The End of Tax-Free Dubai (They’re HIDING This)
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- čas přidán 4. 06. 2024
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In this video, we delve into the recent developments shaking up the business landscape in Dubai and the UAE. Previously known for its attractive zero-tax policies in free zones, a significant shift has occurred with the introduction of a 9% tax on businesses, catching many entrepreneurs and investors off guard.
Join us as we uncover the implications of this tax change and explore the responses from industry service providers. From the initial shock to the evolving marketing strategies, we analyze the challenges faced by businesses and individuals alike.
00:00 Start
00:19 Tax Changes in Dubai
2:09 Challenges with the New Tax Regime
6:20 Tax-Friendly Alternatives and Solutions
9:38 Go Where You're Treated Best
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This very misleading information, the vast majority of businesses will pay 0 rated tax as they qualify for the small business relief. Licensing costs is also going down s
Our clients are earning $500,000 at a minimum and often well into the seven and eight figures. They wouldn’t pay zero tax.
I don't think he's talking about the majority, his videos are towards his affluent clients and leads
the vast majority of businesses pay the tax.
the business owning poor/middle class is not his target commie
This video is not for rag pickers, kindly comment responsibly. If you are a multimillionaire then only it's worth thinking or commenting
Don’t buy property in Dubai. The law there will not protect you. I have invested in an apartment in the co-called City of Arabia in Dubai Land. I was supposed to receive my keys in 2009 and 15 years later I am still fighting for my hard earned money that I deposited after the project got cancelled. To top it off, the project was owned by the Galadari Group one of the biggest families in Dubai. I thought this was the safest bet, but the law there stands with the natural citizens of UAE not expats.
People believe that the UAE is a first-world country, but it is actually a third-world Muslim country that has the appearance of a first-world country. There are no human rights or equal rights. Discrimination is a fundamental aspect of their law. That's an unsafe place to invest your money, and if something goes wrong, the Arabs will find a way to get you.
wow!
That was 2008/2009 financial crash and property that’s why!
@@R0ll3NapperInvest in a first-world nation like India, where you may be killed for merely pushing a cow that the people there revere. Or invest in England, where it is dangerous to walk down the street while wearing a regular, not-so-expensive watch.
Now they have RERA
Rent for one room in an apartment is $1,000 per month. There's no free parking. You can recharge parking meter online. Driving license requires driving school which costs $2,000. Company set up costs $14,000 only in paperwork not including location rental. Even in evening you'll sweat sitting outdoors. Numerous fines on numerous violations. Kids schooling expensive as hell. Salaries for non-GCC and non-whites rock bottom. Prostitution is rampant which is the only attraction of Dubai where you can try one from just about every country.
While sitting on a bench on Al Rigga Rd in Dubai, I came across a movie typa black African who applied for a job at the famous $1,000/night Burj al Arab Hotel in Dubai. They offered him a salary of 1,500/mo. He asked if salary was in dollars. No, dirhams, was the reply. That's $409/mo. Indian salesmen make even less than this and sleep on mattresses 10 to a room.
haha the last point 😅
Where do I sign up? 😂
Still chaper the USA .uk ca
Don't fill up people brains with faults information. i have properties in UAE and it is not true what are you saying , you can get a new studio cost between $126 -200 a month. Prostitution all over the world, nothing in Dubai comparing to other countries. stop misleading the people with bullshit information that take no body to no where.
@@joshw7974
😂😂
Right!
He undermined his entire argument with that last point
🍆🍆
I live in the UAE, not to forget a free zone license cost AED 20,000 dirhams or 7000 USD a year. Plus every year renewal for the same amount. Plus if you bring in your family, there visa deposit and costs are brutally staggering . I agree there are lots of hidden costs, inflation nobody is allowed to talk about, and it’s not worth doing a business and living in UAE due to exorbitant expenses anymore .
I agree with you, I know many people who struggle in Dubai just to pay for the license renewals and health insurance costs, the baseline costs are massive if you’re trying to startup and grow your business
@@Sodainspace not great for start ups and those with profit less than $80000 /year
Hm, Batumi, Georgia 1% Small Business here I come
What's your opinion on foreigners investing in real estate for rental income? Is Dubai a good place to invest?
