Quality of life in DXB is far superior.
It's only 9% if you generate more than 1 million dirhams a year. Plus it only applies to the total net profit so do that math 😂. There is no place that is perfect but I LOVE it here.
That's the marginal tax rate for salaries in the most developed economy. Realistically, companies in the West pay much less than 15%. Even lower than 9%.
@@saiyedakhtar3931 the marginal rate in UAE is 9% so possibility to pay even lower?
@OPTIONandSWINGTRADER no, the 9% is a flat rate, not a marginal rate.
Those 0% corporate taxes are only temporary. It is not sustainable for any country. Never count on it in the long term. Better having a low tax with good banking facilities and very little bureaucracy.
Switzerland or Singapore
@@37taraSwitzerland is not worth it, overly expensive and regulated. And lets not even talk about made up rules that cast a shadow on personal freedoms there. Most banks avoid American customers from opening accounts. It's a beautiful and a peaceful place to visit, but not for expat living. Natives do like it there for sure and rightly so.
You called this!
Wow, I am so proud of myself that I follow this channel. When I first started watching, I thought your content was just for affluent people. However, I couldn’t look away, and carried on tuning in. The valuable information you’ve shared has helped me examine even the most remote choices and I am grateful for that.
its primarily geared towards a jewish audience
@@user-im6fy4qp6mPro- Hamas, are you?
@@user-im6fy4qp6m but does it help non-Jewish people like me? If the answer is yes, then I see no problems here.
Another sheep catched😂😂
@@vijaz5559 check the dictionary
Can confirm. Everything was a pain to do remotely.
Wooopteee.. 9%. I’d take that any day. I pay 23% corporate and 45% personal in Canada. 9% total is a walk in the park clearly. I’ve also heard within that 9% you can essentially write everything off. Even a Lamborghini for instance.
He has on profile pic for this video . "I'm out of here." lol. Where are you going to go? 9% and you can use Deductions to reduce the 9%. Laws change all the time. USA the tax law changes everytime there is a new President elected.
@@amiljahaad6160 exactly. 9% is minimal. An that’s just corporate tax. I mean you pay yourself as an employee to the corporation that you own. You’re still paying 0% personal tax. 9% corporate with huge right off capability. Like why are people snuffing at that. This is still super minimal. Waaaaaay less than any western country over here.
You can live in the Bahamas pay 0% Tax and fly into Miami in 20 minutes. So there are alternatives for the super wealthy.
@@tubekrake ya. That’s an option. However we’re talking about Dubai here. I personally don’t think it’s a bad thing to contribute some tax to the place where you’re living. As long as it makes sense and is affordable. It’s when the corrupt government literally wants more then half of your earnings like here in Canada and most of the US (an all the other western as well). That’s when it’s just ridiculous and time to maybe reconsider things.
@@tubekrakeTrue. Everyone has different needs.. Bahama has Property Tax. Dubai does not.
Andrew, thanks for this video! You mention some great points about Dubai and the 9% tax. You mentioned a greater point whereby a person can live in Dubai for years, pay tax and never become a citizen. I would want my money and time to count in a long term capacity concerning a country that I live and pay taxes in. I think there are so many countries out their that offer better tax incentives structures that people don't even know about.
Like which ? Malta ? BVI ?
Time is precious these days - especially with expanding war, future pandemics on the horizon, and supply chains going down. I wouldn't put any time into a country that doesn't ensure that I can stay their in a long term capacity - or give me the boot because I'm not a citizen. Imagine if there was a power failure in Dubai and you had no AC in the summer time? That air quality reaches 165 PPM and higher - UAE ranks among the worst countries in the world for air quality.Why spend precious time in a country you can never get full support from? @@davelawson2564
Dubai was the easiest way for us to move internationally after the lockdown and losing our rights and freedoms, 9% is a joke of a tax when you come from Canada where we have been taxed at like 80%. Any place is better than Canada. If you have a problem with 9% tax you are definitely not a normal person. What a joke, really crying over 9% is pathetic in my personal opinion, the lifestyle here is so much better than North America. We plan to move completely to Dubai and the UAE. A brics nation is safer than any other place going forward and has an actual economy versus North American and most of Europe that is quickly going down the toilet.
