UAE

Short History: The region has had inhabitants as far back as 5,000 BC, emerging in the Neolithic Period. Throughout the centuries, the area has always been known for its influential trading activities in world affairs. Many settlers took advantage of the region’s trade expansion such as the Phoenicians and Greeks. With the development of Islamic religion and culture, the region found more stability and progress. 

For 150 years, the Portuguese controlled the area until the Ottoman Empire established its control. Overland trade as well as new shipping activities connect the region to the rest of the globe like never before. In 1971, seven sheikdoms came together to form the United Arab Emirates and agreed on the constitution. Trade and business carry on in the present-day, making the country one of the most globally connected modern nations. Abu Dhabi is the capital of the UAE and Dubai is an international travel hub and luxury destination. Both cities are known for being the best modern cities in the world today for world-class, new-age adventures.

Taxes: One of the most important factors for foreign investors when selecting the UAE as their choice of residence is the attractive tax policies. There is no income tax, property tax, capital gains tax, or inheritance tax. Other taxes, such as VAT and rental income tax, are low 5% rates. 

Many goods, including food and restaurants, are not taxed. For businesses, the UAE offers many tax advantages as well. There is no official corporate income tax in the country. Although each emirate has its own tax decree with rates up to 55%. Many of these are only enforced on business activities relating to oil, gas, and other natural gas production or extraction.

Advantages & Disadvantages: As a thriving economy, there are many rewarding opportunities for investors and entrepreneurs. However, there may be an adjustment period for some foreign nationals when experiencing a new culture for the first time. As religion plays a major role in the country, prayers and holiday observances could make for unusual business hours. 

One helpful feature of the country is the large number of expats and the wide usage of English to communicate. This can be useful as foreign investors navigate through bureaucracy and complex regulations. Most importantly, the UAE has a vibrant lifestyle and endless places to enjoy outside of working hours.

Languages: While the official language of the UAE is Arabic, a number of other languages can be found in daily life with the majority of residents being foreign nationals. These include Pashto, Balochi, Hindi, and Persian. English is also easily found throughout the country and in business activities.

Healthcare: While the UAE has a national healthcare program, foreign residents are not completely included. In order to receive residency, foreign nationals will need to show proof of insurance. If an employer does not sponsor a health card, a foreign national will need to apply for one regardless of private coverage. 

However, with the health card, foreign nationals will have the option to choose services at either public or private health institutions. Healthcare services can be quite expensive in the UAE but the quality is also the best in the world. With advanced technology and quality specialists, the UAE has quickly risen as a medical tourism destination.

Retirement: Since 2018, foreigners over the age of 55 are able to apply for a 5-year retirement visa (renewable) if they meet one of three requirements: 

• monthly income of ~5,400 USD (20,000 AED)
• savings of ~272,000 USD (1 million AED)
• real estate invest of at least ~545,000 USD (2 million AED)