Modern metropolis of Dubai in the United Arab Emirates constitutes an international business center, where representatives of more than two hundred countries live and work. Therefore, practically all countries are represented in Dubai, whereas representatives of different nationalities, religion and cultures are closely interrelated here.
The Emirate of Dubai in international arena
The world's largest banking group HSBC carried out worldwide survey. The main issues of social research were the factors that attract residents of foreign countries to Dubai, UAE.
It should be noted that the United Arab Emirates and particularly Dubai surely occupy leading position in the list of countries that are most attractive for expats and business people. The United Arab Emirates took the 16th place subject to international rating of 2013 Expat Economics, which was prepared by HSBC banking group, based on the social survey.
Key factors that influence the choice when opting for the United Arab Emirates according to the rating are as follows:
- High level of earnings - more than 70% of the respondents answered that wages in the United Arab Emirates are much higher than in the home country. This figure among those who reside and work abroad, accounted for more than 54%;
- Sustainable and stable status of national economy - about 80% of foreign national respondents acknowledged that the economy of the United Arab Emirates shows stability and strong growth;
- Favorable tax climate and no tax payments - about 60% of foreign nationals have decided to live and work in the United Arab Emirates, thanks to friendly tax regime. It is worth noting that not more than 27% of persons interviewed in the world are happy with taxation conditions in the homeland;
- Prospects and opportunities for relevant career growth - 60% of young people (18-35 years), believe that the work in the United Arab Emirates provides great opportunities for professional development and career growth. In average, about 36% of young people surveyed around the world admit that is easier to build a career abroad;
- Excellent conditions for children's education and upbringing – although there is an opinion in the world that education in the United Arab Emirates is "expensive" privilege, more than 70% of respondents believe that the best environment for raising children and children's education is in the United Arab Emirates. Thus 57% of parents recognize that children in the Emirates will live comfortably. It should be noted that subject to this indicator the Emirates holds 13th position in international ranking which confirms high degree of confidence in this country;
- Annual increase in quality of life - around 60% of respondents agreed that life in the United Arab Emirates is becoming more attractive each year.
Economic crises, or tax appeal
It is natural for human nature to look all over the planet for the most comfortable place of residence. It is impossible to find ideal place and it is left to choose the most suitable option that meets most of the requirements.
Currently, it is well known that the world economy has undergone major changes and re-evaluation of economic and political priorities. Even in current world there are armed conflicts and other negative implications of international diplomacy. Europe is affected by financial crises, leading to higher unemployment and increase in tax burden in order to meet the budget needs. This state of things makes the jurisdiction that provides optimization of tax payments particularly attractive and popular.
Political and economic stability is the main reason for increase and inflow into the local market of substantial foreign investment, which in turn contributes to further economic growth of the country.
Residing in Dubai assumes high standard of living and a number of additional benefits including:
- Minimum level of crime;
- Tax exemptions;
- Development of almost all market segments and absence of unemployment;
- Active construction in private residential sector;
- Good climatic conditions;
- Modern infrastructure in all economic sectors.
Current laws in the Emirates, and regulations enacted by authorities are aimed at protecting rights and lawful interests of nationals and businessmen working in the region. The main principle of public policy is economic growth and creation of friendly conditions for work and residence. The authorities of the United Arab Emirates provide residents of the country with sense of safety and confidence in the future.