Thanks for sharing! We also recommend that you watch our recent video about Three Cheap Places to Escape Canada: th-cam.com/video/rXgW-SfDP1c/w-d-xo.html
Facts!
There is no guarantee that these 9% won't become 15%, then 25%, then 35%... Oh and since there is now a corporate tax, how about a personal income tax of 5%? Then 15%, then 25%... They want Dubai to become the best city in the world. Then when everybody will want to live there forever because it has indeed become the best city in the world, what do you think will happen? Taxes will flourish.
@@cluxter-org We are escaping Canada the easiest way we can. Does that mean we will be in Dubai forever? Hell No! We need to get our small amount of assets and business out of this socialist hell hole and 9% is nothing compared to the 80%+ in Canada. When we become millionaires that’s a different story. Right now even with the size of our business there are no personal or corporate taxes because we are not large enough. Taking a step to leave this crappy hole is the most important part, then we can always go elsewhere. Why do people believe one change is forever?
@@JulianneLove Did I say or imply that in any way, shape or form? Why do you assume that I believe that you will live there forever? I was answering about taxes in general, not about your own personal case about which I don't care at all. On top of that, the whole point of the video is precisely that he recommends people to think about living somewhere else, so assuming that after watching this video would be way off base.
Love your videos! You give great over-all information that gives us the right questions to ask... I think often the real issue with choosing a country is not asking the right questions and you always cover this! THANK YOU!
It's not really free tax. They increase all food, necessities and properties prices so high they don't need to tax people.
That's not even true. You are one of those folks who do not know nothing about anything. Sad😢
@@kirinsama2959 attack the argument, not the person
@@WildVoltorb It is the argument that represents the person, not the opposite, so it is only fair to attack the individual 🙄.
@@WildVoltorb Additionally, I only confronted the person by opposing the argument first, so you are off-subject.
@@kirinsama2959 so food , property prices are cheap in dubai ?!
Thank you Andrew for sharing this, I always appreciate your perspective. I moved to Dubai a couple of years ago and loving it so far. I think I will be staying here long term. I completely agree with the false narrative pushed around about the tax exemption of free zone companies, however, there is something called small business relief program which exempt your business from taxes till 2026 but eventually they will tax you.
Important info, thanks for sharing!
Thanks for chiming in on this debate my friend… your content is unparalleled
When things seem to good to be true, they always are. Never be a fool.
I also saw that they will implement CFC rules in 2024 so I guess living there personally and having a offshore company will be more difficult as well.
I always feel like Dubai is a very artificial city with no taste, if they are removing the tax-free thing, I guess there is no reason to stay.
It's location is nice
Yeah....the middle east. Who wouldn't want to live there? @@khanaliqasim1757
@@khanaliqasim1757 not really. The weather is awfully unbearable. While Dubai is relatively peaceful, the geopolitical and religious tension around the region has increased in recent years
@@user_cv8wysmstt As long tax is low , business friendly investors will come .
religious tension has increased in recent years in EU too
@@user_cv8wysmstt Incorrect on all fronts except its too hot in the summer. Do more research.
Paying taxes in the UAE doesn't sound bad because you know the money is going towards the infrastructure unlike the US where California makes trillions and can't get a decent freeway
Exactly!
LOL, what infrastructure? The fake islands sinking back into the sea? the world’s largest (broken) Ferris wheel? Quoting the Washington Post: "Critics describe a development scene built on hype and headlines, highly speculative, opaque, often overleveraged, and overseen by officials who refuse to acknowledge mistakes and gloss over failures with shiny new projects - often leaving investors on the hook"
UAE had been able to maintain that infra with 0% income tax. The money might go somewhere else.
@@muneebbasit8519 Yeah, and a grotesque enslavement of migrant workers, just google a bit.
That money never went to building roads anyways. Most of it went to dropping b0mbs on br0wn children in resource rich (lately sand-filled land) conflict zones, paying weapons manufacturers to support Ukraine, paying for the welfare/health insurance/health insurance middlemen for the operators of those military drones, or insurance company middlemen/gov't bureaucracy to begin with, etc. It basically all goes to everything but helping the citizens. We even indirectly subsidize like 80%+ of the entire planet's pharmaceutical R&D, as well as their physical safety, and the benefits of freedom of sea travel (law & order and relatively efficient/affordable global trade). You're welcome, Scandinavia.
