dubai is finish any alternative?
- Thread starter csp dubai
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Sure - here we go.
He THINKS - well keep thinking - everyone has his opinion and can guess whatever he wants BUT claims about Personal Income Tax are just WRONG - fact.
If you get sold a Metlfie Insurance from an Indian/Pakistani Banker at ENBD - no one but you is responsible for it - there are left and right more then enough possibilities and every year you even get more including the possibility of always going with a reputable Service Provider who actually knows what he is doing.
Everything else in this thread so far is Sharia Law and General Dubai bashing.
I can only recommend to follow thoughts like the one from @khinkali otherwise you are loosing out of opportunity - at least on the business, banking and tax affairs side while where you live is very subjective at the end of they day.
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DM'd you
True. It would mean game-over for UAE.
Also, if this ever happens - it will come to all GCC countries at once (like VAT) but that's just not something what's in their culture and religion and I doubt they will go that route. Instead, they will just increase "knowledge and innovation fees" and problem solved LOL
Hi Jim, Oman already has 15% corporate tax with PE rule and are most likely going to introduce 3-5% personal income tax starting 2024, I am already smelling whats cooking.......if you know what I mean. Please find the link justifying my statements below:
https://www.dentons.com/en/services-and-solutions/global-tax-guide-to-doing-business-in/omanhttps://wired.me/business/oman-holds-on-to-its-income-tax-implementation-by-2024/https://www.odysseyrecruitment.com/oman-to-be-first-gulf-state-to-introduce-income-taxhttps://www.gccfintax.com/news/oman...ion-to-introduce-personal-income-tax-4091.asp
"The Omani government had set its plans in motion for the income tax back in 2020 and implemented VAT in April of 2021."
They are talking already since long about Personal Income Tax - Oman doesn't seem to have any recovery from the COVID time with tourists visting Oman - I'm not aware of attractive Company Formations or anything else - guess they are dependent on Oil which is going to an end at some point.
https://www.thenationalnews.com/bus...eeable-future-finance-ministry-official-says/
"The new tax regime allows a generous compliance period, for example, businesses with a financial year starting on June 1, 2023, and ending on May 31, 2024, will have until February 28, 2025, to file their tax returns and make payments."
So they give you some kind of ample time till 2025 for Corporate Tax - which is not finally clcarified yet 2 (!) months prior introducing - I don't get it how someone now sees a Personal Income Tax within 2-3 years especially when every FTA official always mentions explicit that there are no plans set for introducing Personal Income Tax.
"Existing free-zone entities are also exempt from corporate tax as they are among the drivers of the UAE's economic growth, the ministry said at the time."
Which is nothing but the truth - the UAE leadership is everything else but dump - can just repeat myself - UAE doesn't cut a major sector over night and the Company Formation Business is a major sector next to Real Estate, Tourism and maybe Health related services.
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Most of the non-Western world is mismanaged.
Most of SEAsia is great, also Mexico/Central America.
Northern Africa too if you are into that.
What about Malaysia? I have just been told that the UAE is a safer and easier option than moving there via a Labuan company visa. (Requires 2 employees, office, etc)
Most of the Western world is overmanaged 😉 /by state/
Some South American countries perhaps too. (You should speak Spanish.)
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
You can get same out of Labuan like you get in the UAE but you have 30-40k USD running costs due to the need of 2 employees, full year office rental (which gets actually inspected by the bank frequently) and with the downside that the laws and regulations changing back and forth.
We have some clients running the setup still parallel to a Dubai Company and have the Dubai Company more as a backup.
OCBC Malaysia for example is comparable retail banking with the UAE Banks but requires 30k balance across all currency accounts.
So Labuan is valid if you make enough money and have no issue with laws changing back and froth which can lead to unpredictable yearly running costs.
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Wait, so you are saying Dubai is cheaper than Labuan ? What is your setup and running cost in Dubai ?
Prolly the lesser mismanaged place in SEAsia besides Singapore.
You can lay low but if you move too much size you are gonna stick out.
Theres no cap gains tho so you could structure around that.
Bingo
Of course it is - you are Setup below 10k$ and running below 5k$.
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If it's that what you're looking for, then the Philippines are a top-notch destination. They produce an unbelievable amount of bureaucracy and manage the very same in a way that nobody sees/detects/knows anything.
You just need to bring some sort of phlegmatism: "Duly accomplish" the most ridiculous forms for the most simple tasks multiple times a day.
Let's say you are right. But it's strange that it was not leaked yet.
Does it include worldwide income or only local source?
So, would keeping the revenue in a US LLC bank accounts, and declaring it as capital gains in Malaysia work?
But a Labuan setup or MM2H costs would be required too anyway to live there, so it would be more expensive than UAE?
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