@@TravAlligator Very volatile. If you are living long term in UAE , it’s worth it. If you just investing to make cash for 2 or 3 years, it’s risky. Those who invested in 2005 in villas and still living, they saved.a whole loads of cash plus the values of homes has risen 3 x. I would say real estate in UAE is a great idea currently, unless there’s another recession and places like Dubai are the first to bleed due to job losses, leading to market sell off.
This is the one thing that bothers me about moving to another country.... In 8-15 years shit is gonna hit the fan eventually...
I guess what Andrew would say is make sure you have residence permits in multiple countries so that you can always bounce if the going gets rough
Impermanence - nothing in life stays the same.
That's why you make sure you have multiple options. I guess you're new here.
Your country gets worse as well
@@tf2368 this
Dubai always had hidden taxes: visa fees, licence fees, dewa, rera, salik, tasjeel for your cars and list goes on and on. My mom used to have to visit so many govt. offices for the various licences for our businesses. and this had to be done every year.
Shame on you for making your mom run around. You are not a good son.
Dubai's environment is a nightmare. Governmental policies aren't reliable over the long-term. If you ever find yourself involved in the legal system there, you've got a real problem.
The secret of Dubai's success has been its ability to attract CZcams and social media influencers, who have provided the city with free advertising.
Marketer do it for money. They use fancy term called affilate marketing. Many companies and startup fail in Dubai.
I lives 22 yrs in dxb my salary was $10k I couldn't save any money I left in 2018.dxb only payments no money
This is story of 99% of people. The UAE all policies are designed to snatch aal money from you.
I know many people who made less than10k and they now own 2-3 apartments. 22 years is a long time and 10k usd was a lot for you to easily save and make investments. If you cant save then dont shout.
@@aviationdesigner0016 uae properties are fake n worthless.come to Europe I get u 3bdroom villa for €300k in altalal hills AED 5M 🤣.that sands worthless dubai only for fun n leave
Dubai is a place where you’ll never feel at home... you could spend your whole life living and working in UAE but you can never retire and permanently settle there.
Yeah you will not get the citizenship, but if you can make enough money, you get the golden visa
In my neck of the woods it’s 35% tax, so I would happily pay 9% any day.
It is 9% today. It will increase progressively over time.
@@newbiekhyber This.
@user-nm9qd6bo6h 9% is still less than 35%
@@newbiekhyber No , they are not that stupid. they are keeping it below Ireland and singapore
And live in a fvcking desert? I certainly wouldn't. Not even for ZERO taxes I don't think.
As a non-US citizen/resident, I pay 0% on my USA business; its an LLC where I (1) am 100% owner, (2) Dont have employees or own buildings, its a "tax pass-through". So Im treated as self-employed and just pay personal income taxes in my domicile.
only service provider ? No local VAT in USA ? registered in which US state ?
I use that as well, question is... where do you reside? What's the tax rate in your country?
You still only pay the tax on profits (after expenses, salary, etc.) above 100k usd. Obviously not ideal if your business is making profits in the millions - for most businesses you're still going to pay zero or close to zero. So if Andrew is only talking about people with companies bringing in millions in profit even after paying themselves a salary, then yeah it's a good point. For the other 99% of businesses it's still a good option. For now, of course - could change in the future.
I think it's a million dollar turn over so for small companies it works well. It's what I was doing before I lost my business to an aquation
It starts with 9% and a very high threshold. Then the threshold starts getting lower and the tax rate strats getting higher ;)
It’s even better to have a little tax for French people . If the tax was 0 I wouldn’t be able to have my holding there while living in France .
You're also forced to pay for an Audit. Even though your biz counts as "small" with its 100k. Literally no.bo.dy, that likes a no hassles life style, is going to put up with that headache.
@marketingteam3128 yes that's the worse imo. Freezones was good before. Now it is too expensive for startups.
