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Income tax payable anywhere ?

Discussion in 'Buying Overseas Property' started by austin, Sep 12, 2006.

  1. austin

    austin New Member

    Hi all,
    Since we don't need to pay income tax when working in Dubai is it taxable by our native country if we bring our money out to our native country when we leave Dubai ? Is there any exemption if we invest the money in buying property?
    Thanks
     
  2. nelson

    nelson New Member

    Hello Austin,
    I heard recently if you are a resident of Dubai, you don?t have to pay tax, however depending on how long you have been outside UK you could still be classed as a resident and then taxed. I think it is 5 years being outside UK, but could be wrong on that. Personally would get a bank account in Dubai and credit card and use it when you go back, in that way the authorities don?t necessarily know what you are spending. Be careful in UK now as from October 2003 lawyers, accountants etc etc are by law to inform the authorities if they think you are avoiding tax.......I wouldn?t take the money back into the UK system if I was you. Be careful also of offshore accounts now as again they are in touch with home countries and nowadays again they are obliged to inform your authorities, they are tightening up on money laundering and tax evasion especially in the UK......be very careful. Talk to a tax consultant before making any decisions that is up to date on the current laws especially UK.

    That?s my two pence worth.
    Warm Regards
     
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