Dubai vs. Cyprus: Tax & Business Benefits
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Tax & business differences in Dubai vs. Cyprus. Two of the most popular destinations for entrepreneurs and high net worth individuals.
Chapter's:
0:00 Intro
0:26 Differences in Tax System
1:48 Personal Taxation
2:47 Requirements for Tax Residency
3:41 Costs of Incorporating a Company
4:49 How to receive money personally
6:58 Double Taxation
7:15 Crypto
8:44 Important note for daytraders
9:48 Banking
10:55 Residency, Citizenship, Visa
12:03 Where should you go?
A lot of people ask me if Dubai or Cyprus is better for them. In this video, I will discuss the biggest differences between the two countries and what is best for you.
Cyprus and Dubai are amazing countries with a great lifestyle and also the nice benefits of low and no taxes for entrepreneurs, businesses, traders and investors.
I will discuss the corporate tax, personal income tax, dividends / capital gains taxation and more in this video.
I'm also discussing banking and tax residency requirements, and I even briefly touch the topic Crypto.
Dubai and Cyprus are definitely two amazing options, but they are very different, so definitely make sure to watch this video until the very end, so you know what is the best option for you!
Contact: Ricardogorski.com/cyprus
Connect with me on Insta: @ricardogorski
Songs: Sappheiros - Embrace, Sappheiros - Falling
@don_kandon6006 Жыл бұрын
Great info :) p.s. Dubai recently changed 180 day rule to 90 day rule.
@georgehimself6612 Жыл бұрын
Well spoken. All this reflects my own (although limited, regarding Dubai) experience. As a primary residence, Cyprus beats the VAE hands down, not only for the cost of living, but also for the climate, attitude of the locals etc. Tax-wise, on the other hand... You seem to have some very smart sources in Dubai, it seems.
@Rico Жыл бұрын
Hey George, thanks for your comment and feedback sharing. I agree with you, and my Dubai contacts are surely helpful to some.😊
@richardkaram468 Жыл бұрын
Rico , ur videos r sooo useful and entertaining, wish u the best , hope to meet u face to face ounce I travel to Paphos this coming summer 👍👍👍
@Rico Жыл бұрын
Great to hear that! Thank you Richard and maybe see you in summer!
@MrDynamicMedia Жыл бұрын
Hey Rico so strange, your video just popped up as I’m talking to an accountant in Cyprus about incorporating at this very minute. I am coming out for a visit this summer.! Please keep up the good work Sir!!
@Rico Жыл бұрын
Hey, that's a great coincidence, I hope the videos helped you, and if you need anything else or have some personal questions, you can reach out to me. Thanks a lot for the kind words!
@frenk_expat Жыл бұрын
Great video Rico can you do a video about personal taxation there as well thanks?
@Rico Жыл бұрын
Thank you! Noted.😊
@torontovoice1 Жыл бұрын
The residency requirement in Malta is not 180 days, but rather undefined. The laws says you have to make Malta your primary residence, whatever that means. As an investor, I like certainty.
@andrewslifestyle2289 Жыл бұрын
Very well done Rico. Cyprus will still be my option as well as the better lifestyle. Looking at either Residency Visa or a Cypriot Citizenship through my father. Would have to decide on banking whether to move my money from the USA to a Cyprus bank or leave it in the USA unless I invest in Cyprus. I would have to find out about taxation in both the US and Cyprus
@Night-nl8vo Жыл бұрын
Go to mexico your neighbour its a myth its a dangerous bandit country thats mainstream news. Much cheaper more variety and no EU wef enslavement policies and future fake carbon climate change high taxes incoming. Cyprus is overrun by illegal immigrants and sinking fast into the gutter crime is out of control especially with the illegal middle easterns and africans they are smuggling in. Paphos limassol are crime and social disorder hotspots. Unless you have close relatives like sister brothers living in cyprus i wouldnt bother. Plus the incoming greece turkey cyprus war is a question of time especially once erdodog is gone the americans are desparate for a color revolution there which will probably bring chaos to greece cyprus indirectly this time the real war could arrive. Its good for some taxes though such as crypto there is no legislation as not considered an asset so zero taxes to pay though all cyprus banks ban any transfers from crypto exchanges to cyprus so its difficult to actually spend your profits.
@Rico Жыл бұрын
Hey Andrew, thanks for your comment. When would be the time horizon for your move to Cyprus? I solved the visa, banking and taxation question for many US citizens already. To avoid double taxation, some of the people that moved to Cyprus even had to give up their US passport.
@andrewslifestyle2289 Жыл бұрын
@@Rico hi Rico, thanks for the prompt response. I should get your personal contact to communicate with you better. Not sure of my switch yet. I’m in Thailand ( yeah I’m complicated😜)! and overseeing a resort Villa and some condos. I’m trying to unload these and get over to Cyprus to live. I think I might be good with a resident Visa as I process an old Cypriot ID when I was living there as a teenager. I’m told I can obtain a current one with proof of my old one. The double taxation and potentially giving up my US citizenship would be a concern. Hopefully we can chat again. Thanks my friend
@Rico Жыл бұрын
@@andrewslifestyle2289 Sure. My mail is in the video description, we can go into the details once you are sure about your move and we will make it clear.
@trenden4481 7 ай бұрын
You're videos are great man. Planning to make the move out to Cyprus soon. Any way to get in contact with you for some information?
@Rico 7 ай бұрын
Thanks! You can contact me via Ricardogorski.com/contact
@ziadkurdi9944 Жыл бұрын
are there income taxes from income generated from abroad?
