Cloudbanck said:
Yeah, to have a company in Dubai, but not live there doesn't make so much sense any longer - there are better solutions.
But having residency in Dubai and living there part or full time makes sense. It is the only major international city in the world with near zero tax. And one can have a company and banking elsewhere, though for personal banking the UAE isn't so bad.
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Second that.
Personally and most former DLS Dubai Clients who actively used the Dubai Freezone Company Setup switched to either an Employee Residence Visa under a Mainland Company (including myself), went for a Golden Visa in Dubai (whenever requirements are met) or formed a new Freezone Company in a cheap Emirate like Sharjah just to have UAE Residence Visa in place - you can still benefit from 0% Personal Income Tax, decent Personal Banking in the UAE as well as living there for some time of the year - at least 5 Months per year the weather isn't too bad and the convenience of living in UAE is really outstanding in terms of Delivery Services, Restaurants as well as Family Life and Single Life has lot of things to offer as well.
However when it comes to running an active trading Business the former very popular Dubai Freezone Company Setup became quite expensive in management - due to no regulation in place you became as a Freezone Company Owner a Cash Cow for all the Accounting, Audit and Bookkeeping Companies in the UAE - I was told horrible prices and people are getting ripped off left and right for accounting services - if you run a Business with International Clients only you should be still able to get around the VAT however the 9% Corporate Tax aren't nothing especially when you still have decent 0% Corporate Tax Options without Audit and Accounting requirements like with 0% Tax Panama Offshore Company and you still get decent banking for it - Transactional Retail banking and even the possibility to Cash Out Crypto.
Cloudbanck said:
Then Panama City has a lot of of what Dubai has, possibly even lower taxes. But it's more bureaucratic, more difficult to get residency in, and overall just not as great a city as Dubai.
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Indeed.
That's why we have chosen the 0% Panama Offshore Company Setup as you can at a later stage introduce more substance with getting Panama Personal Banking which is USD based and not too bad either - Crypto On-Off-Ramping is possible and decent Brokerage for at least US Stocks is available as well.
They are working again on making the Residence Visa easier for at least most Nationalities - it's not to underrate that Panama is even more open for Visa Free Travel then the UAE are - you even have Panama Visa Free Travel with a Vanuatu Passport for example.
Panama Foundation law is quite interesting for Holding and Wealth Management Structures as well and absolutely not a problem to bank with experienced Private Banks in Switzerland - even certain UAE Banks are open for discussion with a couple of Million $ in Assets and having a nexus in UAE like a Holding Company.
Users from this Forum should definitely keep an eye on this Jurisdiction and the way we are leading with DLS Offshore - especially should rumors about introduction of Personal Income Tax in the UAE become reality.
Lately they approve Golden Visa's again same day and the Dubai Land Department Transactions are going down - potential plot twist could be to get as much as possible people IN with 10 Year Golden Visa and Substance like local property just to announce in 2-3 Years a Personal Income Tax with an Exit Tax.
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