Though there are many different places to thrive and live well in around the world, some places are much more notable than others. Specifically, when it comparing what some countries have to offer to the citizens that reside in these areas. In some situations, gaining citizenships will not only be meaningful to the individual but also very beneficial to their profitability. One of the most coveted around the world is Dubai. Dubai is not only one of the most beautiful places to live in, it is also a great place to conduct various kinds of business relationships too. This is one of the top reasons why the Dubai government has opened up opportunities for citizenship for those who are looking to become an investor in UAE’s thriving economy. In fact, based on the information that has been supplied about this area, this is considered to be the ideal time to become a part of this major trading hub. Having said that, here are some of the top benefits of gaining citizenship through investing.
- No Personal Income Tax Requirements and Citizenship-by-Investment — NGE
In some countries, the citizens cannot reside in these locations without having to pay some form of taxes on an annual basis. This type of tax is based on the individual’s income and it is imposed by the government as a part of fulfilling the laws of the land. This tax is required annually by 4/15th of each year or the individual can be penalized for not being compliant or adhering to the laws of the land. Fortunately, if you are deciding to move or reside in the area, as an investor, the requirement of paying personal income taxes is not on the government’s books. Instead, people who become citizens in the United Arab Emirates are not required to pay personal income tax when they reside there.
- No Corporation Tax — NGE
Another great benefit to living in the United Arab Emirates as a citizen who has gained citizenship through investments is the fact that these companies are not required to pay a corporation tax. Unlike the U.S. and other countries, corporate taxes are not a requirement for conducting corporate business in this area.
- No Property or Capital Gains Tax and Citizenship-by-Investment
Buying property in the U.S. and some other countries can help people to gain a great competitive edge when they are looking to buy property in the U.S. However, when making these purchases, it is very important to note that purchases may not come without having to pay a hefty price from these sales. For instance, the U.S. government requires its citizens to pay a considerable amount in taxes, based on the type of property that has been purchased. Fortunately, when people gain access to the United Arab Emirates through investments, no property taxes of capital gains is a part of the package. On the other hand, if you are buying property in this country, you are not required to pay any property taxes on these purchases.
- The Right to live and work in the UAE
Citizens who gain citizenships through investments are not only allowed to live in this area, they can begin a career of working in this area too. So, this is also another advantage to changing citizenships for the family as well. Hence, people can move right in, apply for a job and secure it without having to look back or wait on being approved to work on Visa or the like. Again, unlike other countries like the U.S., the person may not be able to work at all or they need special paperwork in order to start working.