Also, I say that as someone with 3 family members currently in the military, and working in US gov't myself.
I don't have a proper business yet, but have many projects, I'm still a student, Angolan but living in Indonesia. I am majoring in Agribusiness but somehow randomly ended up in this video and I finished watching it. Usually when it comes to taxes and finances, I find only boring videos and with wishy washy information, so I skip them. But this man, I really liked the video. I am subscribing. I really learned a lot. Thank you sir.
That's nice to hear! Thanks.
THe knowledge and information you have on your channel is delivered so well and is so helpful and is incisive. Thank you
Thanks!
@@nomadcapitalist I will be contacting you for support & info on our family's move to sunnier climbs.
Malta is the secret gem.... 20 years more advanced plus plus plus. Property is high but the super property that pass the millions are still great buys.
old properties of a large size.
Malta propert is overpriced and heading for bubble territory
Have you been to Malta?@@BillGaytes
@@BillGaytes in what way?
@@skerriesrockart Come and see with your own eyes and you will not be disappointed.
Of course they changed it. Classic bait-and-switch tactic that's employed by everyone.
As long as personal income tax is zero...
Look - there is a bigger story here and it has nothing to do with Dubai. The reality is that ZERO tax is dead. Sooner than you think, wherever you go that is 'half decent' will require you to pay some tax. Any country (if they will actually continue to exist) where you will not be required to pay tax I can guarantee you will be totally unliveable. So the future is no longer about zero tax, but about minimising tax. On that basis, 9% isn't too bad at all if Dubai is where you want to be. Yes some hate it, but I have encountered so many who love it, so let's stop the hate remarks because many people hate living in the US, UK, and other parts of the World and would rather still have their main base in Dubai for many other reasons, not just tax.
We explained how there are plenty of places with lower than 9% tax, but also that anyone who likes the UAE can certainly live there and pay a low rate of tax. We also covered the "death of zero tax" here: th-cam.com/video/gv9i_Bt3UaU/w-d-xo.html
The people who hate it have never been there or aren't wealthy.
It was always just a matter of time. That's how these things work.
Yeah, but the UAE has always been double jeopardy with doing business and prison if you get accused of breaking the law. Guilty or not you go to prison.
It's not worth doing any business there at all. Unless you or your company are based some other place.
That’s just wrong on you
Dont forget thier barbaric approach to human rights
@@skerriesrockart “barbaric approach to human rights” don’t like it don’t come- our country our rules, your opinion is null and void
@@Zaabi i would NEVER go to your country..not only are you culturally living in the dark ages but the demand for your oil is soon going to be dwindling and your 'state' will fall apart.
@@Zaabiyou can keep your desert all for yourself
We came to Dubai as it was tax free and now I have to pay tax in groceries and other stuff and seriously 😣 it's very sad.
great info. 👍 .....
thnks really appreciate it!
What is the implication for Dubai-based traders of FX and other financial assets? A lot of FX traders have been setting up their operation there.
I'm just wary of any court system that is so biased against foreigners like the one in dubai. It implies awful things about the place
Here only the company tax is highlighted, nothing else. There are also accounting techniques which reduce the profit to more than zero and then tax doesn't matter. European countries may have up to 55% tax, but you pay nearly zero or zero if your accounting is smart.
Founding in tax-free areas is one and the easiest way, do it via accounting is more complex but working quite well.
Thank You,We often consider Your advice , however the very lowest taxes should Not be the only consideration. Would investing dollars in land and real estate be worthy of consideration in the new environment unfolding in Argentina?Considerable Risk Yes, against potential gain! Your opinion would be of interest.
Lived and worked in Dubai from 1997 to 2000 at the start of the first boom. Didn't get all the hype about living there then and it only got worse since.
You didn't like living in a mall in the baking desert?
That's exactly what it felt like. Every thing artificial including the air.
there was literally nothing there when you were there
@@sautante there were a few malls with City Center being the largest, Burj Al Arab was the latest luxury hotel to open. Airport and roadways around were being built. Yes, that was the beginning of the big expansion that followed.
thanks for sharing!
