Shocking Truth: Dubai's Luxury Ghost Towers & Looming Bankruptcy!
- Thread starter koohl
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The interesting thing is that since the world cup Qatar and Bahrein as spinoff are getting traction and attracting foreigners. Same starts to apply for Saudi since the Neom city and the investments in sports (football is just one example).
It looks like those three countries are actively competing with UAE right now. If it comes down to money.... my bets are not on the UAE.
It looks like those three countries are actively competing with UAE right now. If it comes down to money.... my bets are not on the UAE.
I agree! It feels now that UAE was the A/B testing for the others. It was the canary in the coal mine! To see how the thieving West was going to rob their people and what to do now for the future. It's plausible that they thought this one out.
Saudis jumping into BRICS now, too? It just feels way too much as an A/B testing. Time will tell.
As somebody who has lived here (I will not specifically say where) for approaching 30 years there is an awful of claptrap voiced on this forum about Dubai or UAE ................ and that is where the problem starts ............... Dubai is not the UAE pe se, it is an individual self run, self managed Emirate with however a FEDERAL overlords ie the UAE Governing Council based at the UAE capital in Abu Dhabi where all the money is and the President/Ruling Royal family of UAE.
Just to explain the demographic facts about the UAE, a population of approximately of just over 1,000,000 out of a total count of residents of approx 10,100,000. so just about 10% are Emiratis but that is overall the country and obviously expats are much more sparse in outlying towns/areas such Liwa, Ruwais, Fujeirah, Ras Al Khaimah, Umm Al Quwain, Ajman, even Al Ain and Abu Dhabi to a certain extent these days. Dubai's population on the other hand recently crossed 3.15 million, but the locals barely reach 8%, and that % is reducing daily.
And one very important economic fact about the UAE and their economy, is that AD produces 3 million/bpd and Dubai barely 50,000/bpd (yes that is NO tipo).
So just to summarise, the Corporation tax of 9% introduced last year was insisted upon by the interfering BIS/IMF/EU/USA/UK govts etc (locals tell me they never wanted it, but these Ali Babas saId if you want to 'join us at the top table' you MUST introduce taxes, as they did 6 years earlier with 5% VAT (the French silver haired 'convicted' criminal was almost a permanent fixture here for some time telling the big boys how to do it).
It's because they wish to do business worldwide, (incl Russia,China and throughout Africa) and their main objective is bizness & money, lots of it!
To sum up DUBAI wants you, they especially want HNWI to live, (last year 4000 millionaires took up residence in DXB) work and play in their city. All propertiy/Real Estate has a 4% tax for the DXB Govt, and all rents have a 2% (of Rental contract) Ijari tax , plus the centralised cooling is payable per/ft2 whether you have your A/C on or not etc etc.
This is what Dubai Government needs to survive, so if you live peacefully, obey the rules, keep your head down, just get on with your life, don't touch politics or disrespect the ruling family (both DXB and UAE) etc etc etc, one can have a fairly good life as opposed to the increasingly distopian (still alleged) DEMOCRACIES of USA/UK/EU/AUS/ etc etc etc where politicians, on instructions of their paymasters/Bosses i.e. the WEF/UN/Gates/Soros etc etc are plainly destroying and robbing their populations continuously ................................. and will NOT slow down.
Just to explain the demographic facts about the UAE, a population of approximately of just over 1,000,000 out of a total count of residents of approx 10,100,000. so just about 10% are Emiratis but that is overall the country and obviously expats are much more sparse in outlying towns/areas such Liwa, Ruwais, Fujeirah, Ras Al Khaimah, Umm Al Quwain, Ajman, even Al Ain and Abu Dhabi to a certain extent these days. Dubai's population on the other hand recently crossed 3.15 million, but the locals barely reach 8%, and that % is reducing daily.
And one very important economic fact about the UAE and their economy, is that AD produces 3 million/bpd and Dubai barely 50,000/bpd (yes that is NO tipo).
So just to summarise, the Corporation tax of 9% introduced last year was insisted upon by the interfering BIS/IMF/EU/USA/UK govts etc (locals tell me they never wanted it, but these Ali Babas saId if you want to 'join us at the top table' you MUST introduce taxes, as they did 6 years earlier with 5% VAT (the French silver haired 'convicted' criminal was almost a permanent fixture here for some time telling the big boys how to do it).
It's because they wish to do business worldwide, (incl Russia,China and throughout Africa) and their main objective is bizness & money, lots of it!
To sum up DUBAI wants you, they especially want HNWI to live, (last year 4000 millionaires took up residence in DXB) work and play in their city. All propertiy/Real Estate has a 4% tax for the DXB Govt, and all rents have a 2% (of Rental contract) Ijari tax , plus the centralised cooling is payable per/ft2 whether you have your A/C on or not etc etc.
This is what Dubai Government needs to survive, so if you live peacefully, obey the rules, keep your head down, just get on with your life, don't touch politics or disrespect the ruling family (both DXB and UAE) etc etc etc, one can have a fairly good life as opposed to the increasingly distopian (still alleged) DEMOCRACIES of USA/UK/EU/AUS/ etc etc etc where politicians, on instructions of their paymasters/Bosses i.e. the WEF/UN/Gates/Soros etc etc are plainly destroying and robbing their populations continuously ................................. and will NOT slow down.