LOL@ "lots of Digital Nomads running around wanting to get laid" - SO TRUE 🤣👍
New taxes, high cost of living, extreme weather, too far from the west, I think the trend is clear
Very close to Europe
Me theory is less Westerners more Asian expats
You have to have your head examined being from the collective West and going to Dubai, with this geopolitical situation .
That's good being far from the west. It means far from degeneracy. As for the cost of living, it is still less expensive than many of the largest western cities such as London or NewYork. PEACE.
@@kirinsama2959 I agree friend . The problem is I would be afraid to go there as an American because of what my Government does . I do not agree with the evil they do . I now fear my own country . We are the next Palestinians. Some of us that is .
Now I understand why Dubai is marketed so much. Thanks you.
Challenge now in Dubai is with 9% corporate tax on profits you don’t get the benefits on taxation example free education and or health care as with UK , in addition the cost of living in Dubai has increased over the years , inflation is high against salaries which have actually gone down across the board over the last 10 years , the tax and VAT introduction in the UAE has not knocked the shine of setting up a buisness here
There's really no better city to live in with low taxes. I've been almost everywhere and there's only a handful of places that are hyper-modern, advanced, clean, safe, fast-moving, growing fast and packed with high-value entrepreneurial people. One of them is Dubai, and it has by far the best tax structure of all of these place.
0% personal income tax - draw a (large) market rate salary, no tax
0% capital gains tax - sell your company, no tax. sell assets a profit, no tax
9% corporate tax - very low compared to most other advanced countries
Yes, there are countries where CIT is lower (or 0%), but they're either more difficult to move to (e.g. HK/Singapore), less expat friendly or significantly worse to live in.
You mentioned Italy as a place to live. Italy is a veritable shithole (with a few notable exceptions like Como, Positano, etc). KL doesn't hold a candle to Dubai as a city. And Dublin? Give me a break. I'm telling you, I've been everywhere and there's no better option that has both low tax and is a fantastic city with great people.
CIT? I hate to google when eggheads try to flash with their abbreviations... just write fucing corportate tax
HK and Singapore is easy to move to if you know what you are doing
It doesn't really matter. Singapore has higher taxes than the UAE. HK you can get it lower but I'd still choose Dubai to live over HK.
Depends on you,Hong Kong has a more favourable climate and more cosmopolitan than Dubai,but it all depends on what you are looking for
@@khanaliqasim1757 I actually agree that HK vs Dubai is a reasonable argument. But Dubai vs KL/Dublin/Italian cities is absurd.
Best advise always!! You are such a gentleman and always truthful. Always enjoy watching your informative talks eventhough I am not a nomad capitalist 🤩
Thank you so much for your kind words and support! We're happy to hear that you find our content informative and enjoyable!
UAE have ceased to be an option for me when they first introduced the VAT. I still have business in Free Zone and on paper the business operating in the Free Zone is exempt of 9% Corporate Tax. However, UAE have already come up with the concept of non-qualifying income which is way too complicated! I am sure soon they will come up with Real Estate and Personal Income tax as well.
The moment they introduce Personal Income Tax on capital gains and income, Dubai will meet its end. I don't think they are that suicidal.
correct ! if , there coming with personal tax , the city will die in the same moment ! that's for sure !
@@IwillEndureToTheEndlet's see ! if the guys will see how people pay already the corporate tax then coming for sure the next funny thing for us ! 100 percent ! and we small people struggling already a lot here !
Thank you Andrew!!
The idea that Dubai is a tax haven has gone for good. The government is now just trying to funnel those taxes into their pocket-a gruesome clampdown that might presumably hamper the capital inflows and upset the investors.
Honestly, it sucks only for those who want to earn money there.
@@kirinsama2959no personal income tax. Safe, clean, great quality of life lots to do. That enough should be it.
Monarchies, especially those in Middle Eastern nations, are unpredictable. Today, they could have great policies, but those could change for the worse quickly, at any time. Western monarchies have safeguards...not so much in places like Dubai.
@@the_gilded_age_phoenix8717 So funny, because the exact opposite is true in real life.
@@kirinsama2959 Really? That's why you've got a bunch of abandoned luxury cars there in the airport garages. You don't know what you're talking about, bro.
