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A Closer Look: UAE retains title as world's top millionaire magnet

We hear from the business team's Aarti Nagraj

The National

June 20, 2024

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In A Closer Look, The National provides an in-depth take on one of the main stories of the week

The UAE is once again set to be the world's top magnet for wealth.

A record 6,700 millionaires are expected to move to the Emirates this year alone, according to recent analysis.

It's the third year in a row that the UAE has topped the list, due to the lifestyle on offer, as well as the growth potential for businesses.

The tax environment and the impact of the golden visa are also important factors luring the wealthy to the Emirates.

Here, host Greg Tanner talks to The National's Aarti Nagraj about the countries that are attracting and losing the most millionaires, and the reasons for it.

Read more

UAE retains position as world's top wealth magnet for third year

Dubai ranked Middle East's wealthiest city with 72,500 millionaires

How to live like a millionaire in the UAE – in pictures

  • It costs at least Dh10,000 ($2,720) to rent a small yacht for seven to eight people, including food and drink. Bloomberg
    It costs at least Dh10,000 ($2,720) to rent a small yacht for seven to eight people, including food and drink. Bloomberg
  • A private helicopter ride for four people between Dubai and Abu Dhabi costs Dh35,000 on average, according to booking platform Online-Dubai. Photo: Alpha Tours
    A private helicopter ride for four people between Dubai and Abu Dhabi costs Dh35,000 on average, according to booking platform Online-Dubai. Photo: Alpha Tours
  • You can go skydiving in Dubai for between Dh1,800 and D1,900. Photo: Skydive Dubai
    You can go skydiving in Dubai for between Dh1,800 and D1,900. Photo: Skydive Dubai
  • It costs around Dh100,000 to charter a private eight-seater flight one way to Mumbai, according to bnbme Holiday Homes. Getty Images
    It costs around Dh100,000 to charter a private eight-seater flight one way to Mumbai, according to bnbme Holiday Homes. Getty Images
  • Those with an ultra-high net worth are willing to spend money on hiring specialists to avoid the inconveniences of daily life. Getty Images
    Those with an ultra-high net worth are willing to spend money on hiring specialists to avoid the inconveniences of daily life. Getty Images
  • You can hire limousine airport pickups for Dh600, but the service needs to be booked for a minimum of four hours. Getty Images
    You can hire limousine airport pickups for Dh600, but the service needs to be booked for a minimum of four hours. Getty Images
Scoreline

Arsenal 0 Manchester City 3

  • Agüero 18'
  • Kompany 58'
  • Silva 65'
Tour de France

When: July 7-29

UAE Team Emirates:
Dan Martin, Alexander Kristoff, Darwin Atapuma, Marco Marcato, Kristijan Durasek, Oliviero Troia, Roberto Ferrari and Rory Sutherland

Punchy appearance

Roars of support buoyed Mr Johnson in an extremely confident and combative appearance

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

EU Russia

The EU imports 90 per cent  of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40 per cent of EU gas and a quarter of its oil. 

While you're here
In-demand jobs and monthly salaries
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The specs

Engine: 2.0-litre four-cylinder turbo

Power: 178hp at 5,500rpm

Torque: 280Nm at 1,350-4,200rpm

Transmission: seven-speed dual-clutch auto

Price: from Dh209,000 

On sale: now

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

 

 

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Specs

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Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
Updated: June 22, 2024, 3:54 AM
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