Key insights

• ⚖️ Businesses in Dubai and the UAE, including those in free zones, are now subject to a 9% tax
• ⚠️ Concerns about the implications for company formation and operations
• 🏠 Considerations of tax impact based on where individuals live
• 🌴 Exploring offshore and alternative locations in response to the new tax regulations
• 🏦 Setting up a company in the UAE free zone entails a 9% tax and the opportunity to obtain a residency permit and company bank account
• 🛂 Residency permit in the UAE enables easier access to opening bank accounts, which is essential for the company's banking needs
• 💰 Dubai service providers promoting UAE as a tax haven with 0% personal income tax
• 🌏 Comparative disadvantages to other jurisdictions like the UK, British Virgin Islands, and Hong Kong
• 💼 Tax-neutrality for the company and personal residence

Q&A

• What countries are recommended for relocation and citizenship in terms of tax-friendliness?

  Ireland, Italy, and Malta are recommended for relocation and citizenship, with a caution to be aware of marketing tactics promoting certain destinations and to seek advice from service providers with diverse options and expertise.

• How can people achieve low effective tax rates by moving to various countries?

  People can achieve low effective tax rates by moving to various countries such as Ireland, Italy, Greece, Malaysia, Thailand, UAE, and others, while considering less-marketed places with low taxes and exploring different tax-friendly programs for better options.

• What is the speaker's approach to achieving tax neutrality?

  The speaker aims for tax neutrality by incorporating in tax-friendly locations and personally living in places with higher taxes but more benefits. Additionally, the speaker prefers less-marketed locations for living.

• What complexities are associated with Dubai being marketed as a tax haven?

  Though Dubai is marketed as a tax haven with 0% personal income tax, there are complexities such as a 9% company tax and limitations for Americans, making it less favorable than other jurisdictions.

• What are the challenges faced when setting up a company in the UAE free zone?

  Challenges include limited banking options, the necessity of a residence permit for a company bank account, and the lack of citizenship.

• What are some benefits of setting up a company in the UAE free zone?

  Setting up a company in the UAE free zone allows for a 9% tax, residency permit, and company bank account.

• How are businesses responding to the new tax regulations in the UAE?

  Businesses are exploring offshore and alternative locations as a response to the new tax regulations.

• What are the considerations of tax impact based on where individuals live?

  The tax impact is being considered in relation to individuals' residency and its potential financial trade-offs.

• What are the concerns about the implications of the 9% tax for company formation and operations?

  The concerns revolve around the potential impact on company formation, operations, financial trade-offs, and implications for individuals based on their residency.

• What tax rate are businesses in Dubai and the UAE, including those in free zones, now subject to?

  Businesses in Dubai and the UAE, including those in free zones, are now subject to a 9% tax.

• 00:00 Many businesses in Dubai and the UAE, including those in free zones, are now subject to a 9% tax, leading to concerns about the implications for company formation and operations. The tax can impact individuals based on where they live and the potential financial trade-offs. Offshore and alternative locations are being considered in response to the new tax regulations.
• 02:24 Setting up a company in the UAE free zone allows for a 9% tax, residency permit, and company bank account but comes with challenges such as limited banking options and lack of citizenship. Residence permit is essential for company bank account. UAE free zone companies face challenges in opening bank accounts in other countries.
• 04:38 Dubai service providers are marketing UAE as a tax haven with 0% personal income tax but there are complexities such as 9% company tax and limitations for Americans. It's not as favorable as other jurisdictions.
• 06:50 The speaker aims for tax neutrality by incorporating in tax-friendly locations and personally living in places with higher taxes but more benefits. Dubai's tax advantage is questioned, and the speaker prefers less-marketed locations for living. Nomadcapist Live event to be held in an unmarketed location.
• 09:11 People can achieve low effective tax rates by moving to various countries, such as Ireland, Italy, Greece, Malaysia, Thailand, UAE, and others. It's important to consider less marketed places with low taxes and explore different tax-friendly programs for better options.
• 11:28 Considering tax-friendly countries for relocation and citizenship, such as Ireland, Italy, and Malta, while being cautious of marketing tactics promoting certain destinations and seeking advice from service providers with diverse options and expertise.