What are the required characteristics of a “new Switzerland” in order to attract wealthy individuals ideally? For these individuals, there must be comprehensive advantages in such a place, with reference to the presence in the field as well as for personal and business interests:
- Advantageous tax regimes with low or no personal or corporate taxes as well as a 100% free repatriation without any limitations. Simplified company incorporations in Dubai and Ras al Khaimah.
- Strong bank secrecy without an agreement to exchange information with other countries, exempt from the financing of terrorism and drug trafficking.
- A safe, healthy and economic developed society with important resources, government cash reserves and long-term growth prospects.
- A rapidly expanding, stable and sufficiently capitalized banking sector
- The presence of stable local banks, independently of international banks, preferably without foreign subsidiaries outside the Gulf region
- A sophisticated banking system that allows every day, 24/7, online transfers and withdrawals of cash to do this without legal barriers
- A system that forbids unethical and / or high-risk activities such as gambling or pornography.
- No social trouble, extremely low crime, liberal religious freedom
- A wide range of world-class infrastructure such as marinas, entertainment, world-class shopping, a developed road network, etc.
- A real economic and financial center with high activity (not to be compared with the offshore islands of the past – blacklisted by the OECD), a wide range of companies, such as adequate office space, developed infrastructure, industrial centers, opportunities to settle with little barriers and company incorporations to take place, both offshore company formation and business start-ups in free zones, as well as sufficient staff and managers at all levels of employment
- A world-leading health system
- A good range of first-class international schools and universities
- A sophisticated telecommunications system
- A flight connection network that reaches the largest cities in the world as well as 2/3 of mankind in approximately less than 8 hours.
- An advantageous time zone
- Climatic conditions that enable a good life throughout the year. No natural disasters, stable weather conditions.
- Decisive: A political system with a strong leadership that has the power to make decisions quickly and effectively implement measures without being confronted with political obstacles and a system that exercises “self-restraint” and control, so overuse and abuse is prevented .
- Is used only by people who pursue reputable local business and personal interests
- That has strict statutory provisions for combating money laundering with rigorous methods for testing the due diligence (know your costumer)
In which country all these properties do so too?
The United Arab Emirates
At the core point is Dubai, as the only state that satisfies all of the characteristics listed above. Virtually all international offshore centers are under massive pressure and dried by legal changes, restrictions, up to the ban. Exceptions are always the United Arab Emirates. The UAE are under no pressure from the outside, neither the U.S. nor the EU and are politically untouchable. America is one of the biggest allies of the UAE, they do not open American accounts though. This excludes from the beginning that American black money flows into UAE banks.
Success is partly measured in the growth of population and the gross domestic product.
- 2003: 3.55 million inhabitants
- 2013: 5.7 million inhabitants. Gross domestic product increased per capita since
- 2003: from USD 35,000 to USD 67,000, which represents an increase of almost 90%.
Swiss Financial Yard AG, headquartered in Switzerland and Dubai consists of experts in the field of company incorporation and opening of accounts in Dubai and predicts a significant increase of account openings and company formations in Dubai and the increased displacement of the physical residence of persons to Dubai, although these are not necessarily permanently residents throughout the year, but rather transfer their private headquarters to Dubai or the surrounding emirates such as Abu Dhabi. Despite many efforts to prevent tax avoidance by countries with very high taxes Swiss Financial Yard, located in Zug, expects a continuing strengthening of the trend towards the use of popular states.
The holding companies of the UAE (Dubai) will be used in extensive dimensions (as well as other UAE corporate structures) to ensure that cash holdings are stored safely and outside the EU.
Future of banking & information exchange
- Information about the beneficial owners can be exchanged fast, cross-border and globally without major obstacles.
- The opening of private bank accounts will be possible only in the country in which you are resident. In other countries (offshore) this will only be possible if you have a strong personal interest and relationship and also can prove this (eg, real estate). Of course for the rich people there are allways solutions.
- In the future private bank accounts abroad will only be possible if the holder of the account lives in the country and / or has property and / or entrepreneurial backgrounds (own business in the country). Compared to this e.g. the UAE currently have the advantage of investor visas for entrepreneurs, in free trade zones. Swiss Financial Yard is based incorporates such Free Zone Enteties, accepting such an investor visa (permanent residence).
- The opening of corporate accounts will be possible only in the country in which they have their residence. In other countries, this will be possible ONLY if there have personal interests and can be proved (such as a branch or other establishment)
- Note: In order to achieve permanent tax benefits, discretion and security, local businesses must establish either independent companies or branches established in a “low-tax country” in order to make transactions and to hold assets or secure.
A society of this kind must have commercial and economic substance. As an example Dubai and Ras al Khaimah – Free Zones, which are tax resident for purposes of double taxation agreements and which are not shell companies that have premises or at least a presence in the form of “flexi-offices” with full contact information (e-mail, phones, etc.)
Have a complete management and control
People who live in a country with a high tax burden or otherwise unpleasant countries, is the only option for securing your assets and avoid high tax assets, inheritance taxes and other personal taxes the transfer of private residence in another country with more favorable conditions, as an example of Dubai.