Hong Kong vs Dubai - Which is better? Cost, Lifestyle, Housing, Tax, Visas
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- เผยแพร่เมื่อ 25 มิ.ย. 2024
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Today we are comparing Dubai and Hong Kong.
One thing that these 2 places have in common is that they’re both considered tax havens in their own ways.
So, how similar and different are they? Let’s see!
First of all, talking about the weather Dubai has way more extreme weather, as it’s located in the desert. Summers are so hot, that most residents spend the entire summer inside. Luckily, there are plenty of inside spaces in Dubai where you can walk and have fun without being exposed to scorching summer sun.
Hong Kong definitely offers a way milder climate. It is often overcast and rainy, and winters are fairly chilly. In Dubai it is never the case, you won’t be seeing any rain there!
How about costs of living? Hong Kong is another level of expensive! Housing prices in Hong Kong are the second-highest in the world, after Monte Carlo!
Dubai real estate is pricy, but Hong Kong is a whole different level since they’re so constrained with the space.
Other than the cost of housing, Dubai is probably more expensive in any other category (food, cell phone plans, internet, clothing, etc)
As per cleanliness Dubai certainly wins. Even though it’s a big city, with lots of residents as well as tourists cleanliness levels are extremely high in Dubai.
Hong Kong is often very dirty.
When it comes to service culture Dubai wins again. In Hong Kong, they don’t care much about being overly polite, but they care a lot about getting things done.
Dubai really favors service culture, and you can expect a high level of service and devotion everywhere you go.
Dubai is also a way more touristy place than Hong Kong. In Hong Kong, you will see more business travelers and people who came to get the stuff done, while in Dubai you’ll meet many people who came to chill at the beach and enjoy the attractions of this tourist haven.
How about taxes?
When it comes to taxes UAE is just too hard to beat, as it is clean zero % tax! You just don’t have to pay taxes, it’s so simple!
In Hong Kong, you can get favorable taxes, but it is not straight zero. You can pay no tax on investment income, while it’s not so easy to pay zero tax on earned income.
It’s also easier to relocate to UAE, and they have many visa options. This is not so simple in Hong Kong.
How about banks? Both places offer a variety of banking, but they’re getting tougher and tougher with time. Banking in Dubai is still probably easier than banking in Hong Kong.
They both offer lots of financial services.
What about the connectivity? Dubai is probably one of the most connected cities in the world, as it is a massive hub for airlines. Hong Kong is also well connected, but not so easy to reach if you come from Europe, for example. Dubai is just in the center of the world, and it’s a massive bridge between Europe and Asia.
When it comes to my preferences, Dubai certainly wins over Hong Kong. Especially since Hong Kong was very restrictive and closed to everyone in the last 2 years, while Dubai was open and welcoming.
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The description of Hong Kong as similar to New York is right on.
I know people who’ve lived in both New York and Hong Kong and they tell me the vibes in both are very similar. Hong Kong is like tropical New York.
Interesting comparison
Which one would you go for?
@@OffshoreCitizen
Definitely Hong Kong. The weather is better year round and you don’t get those crazy New York taxes.
it is a chinese version of newyork
I disagree. Hong Kong is not dirty. I come from Berlin, which is a truly dirty city and I can imagine New York to be even more dirty. But there is no dirtyness in Hong Kong. People are not throwing their shit everywhere or taking literal shits in the subways, which is what happens in western capitals like Berlin and New York. Hong Kong may have run down residential buildings but it is not dirty. And I think it also smells great. The great smell in many places is one of the first things I noticed when I arrived here in stark contrast to my home town of Berlin which, again, oftentimes smells truly disgusting.
NY its dirty dirty as F! You cant say that for HK
Hi Michael, Thanks for the superb video once again! Do you have first hand experience about Andorra company formation and residency?
Awesome thank you Michael appreciate it 👌
Always a pleasure 😀
Which one would you pick?
@@OffshoreCitizen its hard they both offer a lot We've talked a few times I'm in the USA California and goal in 2022 is to establish a second residency second option things are getting too crazy here lol
Hi Michael, what about Cyprus vs Portugal, I think they are relatively similar and both in the EU.
Great videos👍🏼
Have you done a Hong Kong vs Singapore video yet? If not I think it would be an interesting video.
Sounds like a great idea, thanks!
In the meantime, you can check this one out th-cam.com/video/g034UrLTbWs/w-d-xo.html and let us know how you liked it 😀
Any first-time discount for a call with you? Do you offer longer-term hourly consultations?
