#American Taxation Services Dubai

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How American Taxation Services Dubai Assist Expats with IRS Compliance

Expats living in Dubai face unique challenges when it comes to their tax obligations. For U.S. citizens, navigating the complexities of IRS compliance while living abroad can seem overwhelming. Thankfully, American taxation service Dubai offers specialized solutions to ensure that expats remain in good standing with the IRS. These services help U.S. citizens comply with U.S. tax laws, avoid penalties, and even take advantage of various tax benefits available to those living overseas.

In this comprehensive article, we explore how these services assist expats with IRS compliance, the various challenges they face, and the specific services offered to help them manage their U.S. tax responsibilities efficiently.

Understanding IRS Compliance for U.S. Expats in Dubai

Living in Dubai as an Expat Tax Services Canada brings many benefits, including a tax-free salary. However, this does not exempt U.S. citizens from filing taxes with the IRS. The U.S. tax system operates on a citizenship-based taxation principle, which means that U.S. citizens must report their global income, regardless of where they live. This requirement can be a daunting task for expats, who are often unfamiliar with the intricacies of international tax laws and the paperwork involved.

Filing Requirements for U.S. Expats

U.S. citizens and green card holders living in Dubai must file annual tax returns with the IRS. The key tax filing forms for U.S. expats include:

Form 1040 (U.S. Individual Income Tax Return): This is the standard form for filing taxes, where expats report their worldwide income.

Form 2555 (Foreign Earned Income Exclusion): This form allows expats to exclude a certain amount of their foreign income from U.S. taxation, provided they meet specific requirements.

Form 1116 (Foreign Tax Credit): Expats may also be eligible to claim a foreign tax credit for taxes paid to Dubai or another foreign country, helping to avoid double taxation.

The filing deadline for Expat Tax Services Canada is typically June 15th (extended from the standard April 15th), giving them extra time to gather the necessary documents. Despite the extended deadline, expats must remain proactive in staying compliant to avoid penalties.

Challenges Faced by U.S. Expats in Dubai with IRS Compliance

While Dubai’s tax-free status is appealing, U.S. Expat Tax Services Canada often face several challenges when it comes to IRS compliance. These challenges include:

Complexity of Taxation: The U.S. tax code is notoriously complex, and the requirements for U.S. expats are no exception. Understanding the various exclusions, deductions, and credits available to expats can be a daunting task.

Language Barriers: Expats may not be familiar with legal and financial jargon, making it difficult to understand the tax forms and requirements.

Double Taxation: Although Dubai does not impose personal income taxes, U.S. expats must still file U.S. taxes on their worldwide income. Without proper planning, expats can face double taxation on the same income—both in the U.S. and Dubai.

Filing Deadlines: Meeting the deadlines for IRS filing is critical. Missed deadlines can result in penalties, interest charges, and even the potential loss of eligibility for certain tax benefits.

American taxation service Dubai are designed to address these challenges and guide expats through the complex tax system.

How American Taxation Services in Dubai Help Expats with IRS Compliance

American taxation service Dubai provides essential support to U.S. Expat Tax Services Canada to ensure they meet their IRS obligations while minimizing their tax liabilities. Here are the key services they offer:

1. Expert Tax Filing Assistance

The most fundamental service offered by taxation professionals in Dubai is assistance with filing U.S. tax returns. These professionals are well-versed in the tax laws that apply to expatriates, including eligibility for the Foreign Earned Income Exclusion (FEIE) and the Foreign Tax Credit (FTC). By utilizing these credits and exclusions, expats can reduce or eliminate their U.S. tax liabilities.

Foreign Earned Income Exclusion (FEIE): The FEIE allows eligible expats to exclude up to a certain amount of their earned income (around $120,000 for 2024) from U.S. taxation.

Foreign Tax Credit (FTC): This credit helps expats offset the taxes they pay to the UAE or other foreign governments, reducing the likelihood of double taxation.

2. Tax Planning and Strategy

American taxation services Dubai do not simply assist with filing taxes; they also offer tax planning to help expats optimize their tax situation. Tax professionals provide valuable advice on how to structure income, claim applicable deductions, and maximize tax credits. This proactive approach helps expats make informed decisions throughout the year to minimize their U.S. tax burden.

