The British information-consulting agency New World Wealth has recently included modern metropolis of Dubai into the top five cities in the world favored by dollar billionaires. Subject to the specified rating Dubai has stayed ahead of major cities such as Los Angeles, Paris, Geneva and Zurich.
Dubai accommodates more than eight thousand wealthiest people from all over the world as a second place of residence. Owing to such statistics, Dubai has achieved a leading position in the rating of New World Wealth agency.
Top five in New World Wealth rating below:
- London - 22 300 foreign billionaires;
- New York - 17 400 foreign billionaires;
- Hong Kong - 14 800 foreign billionaires;
- Singapore - 11 200 foreign billionaires;
- Dubai - 8 200 foreign billionaires.
Rating’s defining criterions:
- Millionaire - a person whose personal fortune is over one million dollars;
- Billionaire - a person whose financial assets exceed ten million dollars.
The majority of wealthy people moving into the country come from China, Russia, Middle East countries and India.
Let’s investigate the reasons for that phenomenal appeal of Dubai to representatives of the world’s financial elite.
Tax policy of Dubai
There is no secret that a tax system has always been the main financial source of income for a state. However, the Emirates are known for its free tax policy with regard to income or corporate taxes. It should be noted that the Emirates have some of the highest GDP per capita. Local laws exclude tax burden for both legal persons and individuals.
Corporate taxes are paid only by companies coming from banking, oil and gas sectors of the economy.
In addition, international treaties with many foreign countries are currently applicable in the Emirates. Such treaties allow businesses and entrepreneurs to avoid double taxation, thereby increasing efficiency and profitability.
Thus, the main feature of the tax policy of Dubai is the absence of governmental fees, which, in turn, is beneficial for people with substantial financial assets.
Geographic and climatic advantages of Dubai
The geographic location of the Emirates provides a number of advantages for persons residing and doing business there. Convenient location in the center and equal distance to all world’s capitals allow for easy travelling in any direction. Taking into account the modern transport and passenger infrastructure of Dubai, you can reach any world’s destination, at any time of the day without any problem.
The climatic conditions of Dubai shall also be mentioned with its 365 sunny days a year. Dubai is known for its ideal climatic conditions for beach holidays, sky-blue waters of the Arabian Gulf and white sand of coastal zone which attracts visitors and tourists from all over the world, including wealthy people.
Dubai - Business Opportunities
Some of the main advantages of launching and developing profit yielding business in the UAE are the practices of creating special zones for free trade. The free zones have been created by the authorities of the Emirates to attract foreign capital.
It is possible to incorporate a company for foreign national without local sponsor. Furthermore, there are no restrictions relating to repatriation of capital and volume of investments. All companies operating in such zones enjoy customs and tax exemptions. The companies operating in free zones, may opt for simplified system of financial reporting and abstain from filing annual financial audit reports.
The legislature in Dubai has removed all restrictions related to generated income, volumes of transferred financial assets and exchange rates. The above factors attract representatives of the world's financial elite to the Emirate of Dubai, showing significant growth every year.
Needless to say, that a wide range of opportunities for starting and developing profit yielding business in Dubai has attracted businessmen and entrepreneurs from over the world. Any person owning substantial financial assets will not remain indifferent to the investment projects implemented in the United Arab Emirates. All the more so, the return on ambitious investment projects in Dubai has been proven attractive over time.
The lifestyle of Arabs and the policy of the state may be described as friendly to foreign nationals, constituting an important factor when choosing a country where to live. The United Arab Emirates is a home for representatives of almost all nationalities and religious confessions peacefully coexisting and prospering here. This is facilitated by a competent social policy and traditionally hospitable mentality of the Arabs.
The stable policy of the state and the ideal infrastructure, low crime rate and possibility of enjoying luxury leisure, convenient infrastructure facilities and record holding establishments, constitute just a small part of what attracts billionaires and wealthy representatives of the global business community to Dubai.
Dubai is described as a pearl of the Gulf, a modern fairy tale inspired by oriental impulse. Here, the centuries-old culture and ultramodern buildings and skyscrapers form an exciting balance. You can rest assured that everyone will find here something to enjoy, and will wholeheartedly appreciate this city.