I agree that taxing for free zone companies is not really a good deal.
This particular little video …. I have to say thank you thank you and thank you again again.
UAE was on the Financial Action Task Force (FATF) "grey list" which was/would have caused them major issues, the west does NOT like tax base erosion as more people work online and can do what they do anywhere in the world so they started putting major pressure on the UAE as they push for a global minimum tax, this was Dubais way of “getting in line” and getting the powers of the west off their back for a while, IN MY OPINION. I think it WILL hurt Dubai, hopefully joining BRICS will make them more resistant to that pressure in the future. The west has fallen to tyrants and Dubai is a jewel in the desert, no wokeness, safe, clean, beautiful. Let’s hope they don’t increase the tax more (but I fear they will over time as all governments do)
You described it perfectly
Do u also know what kind of major issues this would caused to the UAE being on that list?
Dubai & the UAE in general is a trojan horse & what's coming next to them will hurt them even more & BRICS will get rid of them in due time.
Financial Action Task Force (FATF) is a criminal racket run by the Junited States of America
Can you do a piece on the recent changes in taxation for foreigners living in Malaysia? I’ve gotten conflicting info and the accounting firms don’t seem sure what is the letter of the law versus practice.
then why would ppl use his service ?
I work in a freezone in Dubai, let me tell you there is no slow down so far. You can still set your holding company in DIFC/ADGM. The OP is suggesting Medellin as an alternative to Dubai’s business environment, that’s just a joke.
you are dumb. Medelin is for living instead of hot desert , biz can be anywhere
This was a paid video to undermine Dubai.
Hi there Nomad ! Was wondering your opinion on Andorra ? What are your thoughts ? Would love if you could make a similar video on it ? It’s 4,5% there… and amazing quality of life
Dubai changes rules eveyday... hate it
like what??
Great video. Please can you do an in-depth video for all the crypto friendly countries that are zero tax and easy on-off crypto to fiat ramps please 🙏🏼
You can read our blog about The Most (and the Least) Crypto-Friendly Countries in the World: nomadcapitalist.com/finance/cryptocurrency/the-most-and-the-least-crypto-friendly-countries-in-the-world/
9% for a sandbox is expensive. It's a circus, good for a few days of vacation, who would wanna live in a concrete jungle in the desert
I think years ago it was a better place but they're going down hill and their standards have dropped. Even Emirates airline is falling to the bottom. It used to be an excellent airline. Not so much now.
Where I am its amazing, birds chirping, smell of ozone from all the greenery. Depends what neighborhood you reside.
@GlobalAdventurer 😢 now a 4 star airlines and SE Asia is doing laps on them. UAE is not a long term thing.
@@GlobalAdventurer the day they stopped serving pineapple juice on their flights was the day I knew the golden years were over.....
@@rozzziee6525 😂
It would be interesting to know your thoughts on the Canadian new capital gains tax and its implications to investments and inheritances
Being a nomad or a capitalist or both can be difficult for many people. Many want to settle down and not worry about the place they live screwing them over and moving every time that happens. Many want a secure job where they can work hard and not worry about getting fired. This is no longer the world we live in.
Get a job with the federal government, virtually impossible to get fired.
@@MuzixMakerJavier Millei proves that can change election to election.
@@dentside78 I’m talking US.
@@dentside78he's a comunist bro. Iive in Argentina. The only thing he does is double the taxes ....
It was never more than a fantasy for more than a lucky few
Maybe im wrong but the 9% tax was due to pressure from the EU. Too many companies were opening up in Dubai to take advantage if the tax free situation.
from great con USA not EU.
I am with you. I prefer Malaysia over Dubai.
Dude is comparing Medellin or Bogota to Dubai. I remember walking the streets of Medellin scrambling to get to the hotel before the sun sets so I don't get robbed in the alley. No thank you.
in medellin you cant see woman which you can only see their eyes
Dubai Safety is Guaranteed
What's your opinion on Garden City in Johore Malaysia? Good place for retirement?
Please take care saying anything negative about Dubai you need only read Detained in Dubai to understand!!!
