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Reply to: Moving to Dubai

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Previously on "Moving to Dubai"

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  • Jolie
    replied
    Originally posted by BigDataPro View Post

    Yes. Correct. If I understand correctly, Greece golden visa requires at least €250K which will eventually lead to citizenship in 7 years time. But this one doesn't seem to have such limiting factors. I could be wrong though.
    If you choose to go as an investor, you are required to purchase a property. When I last checked, the minimum requirement was AED 1 million, which gave you a visa of between 6 months and 2 years. I would imagine the requirement for citizenship would be much higher, so the €250K for Greece would be more favourable.

    Leave a comment:


  • Jolie
    replied
    Originally posted by BlasterBates View Post

    Looks interesting:

    Dubai launches new remote-work visa – how to apply

    The problem you will probably face is how to invoice your customers from a business in Dubai. You'll need advice from an accountant in the UK and in Dubai.
    This is important yes, but ultimately it's up to your client to agree, then the issue is for them. In practice, my client simply said it would be easier because of IR35. There is a VAT requirement in Dubai of 5%, but if your client is outside the UAE, then VAT doesn't apply, although you still have to register, much like the UK, and declare no UAE sales. That is your only requirement for business accounting, everything else is handled by the requirements of your work permit with the free zone.

    Leave a comment:


  • Jolie
    replied
    Originally posted by BigDataPro View Post
    Dubai has now announced this. Looks like time for me to pack my bags!

    Investors, innovators, artists to get UAE citizenship: Sheikh Mohammed - News | Khaleej Times
    Forget citizenship, most people don't need it and you really don't want it.

    If you make a success of your business, then you can get long term visa's, up to 10 years, longer if you are over 50 or 55.

    The citizenship test requires that you can speak fluent arabic, and not many UK nationals will be in that position.

    Leave a comment:


  • Jolie
    replied
    Originally posted by BlasterBates View Post
    It wouldn't surprise me if the additional costs of living in Dubai tax free exceeded the amount of tax you would pay in the UK.
    It's a very similar cost to living in London, as I mentioned in an earlier post. However, even if it was, you would have to live a very extravagant life on a low income to burn through the benefits of no taxation.

    Unless you are taking the whole family, have children, childcare and education costs, then forget it, it's not worth it. But if you're single, no children, no ties, no dependencies, than it's not a problem. The costs are healthcare, education, renewal of visa and your rent/property, that's it.

    As has been pointed out before also, those who are employed by a UAE company are more at risk of falling into debt than someone running a business with foreign income, and who own their own property in Dubai.

    There's currently only one issue with that, if you die while holding a UAE property, the property no longer belongs to you and reverts to the state. So I intend to buy a cheap apartment that I am prepared to lose in that situation.

    Other than that, the savings in tax far outweigh the living costs.
    Last edited by Jolie; 13 May 2021, 01:03.

    Leave a comment:


  • Jolie
    replied
    Originally posted by eek View Post

    Only provided you spend 5 full years in Dubai.
    Only capital gains, not income.

    Leave a comment:


  • Jolie
    replied
    Originally posted by BlasterBates View Post

    If you work in Dubai and give up your house in the UK, you can simply transfer it at any time. You will be resident in Dubai.

    It's perfectly legal.
    Kind of. You don't have to give up your home, just have no other ties, not be in the UK for more than the required days, and not live in the house for the required number of days.

    Leave a comment:


  • Jolie
    replied
    Originally posted by Anon36 View Post

    I'm interested in hearing if you've made the move to Dubai. A lot of people in this thread didn't seem to understand what you were saying.

    I'm in a similar position. I have my clients here in the UK and have minimal risk of losing my clients as hardly anyone can do what I do. I work from home and don't need to be in any fixed location. Like you, I also have no ties keeping me in the UK. I'm interested in moving to Dubai to be tax-free spending 3-5 years saving all my income.

    As a sole individual that will be invoicing my clients here in the UK, what are my opinions to move to Dubai and benefit from zero tax? Honestly, I couldn't care about how a woman in Dubai is treated or what freedoms some people don't have. It's tax-free. I can rent a nice apartment for £2000 a month, hit the gym, do my own thing on my own, save £1m+ for retirement and retirer young.
    Firstly, sorry for the late reply, I have been out of the loop completely all through the pandemic.

    I did not make it to Dubai. March 2020. I had my work permit and a temporary rented apartment sorted out, flights booked and 2 weeks before I was due to fly, the government of Dubai shut the border due to Covid.

    Do I still intend to make the move, absolutely. But my situation has changed, my main US client has withdrawn from the UK because of Covid, all UK staff including contractors were let go. I have my other business that has a US base, and although I lost a large amount of my income, I can still make it work.

    The fears about Dubai are another subject for another time, but the benefits far outweigh the risks.

    I would go for it. The only advice I would give is to rent for a short period so that you can decide if you like it or not, then buy a cheap apartment, which you can do as a foreign citizen. The issues around renting are not worth the hassle, and could land you in trouble. Buying a place removes that issue, and then you only have the maintenance charge (if you are in a high rise) and utilities (Dewa) which covers your water, sewage and elecric in one payment. If you do choose a high rise, choose one that has the air conditioning as part of the maintenance cost, then you won't be worrying about high electric bills.

