UAE is on European Commission blacklist

[A1988]

Correct me if I am wrong, but the Malta non-dom 5k a year scheme only works for two years, from what I read. After that, you are considered an “ordinary resident”. I don't know whether this is actively enforced, though. Glad you chose Malta and very interesting reading about your activities regarding the UAE, I feel somewhat vindicated as I was expecting this to happen to the UAE eventually.


I have been told the same.


Funnily enough, I recently met an Indian doctor working and living in the UK who was from Goa. He told me that when he had made enough money, he would go back to Goa with his family.

I am glad my experience and opinions have been helpful to you in the present and hope it will help you to organize your future strategy.

I spoke to a very good lawyer in Malta, he said non dom status does not have a time-limit unless I become a naturalised citizen of Malta which I don't want to be. I can bring my capital tax free into Malta, I have to pay 5k minimum tax per year and I can make as much as I want outside Malta. For companies also they have non dom, basically if a holding company outside Malta owns the Malta operating company I can effectively pay 0-5% if structured well. I liked the people in Malta as compared to dubai, the weather is more liveable all year round, nice beaches and way more reasonable cost of living as compared to dubai, close to italy also which is a big plus for me.

Lastly, yes goa is a hidden gem maybe the best place to live in Asia, I was able to have a maid plus driver for a small sum and they were really grateful to me and were the best in terms of work ethic. I loved the beaches and the cafe's there and the price to quality ratio was unmatched, I was able to find decent Italian wine there too. I will probably not live there but yes depending on the options on the table I would definitely consider it for the weather and services. Goodluck

 

[Marzio]

I can bring my capital tax free into Malta, I have to pay 5k minimum tax per year and I can make as much as I want outside Malta.

Can you create a separate thread where you elaborate on this setup? If i understand correctly you will be managing a FZ company from Malta, is that correct?

 

[A1988]

Can you create a separate thread where you elaborate on this setup? If i understand correctly you will be managing a FZ company from Malta, is that correct?

Hi Marzio, glad to hear from you, you mean a FZ company in dubai which is managed in Malta? I have a FZ company in dubai which I will be shutting down due to the recent developments with corporate tax and my personal bank account in UAE.

I was suggested a holding company in Cyprus, UK or Estonia which will own the Maltese operating company, I have the opportunity to pay 0-5% corporate tax and 0% capital gains. The dividend and capital gains will not be taxed if I bring them in the following tax year. I will have my patents also registered in the holding company. Its the same non dom for company and personal taxation scheme that you mentioned in the precious thread to me, thankyou for the suggestion.

 

[Marzio]

I was suggested a holding company in Cyprus, UK or Estonia which will own the Maltese operating company, I have the opportunity to pay 0-5% corporate tax and 0% capital gains.

Ok i misunderstood the setup

Its the same non dom for company and personal taxation scheme that you mentioned in the precious thread to me, thankyou for the suggestion.

Glad that you found my ramblings useful

 

[jafo]

Hard times for UAE, unfortunately. But there are some workarounds!

For example?

PS. If you can't answer publicly, how can we dicuss?

 

[drumtraks]

I have a FZ company in dubai which I will be shutting down due to the recent developments with corporate tax

How is your FZ company being affected by CIT?

 

[Fred]

How is your FZ company being affected by CIT?

Not at all.

 

[A1988]

How is your FZ company being affected by CIT?

Well well, do i need to say more on dubai and FZ company in Dubai? A very wise billionaire once told me ' The difference between someone who has 100k, 1 million, 100 million and 1 billion in their bank account is not because they are smarter but they can understand the conflict of interest they have with their RESPECTIVE ADVISOR / LAWYER/ SERVICE PROVIDER'.

 

[sergeylim88]

@A1988 what structure did you end up choosing?
will it be cyprus holding, and malta operating company?
will you be using bank account in malta for the malta company(clients will pay you there)?

in one other post of your you mentioned this:

Dividends received in Malta is tax free or non dom basis will reduce my tax bill significantly and allows me 0% on sale of my company, money realised is not remitted into malta

can you explain me the part that money realised is not remitted into malta.
i don't quite understand it.

this is how i see it:
- malta company earns money and charger clients (money goes to malta company account (probably in malta))
- malta company pays dividend to it's owner (cyprus holding to their cyprus bank account)
- cyprus holding pays dividends to its owner(you personally)

where does cyprus holding pay money to? can it be in your maltese personal account, or has to be outside the malta?

 

[JohnLocke]

For example?

PS. If you can't answer publicly, how can we dicuss?

You can simply PM / DM him that would be the first step

 

[A1988]

@A1988 what structure did you end up choosing?
will it be cyprus holding, and malta operating company?
will you be using bank account in malta for the malta company(clients will pay you there)?

in one other post of your you mentioned this:



can you explain me the part that money realised is not remitted into malta.
i don't quite understand it.

this is how i see it:
- malta company earns money and charger clients (money goes to malta company account (probably in malta))
- malta company pays dividend to it's owner (cyprus holding to their cyprus bank account)
- cyprus holding pays dividends to its owner(you personally)

where does cyprus holding pay money to? can it be in your maltese personal account, or has to be outside the malta?

Hi, I have not yet finalised any structure yet but yes i am inclined towards cyprus holding company (holding company and owner of the patents) which allows me to pay 2.5% on qualifying income and 0 capital gains.

Personal tax residency in a country with non domicile regime allows you to pay tax on only the income you bring into the country and not on your worldwide income, there are some caveats but I have all of that figured out. Malta is a consideration yes, but its difficult to leave italy and have the same standard of living and quality of life, but yes i will have to do it in the short run but not yet sure where, but yes i am more sure on cyprus to have my holding company.

As far as dubai is concerned, I will pay less than half in taxes and live in a place which has better weather all year round, have a more reasonable cost of living, be more closer to europe, my kids can criticise and do whatever they want and be treated as equal and not second class citizens, have more freedom, be less surveyed, enjoy the summers and hopefully have a better future.

 

[Marzio]

i am inclined towards cyprus holding company (holding company and owner of the patents) which allows me to pay 2.5% on qualifying income

You'll pay 2.5% on internally developed and acquired intellectual property but if assets were developed before moving to CY i don't think you'll get access to the 2.5% tax regime simply because there is no R&D expenditure in CY

Cyprus IP Box Regime - Intellectual Property Law - Taxes and Accounting

CYPRUS IP BOX REGIME - discover more about Intellectual Property Law and Nexus Fraction in Cyprus to start boosting your company business

ipbox.cy

 

[A1988]

You'll pay 2.5% on internally developed and acquired intellectual property but if assets were developed before moving to CY i don't think you'll get access to the 2.5% tax regime simply because there is no R&D expenditure in CY

Cyprus IP Box Regime - Intellectual Property Law - Taxes and Accounting

CYPRUS IP BOX REGIME - discover more about Intellectual Property Law and Nexus Fraction in Cyprus to start boosting your company business

ipbox.cy

Is there a better jurisdiction than Malta or cyprus for holding company for IP?