The next Dubai ?
- Thread starter gatrader
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Dubai trying to make things more affordable. They just suspended the 30% duty on alcohol to make sure other emirates don't take advantage of the cheaper alcohol in other emirates smi(&%.
https://www.timeoutdubai.com/news/drink-tax-alcohol-duty-dubai
There are other locations and freezones around world but depends what lifestyle your looking for?
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
https://www.timeoutdubai.com/news/drink-tax-alcohol-duty-dubai
There are other locations and freezones around world but depends what lifestyle your looking for?
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Currently nothing beats Dubai in terms of logistics and how things work on the ground, but since we are talking about the foreseeable future, then Riyadh should be on your radar as well as Doha.
If banking is very important then start by looking at the strongest banks in the area and the answer will become self apparent
https://www.theasianbanker.com/ab500/2018-2019/strongest-banks-me
Bahrain, Qatar, Oman, and Kuwait might be interesting but they are quite far behind UAE in terms of ease of attracting foreign entrepreneurs and investments.
Each has its own quirks and differences. Bahrain has zero tax across the board, though, while the others aren't quite as simple.
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This is the probably the answer to your question.
Each has its own quirks and differences. Bahrain has zero tax across the board, though, while the others aren't quite as simple.
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This is the probably the answer to your question.
I would like to learn more about Oman in this respect. What kind of advantageous taxation do they offer?
Side note: Better to also ask about how other countries will tax activities involving you and/or your business in your target country. Meaning, check how the countries that you do business in / with / have customers in will treat your business activities coming out of say Oman for example, and also how any countries that might have any kind of tax claim over you personally will treat you if you are using Oman. Another general question is will VAT be charged and for what - and can it be recouped? As you probably know already.... this kind of broader assessment is necessarily part of how to get a fuller picture of whether any one country is ultimately highly tax efficient or not 🙂.
It's not about lifestyle ”¦ which I love in Dubai but it became overcrowded (many escorts for example) and I'm trying to “read the future” by testing new locations (Saudi, Bahrain, Qatar, Oman, or Kuwait) for a company (clients in Europe) and banking (which is crap in dubai).
I would also look at what company is able to help you. You need some reliable and trusted company on location to run your business and avoid troubles.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
3% corporate tax for small companies. Small companies must have a share capital under 50,000 OMR, income under 100,000 OMR, fewer than 15 employees, and not be a utility, transport, or financial services company. For a small business, it's quite easy to qualify. Otherwise, the corporate tax is 15%.
No personal income tax.
There are a couple of residence by investment paths but they are not nearly as popular or well established as UAE. IIRC, you need at least a few hundred thousand OMR or equivalent to qualify.
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This is the probably the answer to your question.
Yeah my income is more than that, Rak or Ajman are cool areas but banking is a problem.
But you can have your company in Dubai and live in RAK or Ajman or Sharjah where it's cheaper.
Nobody says you have to live in Dubai if your company is there.
Rental prices are about 1/4 if Sharjah compared to Dubai and I guess other things are more affordable.
There is even a freezone in Sharjah .
Last edited by a moderator: Jan 4, 2023
Thank you, sounds very interesting, and also, how is the law wrt. personal income tax on dividends coming from foreign company as shareholder? and finally are there DTAs between oman and EU countries?
There is currently no personal income tax in Oman, including no tax on dividends from a foreign company. There is a payroll/social security tax if you are ordinarily employed but AFAIK it wouldn't apply in your case.
https://tms.taxoman.gov.om/portal/double-tax-agreements
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This is the probably the answer to your question.
Doha is very pretty. It's more expensive and certainly less open to commerce than Dubai, but it's a safe bet for a short term "next Dubai." If you are thinking decades out then my best guess is somewhere in SEA or even central Africa.
That makes sense but how about banking? The whole UAE is crap when it comes to banking for 500k+ usd yearly.
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