His Tax Rate DOUBLED in Dubai (NOT Tax-Free)

Рет қаралды 35,351

Күн бұрын

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In this eye-opening video, Andrew dives into the intriguing story of a man who relocated to Dubai, thinking he could enjoy a tax-free life forever. However, as you'll soon discover, the reality is far more complex.
Discover why moving to Dubai might not be the one-size-fits-all solution you thought it was.
00:00 Start
00:35 Dubai's Tax Environment
1:17 Different Sources of Income
3:19 Tax Treaties and Implications
5:50 Moving Your Business Abroad
8:20 Potential Pitfalls
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Пікірлер: 89

@nomadcapitalist 10 ай бұрын

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@Hanya_Shuten 10 ай бұрын

I'll be honest you are the first person that has mentioned this!! And this is very important for ppl to consider. That's why I would research for like 6mo. to a year before choosing my new country of citizenship. Switzerland not looking that bad now lol.

@MountainofInspiration 10 ай бұрын

This is next level thinking. Thanks for sharing these strategies with us

@nomadcapitalist 10 ай бұрын

My pleasure!

@NargisFakhri 10 ай бұрын

Your videos are so amazing and educational. Been watching you for a long time .

@nomadcapitalist 10 ай бұрын

Thank you! It's really nice to hear that.

@rabi_ahmed 10 ай бұрын

No way...I didn't realize this channel is so popular and watched by celebrities :)

@user-fz6ds2cf6s 10 ай бұрын

Andrew. Most of what ya said they Would Still be clueless. YOUR 100 percent Correct in all what ya mentioned. GOOD Work

@nomadcapitalist 10 ай бұрын

Thank you!

@mattanderson6672 10 ай бұрын

Thank you Andrew!

@azdbuk 10 ай бұрын

Andrew, you should maybe do something on UAE and the 5 other countries joining the BRICS bloc of nations, interesting how that could change where folks are treated best.

@valuetraveler2026 10 ай бұрын

:-)

@jaycalvin3783 10 ай бұрын

Same, interested in this as well.

@noWoodsman 10 ай бұрын

The business tax and wealth tax changing in Dubai already says enough tbh, you can't trust that.

@arj4unow 10 ай бұрын

Take care of the Cold ,appreciate you trying to reduce the nasal sound as much as you could for Clarity. Thank you.

@TheMichaelMove 10 ай бұрын

Nice work Andrew. Going to check out Malaysia based on your advice. I’m in the US with no plans to move but never say never…..

@geminiwanderer2209 10 ай бұрын

Are you malaysian?

@nomadcapitalist 10 ай бұрын

Have a wonderful time exploring, and don't hesitate to share your thoughts and experiences!

@harisadu8998 10 ай бұрын

Basically, it varies case to case so study your own situation carefully.

@GordonGekko98 10 ай бұрын

It would be really easy to avoid the dividend issue. No cap gains tax, just buy non dividend stocks or sell before ex dividend. Also there is a lot of country’s with treaty’s

@worldwideadvisory 10 ай бұрын

Shows the importance of - Residency and Source of Income

@omaralkayal7598 10 ай бұрын

Before I watch the video I just want to clarify that we don't have income tax in the UAE and the VAT is only 5% on literally everything now I'll watch the video and I'll try to understand and comprehend the points that you'll be making thanks again sir Edit : there is a 9% tax if you are a business owner something like that am not sure but I completely forgot about this I'll look at it again

@iladash 10 ай бұрын

I am curious about Serbia, are people still moving there? Is it a good for overseas businesses to move there?

@hessel9003 10 ай бұрын

one question: What if I do move to the UAE for those tax benefits, and setup a "middleman" company in a country that DOES have a tax treaty with the USA? for example a UK LLP?

@kararkhan8720 10 ай бұрын

I said it before UAE is trap for those with little or a lot of money. The first trap is the life style trap, in order to break in or start anything there you need to buy into the life style, the 100k+ car and the expensive clothes and great location apartment. Second, fees and fees and the not really 0% tax. Third, Dubai isn't really for everyone, just like America you have to drive to get anywhere with street filled with traffic cameras and very hot weather. So, you really need good business and like the life style to justify move there.

@user-fz6ds2cf6s 10 ай бұрын

To a Point. One Does NOT Have To Get Fully Involved with the Life style or the Bling has One Calls It. " The Weather is Another Thing. Entirely. And NO Dubai or the UAE IS NOT FOR EVERYONE. Yet it DOES have alot of Opportunity for Growth and SOUND INVESTMENTS. For The Right Individual or family

@rickdeckard7470 10 ай бұрын

Foreigners are the hired help regardless how much you make.