You mean well, and it is a fair assessment, but the UAE doesn't like criticism.
"Killed in America ( or UK)" are unlikely to be telecast on youtube or the mainstream media, but does that mean it does nt happen? Please understand the capitalist world loves opinions only as long as it suits their narrative
If you pay attention you know he transits through Istanbul not Dubai or Doha.
@jeremybarlow2291 The problem is that UAE likes to abuse Interpol Red notices. I hope so because all he says is perfectly true, but they don't have much of a sense of humor there in the Emirates.
100% agreed. One of our friends .. an Emirati was detained in Jordan (he is a Turkish citizen of Emirati descent) and sent back to Abu Dhabi … he’s now rotting in a jail cell.
@@momplaygroupfouz4946why?
Does this also count for profits generated from day trading or stock investing?
good information
One point I must raise, Saudi arabia is also putting pressure on companies that are based in UAE where they wont be able to do any business in saudi if their head office is not in saudi as of this year !!!
Why would you pay 9% in Dubai when you can pay 10% in Bulgaria and have good EU banking?
Personal safety in Dubai is a different world from Bulgaria/Sofia.
10% Corporate Tax
10% Dividend Tax
in total you are paying something like 18-19%
Such a bad example lol
It makes sense for entrepreneurs with smaller companies where they can just take out everything as salary which is still 0% tax. I doubt Bulgaria has 0% salary tax?
@@jakobgrubr2151 dividend tax in Bulgaria is 5%, not 10%.
What Bank do you advise for a UAE cooperate bank account?
Best place for a company is bvi with a bank account in UK and Switzerland
I'm still working on planning my personal tax residency
BVI??
could you please CTU because those abbreviations are GMOTN
@@redzebra6688 british virgin islands..git gud man
I agree
Hey Andrew great info as always, did you hear about Spain? They are ending their golden visa program.
Agreed Dubai is dead who the hel wanna live in desert and pay 9% tax, and expenses is ridiculously high, beside that you have the geopolitical risk. If the war between Iran and Israel brak out, you will see missiles flying over your head from both direction which both will try to shut down ouside theres borthers.
Beside the U.A.E government have no choice cause if they don't comply with EU force taxation they will put sanction on them and they can't even fly to EU.
Then why are soo many people including many businessman and people live there? And thats not a desert BTW. Thats a coastal city. You dont have any experience , you are talking as if you are an entry level employee, not able to save. UAE has relatively low inflation compared to other major countries.
I told you before don’t trust them
Ya habibi 😂 come!
next year 25% 🤣💨💨
lol why would you trust any govt?
Who - Americans?
@@CosmosChill7649 Emirates, Americans are the same but the thing about them is they’re clear about what they want. But Emirates, are unclear about their aims.
@@CosmosChill7649 As well, misleading people can destroy lives in a sec. Nothing special about them
Dubai’s taxing investors a whole 9%?!?! OUTRAGEOUS! My tax rate in Canada last year was only 31%
The services and quality of life count for nothing to you? I lived in Dubai for a few years. Need to be paid a lot more to make me live there.
@@RayMelville Not great for low paid employees. For multi million profit making companies , its great
@@davelawson2564 Are you a multi million company or an employee?
It is much more than that if you add the real inflation from the increasing cost of living.
I would happily pay only 31%!😂 between 53% and 73% here in sweden😅
The unpredictable situation where the authorities can impose, whatever they want overnight makes it very risky for many to move their business and live in the UAE. They can screw you, and they don’t care and in fact, you can go wherever you want. Your voice will not be heard.
No human rights there
Thanks. ❤❤❤❤❤❤. For. Latest. News.
Which bank opens accounts for non residents? I've not found any
In the UAE, there are no personal income taxes; this includes no tax on interest or dividends earned.
They just take the money out of you in different ways.
@@the_gilded_age_phoenix8717 Like how?
@@22utoo You'll have other taxes, fees, expenses there that you might not have in other places. It all balances out. People locate there...based on one or two expenses, but ignore/are oblivious to everything else.
@@the_gilded_age_phoenix8717 The things I see that really adds a larger costs are schooling expenses for your kids, and buying fridge stove washing machine for an apartment, other than that I don't know.