Dubai is a plastic country
Dubai is a city and how is it plastic
It's not a country lol, it's a freaking City ..
@@mrmanj6990 oh wow. You are right. Where is the Oscar award?!
@@ashok3733 Hahaha this made me laugh, oscar award rofl
It was inevitable for this to happen. To run a system will cost money and if you do live there, the 9% is not that much (depending on how much you earn). Besides, it is better to pay some then let the society that has grown in a certain way just decay due to lack of finances.
Most westerners are just too greedy. Most of them are from American where the tax is worst.
I think that Dubai is different from other countries because the GCC countries seem to have little industry outside of the oil sector. Also, the heat is intense and the heat would affect development.
Florida was swampland until air-conditioning became standard in all homes and offices.
Dubai getting more and more expensive! No more tax free Dubai
Dubai was always a craphole
You lived there 😂?? Because I remember the opposite.
Did you live on the outskirts with all the migrant construction workers? @@kirinsama2959
@@kirinsama2959 A flashy craphole for the shallow and soulless
@@kirinsama2959 Bet they rejected his Golden Visa application.
@TH-camfan-yj4rp Dubai never rejects anyone if you conform to their criterion. If he didn't get the golden visa, then he is not eligible for it which could make him indeed salty and hateful 🤣
Nothing against Dubai, but really, why pay 9% all of the sudden for nothing gained? Dubai was never near the top of my list with respect to other criteria including lifestyle... and, I prefer trees anyway! lol
Thanks! I was always interested in your take on the FZ companies. Are there any salary limitations? For small or one person companies, why can’t I just pay myself 95% of revenue thus bringing down the effective tax rate. I’ve been trying to find an answer for this but doesn’t seem like I can anywhere - even my tax lawyer just said it’s not been clarified yet.
Yeah exactly!
@@bunnystrasseof course there will be guide lines and salary scales for each position , do you think the regulator is sleeping on the wheel .... It's under process probably....they just don't want to shock people with all info in the launch of the stealth rule
Thanks for you info super useful
Thanks Andrew!!
Dubai is such a horrible place so good for those leaving that hellhole but moving a company somewhere just to not pay tax and contribute to the society around you is despicable and should be frowned upon.
Their human rights abuses should have kept you away. Maybe this tax will.
Play by their rules, which are fair tbh and its a perfect life of what society should behave like. The West is completely fallen, if trump/polievere don't make it its a sealed fate. That is my clue to move, hence why I'm watching this video
Every country is committing human rights abuses. Look at Canada and Trudeau freezing the Truckers' bank accounts. The U.S. with forced jabs if you want to work via Biden. Australia with their covid concentration camps.
@@eldonbogs lots of other locations with better civil rights. Plus Dubai in august… no thanks.
@@janitoronfiremost people take 3 weeks in Aug off.
nice to see you go!
Italy wins hands down
Wife can swim topless, wine is superb and cheap, language easy, climate excellent.... you can even ski the Dolomites. Superb.
Andrew
And the taxes?
LOL Wifey can swim naked in Spain. What do you think about that?
The taxes in Italy cab be managed with a good local accountant..I stress the local involvement here. This is very important, and the further you get from the big cities the better. I lived and worked in Avezzano in the Abruzzo region for two years and loved it - based at the Fucino Satellite station. As a Brit I ended up paying minimal tax. The contract finished after two years sad.
Good Luck
Andrew
Only reason I mention topless swimming etc was to codify the easier way of life and mature attitude to the like - which we both enjoyed. Living there was like a constant holiday..... but very cold in the winter, as you're in the mountains. Good skiing nearby.
Andrew
Italy Is horrible, Europe is horrible, it's a trap.
Such quality info. Thank you
Glad you enjoyed it!
Andrew, You're definitely at the Top of the Heap. I guess in the West, We deserve the slight. Thanks.
Thank you for your kind words and support! It's our mission to provide valuable insights and assistance to individuals seeking to enhance their lives through strategic global planning.
always same dirty trick. First they created the attractive program. Everybody jumped into that program. Then, they increase the tax and put more control. It is not easy to relocate and move out. People will leave but it takes times and costs.
