More and more clients after opening their company in Dubai decide to move to the United Arab Emirates for a certain period of the year. The very hot climate all year round, high quality lifestyle and 4% crime attracts more and more demanding international customers.
A niche of people who have found Dubai a real landmark, although the cost of living in the tourist capital of the Persian Gulf is well above the European average.
This is because, compared to the cost of living (for example, monthly health insurance, which, being private, has a basic cost of about 150€ per month) one can take advantage of decidedly more significant benefits compared to other countries which are subject to exorbitant taxes and a low quality of life.
The KAUs provide clear services with certain timeframes, unlike other places in the rest of the world where the payment of basic services is accompanied by problems and delays, so that the service purchased is not provided.
That’s why moving to Dubai is the goal of investors from all over the world who no longer feel protected by their home countries both financially and in terms of lowering their quality of life globally.
The year 2020 for Falcon Advice and the offices of “Daniele Pescara Consultancy” marked the turning point with a 200% increase in requests for relocation / investment compared to the previous year, thanks to the period of COVID-19 which caused a deficit for SMEs in the Bel Paese of at least 7 billion euros.
Such is the estimate of the loss of turnover that at the national level the Italian craft enterprises have suffered in the period from 12 March to 13 April 2020. To do the accounts was the Office of Studies of the CGIA of Mestre (Source verified).
A concrete example of what it could mean to move to work in Dubai can be seen against the COVID-19 period just faced: while in Italy companies were closing, the United Arab Emirates were certainly not watching and put on the market through the central bank aid for a total of 25 billion USD, support, at zero interest, channelled through local credit institutions.
The reason is simple: the capital reserves held by the Emiratine banks exceeded and still exceeds the minimum requirement by far. In addition, the CBUAE has reduced the amount of capital that banks must hold for their loans to SMEs from 15 to 25%: this has greatly facilitated access to credit while remaining in line with the Basel Committee’s minimum standards.
Also decisive was the commendable initiative of the CBUAE, which for six months waived all fees charged for payment services provided to banks operating in the United Arab Emirates through its payment systems, with effect from 15 March 2020.
In addition, the government announced an incentive plan that includes a 20% refund of customs duties imposed on imported products sold locally in Dubai markets from March 15 to June 30.
The package also included the cancellation of the $12,500 bank guarantee required to undertake customs clearance activities. The bank guarantee or money paid by existing customs clearance companies was refunded.
The way in which the Emirate government has faced one of the biggest global crises in history is undoubtedly illustrative of what the benefits of moving to Dubai could be for investors, business people and healthy companies around the world.