I'm done paying crazy taxes (How to shift to Dubai?) | Akshat Shrivastava - YouTube
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Personal Updates and Reasons for Setting up Businesses in the Middle East
- The speaker shares two personal updates: becoming a registered investment advisor in the Middle East and setting up two companies.
- The speaker clarifies that they are not leaving India and Goa is still their home.
- They mention that they have businesses in India and will continue to pay taxes there.
- The decision to set up businesses in the Middle East is based on their personal experience abroad and comparing it to the current situation in India.
- Reasons for setting up businesses in the Middle East include low taxes and ease of doing business.
- The speaker emphasizes that their decision is personal and not a recommendation for others.
Challenges of Operating Income Tax and Investment Options in India
- Operating income tax in India is high and affects individuals' earnings significantly.
- Limited options available for actively working individuals to minimize the impact of operating income tax.
- Shifting to low operating tax countries like UAE can be a viable option for some individuals.
- Networking opportunities and access to wealthy investors are greater in Dubai, making it an attractive choice for certain professions.
- Investment options in India are being negatively impacted, such as the increase in capital gains tax from 10% to 12.5% in the 2024 budget.
- Only 2% of the population pays direct income tax in India, putting a burden on this minority group.
- Restrictions on purchasing Bitcoin and other cryptocurrencies in India through regulated exchanges.
- In contrast, countries like UAE and Portugal have more favorable laws for cryptocurrency investments.
Tips for Shifting to Dubai and Establishing a Network
- Consider shifting your business to UAE for professional reasons.
- Cultivate a network in the Middle East to increase job opportunities.
- Attend special events and conferences in Dubai to establish touchpoints with professionals.
- Focus on building genuine wealth through hard work and high savings rates.
- Research and understand the setup process and regulations for starting a business in Dubai.
- Seek advice from people who have successfully secured jobs in Dubai or have been living there for several years.
- Understand that life in Dubai may not be easy, but hard work and perseverance can lead to success.
Options for settling in Dubai and the cons of shifting to Dubai.
- One option for settling in Dubai is to find internships, especially if you are a college student or at a master's or bachelor's level.
- Another option is to register a business in Dubai, but this can be costly due to high operating costs and compliance expenses.
- The third option is to take an investment route, such as buying real estate or making other investments worth 2 million dirhams or more, which can grant you a golden visa and the opportunity to live in Dubai.
- The cost of living in Dubai can be higher than in India, so it's important to consider the financial implications before making the move.
Important Points to Consider before Moving to Dubai
- Salaries for white-collar jobs at managerial level are good and tax-free.
- The cost of living in Dubai is high.
- The weather can be extremely hot during certain months.
- Personal preference for the Middle East should be considered.
- Other countries offer similar options for lower taxes, such as Malta or living in Portugal.
- Be aware of job scams and ensure all processes are done legally.
- Consider investment options and the current global taxation trend.
- Geographical diversification of investments is important.
- INR and other currencies may be depreciating, so it's crucial to plan for options.
- Consider the potential for future increases in taxes, such as the recent increase in NTCG from 10% to 12.5%.
Conclusion and Next Steps
- Have backup options in place for any situation.
- This video provides a direction to help you decide your next steps.
- Your analysis and actions will determine your success.
- Thank you for watching and see you soon.
Considerations for Setting Up Businesses in the Middle East
- The speaker shares personal updates on becoming a registered investment advisor in the Middle East and setting up two companies.
- The speaker clarifies that they are not leaving India and that Goa is still their home.
- They mention that they have businesses in India and will continue to pay taxes there.
- The decision to set up businesses in the Middle East is based on personal experience abroad and a comparison of the current situation in India.
- Reasons for setting up businesses in the Middle East include low taxes and ease of doing business.
- The speaker emphasizes that their decision is personal and not a recommendation for others.
- Operating income tax in India is high and affects individuals' earnings significantly.
- Limited options are available for actively working individuals to minimize the impact of operating income tax.
- Shifting to low operating tax countries like UAE can be a viable option for some individuals.
- Networking opportunities and access to wealthy investors are greater in Dubai, making it an attractive choice for certain professions.
- Investment options in India are being negatively impacted, such as the increase in capital gains tax from 10% to 12.5% in the 2024 budget.