Dubai — the possible alternative to Monaco.
People are always on the search for the best place to live, which is impossible to find. Hence, all that’s left is to look for places resembling it. Not that long ago, Monaco was amongst a few countries that was deemed to be the perfect place. Why? The climate and the proximity to all major economies of Europe. The time, however, goes by, and everything changes in this world.
The last economic crisis, which has been lingering on until the present day, and presumably also won’t change anything for the better for the European economies, has reshuffled power priorities and preferences for the countries, including the ones with low tax policies.
When making a short review on the existing situation in such countries as Monaco and Emirates, such comparison illustrates the clear advantages of the Emirates on a number of criteria as the best place to live. The negative consequences of the crisis in Europe, as yet, have not ceased to reverberate through European economies. The soaring unemployment and taxes, companies bankruptcies, production decline are just a few severe consequences left by the befallen economic crisis.
European governments keeps on putting tax strain on wealthy people, thus, impelling them to leave and move their wealth into other places such as Dubai, the United Arab Emirates, where there is a perfect business environment and taxes are simply absent.
The adverse situation in Europe hasn’t let Monaco slide away unscathed either. The property prices in that tiny state have long been way above and beyond, which makes Monaco unattractive in terms of investment. The companies are obliged to pay corporate tax of 33% after 5 years of business. Within the first five years the taxes are paid on the increasing slide scale. And what about the mutual agreement between Monaco and EU on exchanging information about tax payers? Also in place – currently, Monaco has signed 24 agreements on tax information exchange.
Employing personnel in Monaco is linked to certain expenses which amount to 35% from the salary of an employee. That is quite a burden for the company in addition to extremely high office rents and property prices. Therefore, based on the above, we can ask ourselves the question: Why do I need all this, for I simply waste lots of money while chasing the imaginary luxury that is wasteful for my well-being.
You may think in favor of Monaco’s climate?
Well, in fact, the unquestionably pleasant late spring is followed by a hot summer and masses of tourists and the pleasant early fall is followed by an arguably warm winter. Indeed, if you ask some of your acquaintances who live in Monaco about its climate, you will learn that they have all the joys of having to endure the depressing winter weather with its gusty, squealing winds and rainfalls. This is the “pleasant” reality well known to the ones living in Monaco.
Hence, the next logical question arises as to where that best place to live for high-net-worth individuals is? The logical answer: the Emirates.
Why? Well, you be the judge. Considering all the aforementioned, it is all quite the opposite in Dubai.
- no unemployment.
- no taxes.
- no evidence of companies going bust in large numbers, on the contrary, its number rises annually.
- the properties prices are on rise with the large growth potential.
- average temperature in winter, spring and autumn is 25 Celsius.
- 5 hours flight from Europe.
Hence, another logical question arises: why not living in Dubai, and spending in summer 2-3 moth in, for example, Monaco for the money, not given away for taxes, social expenses and exorbitant rents. There is no need to overcome all the obstacles mentioned above, whereas it is much simpler to swap places for business and leisure, rather than trying to link together the unlinkable.
There is a wise saying: everything what you need shall be not hard to get and everything what is hard to get is needless. If you follow those words, that are, as a matter of fact, conducive to making the right decision, you might still have one stone unturned. The costs issue!
Dubai’s advantages are beyond compare, unlike having to bear the burden of taxes and huge expenses on business and settling down in Monaco. As for the luxury and the quality of life, Dubai is absolutely unique, simply because there are lots and lots of best of the best!
So why wasting all the hard-earned wealth? You can simply live in Dubai and get both, a tax free business and a warm winter, spring and autumn, whereby you can still spend your summer in, for example, Monaco! Unlike in Europe, there are undeniably huge benefits in Dubai.
The investment appeal in Dubai is driven by:
no taxes, rise in property prices whereby there is a large further potential for its growth means you can not only safeguard your capital, but also multiply it. The property rental yields is 6% annually, whereby the rents keep growing and there are no taxes, so, unlike in Europe, it’s a net profit. Short-term property rent yield is up to 8-9% annually, which is again a net profit.
The popularity and recognition of Dubai as the best place to live, is growing and the higher taxes are in Europe, the more attractive Dubai actually is. As for the influx of foreign property investors, so the number has increased noticeably last year. The quality of life in Dubai can be seen as very comfortable. The extent of life-style objects in Dubai surpasses places like Monaco owing to sheer lack of territory in the tiny state, where dynamic lifestyle is concentrated on one main street only.
So, how is Dubai different, you may ask? Well, you have got high quality spas, beauty salons, gyms, schools and shops literally at your own home. Golf resorts, polo clubs, horse racing, yachts, sports car racing, helicopters, exclusive clubs, ongoing fashion and music shows with world stars, international exhibitions and fairs in all industries — it’s all here in the Emirates.
And what about shopping therapy? Well, Dubai is like a treasure trove, a gold mine if you like for that admittedly very important part of our lives!
Surely, you can’t ski in Monaco in summer…. you can in Dubai!)) Well, all levity aside, the most important issue in UAE is its highest level of safety in the world. So, obviously it is clear as day, that the only answer to the «Where is the best place to live?» question is the Emirates, Dubai!
source of article – www.dubai-vip-voyage.com