Dubai Day 3 Some Thoughts It All Comes Back To Taxes
Today is basically the last day in Dubai due to flying out tomorrow and not having achieved everything I set out to achieve there are mixed feelings. The options are open and this is not a dead end and is now added to all the other banking options I have open. Tax free haven whether it is Isle Of Man or Dubai so we shall see over the next month or two.
The weather in Dubai is not exactly pleasant as I do not appreciate such intense heat and humidity. In South Africa we tend to hit 40 degrees on the odd occasion, but not expecting this kind of temperature every day. I love being outdoors and this morning we went down to the beach and pool area only to find the sea water warmer than the swimming pool. Both were like a mild bath water temperature and definitely not refreshing.
These photos were taken directly after breakfast and the 30 minute walk was enough in the heat. It is of no surprise the beach gets busier at sunset once the sun has disappeared and the place starts to cool down. You could swim at midnight here and the water would be still like swimming in pee.
Just check how developed this place is and they are not done yet having counted more tan 50 cranes on our drive yesterday and stopped counting. Those buildings in the far distance would be a good 30 minute drive here and why nowhere is close. I had no idea Dubai was so big and the scary part when you look at the skyline you see 3 cities and at some point in the future this will become one huge connected city.
Our hotel is the one in the center and this is not a small building having 25 floors with my room being on the 21st. When you compare the hotel to all the others you can possibly expect it will be demolished at some point and made much bigger because they could double the size.
Dubai was never on my bucket list of places to visit and I am glad I have now as it is not a place I would come back to unless I need to open the bank account. Unfortunately that will require a slightly longer trip if that is the case and need to think this through thoroughly without being rushed.
Each banking offshore scenario ties up money whether it is the Isle Of Man which is 100K GBP being the minimum balance. Barclays offers another account that only costs 75K GBP and that is still a lot of money. Dubai wanted $500K and I negotiated them down to $60K by opening an investment plan and this is what I have to work through and see which is the right plan for me. If I had 75K GBP lying around I would most likely take that option so I shall wait and see what the crypto Gods give us in the this market cycle because all it would take is a stonking 3 months bringing an end to this cycle and the account in a tax haven would be a must have due to tax implications.
Posted Using INLEO
I guess you have to be taking really good gains to justify these kinds of investments in order to avoid taxes...
Yes. My entire crypto portfolio is made form 0 and is 100% profit.
Remember this „bathtub“ water when I was in Dubai 20 years ago. It was nothing refreshing at all. 🫤
Do you have to live there to use their banks? That hot weather would be hard to get used to. I didn't see the pictures. I will look at your other posts.(edit) Never mind, they were not showing on my Inleo. Cool pictures, Bro!
No you don't and for you it would be easy unlike myself having to do extra things due to SA's bad name. I am apparently a high risk due to criminal elements laundering cash ie the government ministers. There is no used to getting to this weather it is madness.
The hotel building does put into perspective how buildings beside it are built around there, great use of space, especially for commercial purposes. I possibly wouldn't want to live there just because of the weather, it's a bit extreme for me. Fingers crossed on the crypto gods blessing us with bountiful gains in the upcoming months :)
The weather is not pleasant and last month it was hotter touching 50 degrees with a humidity temp of 56 which is not healthy. I could never live here and yes we need the Crypto Gods to be generous this cycle.
The temperature is very hot to live with
Yes very unpleasant and why people spend more time indoors with the air-conditioning.
@cryptoandcoffee, I really enjoyed this frank. Nice photos and an honest read — appreciated.
I hope the crypto gods would also remember a micro investor like me.
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I'm sorry you were unable to complete everything you hoped for.
I would never be able to stand heat like you describe.
That water vehicle looks pretty fun. People come up with the craziest ideas.
It actually turned out fine in the end as I have 2 weeks to sort an alternative bank account which will be temporary and not long term. I am undecided what route to take right now and depends on this crypto market what it does later this year or early next year. If it is a huge or a decent pump then I will most likely go for Dubai as it is a tax haven with no questions asked and by then I would have negotiated a better deal with the bank. I took them down from $500K to $60K over 5 years so I think I can improve on this.