@@22utoo Enormous license fees to register businesses. Many people pay like $50K per year for a IFZA business license.. just to live there "tax fee".
UAE is also the last country you want to mess around and find out. So people should really follow the rules there!
Hard to find people who have actually lived in the UAE that dislike it as much as you Andrew. It’s not for everyone….neither is Asia or the EU. Depending on your type of business, it’s tax efficient. Other upsides are English speaking, amazing services, cheaper real estate than someplaces ( and you can actually own ), efficient airport and very connected, 80%+ expats. I know you scoff at Safety, but when you have teens wanting freedom, it’s a major attraction. Downside……big city, 7 months a year the weather is horrific, dusty, traffic. Banking is easy compared to EU.
Nobody said we disliked it and nobody here scoffs at safety. Those are your projections.
Fair enough. It was just the impression I had after watching your clip.
@@af-jo6mci had same impression sir i can feel he has something personal with Dubai lol
@@landoincu5321 you are dumb. He is just stating compared to Dubai with 9% tax now , there are others places with lower taxes and good security
Born and raised there, and worked there for over 10 years. I dislike it. If you are into man-made stuff, it’s nice. If you are like me and like nature, nothing to see other than a desert.
Please keep good work 😊
I think a better comparison to present would be a total cost of living including corp. tax ( for business owners) license fees, tolls etc. etc. and don’t forget inflation rate. Then compare it with BVI so we get to see the net impact on our pockets
I do not think so. There are ups and down as usual in everywhere...
Well said. I always knew they would flip on that tax free, it is too tempting given they now have a huge market share of companies in the middle east who have established themselves there.
It is much better to be in a place where the tax rules for you are that you are paying no tax or basically no tax, but the top line rules require fairly hefty taxes so most people do not look at them. Also those countries tend to have infrastructure.
I mean which with all of the loopholes and deductions makes the US a very tax favorable place for many. I mean if you plan your deductions correctly you may be paying zero tax even with the AMT because you have enough expenses that are considered ordinary and necessary business expenses to avoid tax.
If you was a UK resident living abroad on travel visas, and have a Dubai registered company, would you have any tax commitments in the UK?
Uae is very central ,gas, restaurants and groceries are cheap. It's safe and eight out of 12 months it's nice weather.
I'm willing to pay 9% company tax for that.
In Thailand and Indonesia you will pay less than 30% a year for taxes you just have to be financially stable.What I like about Malaysia is that they do not popularize there country because they don’t want a huge influx of foreigners coming.Malaysia isn’t going to just have anyone come in.They sucked everyone into Dubai and turned the table on them.I wish people do there on research and stop waiting for someone else to present everything to you.
I'm very inclined towards Malaysia over UAE to get a residence by property. However, Malaysia's MM2H program requires you to live at least 60 days a year in the country and also has a flat 30% income tax on rental income. UAE investor visa on the other hand does not have a minimum stay requirement and has 0% tax on rental income. My heart says Malaysia but my mind says UAE. I'm confused.
@@TravAlligator you forgot Malaysia also has a income requirement for MM2H its not really high but as of right now mainly only retired foreigners and high net worth individuals can only afford it mostly.
@@jamalgreen3056 No. The MM2H program in 2024 has relaxed the rule. They have removed the requirement for showing a minimum income to attract more investors.
Working as a business consultant I feel the drastic change since cit intro last year
Could you please cover Saudi Residency Options -
Saudi Residency Option? Here they are: 1) Camel back or 2) tent in oasis.
In India foreign or Indian companies actually don't pay taxes,90% of the tax payable legally is avoided and it is aided by a network of chartered accountants to the tax authorities and a part of the cut goes to the local and national politician.
So everyone is happy...
In India only salaried people pay tax 😒
My friend is starting a company there and there required to pay flat tax of 5% non resident
I don’t get why you say that Italy is a good place to pay taxes… I live in Italy and I pay 22% VAT and over 50% 😤
Can you explain me?
for expats with tax residency program with just $100000 annual tax. great for millionaires
In Italy, the fiscal regime known as the "flat tax" of 100,000 euros is an option for individuals who transfer their tax residence to Italy. This fixed tax offers favorable tax treatment to "new residents" who choose to move their tax residence to the country.