That's why you don't move all over the world for a few percentage points. If you're going to be in a country 5%, 9% or 15% shouldn't be the deciding factor, how the people treat you, the culture, climate there's a bunch of different things. Then people get all upset because they Implement a 9% tax, how much does it cost to just pack up and move somewhere else? If you save a few percentage points what's the ROI on that?
@@andrewcarlson2178 Can I ask where you live?
@@22utoo United States, in Washington state
@@andrewcarlson2178 I see, what's the tax rate there?
Dubai is certain to go down. Oil money support it gets from UAE capital (Abu Dhabi) is neverending debt spending on flashy projects that are not locally made.. (Locals-made) Also, lack of real startups. Especially considering foreigners are behind most of the flow mainly exagerated upsurge or boom effect followed by many spread and far more covered up busts!! So, locals attribute next to nothing in tech, industry or production. Not major or even small scale competitive created projects that can be outsourced internationally like we see coming out of many of the East Asians, Western Europeans or Americans economies!! Dubai is more of a showboating circus like experimental project.. with all the rediculously expensive spending but produce no economically viable outcomes. Tallest building is more than half empty and no proper sewage system! They have to haul the dirt in trucks!! Big fail! Projects made for advertisements and propaganda more than for core value-purpose. Many of them are failed cause the societal model, nature of finance and business in Dubai does not fit the European model in many parts. It's interposed plan done 100% by foreigners East Asians and Europeans, Americans, etc. from A-Z! The no.1 factor of any and most developments there. You don't live on the Las Vegas strip, you pass by the strip!! Dubai modeled inadvertently after Las Vegas without any substance or core value of production. That goes for small (Emirates = cities/ territories) around it too.. The only thing going for it besides oil is the sea port and that will be contested since other gulf regions are spending Billions to pull the rug from under it building their own competing newer bigger ports (kuwait, Saudi and Qatar) and these projects finishing soon. Saudi is forcing all big companies to move their headquarters out of Dubai to Saudi capital since they have the economic upperhand population/ purchasing power with a commanding GDP ( Adjusted to PPP) in the $2 Trillion compared to the UAE, $418 Billion! That moment when foreigners living and seasonally working in Dubai for any reason (internal or external) decide to pull out, the collapse will start and there is the slippery danger everyone should account for even though most likely it will happen over time. The slow with no return! The mother bust of all busts! The model is weak already, like a Ponzi scheme but done by gov!! it will mature and other more solid economically sound and real service financial technological inudstrial mixed economy models will attract these foreigners whether it's in East Asian Tigers region or in Western world European or American. It's a matter of time. Also, the oil production will hit a peak or debt will be not covered and over levaraged accounts, companies, (and in our case here cities!!! Almost happened in 2008 crash with.. You guessed it.. Dubai!! Half emptied and real estaste losses in the billions!! Prices fell in just 2 months 40%- up to 50 %!! So, in a not so last hurrah for this city full of scattered glitter-clutter but hollow-inner! The experience one will get is equivelant to that of driving around a huge luxury outside mall! Plastic experience and painfully soulless!!) .. but first failed over leveraged projects going under to pull the final trigger ending the flakey facade. Oil is shoring up the debt but whichever first! Weather is horrible.. scortching hot to dangerous levels and humid.. you won't be able to do any activity in dry desert long months of summer.. there is no spring or fall.. the distinct seasons are summer very dangerous weather high temps and dust storms while winter is not as cold like Europe! Bareable! The region of Persian Gulf is one of the most dangerous.. politically unstable and most likely another war will break out. Wars in region affecting all or most countries / involved in a way or another- Since 1979, 1991, 2003, 2014 and now!!. Many small and big countries fighting and even blockading each other. UAE Bahrain Kuwait Saudi Iraq and Qatar against each other, border/economical disputes, political influence struggles or other disagreements that flare up to uknown uncertain limits! Not to forget, all the above are against Iran and circle of infighting and distrust might slow down but will never fail to go on and on! Worst of all they are all brutal dictatorships! No freedoms or human rights to speak of! One family tribal rule since early 19th and well into the 21st centurey!! What a scary shame! Better get out and support the real development and growth in other parts of the world not the fake shakey propped up balloon bubble bursting about to happen any time of a weak structure economy that is gaudy Dubai!..
