In our chaotic Covid world where global leaders seem incapable of working together once again, Dubai seems to be showing us the future after Covid.
Dubai is one of the first countries to open up and is focusing on new initiatives to boost its economy to add to older laws which make it one of the more attractive bases for expats, global nomads and International business.
Like all economies Dubai has been a big loser due to its heavy reliance on tourism and business travel. To jump start the economy it has opened up early yet still managed to contain the Covid outbreak.
This week it announced a new visa to encourage those who can work remotely to come and live in Dubai.
This is a great idea as it is affordable and will encourage many who have realized they can work remotely to consider this option.
1. Dubai now offers a great quality lifestyle, fantastic infrastructure, security and a stable and predictable political system.
The new initiative is designed to encourage people of all nationalities and religions who earn a reasonable income and are able to work remotely to consider Dubai as their tax base.
2. Becoming resident in Dubai can save individuals tax and provide a better quality of life for them and their family.
This route enables you to come to Dubai without the need to be sponsored by a company or set up your own business.Ultimately Dubai is doing this to encourage people to come and buy property in Dubai and spend money in restaurants and schools to boost their economy.
3. The success of DIFC has helped Dubai to further strengthen its position in the region as a first class business and economic hub for the Middle East, Africa and South Asia.
Over the past 40 years Dubai has been the fastest growing city in the world and has continuously been able to reinvent itself after various crisis’s. A key innovator for Dubai was the launch in 2004 of the ‘Dubai International Financial Centre’ [DIFC]
The DIFC has accelerated positive change and is now recognized as one of the top 10 Global Financial Centres. The success of DIFC has helped Dubai to further strengthen its position in the region as a first class business and economic hub for the Middle East, Africa and South Asia.
Early expats who worked and made home in the UAE were often left to deal with the complications of ‘sharia law’. These problems often occurred when an expat died in the UAE as assets they owned in the UAE were covered by ‘sharia law’. This at times also meant that guardianship of the children could potentially become an issue and create additional stress for a surviving parent.
The launch of the DIFC Will in 2015 followed by a similar launch in Abu Dhabi was a ‘game changer’ for non muslim expats living in the UAE.
These changes in legislation driven by Dubai show how serious Dubai is to encourage expats, investors and retirees to move to Dubai and spend money.
For many years foreigners have been able to own their own properties and business in Dubai but the addition of the DIFC Will is one of the final pieces of the jigsaw to make Dubai one of the best places in the world to live and work.
The launch of the DIFC Will in 2015 gives expats certainty off planning in knowing that assets they own in the UAE can be easily transferred to their chosen beneficiaries without undue hassle or stress. This now means generations can stay in Dubai with the certainty of knowing how their assets can be passed on.
For those of you fed up with where you are and wanting to move somewhere forward thinking where you will find other like minded positive people, Dubai currently shines brightly.
The writer is a global nomad and businessman who has lived and experienced life in the UAE since 1983. He is a financial coach and Will writer who is a member of STEP.
Thinking about relocating to Dubai or other expat locations, get in touch with me today to ensure the best outcome and opportunities.