Those who opt into this regime pay a flat tax of 100,000 euros per year on income produced abroad, regardless of the amount of that income. The aim of this measure is to attract high-net-worth individuals, such as entrepreneurs, artists, or athletes, who might generate significant income outside of Italy.
This regime has a maximum duration of 15 years, after which the individual's foreign income will be taxed according to the normal Italian tax rates. Additionally, family members can be added to the regime, with an extra tax of 25,000 euros per family member included. The flat tax covers most types of foreign income but excludes specific categories, such as income from real estate located in Italy.
The 100,000-euro flat tax is part of a package of fiscal incentives aimed at making Italy an attractive destination for investors and global talent.
theres flat tax system for high income earners where its 100k flat
Monaco, Switzerland?
So true
Still pretty better than Ireland 😊
Ireland have 40% tax!
I can't do UAE. Too many Russians.
Indians ??
Tks for your videos
How can we collaborate?
Im managing a FB group for the expats in Dubai
Went there once, what a mistake, everything so expensive,everything so fake, never again
Ye old classic bait and switch.
Andrew, nice how you are sporting a Burberry Trenchcoat.👌🧥
Some staples are just worth it.
Hey andrew think companies are taxed based on control if you are living in a country and own the company then the corporate tax regime of that company should be applicable correct me if I am wrong.
yes, thats what i thought, there must be a legal way round it though otherwise andrew wouldnt talk about it
It makes no difference whether the UAE is taxed at 9% or 0%, because here in Thailand i.e. the difference is taxed, when you bring it in. True, or not?
Huh? If the source of the income is from the Dubai company you still have to pay 9 % in corporate tax, regardless if you bring it to Thailand or not?
@@IwillEndureToTheEndThe moment you bring the money to Thailand it will be taxed. Namely taxed is the difference between Thai taxrate and VAE Tax rate. This is how I understand the new rules in Thailand and this is why so many expats are on the way leaving Thailand or don't even want to come anymore to Thailand.
Malaysia. Malaysia calling you 💓💓💓💓😍😍
There is still a way to achieve 0% CT in UAE free zones, without the UBOs living in UAE. You need to be conducting one of the 10 qualified activities, and prove Economic Substance in the free zone you are setup in. This means a higher overhead than before when you just setup the company and was assigned a virtual office/flexidesk, but nevertheless, there is still a way.
What about the Foreign Income Tax Credit, wouldn't that protect you from paying income tax in the United States if live and work overseas?
What about if you don't have a business, just personal income from real estate in UAE, than is there a tax for us?
No
@@CosmosChill7649 Thanks
Cancer always starts from small cells matter of time it becomes big same with these countries wait till they start going for 35-40%. Saudi already has implemented 20% and more tax, those countries aren’t the same as they used to.
Saudi has corporation tax for decades.. (just FYI)
@@msk1619ik m talking bout the 20% compulsory taxes they want you to pay.
Corporation tax in Saudi was never optional …
@@msk1619 m talking bout the zakat
Living in Dubai for 3 years...lived in London before for 11 years and am from germamy originally. In Dubai, i earn and save much more than in Europe and i live at a higher standard. Its fairly easy to settle in.
That's because you are white 😅
Please comment on your thoughts regarding Bukele’s free passport to El Salvador.
Did you ever discuss why you're not running ads on YT? Is this a strategic move?
I guess he doesn't need to. It's for brokies. Even with his channel metrics he might only make $2k per month in ads. For a guy who is easily worth 8 figures plus, this makes no sense to do - this way his message can resonate with more people.
Also lots of people not telling people don't realise world wide tax laibilities such as UK residents 4k set up and filing 4k fees not disclosed in my opinion
Is it it not only if you are doing business within the UAE itself?
Very interesting but not to surprising.
There are very few places in the world, where taxes are low because the local population and their politicians are libertarians. Taxes is mostly a question of incentives for politicians - eg how will lowering or raising taxes affect them.