It was a good idea to explain to people here the definition of the UAE since it seems that the majority are not aware of it.
And since Dubai is an independent 'state' in the UAE, isn't it more likely that they will run out of money soon, or what?
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I don't see why not. This worked for me in almost every situation where the bank or notary asked for SoF (but not in Dubai). I's super straight-forward if you bought crypto let's say in 2017 and been trading/holding since, what else can you provide.
The one thing that could be asked for is a proof of income at the time that you funded a wallet for the first time. Came across that once as a 7 year period didn't cover that initial funding.
Proof of income could be a tax return. Basically what they want to see that, say you earned 100k, that a deposit to a wallet made sense. If you funded a wallet with 100k then extra questions could be asked.
Bottomline it's all about the story and how believable it is.
Proof of income could be a tax return. Basically what they want to see that, say you earned 100k, that a deposit to a wallet made sense. If you funded a wallet with 100k then extra questions could be asked.
Bottomline it's all about the story and how believable it is.
very good idea, but what if you have 250,000 in coins where no one knows about them, what would you provide of information for this?
slowly exchange them to a company you own where you can invoice from. Just think out of the box.
As long as the UAE can maintain their generous tax policies, they will have some appeal. As the other western countries get more and more indebted, with growing liabilities linked mainly to aging population, the already high fiscal pressure will only increase. Skilled talent, who will bear most of the burden, is already leaving those places (as we see in this forum), and will end up in fiscal havens. The global economy needs a place like the UAE, with ultra-low tax, good connectivity, safe environment and flexible banking.
There is a compelling case for other countries to emulate what the UAE did, but they already have a first-mover advantage and an installed position in the global mind share. You have to realize that every sub-30 years old making six figs in Europe knows only one fiscal haven - Dubai/UAE. We are dinosaurs discussing the merits and subtle nuances of various destinations. Zoomers just go to Dubai.
Saudi Arabia wants to replicate this with Neom, but is currently on the path of failure as it dreamt too big. I think that a city-state in Asia, like Hong Kong back in the days, could be a very serious competitor. Especially if they avoid UAE's idiosyncrasies (extreme weather, empty country, shariah law, slow bureaucracy) and try hard to be global-minded.
There is a compelling case for other countries to emulate what the UAE did, but they already have a first-mover advantage and an installed position in the global mind share. You have to realize that every sub-30 years old making six figs in Europe knows only one fiscal haven - Dubai/UAE. We are dinosaurs discussing the merits and subtle nuances of various destinations. Zoomers just go to Dubai.
Saudi Arabia wants to replicate this with Neom, but is currently on the path of failure as it dreamt too big. I think that a city-state in Asia, like Hong Kong back in the days, could be a very serious competitor. Especially if they avoid UAE's idiosyncrasies (extreme weather, empty country, shariah law, slow bureaucracy) and try hard to be global-minded.
I think you should differentiate more between AD and Dubai and slow bureaucracy.
This week in Dubai Courts I made a Power of Attorney in less than 2 hours.
With regard to the befits and facts of living in UAE, AD is a high security Police state claiming it is 'Safe and Secure', on the other hand, Dubai is open to the world, as it needs people to spend money in its highly indebted economy and so cannot damage its own 'market' by screwing the people too much ........... contrarily, AD does not care, you accept it? - fine, if you don't like it - the airport is that way. --------- AD has become a fine emirate - because every week, you will get one!
Didn't they take a year to figure out something as simple as profit tax for companies? You'll find some threads on the forum with people going through a lot of stress because of the sub-par way they managed the change.
Also afaik the UAE is fine unless you have a problem, and then it's hell. For many people it's good, but you have 0 rights if you find yourself in the wrong situation.
Well firstly they have no experience in tax, don't really want it, however its been foisted on them by the central banks (also EU) and other interfering busybodies who absolutely hate the fact that UAE has this ZERO TAX regime - it doesn't fit well with the strategies of all the Ali Babas.
It has also been complicated by all the FZ areas with different rules as they are individula Emirates vying for business. Apart from Dubai with its Jebal Ali and JLT FZ areas, there is also Sharjah, Ajman, and Ras Al Khaimah with its Free Zones and all had to be brought in line.
Secondly with regard to comments about if you have problems, yes its true, but more than 80% of us are foreign expats and do you think right now your rights are any better in the UK, Australia, USA, Canada etc all of them eroding free speech day by day, and also your right to express disagreement with elected (corrupt) politicians and their decisions/policies etc etc
Here we know our place, so get on with life and don't comment on Govt/Religion .. also don't be naughty and remember this is a Muslim country. i.e. Have respect and show it to the the majority of the population, who are indeed Muslim.
(Yes, I do notice the moron newcomers (M+F) wandering around Shopping Malls dressed in tight sports gear with all their body tattoos on show).
This is one of the MOST intelligent comments about the current state of affairs I've read in a long time!
This is boots-on-the-ground-in-the-trenches-battlefield-under-fire-tested wisdom!
Congratulations! You, sir, have thought through this conundrum back and forth! 😉
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