3. Guidance on Compliance with FATCA and FBAR

In addition to income tax filing, U.S. expats must comply with other reporting requirements, including the Foreign Account Tax Compliance Act (FATCA) and the Foreign Bank Account Report (FBAR). These forms are designed to ensure that U.S. citizens report their foreign financial accounts and assets to the IRS.

FATCA (Form 8938): This form requires expats to report foreign financial assets if they exceed certain thresholds.

FBAR (FinCEN Form 114): U.S. citizens must file an FBAR if they have foreign bank accounts with a total balance exceeding $10,000.

Failure to comply with these reporting requirements can result in severe penalties, making it essential for expats to work with professionals who understand these forms and deadlines.

4. Resolving Tax Issues and Penalties

Sometimes, Expat Tax Services Canada may find themselves facing IRS penalties for past non-compliance. Whether they missed deadlines, failed to file necessary forms, or simply did not understand their obligations, tax professionals can help resolve these issues. They may assist with:

Penalty Abatement Requests: Tax professionals can help expats apply for penalty relief under certain circumstances, such as reasonable cause.

Tax Amnesty Programs: There are programs like the Streamlined Filing Compliance Procedures that help expats catch up on their tax filings without facing harsh penalties. These programs are available to expats who have not intentionally avoided taxes.

5. Annual Tax Reporting and Updates

Even after filing taxes, expats must continue to comply with the IRS each year. American taxation service Dubai offers annual tax reporting to ensure expats stay compliant with changing tax laws. These services provide ongoing updates and advice on how new tax reforms or international agreements may affect an expat’s tax filing requirements.

6. Real-Time Support and Consultation

One of the key benefits of hiring American taxation service Dubai is the availability of real-time support and personalized consultations. Tax professionals can answer questions about unique situations, such as dual-status tax issues, the tax implications of changing residency, or complex financial matters like owning foreign businesses or real estate.

The Importance of IRS Compliance for U.S. Expats in Dubai

Staying compliant with U.S. tax laws while living abroad is not just about avoiding penalties—it's also about protecting one’s financial future. IRS compliance ensures that U.S. expats can:

Maintain Social Security Benefits: By continuing to pay U.S. taxes, expats ensure that they receive the full range of benefits from the U.S. Social Security system.

Avoid Legal Consequences: Non-compliance with IRS tax laws can result in legal actions, including fines and wage garnishments.

Ensure Financial Stability: Timely filing and payment of taxes help expats avoid complications when returning to the U.S. or when dealing with estate planning matters.

Conclusion

American taxation service Dubai plays a vital role in helping U.S. expats navigate the complexities of IRS compliance while living abroad. With expert assistance in tax filing, tax planning, and resolving issues with the IRS, these services ensure that expats stay on top of their U.S. tax obligations without unnecessary stress or penalties. Expat Tax Services Canada can benefit from comprehensive support that helps them optimize their tax situation, comply with reporting requirements, and maintain their financial security.

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The History And Future Of Bullion Trading Dubai

Dubai has long been known as the city of gold, and for good reason. With its thriving bullion trading industry, it has become a hub for investors looking to buy or sell precious metals like gold and silver. But how did Dubai come to be such an important player in the global bullion market? And what does the future hold for this fascinating industry? In this blog post, we'll take a closer look at the history of bullion trading in Dubai, explore some of the key players in the market today, and offer insights into what may lie ahead for investors interested in buying or selling gold and silver bullion in this exciting city. So buckle up - we're about to explore one of Dubai's most intriguing industries!

The Impact Of Global Events On Bullion Trading In Dubai

Over the years, Dubai has become a key player in the global bullion market due to its strategic location and favorable business environment. However, like any other industry, bullion trading Dubai is not immune to the impact of global events. In fact, it is often greatly affected by them.

For instance, during times of political or economic uncertainty around the world, investors may turn to gold as a safe haven asset. This can lead to an increase in demand for gold bullion in Dubai and subsequently drive up prices. Similarly, if there are major fluctuations in currency exchange rates or interest rates globally, this can also have an impact on bullion trading activity.