As long tax is low , business friendly investors will come .
Poop trucks haven’t been a thing for years.
I was gonna start my company in Dubai in three months. Any suggestions that where could be a much better option in your opinion tax wise and also better potential for companies in terms of reputation?
Bermuda
Thank u for your Video!
Thanks for watching!
It’s still a lot better than many of the alternatives. In the United States, the federal and state government take almost 40% of my income. If you live in Dubai and like it then stay there. I think the taxes are even less than Monaco. If your company is worth a lot of money, you could always just sell it too if you’re thinking about retirement. Maybe you can convert it to personal investments and pay no tax?
Yes. He’s being very short sighted, not considering overall quality of life. Laughable that he used the text ‘holistic approach’ in this video.
And so far the majority are ignoring his advice; economy still doing great after the announcement.
YOUR SAFEST BET IS TO LIVE ON A SAILBOAT IN THE MIDDLE OF THE PACIFIC
😂😂😂😂💯💥
I had a company in Dubai for a few years, we closed it back in mid 2022 as the writing was on the wall. Geopolitics is the key and wether you like it or not, Arab states are fundamentally unstable being between the western and Chinese/Russian spheres of influence. Lines are being drawn and it's just safer in western or western allied countries long term. You just need a little more work to make them work for you too.
You think western countries are safer in the long term?
@@nigelwray7647 Russia/China allied/leaning countries tend to have fundamentally unstable legal systems with a significantly increased risk of local corruption, not to mention as their economies continue to collapse their governments will become thirstier for revenue by any means. The west is not good but we have a significantly higher chance of succeeding there.
Understood, but couldn’t the same be said for western countries? I just really question whether we are any better off here in the west if things go to shit.
It all depends on what you are exposed too. It appears your bias keeps you in a bubble.
Hey Andrew, Interesting video!😊
Glad you liked it!
So this is only company tax and not
Regular income tax on an individual basis right?
0% income tax.
What! Shocking!!
It’s only going to get worse, keep in mind Dubai first started with only Sales tax and everyone was told that’s all they will do, then they increased property tax, then they introduced corporate tax, now they are already talking about Income tax. For a country that’s so expensive it’s not worth it.
Very sensationalist. Income tax still 0%. Corporate Tax only at 9% in 3 years for many SMEs. 2026+ there will be ways to reduce the tax burden below 5%. Very convenient place to live with great healthcare/infrastrucure. And even if this all doesn‘t count - even 9% would be nothing compared to what most people are taxed in first world countries (30-45% where I am from; cost of living about the same).
It’s sad that he has so many followers who are single issue - what terrible lives, constantly trying to guard their earnings instead of enjoying life.
For real. I'm completely fine with paying a little tax in a country that is so good to me and provides so much
You can't be a freeloader. You have to pay for the society you want to live in.
It really makes you think, maybe things shouldnt be scaled up. The larger something gets, the more people pay and the less freedom we have. We would all be more prosperous if countries were limited in size. I wonder what the optimal size would be? Maybe a couple million people?
I think like you but more like 8-9 millions is mangeable by a decent size government . Then it’s too much.
Great stuff Andrew. Dubai will sadly change for the worse in taxation terms for almost everyone except the locals. They will do this because the tax burden in the West is incredibly high and hence the Emirates can simply levy these taxes and people will not move elsewhere given the cost of doing so.
Socialist cancer is spreading and there's soon not going to be many places where one can live in freedom.
Socialist cancer? What is this?
You are just too Greedy.
Completely agree on the "socialist cancer" comment. It's unfortunately a disease that's not going to go away, day after day there will be more people not working depending on people who do work, and the governments will need to keep them. After all, the governments in the West are basically made up by a big chunk of career incompetent and corrupt parasites who are elected by these people and depend on feeding them bits and pieces to keep themselves in power, thus perpetuating the system. And the fact that Dubai is changing their long-standing stance on taxation is partly due to pressure from the West. Because citizens are escaping from the claws of these tax-hungry countries, shifting their riches to tax-free countries, so they resource in putting pressure on places like the UAE to change their ways in order to "be part of the club". The international banking system is one of such clubs, just as one example.