@m0wfo 10 ай бұрын

Yeah, agree with points 2 and 3 to a degree but Dubai is as expensive as you want it to be, and that’s down to your own self-discipline. I know lots of salaried expats here who get excited and rent an apartment they can barely afford, lease a BMW and hey presto, 3 years later they still have no money :) but that’s self-imposed

@beautifullydone6572 10 ай бұрын

Dubai is like Las Vegas. You get bored of it after 3 days. It looks fake and have no history and they treat people horribly especially if you are not well off.

@farhanazhar9533 10 ай бұрын

True it depends on how financially responsible you are.

@jamalgreen3056 10 ай бұрын

I realized there are way better options and alternatives than Dubai and Singapore Dubai and Singapore to me I like at them as great business hubs but to me it isn’t a great place to reside for long period of time

@thegogo11 10 ай бұрын

I just checked on google if there is a tax treaty between USA and UAE and this video is suggested by KZfaq on my home page. Interesting 🧐

@user-fz6ds2cf6s 10 ай бұрын

Has I UNDERSTAND UAE Does " NOT have a Tax Treaty. With The US. if they Are Smart they,ll NOT. I DON,T see them Handing over there Sovereignty to Washington anytime Soon. I Could BE Wrong. Then again that Would NOT be in there BEST Interest seeing they have Direct Taxation.

@user-fz6ds2cf6s 10 ай бұрын

Sorry NO Direct Taxation.

@WiresNStuffs 10 ай бұрын

I receive many royalties for my online video courses from USA where do you think is best for people like me?

@vladsharp2895 10 ай бұрын

Can one not just have a company in a high tax country such as the US, for instance, and have another company in, let's say, UAE, which owns the intellectual rights of the company in the US and thus you have to pay royalties to the company in UAE and those will be a subject to low taxation or nothing at all?

@liquid_metal 10 ай бұрын

Do not be deceived by the UAE. It sounds great with 0% tax with a FZC (so long as you don't sell into the UAE) and 0% income tax. But you overlook for a company, mandatory office space, higher costs for services, high government fees, high business service costs especially accountancy services - this works out as an effective 5-10% depending on your revenue. You also need to spend 1 day every 180 days to maintain residency. Add on your flight and hotel costs if you decide to live somewhere else and "bounce" back every 180 days, not including the $ value of your "lost" time doing such a trip. For personal income tax, you have much higher living costs compared to more desirable locations, which is in and of itself a form of tax. Factor this in before moving your life there.

@youssefazrak3548 10 ай бұрын

Still WAY BETTER than any country in the west.

@liquid_metal 10 ай бұрын

@@youssefazrak3548 that's not difficult 😂

@Warmongerer469 10 ай бұрын

You dont need to be there every 6 months it u have a golden visa

@VishalSharma-by3oq 10 ай бұрын

Can you make a video about how Medical Doctors from the US can utilize your service and to some degree enter the Nomadic lifestyle? Thank you!

@markbernhardt6281 10 ай бұрын

If you hate fresh air move to Dubai. Check out the climate, wow is it hot!

@callmemaybe1164 10 ай бұрын

Does this mean a remote worker hired by a US company is liable to income tax? Thanks

@blktauna 10 ай бұрын

you absolutely are

@benoregan4623 10 ай бұрын

The IRS will take withholding tax on dividends, but it's pretty easy to avoid this tax - buy securities that don't pay dividends, or sell stocks before the dividend is due to be paid.

@ryaniam22 10 ай бұрын

Not just the dividends are taxed though? In other words if the stock goes from 50 to 100$ you doubled your money.....and will get taxed on that as well as the dividends. Unless you have it in tax free savings account or equivalent. Am I wrong?

@benoregan4623 10 ай бұрын

@@ryaniam22 Not if you're in Dubai (note the title of the video). Lots of people outside the US invest in US securities and they should be aware that the IRS will tax their dividends but not their gains.

@rickdeckard7470 10 ай бұрын

I moved from US to Spain. UAE sucks... could not imagine living there. Rather pay higher taxes and drive a cheaper car and have freedoms .