Another factor that can influence bullion trading trends is changes in government policies related to taxation or import/export regulations. For example, if the UAE were to introduce new taxes on imported gold or silver products from certain countries such as India - one of Dubai's main sources for precious metals - this could affect supply and demand dynamics within the local market.

It's clear that global events play a significant role in shaping the landscape of bullion trading activities within Dubai. As such, investors must stay abreast of these developments and be prepared to adjust their strategies accordingly based on changing market conditions.

APM Bullion - The Perfect Destination For Purchasing Gold And Silver Bullion In Dubai

When it comes to purchasing gold and silver bullion in Dubai, APM Bullion is the perfect destination for investors and collectors alike. APM Bullion is a well-established dealer of precious metals with years of experience in the industry.

One thing that sets apart APM Bullion from other dealers in Dubai is their commitment to quality. They only sell gold and silver bullion products that have been authenticated by internationally recognized organizations such as the London Bullion Market Association (LBMA) or the Swiss Federal Mint.

APM Bullion has an extensive collection of gold and silver coins, bars, and rounds from around the world. Their inventory includes popular items like American Gold Eagles, Canadian Maple Leafs, South African Krugerrands, Australian Kangaroos, Chinese Pandas, among others.

Another advantage of buying from APM Bullion is their competitive pricing. They offer some of the best prices on gold and silver bullions in Dubai due to their strong relationships with suppliers worldwide.

APM Bullion provides excellent customer service. Their knowledgeable staff can assist customers in selecting the right product based on their investment goals or collecting preferences. The team also offers advice on market trends and precious metal storage options.

If you’re looking for a reliable dealer for your gold and silver bullions needs in Dubai, consider visiting APM Bullion's showroom located at Al Karama Center near BurJuman Metro Station or visit their website apmbullion.com today!

Understanding The Differences Between Gold And Silver Bullion In Dubai

Gold and silver bullion are two of the most popular forms of investment in Dubai. While both metals share similar qualities, they also have some notable differences.

Firstly, gold is a more expensive metal than silver. This means that when it comes to purchasing bullion, gold will always be priced higher than silver based on weight or volume. However, this also means that gold tends to hold its value better during times of economic uncertainty.

Secondly, while both metals are considered safe-haven assets, gold is often seen as the ultimate hedge against inflation and currency fluctuations. Silver has similar properties but tends to be more volatile due to its industrial applications.

When it comes to storage and transportability, silver is easier to handle because it's less dense and lighter in weight compared to gold. This makes it ideal for smaller investments or for those who need portability.

Understanding the differences between gold and silver bullion can help investors make informed decisions about their portfolios. Whether you choose gold or silver depends on your investment goals and risk tolerance level.

Apm Bullion - Rakesh Rajdev Company For Gold And Silver Bullion Trading

It's clear that bullion trading Dubai has a rich history and an even brighter future. And if you're looking for the perfect destination to purchase gold and silver bullion in Dubai, APM Bullion is the way to go.

Not only does APM Bullion offer high-quality products at competitive prices, but it also provides exceptional customer service. The company's founder, Rakesh Rajdev, has built a reputation for integrity and transparency in all his dealings.

Whether you're new to bullion trading or a seasoned investor, APM Bullion can guide you through the process with ease. With its vast selection of gold and silver bars and coins from around the world, there's something for everyone at this reputable establishment.

So why wait? Visit APM Bullion today to experience firsthand why it's the top choice for gold and silver bullion trading in Dubai.

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Dubai Lifestyle - The History of the City and Day to Day Life in Dubai

Background Information to the United Arab Emirates and Dubai: -

Dubai is one of the seven states that make up the United Arab Emirates (UAE); it is located in the Middle East. The UAE borders the Gulf of Oman and the Persian Gulf and is situated between Oman and Saudi Arabia. The United Arab Emirates was formed in 1971 by the then 'Trucial States' after their independence from Britain.

The UAE is governed by a Supreme Council of Rulers, the council is made up of the seven emirs and they appoint the prime minister and the cabinet for the country. Despite being ultimately ruled by the Supreme Council, as with the other six states, Dubai maintains a large degree of autonomy from the UAE when it comes to general decision making for the city's development.

