This Middle Eastern country possesses the highest standard of living in the world, a stable political system, favorable conditions for doing business, strong economy, comfort and security. Majestic skyscrapers, luxury hotels and shopping malls, beaches, summertime are present all year round. Building a business career in the UAE is prestigious.
The UAE possesses a very vast, flourishing real estate market, and lots of buyers have rushed there. It should be marked that the rental market in Dubai is very steady and gives a high return on investment. People receive good rental income or benefit from resale once bought real estate. Moreover, taxation policy is mild and favorable. Thus, it provides a very comfortable environment for the growth of richness and secure opportunities for investing.
The UAE has robust economy, business friendly environment, and perspectives for development. The major drivers of economy are petroleum, natural gas, and oil.
There is no personal income tax for individuals. They also do not pay taxes on dividends, wealth, inheritance, gifts and capital gains.
Regarding real estate purchase tax, there are two types of taxes: a transfer fee and a registration fee. The price depends on the Emirate and the cost of the property. One has to pay AED 2,000 for property worth less than AED 500,000, and AED 4,000 for that of more than AED 500,000. After buying, one is due to obtain an ownership certificate.
There is no property tax in the UAE. Owners pay only an annual fee for the maintenance of property. It ranges between USD 15 and USD 60 per m2.
Corporate tax is at 9% rate. It applies to companies earning more than AED 375,000 per year.
VAT is 5%. A company has to register as a VAT payer with the Federal Tax Authority and pay this tax in case the income is more than AED 375,000 per year.
It is widely known that many wealthy people all over the world have preferred to keep assets abroad. Destination usually ranged from the Cayman Islands, the British Virgin Islands, Switzerland. However, now that things changed, Abu Dhabi is gradually acquiring popularity among high net worth individuals, Bloomberg writes.
New rules for the issuance and use of "golden" residence permits and the UAE's so-called "green visa" have come into force.
The United Arab Emirates (UAE) is known for its favorable tax system, which attracts both individuals and companies from all over the world.
One of the main advantages of the UAE is the absence of direct taxes on personal and corporate income in most emirates.
The UAE is very popular among entrepreneurs, investors, coming in search for lucrative spot for their businesses. The country is number one on the Global Entrepreneurship Monitor Index. It is a secular state and a civil law jurisdiction.
In the UAE, a company can be started in any of three jurisdictions: Mainland, Free Zone, Offshore.
Apart from numerous tax benefits, the UAE has dozens of free economic zones (FEZ) with special tax regimes. Each FEZ has its own specialization. From 2024 both FZ companies and Main land companies are subjects of the corporate tax of 9%.
Normal series of steps to open a company:
The procedure is not complicated, since the country provides online banking services. So, the application for opening a bank account is carried out online.
The UAE has signed more than 90 double taxation agreements to facilitate international economic relations.
Banking assistance (local and offshore accounts)
Exclusive real estate services
Proof of address (Lease Agreement + Utility bill)
Company registration/incorporation (local and offshore companies)
Tax Identification Number
Getting a driver's license
In addition to fulfilment of programme conditions, an investor should meet these requirements:
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A spouse, kids under 18, above 18, if a boy - under 21, but must be dependent from parents and not married, if a girl – no age limits, but has to be dependent and not married.
In our material we will discuss important aspects to consider when buying real estate in this country to make your transaction as easy and safe as possible.
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The Schengen D visa, also known as a national visa, is intended for long-term stays in the Schengen Area.