@pedro_miguel_cotrim 10 ай бұрын

hi, can you explain better that "freedoms"? Thanks

@DynAmisch69 4 ай бұрын

European Union and freedom? You’re delusional…

@shehitmewiththeiamnothappy2484 10 ай бұрын

I have a Wyoming based LLC. I’m a Canadian, moving to Dubai. All my income is generated from US, does this mean I’ll have to pay US tax if I go to Dubai?

@MultiMojo 10 ай бұрын

Your LLC will have to pay US taxes on business income, but any profits post-taxes are yours to keep. So you would avoid SS taxes, Medicare etc.

@andrewcarlson2178 10 ай бұрын

You have to love how arrogant the US is. Or greedy. They are taxing People based upon whether they think they can get more taxes out of them because their new home country doesn't tax them enough.

@MarkWatsonSMTX 10 ай бұрын

“United States citizen employees and dependents (dual citizen Panamanians born in the former Panama Canal Zone) ... shall be exempt from payment of taxes, fees or other charges on income derived from sources outside the Republic of Panama.” 1977 U.S.-Pan. Tr., Art. XV, Sec. 2, T.I.A.S. No. 10031. I AM GOING TO ENFORCE THAT.

@nickname2729 10 ай бұрын

For Panama 🇵🇦 only

@MarkWatsonSMTX 10 ай бұрын

You have to use the plain meaning interpretation when dealing with contracts. If someone tries to enforce something other than the plain meaning, you have a cause of action against them ... IRS. No it is not Panama only@@nickname2729

@rogerdana7950 10 ай бұрын

Have you looked into Paraguay? Supposedly its tax free for foreigners.

@pinetworkminer8377 10 ай бұрын

What about Uruguay? Is it tax-free for foreigners?

@pudosch 10 ай бұрын

Yea, Paraguay is cheap - welcome!

@swissnavy4414 10 ай бұрын

If anyone is interested in the rules and process for Paraguay, just comment reply to my comment, and I can give you the real current info. I am living in PY now, did my Residency in March, received residency, cedula, and DL in July, have an apartment with a view, and a large network of local and expat contacts here, and I can refer you to the residency service I used, which got the job done very competently and pleasantly for less than half what a certain other youtuber (who likes the word Alpha and presents himself as a budget version of this channel) charges for his PY residency service.

@nasly905 10 ай бұрын

@@swissnavy4414I'm interested

@themothers 6 ай бұрын

@@swissnavy4414I’m interested 😊

@JamalTurner-kq2ty 10 ай бұрын

So it doesn't matter where your company is if it makes USD you're getting US taxed

@ianstarkm 10 ай бұрын

Only if you are in a country with no tax treaty with the US.

@HoDLum 10 ай бұрын

Not to nitpick, but isn;t software "selling" actually a royalty income. You not really selling it, you grant license to use your software (IP). I wonder if you get hit with 30% withholding tax from Google and Apple if you set up your software company in the Gulf.

@automotiveservices2978 10 ай бұрын

With all due respect Dubai sucks. This is a caliphate dictatorship.. if you come here as a foreigner, bad things can happen to you and you have very few rights, there is little actual rule of law in this regard. Think old fashioned and crude biblical times rule of law.. that is very much what it is a like. Especially if you are a foreign business person, employee or contractor for that matter, things can get very complicated before you know it and result in being held within the country or even imprisoned for what makes no sense at all. Or such things as women going to the beach wearing the wrong clothes. Don't forget at all, that it is a Muslim country, that says a lot right there too. So, This could go on and on. I don't know why this continues to become a highlight destination for Andrew given his good reputation but.. Andrew, perhaps you could shed some reality on how risky it is for foreigners to actually live and work in Dubai instead of preaching the tax ups/downs of potentially living there. And, none of this even took the weather/heat into account either.. that's another matter.

@rickdeckard7470 10 ай бұрын

foreigners are the hired help. I was asked to give up my table at the pool once at the Shangri La Hotel since an Emerati wanted it. I was a hotel guest for 2 weeks. I did not move. There is nothing to do there.

@hilmihakim6192 10 ай бұрын

Are you a CPA Andrew

@hemantparakh6462 10 ай бұрын

If Tax is Double then just give up the Bank account

@keangwooichoo6138 10 ай бұрын

But dubai is expensive, therefore even if you escape tax, you pay elsewhere.

@detroitcityman6622 10 ай бұрын

At some point, millionaires and billionaires are going to start finding ways to influence the population. Namely, if I have to pay high taxes to subsidize your lifestyle, then I should reserve the right to have veto power over your life choices.

@peterpeter8217 10 ай бұрын

Lol at some point? they do it since forever......