    Edit: You can get a decent long stay apartment in a hotel for £2000 a month, with all bills, maintenance charges, cleaners etc included, it's also something you can pay with your UK credit/debit card, which removes the rent risk. Check this out first before deciding to rent.

    As for tax, depending on what sector you are in, you need to contact a free zone and obtain a work permit. I used https://gofreelance.ae which covers media, tech, design and education. Once you have the work permit then you are permitted to travel on a temporary visa, once you arrive you then pay for the work permit and apply for the residency visa. Then you can open a bank account and declare to the UK government that you are now a Dubai resident, at that time depending on what time of year you do this, you will have to submit a split tax return for the first and second year. After that it's tax free all the way, AS LONG AS you are complying with the rules on UK residency, which by the sound of it you will be.

    You can return to the UK within the 5 year period, and retain all of your income tax free. However, if you have any capital gains from abroad, which includes property, shares and any other product that attracts it in the UK, then you will have to pay. If you stay past 5 years, then you get to keep it.

    If you come back and read this, please let us know if you do decide to make the move.






    Last edited by Jolie; 13 May 2021, 02:11.

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  • ladymuck
    replied
    Originally posted by BigDataPro
    God, Could somebody tell him that there are plenty of roles outside SC and DV!!!
    Maybe if we stop calling on deities and find a more reliable means of communication?

    Leave a comment:


  • Lance
    replied
    Originally posted by Bluenose View Post
    I am not the UAE's number one fan but this is a shrewd move by them and timed nicely to coincide with IR35 and Covid related WFH.

    Not sure whether your SC/DV clearance gets scrubbed when you pledge an oath of allegiance to the UAE so i am assume this only works for non-SC/DV workers.
    not necessarily scrubbed. It depends. As with all things SC.

    Some SC roles require you to be a British national only.
    Some are OK with you being bi.
    All will require you inform the vetting people of your change in circumstance.

    Leave a comment:


  • BigDataPro
    replied
    Originally posted by TheGreenBastard View Post
    Have you looked into Greece? They're doing something similar and I know where I'd rather be.
    Yes. Correct. If I understand correctly, Greece golden visa requires at least €250K which will eventually lead to citizenship in 7 years time. But this one doesn't seem to have such limiting factors. I could be wrong though.

    Leave a comment:


  • BigDataPro
    replied
    Originally posted by Bluenose View Post
    I am not the UAE's number one fan but this is a shrewd move by them and timed nicely to coincide with IR35 and Covid related WFH.

    Not sure whether your SC/DV clearance gets scrubbed when you pledge an oath of allegiance to the UAE so i am assume this only works for non-SC/DV workers.
    Indeed it's a very shrewd move. But this will drive down the rate/salary being enjoyed right now by the British passport holders. Usually Brits gets paid nearly 30-40% more than the other nationalities.

    This will certainly drive up the property market as more people from Asian countries would want to utilise this opportunity.
    Last edited by BigDataPro; 31 January 2021, 13:56.

    Leave a comment:


  • TheGreenBastard
    replied
    Originally posted by BigDataPro View Post
    Dubai has now announced this. Looks like time for me to pack my bags!

    Investors, innovators, artists to get UAE citizenship: Sheikh Mohammed - News | Khaleej Times
    Have you looked into Greece? They're doing something similar and I know where I'd rather be.

    Leave a comment:


  • Bluenose
    replied
    Originally posted by BigDataPro View Post
    Dubai has now announced this. Looks like time for me to pack my bags!

    Investors, innovators, artists to get UAE citizenship: Sheikh Mohammed - News | Khaleej Times
    I am not the UAE's number one fan but this is a shrewd move by them and timed nicely to coincide with IR35 and Covid related WFH.

    Not sure whether your SC/DV clearance gets scrubbed when you pledge an oath of allegiance to the UAE so i am assume this only works for non-SC/DV workers.

    Leave a comment:


  • BigDataPro
    replied
    Dubai has now announced this. Looks like time for me to pack my bags!

    Investors, innovators, artists to get UAE citizenship: Sheikh Mohammed - News | Khaleej Times

    Leave a comment:


  • greenthumbs
    replied
    Originally posted by Anon36 View Post
    I was thinking I would just setup in Dubai with the facility to take debit and credit card payments. No messing around with IBAN numbers etc. The rest of my business is doing one off projects for customers that come in off my website so I take credit/debit card payments for that side of things anyway.

    I don't have/do anything in the UK. I literally eat, go to the gym, run my business from my aparment in London and sleep - 7 days a week. I don't own any property or assets. I've got a good relationship with my clients. If i said to them I need to have a debit card on file and it's going to auto charge every week, they will be fine with it.

    I just want to get vaccinated first, then i'll give notice to my landlord once I've got the visa and company setup. Once everything is in order I'll be straight on a plane and I'll just bunker down in an apartment that's twice the size as the one I have now for the same money but with a sea view. Business as usual then...
    If this one post isnt making me question my whole life choices, I'm jealous already and you've not even gone yet.

    Leave a comment:

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