Where are you moving your company?
9% tax is very low compared to australia- 30-45% tax for companies and 50-60% on individuals
This is exactly what I thought.. in European countries, they tax people higher also
Your income is comparitively lower. Companies adjust to tge tax.
Yes it is low compairing to western countries but you have so many benefits in western countries education free hospitals free accommodation is affordable salaries are higher but in Dubai everything is opposite.
So...if I buy a house there, am I going to be taxed 9% yearly too?
would you ever keep an office in dubai because it would give you a physical presence to reach people tryna get a better tax deal?
For accountants and lawyers the hell yeah
thats shocking, they even do not have many double tax treaties which in fact make this tax much higher as you might be double taxes in some cases with some of your business operations
Can't you make yourself the manager of your own company and pay yourself a huge salary ( most of the company's revenue).....thus making it a huge expense thus very low net income for the company....hence lower corporate tax?
Yes you can, to lower your company’s profit and to be under the taxable profits threshold
Great idea
Bingo!
When saudi began taxing their citizens (at most likely the command of their foreign overlords), it was thought that UAE investors would soon suffer the same fate.
About Qatar, the media has portrayed them as being sanctioned by the west, but how come they are a big investor in UK? They operate heathrow.
qatar cannot be sanctioned . US military base will be blocked. qatar is playing smart while supporting all islamic terrorists
Everywhere that has fiat currency will inevitably end up implementing taxes.
I believe the current system for foreign residents in the UAE is due for reevaluation. It seems overly focused on generating revenue through fines and visa fees, potentially deterring valuable contributors to the country's growth. Requiring frequent re-registration can be cumbersome and discouraging for long-term residents who significantly contribute to the UAE's economy and diverse community.
Bate and switch from a hole in the sand.
Sound bitter
Used to be in awe of Dubai when I was young but now that I’m older I see how plastic and spread out the area is. Not to mention the sewage issues. No thanks.
What do you mean by the sewage issues ?
There's no proper sewage system.
You just read about Dubai, you never lived there. You shouldn't be entitled to opinions
Sewage issue?, what are you talking about?
Trucks delivering poop. There. I said it. 💩😂
thanks :)
No discount lasts forever
9 % try other parts of the world some where between 28 to 45 % just saying nothing is for ever... 0 tax is not a sustainable thing like greed ..
Who does the minimum 15% tax go to?
Still 0% personal income tax. Ideal if you are trading equities😉
Even free-zone…? I would asking you before many months ago, how you see Dubai in 5-10 years?
UAE have Debt that’s building up so they got find way pay off
Right! Building glass building and snow resorts in the desert doesn’t come for free 😂
Visited one of the biggest Freezones in the UAE in November and they were already talking about 13/15% to follow OECD guidelines for the global tax.
Even 15% is not that high consider ing the safety and easy life in UAE but with the moves Saudis are making (forcing big companies to relocate their regional HQs to Saudi Arabia) and increasing the tax from zero to 15% in short time it will be less interesting place to invest in or open business.
That being said, it is still one of the best countries to live and do business in from my personal experience.
Saudi may take advantage of the situation.
tax is already at 20% in Saudi
Saudi King has some innovative ideas coming up … it could affect dubai
No they can't. Cause the taxes are being forced all over the world by the United States.
@@amthebossofmyself😂😂 fr they only look at uae but forget other countries there are doing more than them.
I only care about income tax since i dont make money through my freezone company and if so, the first 100.000 dollar is still tax free and otherwise i will pay myself most chunk of the gross profit in salary. So for me it's still 0%.
there going be nowhere you can go to avoid taxes if they are part of WEF good luck
So what's the next Dubai 2.0?
This is the end game for all zero tax locations
We recently covered this: th-cam.com/video/gv9i_Bt3UaU/w-d-xo.html
Does distribution of goods = commodities trading?
In the UAE, as a contractor. Things are still good if you are a contractor IMO.
Plus now they have to deal with the rain
Thanks for all your input / work. Don’t stop !
Always!
I really enjoy your information and details about tax free areas. But you speak for people who have millions and a real estate portfolio's.
Could you do one for people who own crypto and have about to open a TH-cam channel and don't want to pay tax legally?