@VeinsDeLAlfaz 2 ай бұрын
Rico, and gor Non-dom Cyprus: I thought that pension income is taxed at 5%?
@JEDAM75 Жыл бұрын
Hi Rico, I'm trading stocks that are listed on the American stock exchange. Do private people in Cypress need to pay tax from the profits? I heard you saying that people don't pay capital gains taxes.
@Rico Жыл бұрын
Hey there! in Cyprus the only tax will be 2.65% GESY on the profits, but on some US stocks the US may withhold 10-20%, so they take it automatically without you having to do something.
@joebloggs339 Жыл бұрын
Hey Rico - what about for people who buy and hold for a few years and then cash out with only a small number of transactions? In most countries, they would never consider that working as a trader. That would clearly be investment income (cap gains). If you set up a company and pay yourself a salary and the crypto investments are just part of the company portfolio (even if the gains far outweigh the earnings of the company) - would that be legit?
@Rico Жыл бұрын
Hey David! Yes, this is the general approach here. No frequent transactions = Tax free. But Crypto is not clear yet, as said in the video.
@joebloggs339 Жыл бұрын
@@Rico Hey Rico! Thx for the reply! Love the channel
@Rico Жыл бұрын
@@joebloggs339 Always welcome, thanks for the kind words, David!
@mauricepapoy5627 Жыл бұрын
Hey Rico, for the 19500 excemption salary. If i am creating the company with my wife, doest it mean that 39000 salary excemption ? And we can take the rest in dividend ? Thank you for your help
@Rico Жыл бұрын
Hey Maurice, each individual in Cyprus can receive 19.500€ in salary tax free, so yes, your wife can receive 19.500€ in salary as well and this will equl to 39.000€ for both of you. On top of that, you can both receive dividends tax free+GESY. You are welcome!
@mauricepapoy5627 Жыл бұрын
@@Rico Thanks :) Planning to go for 2 week in june to check Phaphos
@Rico Жыл бұрын
@@mauricepapoy5627 Amazing. You'll love it!
@TheFootballboy97 Жыл бұрын
If you take out dividend from your company and pay 2,65% for the gesy, do you need to pay 12,5% corporate tax of the same money you take out as dividends?
@castolo4790 Жыл бұрын
2,65% is on top of the 12,5%. So yes, you pay for it.
@Rico Жыл бұрын
Yes absolutely, all profits are taxed 12.5% in the company. Dividends don't reduce your profits.
@Rico Жыл бұрын
@@TheFootballboy97 Dividend payouts are not tax-deductible.
@torontovoice1 Жыл бұрын
Not only in Zug do you have this law. It is practically everywhere. There is a difference between being a passive investor or a day trader. Most laws characterize this as frequency of trades, sophisticated trades, & leverage. But, if the law says no capital gains tax, then you are likely ok. Cyprus wins!
@Rico Жыл бұрын
Hey Marvin, true! Thanks for your comment. It's always best to double-check for each individual case.
@torontovoice1 Жыл бұрын
@@Rico but at the end of the day, you have to go to the country the gives you the most benefits, and the best lifestyle. And I think that's what you were trying to emphasize! Well done
@barrym3651 3 ай бұрын
how crazy ,what if i cant buy a house
@armandaslapinskas3722 Жыл бұрын
So wait a minute, does it mean that i will have to pay taxes if i day trade in cyprus stocks/commodities ???
@Rico Жыл бұрын
So, in general, as an individual, Cyprus doesn't tax capital gains and there will be no tax on trading profits. However, if you daytrade, you might be eligible for social insurance payments in Cyprus. That is the status quo, I picked this topic up mainly to generate awareness to this so that there will be no surprises in the future for traders.
@armandaslapinskas3722 Жыл бұрын
@@Rico but why would it be like that, as i have talked aboht it with cyprus lawyers and read many articles about it, there arent any problems
@Rico Жыл бұрын
@@armandaslapinskas3722 There aren't problems, until there are problems. This is just a warning, because it might not be bulletproof in the long term. But for now, you won't have issues, that's the key info.
@armandaslapinskas3722 Жыл бұрын
@@Rico thanks for the warning 👍🏻
@davidnebadze5891 Жыл бұрын
Goeriga is way easier and cheaper
@Dream4Design Жыл бұрын
Yes, cost of living not comparable, Cyprus is winner. Crypto, yes and no, if you are not daily trader, Cyprus is the same as Dubai crypto friendly and you pay 0%. Big NO to Dubai or Saudi Arabia region is religion, they literally can steal your girlfriend. Cyprus is last haven, security in Europe.
@armandaslapinskas3722 Жыл бұрын
I got confused, i am trasnfering to cyprus as there are 0 tax for investing, but why should there be taxes for daytraiders..?
@Rico Жыл бұрын
Daytrading as a main source of income, in some cases, defines you as self employed and makes you eligible for income tax. But, again, in Cyprus this is in MOSTLY not the case.😊
@armandaslapinskas3722 Жыл бұрын
@@Rico yeah, i noticed that in uk and some other countries, but as in the article i have uplouded in another comment, it notices that its not a peoblem in Cyprus
@Rico Жыл бұрын
Correct, thanks for sharing!
@guldanh Жыл бұрын
The stereotyping is fucking annoying and it always comes from Europeans. I live in a Christian country so what? UAE is currently 9% Arabs only the rest is foreigners and there are MANY non Muslims. No one complains. It’s the same with Saudi Arabia. What’s the point. Okay you don’t like it then don’t visit don’t come but literally wash your mouth. “BIG NO IS RELIGION 👺” Tmm knk
@mistertigre.4611 Жыл бұрын
Cyprus is a village compare to Dubai.
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