How much Return rate(approximately) would it be in HK’s banks ?
How about renting on seasonal tourist visas?
Is there a tax free or low tax country that has a cheap residency option that leads to citizenship without-
Spending time there!
Learning the language!
Currently living in Hong Kong. Great place, but hard to settle due to insane housing prices. Good place to come and earn but not to live long term.
Would you go for Dubai next? 😀
I only want to live on tourist visas, as a seasonal limit climate migrant.
I previously loved HK. Not sure I'd venture there now. I'd probably visit Dubai for a long weekend - when it's under 40 degrees!
Makes sense 😀
Have you ever been to Dubai before?
November to the end of March is a very beautiful weather in Dubai
Expats in HK live in like Discovery Bay or similar islands where you can have a house, fitness center etc.
Do you live in Hong Kong?
@@OffshoreCitizen I do
I am not sure I agree on your Cost of Living - you always say "except housing". Yeah, but if you put THAT in - I am not sure Dubai is more expensive. You can live very nicely while in HK you have a problem (as you say) to even FIND something AND it will be expensive. That offsets the food being more expensive quite fast. What matters are - pretty much ONLY - the totals.
In my fictional world, both cities are great and in the same levels
Hong Kong is quite clean. Not dirty. Dubai could be cleaner though perhaps. Singapore is also a bit cleaner. Hong Kong is not really dirty. Any European city is less clean. Take any one.
HK Subway is extremely clean and not smelly at all. strong contrast with NYC subway. i am from hk.
yeah hk subway being stinky is not true at all.
been to hongkong last week, the subway way phenomenal, very clean and organised. The only thing I could complain is the weather on August, it was too hot, 35°C and humid.
In my fictional world, NYC Subway is very clean
Definitely Dubai , but one needs to leave at least 3 months in the year
Definitely HK, HK is a nice and adorable, nice night life, friendly&nice people, in the other hand Dubai is a Muslim/Islamic place(lacks of freedom and next to Saudi Arabia)so it makes me stay away
How much time have you spent in Dubai lately?
@@OffshoreCitizen I just came back from Dubai last week, actually first I went Doha, stayed 2 days and Dubai for 5 days.I go Dubai, HK and Singapore every year.
from a pure lifestyle point of view, I just have a hard time ever picking Dubai. Last time I was in Dubai was 6 years ago and HK was 2 years ago before Covid so huge grain of salt on my opinion.
Last time, I was in Dubai I was also single and always looking kind of thing hahaha
But my issues with Dubai (they only apply if you're planning to spend 1-3 years without leaving, if you're planning to spend 2-3 months at a year then ignore me)
1- Heat.
2- Over religious stuff everywhere in life. Inshalla this and inshalla that.
3- (at least 6 years ago) -> there were just so many men and the relationship in public between and women feels so strange (if you're hanging out in normal places). Tinder is like 60% prostitutes (as of 6 years ago). Great place if you're like really into Philiphines women tho.
4- At least 6 years ago, the weird mix between locals and workers from India/Bangladesh was just so strange. HK has LOTS of issues but they hide it better. You don't see actual borderline slavery in HK, they hide it really well.
5- I am not sure how advanced Dubai is nowadays, but at least, HK is no different than the mainland, daily conveniences are so great. You want a beer and a burger sent to your home in 30 minutes? no problem.
But my opinions only apply if you're like a regular guy who is not like $20M rich. If you still gotta hang out with regular ppl and hook up with girls from WeChat who works at Jolybee, Hong Kong is great hahaha
In my fictional world, Hong Kong has affordable houses for their citizens
May you advice a crypto friendly bank in Dubai???????👍 Thanks for Your help
Have you seen this one th-cam.com/video/qSuZuXOK6dA/w-d-xo.html ?
I'm all about the sunshine, so Dubai for the win. I do like the go-go vibe in HK, though I think if you're at that point in your life, you can find it in Dubai as well. I think the deal-breaker for me at this point is the fact that HK is now just an extension of mainland China in many ways.
I don't want to live in Dubai, just incorporate there and live elsewhere for 6 months at a time.
Many people do that. Where would you live for the other 6 months?
I plan to do this also - Incorporate in Dubai and check in once every 6 months to keep visa valid. But live elsewhere maybe somewhere in latin america or SEA.
