Dubai tax residency: the illusion sold by TikTok and OffshoreCorpTalk gurus

jafo said:

PS. This was Fred's quote to me back then 🙄:

For a standard UAE setup?

Paratore said:

For a standard UAE setup?

Yes

jafo said:

Yes

That seems to be a bit much for that.

Paratore said:

That seems to be a bit much for that.

Yes, in hindsight, knowing what I know today, it is. I just didn't know any better beginning 2019. It was my first encounter with the Dubai topic. Moreover, the Dubai "real estate/free zone marketing teams" were doing massive advertising on FB. I almost fell for the scam 🫣

Just saw this ad, they may have to change their wording a bit :D

I assume everyone here is making a pile of money on this nonsense. Nothing too fancy here, but just buying some dips. Maybe time to pick up a place in the UAE I can use to break up some of those long flights, depending on how bad the panic is.

JohnnyDoe said:

It’s called hotel room

My business in the region is particularly good these days. I’m passing through quite a bit. Actually trying to find a flight into Muscat so I can drive into the UAE now. It almost makes sense to buy something if there is enough of a panic discount. I can always sell it once the Iran thing resolves.

Paratore said:

My business in the region is particularly good these days. I’m passing through quite a bit. Actually trying to find a flight into Muscat so I can drive into the UAE now. It almost makes sense to buy something if there is enough of a panic discount. I can always sell it once the Iran thing resolves.

You are trying to catch a falling knife from the blade. And it is a rusted blade.
Stay in a hotel and invest the cash in some interest bearing instruments instead.

Marty McFly said:

You are trying to catch a falling knife from the blade. And it is a rusted blade.
Stay in a hotel and invest the cash in some interest bearing instruments instead.

UAE property has been on a tear for a couple of years. It’s overbought. There are a ton of crappy off-plans hitting the market this year and next, and everyone knows it. Iranian missiles hitting buildings seems like the right black swan to shove the property market over the cliff.

Long term, you aren’t running out of stupid people and social media influencers. The UK and Europe are not going to tax less. Neither Russia nor Ukraine are winning their war any time soon. Once this Iran thing inevitably resolves in a month or two you should have an Iran run by at least slightly lesser assholes and a much more stable regional environment, with local demand for property boosted by the rebuilding and reintegration of the Iranian economy (barring civil war).

We’ll see how things shake out as far as the speed and magnitude of property price declines. UAE isn’t a place I would live, but I’m in and out and through there a lot lately and can easily get a nomination for a visa if I wanted, so it’s a question of turning a profit on something I’d use for a couple of years. There’s a buy point that makes sense but it’s not there yet.

Someone stuck in Dubai just sent me this...

He knew I was planning to move there in 2019/2020, but thanks to you guys, I ditched that "unintellectual" plan:ROFLMAO:

He is sending me info on his house in Dubai he is trying to desperately sell to the next sucker 🤣

PS. I'm NOT helping him find ANY buyers (=read suckers), but it's best to keep the communication with him "civil" despite him asking me for help to do something uncivil... Some people are NOT into self-awareness...I guess 🤦:banghead:

jafo said:

Someone stuck in Dubai just sent me this...

He knew I was planning to move there in 2019/2020, but thanks to you guys, I ditched that "unintellectual" plan:ROFLMAO:

He is sending me info on his house in Dubai he is trying to desperately sell to the next sucker 🤣

PS. I'm NOT helping him find ANY buyers (=read suckers), but it's best to keep the communication with him "civil" despite him asking me for help to do something uncivil... Some people are NOT into self-awareness...I guess 🤦:banghead:

How desperate is he to sell?

Paratore said:

How desperate is he to sell?

Very desperate! He's trying to offload a $3M property (what he paid for) for $1M now. He's looking for a bigger sucker than him! 🤣

I will NOT enter into this conspiracy, though! 🤐🤐

JohnnyDoe said:

Out of curiosity, how long did it take for this smart and safe investment to go down 66%? (Actually 100%, because if there are no buyers for whatever you want to sell it means your money has vanished)

I second the question. Woof. In which year did he purchase and in which emirate is this?

JohnnyDoe said:

Out of curiosity, how long did it take for this smart and safe investment to go down 66%? (Actually 100%, because if there are no buyers for whatever you want to sell it means your money has vanished)

I had to ask him the dates just to confirm...
He moved to Dubai in January 2019. He started renting first.
He was a frequent business visitor of Dubai before that.
He cashed out most of his Bitcoins in 2023 to buy the house, cars, etc. Everything fully paid! $3.6M. 🤦

He was one of the most ardent proponents of Dubai I knew IRL.