İn real Estate there is very good money. The Roi is much better then my country. And future seems bright if you make good real estate investments.
the impact of this tax has been passed to the consumer and then some
Dont forget the recent introduction of mandatory audits that MUST be paid by the company being audited.
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What will you do as Malaysia becomes more fundermentalist, which will affect the overall feel of the place?
He has about 300 passports. He could leave anytime.
Lol. Its really difficult to become fundamentalist in a Muslim country that has more Hindu shrines that all other religious places of worship combined. I m a Muslim.
Majority of Muslims here are laid back and culturally its offensive to be a fundamentalist. Not so in the Middle East or in South Asia.
In Indonesia its even more confusing. Though its the largest Muslim country in the world but they all practice various forms of Islam. Hence most of their conflicts are against various sects of Islam.
You got to look at the culture and not just the religion. They like their daughters here going to university unlike Afghanistan.
Get your context right first.
@arii1987 You don't read the present news. Moral police picking up Muslim eaters during the fast. Pregnant and breast feeding woman included. And you have nice little Islamic polical party now with a head who is a preacher, preaching sharia.
@@arii1987First of all you are not a Muslim. You are a Hindu. Look at your name lol, nobody is going to confuse it to a Muslim. Since you are not even true about your identity, is your opinion of any value?
@@arii1987 fear mongering is natural and more important to Islamophobics
Its corporate tax, still less than a lot of other places.
Isnt 9% better than what we are paying in Canada or US
Fall of Dubai is coming shortly
On what basis
That’s definitely not gonna happen
@@XYZ948a probably a Islamophobic bot. Actually UAE is actually a CIA outreach program only
@@XYZ948a Some mild rain will do it, apparently.
They employed "bate and switch" tactic.
Bottom line, make business decisions first based on actual business, not taxes. Taxes should be a secondary consideration.
Sir, I do trust you haven’t been long enough in Dubai neither UAE to know that it have elevated & developed from excellent to leading to magnificent. Lifestyle, security, respect, innovative & many to list worth more than 9%. Many of cities & countries that has been highlighted they don’t count as even developed & neither safety is in their dictionary.
living in a hot sandbox is a muslim regime with slavery, worst infrastrcture and city planing. no thanks. i pay less in europe whilst enjoying better freedom and lower cost of living.
That's why you need 5 flags, what's one more?
What we need is a "meta/abstract country" which lets you to seamlessly swap out target countries for tax purposes lol
The idea of a "meta/abstract country" for tax purposes is certainly imaginative and brings to light the complexities and challenges many people and corporations face in navigating the global tax landscape. In practice, while the concept of a country or jurisdiction that exists solely for managing taxes in a flexible manner sounds like a novel solution, it touches upon numerous legal, ethical, and practical issues.
Countries around the world have various tax treaties and agreements to prevent tax evasion and to manage the flow of money across borders. These treaties also aim to prevent the harmful practices of tax avoidance, where individuals or companies use legal means to minimize their tax liabilities, often by shifting profits to low-tax jurisdictions. This practice, while legal, is often controversial and can lead to significant public backlash and increased regulation.
The concept of creating a flexible, "meta" jurisdiction for tax purposes would likely face significant opposition from international bodies like the OECD (Organization for Economic Co-operation and Development), which has been at the forefront of efforts to combat tax base erosion and profit shifting (BEPS). The OECD's BEPS project aims to provide governments with clear international solutions to fight corporate tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity.
Moreover, the ethical implications of such a system could be profound. Tax systems fund public goods and services like education, healthcare, infrastructure, and social security. Creating a system that facilitates even more efficient tax avoidance could exacerbate inequality and reduce the resources available to governments to provide for their citizens.
While the challenges of navigating the global tax system are real and significant, solutions tend to focus on transparency, cooperation between jurisdictions, and reforms to close loopholes and ensure that taxes are paid where economic value is created. The idea of a "meta/abstract country" highlights the desire for more simplicity and efficiency in tax systems, but in reality, addressing these issues requires careful balancing of legal, ethical, and economic considerations.