Why Dubai? (cont'd)
In recent years Dubai has enjoyed a continuing boom in the real
estate sector, with investments been committed on an
unprecedented scale. Developments include a number of iconic
projects, such as the Burj Dubai, billed as the world’s tallest
building. In addition there is continued development of hotel,
leisure and retail facilities; all of which have led to fast-paced
growth in related sectors. The landmark “Property Law” which
grants “freehold” rights to expatriates in designated areas has
driven development of the residential and commercial sectors, with
banks and financial institutions developing a number of finance
products.
Dubai currently only imposes taxes on oil & gas and petrochemical producing companies at rates set forth in their government concession agreements, and foreign banks at rates fixed with the Ruler’s Office. There is zero income tax, and there is no restriction on repatriation of funds to other countries. Residents and visitors alike are indirectly taxed through a Municipal Tax that is levied on hotel services, and business & residential property rentals.
A major factor in attracting foreign investment has been Dubai’s easy and tolerant lifestyle, unlike many areas in the Middle East. The local attitude towards women is quite liberal, and both local and foreign women are encouraged to participate in business. Alcohol is permitted subject to certain rules, and world-class leisure facilities attract a growing number of tourists from all over the world. The standard of living in Dubai is relatively high, and the Emirate is clean and virtually crime free, with most modern amenities.
