Although there is a distinct absence of tax in the UAE, it pays to understand any potential liabilities prior to making the decision to purchase.
In common with most Middle Eastern states, the government of the UAE receives the vast majority of its revenue from oil and tax is not applicable. Expatriates living in the UAE and UAE nationals are all assessed in the same way, but it is important that, if you are an expatriate moving to the UAE, you review your finances with a well-qualified financial advisor.
The UAE is completely free of individual income tax; investment income tax; wealth tax; capital gains tax; inheritance and gift tax; property tax; stamp duty; transfer tax and VAT. Some of the emirates may charge some tax on certain luxury products, such as alcoholic drinks and cigarettes, when supplied to the hospitality industry.
As an expatriate, in order to manage your tax liability and/or control when tax charges are levied, you may wish to consider offshore investments and life products. Your independent financial adviser can help you maximise the financial benefits of your expatriate status as well as assess if offshore life products are the right ones for your individual circumstances.
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