Adam Something's video of 'Dubai Is A Parody Of The 21st Century' REALLY put me off Dubai. The worst of urban planning and capitalism, plus some slavery for good measure. When people have too much money to throw around, their creativity suffers. On the contrast, when people are strapped for cash, they are forced to innovate.
It’s the most capitalist place on earth.. plus no one force the cheap laborers to come to dubai.. in a free market. If they don’t like it go home!
Hi michael, thanks for your videos. I do enjoy watching and learning from them. I have a video idea for you, since I can’t seem to find anything:
I am looking for an offshore solution (not for residency) to hold shares in my business, based in the EU. My requirements/concerns are as follows:
1. Would like a layer of privacy, so preferably don’t want shareholders and directors in a public register. Nominees would be great.
2. Need a bank account. Won’t be high volume throughput, but will be used for regular transactions. I need that bank account to be able to be Euroclear connected to house the shares (it’s a public co, shares registered in euroclear) - so probably needs to be a UK or EU bank
3. CRS is a concern for me for a number of reasons. I know you won’t find a bank in EU that doesn’t report, so I know it would be 1 or the other - but open to solutions
4. Needs to be dividend and withholding tax optimized (or 0% preferred)
I have looked at Switzerland, uae, Caribbean, everywhere. I can’t find a jurisdiction that is practical in all of the above.
It may be a nice topic for you to do a video on - where can entrepreneurs keep there shares, in a tax optimized, private structure , with reasonable banking ( not a great vid name, I know)
Hope that helps you, and maybe that will help me :)
Br, E
Did you look at IOM or the channel Islands.
No main EU country has zero tax.
Michael did do non Dom videos on UK and Portugal before.
Privacy in Europe hard as well.
Good luck
Michael
What places are best places to incorporate an online casino?
Depends on all the factors involved. Probably best to reach out and we can work on a strategy together
mild in Hong Kong? Are you serious? It is hotter than hades for 8 months a year. and the humidity makes it even worse.
What about non-Muslims in Dubai?
Dubai has pretty much no taxes and should be cheaper overall. HK has better air quality and is arguably more relevant due to proximity to China and most of Eastern Asia
Sure, but keep in mind how important Dubai airport is
Hello Michael, one more point to consider. Hong Kong has a 21 day quarantine for everyone. That means almost anyone entering hong kong (exceptions were made to Nicole Kidman and Jamie Dimon) need to stay in a designated quarantine hotel for 21 consecutive days. And this policy is not going away anytime soon. Maybe even years as the goal is to reach zero covid cases. So this is something to consider for expats too.
Absolutely. Unfortunately lots of Asia seems to have very strict rules at the moment. We’ll see how long it lasts
Thank you, how is it for a gay couple...
Trying to get anything done in Dubai is very hard. I find them lazy and have been waiting far too long for Emirates ID card. Whne I follow up I get strone-walled. Very frstrating to say the least
Emirates work Id or business ID ? how long you waited so far ?
Thats wrong mate things are very smooth surely you are doing it in a wrong way
Both are certainly worth visiting, but I could personally never live in Hong Kong.
To me it’s dirtier, less polite version of New York.
On the other hand, Dubai is a great city to live if you have money. It offers anything you can imagine! :)
Would prefer Ras Al Kaimah or Fujairah. DXB got a little too big...
The “cheap” restaurants in dubai is really really expensive. Anyone know why? The labor is dead cheap..real estate cheap yet the prices of your local restaurants are 2x or 2.5x that of Hong Kong, a city with 2x-3x labor cost and 3-4x rent cost.. the cost of raw ingredients are similar.
I just don’t get it 😂
Are you serious i live in dubai and its not expensive than Hong kong. I lived in Hong kong for 25 years and now living in dubai the food is surely cheaper than Hk so dont misguide ppl around you.
Man, create a video about talking properly with banks when opening a bank account **nowadays*, personal or business.
Specifically, can the bank even ask you about where your *_tax_* residency is? Where you pay taxes? I was told, it's changed, and they do ask about it now.
They do ask, I’ve been asked as well as few people I know.
Whether they can check the information I gave them is a whole different conversation. I think they’re asking just to check their own boxes.
But this is certainly becoming more and more common practice, at least in Europe.
I would say, Hongkong is more tolerant than Dubai. Dubai is more islamic if you get caught drunk in public you will end up in jail.
Maybe a bit but it depends for what
Dubai is much less strict than advertised