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Focus on Dubai | 11
Life in the jewel
of the UAE
A comprehensive mini-guide from
Halifax International on living in Dubai

All the world’s a stage” or in Dubai’s emigrating can be successful and rewarding also be able to inform you of whether your
case “All the world’s an island”. Its providing you do the homework and prepare pension is payable abroad and whether your
history reads like a tale of rags to thoroughly. NI contributions should continue. People
riches, transformed from a sleepy often believe that by upping and leaving they
fishing village into a verdant Tax can avoid tax payments, however in many
financial and commercial hub. Tax is taxing even in one’s own country. cases they might actually be missing out on a
Boasting man-made islands, super luxury hotels Presented with an unfamiliar system, the sizeable tax rebate.
and gleaming office blocks, complimented by problems are often compounded. If you are retiring abroad, seek independent
legitimate tax-free living and an idyllic climate, One of the key reasons behind expat tax advice about the benefits of offshore
the evolution of the United Arab Emirates (UAE) fascination with the UAE is because it doesn’t banking, as this could reduce your tax liability
has been both dramatic and mesmerising. levy tax on personal income earned in the depending on where you are living. Visit
No longer looking over its shoulder at ‘The emirate. There are also no withholding taxes – Halifax International’s offshore savings pages
West’; the likes of Dubai, Qatar, Abu Dhabi such as dividends, interest or royalties either. (http://www.halifax-international.com) for
and Bahrain are actively demonstrating what Whilst currently there is also no VAT in the simple and easy ways to save offshore.
the UAE can do on its own. With reports emirate, the UAE as a whole is planning the
citing an 18% growth in population by 2010, introduction of VAT in the near future. Finances
unsurprisingly the imitable Middle Eastern Notifying the Inland Revenue and National Before you make the decision to emigrate, it’s
lifestyle is seducing increasing numbers of Insurance Contributions Service about your essential to ensure your finances are properly
British expatriates annually. impending move is essential. The latter will planned and that realistic budgets are in place.
Moving abroad, however, is a huge and
complex decision. Apart from emotional
considerations concerning family and friends,
there are issues around citizenship, financial
arrangements, pensions, tax, healthcare costs,
residential status, property purchase and
rentals that you will need to bear in mind.
This may sound overwhelming, but it is
surprising how many people launch into
moving abroad based on little more than the
tenuous assumption that the ‘grass will be
greener’.
Whether you’re pursuing a dream of
working or retiring abroad, looking to give
your family a better life or working for a
multinational that is offering you a transfer,
www.investmentinternational.com June 2009 Investment International
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