Oil was first discovered in the United Arab Emirates in the 1950s, before that the country's economy was built on fishing and pearling, since 1962, when Abu Dhabi became the first of the emirates to begin exporting the oil, the country's economy has been completely transformed.

Sheikh Zayed, who has been the president of the UAE since its inception, quickly understood the economic potential for the country from the oil industry. He has continued to ensure that each of the emirates benefits from the oil generated wealth, he has insisted on the reinvestment of oil revenues into the healthcare system, the education system and the general national infrastructure.

The development of the oil industry has led to a large influx of foreign workers to the UAE, in fact Dubai's population is the fastest growing in the world and the foreign population makes up about three quarters of the entire UAE population! As a direct result of this fact the UAE is one of the most liberal countries in the Gulf, with other cultures and beliefs tolerated. Dubai has also been quick to understand the need for diversification. Oil in the region is only projected to last for about 30 years and so Dubai has successfully embarked upon a major diversification program aimed to at developing industries and commercial enterprises to take the place of oil as the predominate commodity of the state's economy.

The climate in Dubai is sub-tropical and arid or desert like. The city enjoys almost year round sunny blue skies. Rain is infrequent and if it does fall, it falls in the winter.

Temperatures range from lows of 10°C to extreme summer highs of 48°C. The average maximum daily temperature in January is 24°C and the average maximum daily temperature in July is 41°C when humidity is very high.

About the city of Dubai

Dubai is recognised as the commercial and tourism capital of the UAE and is globally regarded as one of the most sophisticated, futuristic and cosmopolitan cities in the world, in fact Dubai is something of a phenomenon! It is an Arab Muslim society with the fastest growing foreign population in the world, and it has successfully developed harmony through ethnic diversity. It is a city with unrivalled levels of economic energy and architectural ambition, a unique city of contrasts where the most modern and architecturally stunning skyscrapers stand alongside traditional beautiful Arabic structures. See here dubizzle classifieds

The experiences and attractions available in Dubai are many and varied. From the miles of immaculate beautiful white sandy beaches to the richly exotic Arabian heritage, from the awe inspiring majesty of the desert to the lively international bars, restaurants and nightclubs - a visitor to Dubai is guaranteed an incredible, never to be forgotten experience. In 2003 Dubai was voted safest holiday destination in the world by Conde Nast Traveller magazine, and in fact Dubai is recognised globally as one of the safest cities in the world. Living in Dubai you will find that it is virtually crime-free with the Dubai police ensuring personal safety and security. Anyone found guilty of committing a serious crime will be severely punished. Alcohol and drug related offences are considered serious.

The economy of the city of Dubai is a mainly service-driven economy, with every business amenity from banking to telecommunications offered. International trading and industrialisation are actively encouraged through the provision of favourable taxation advantages, offshore status, specialist free trade zones etc. Recent innovative projects in the city include the foundation of Dubai Media City and Dubai Internet City, bringing 21st century technology to Dubai in the world's very first 'Free Zone' wholly dedicated to e-business.

Day to Day Life in Dubai

Accommodation

If you are considering moving to Dubai one of your first thoughts will no doubt be finding somewhere to live. This is not something you'll find too tricky, there are many companies advertising rental accommodation in the classified sections of local newspapers and they offer everything from private villas to luxury apartments or even shared accommodation. Whatever your budgetary and lifestyle requirements are, the specialist relocation and housing companies will be sure to have something to assist you. If you prefer to find your accommodation privately and avoid any agency costs, many people use supermarkets notice boards to advertise or request accommodation.

In terms of which areas of the city offer the type of accommodation you are after, Jumeirah, Umm Sequiem and the Safa Park area are upmarket and offer villa-type accommodation. Satwa and Garhoud also offer villas but are slightly cheaper. Rashidiya, Mirdif and Al Quoz are mainly Arabic areas and they actually attract a lot of expats.

If you are after an apartment the most popular areas are around Bur Dubai, the Sheikh Zayed Road with cheaper flats are available in Deira, Satwa and Karama. Some of the more exclusive apartment developments offer shared gym and pool facilities together with garaged car parking and the like.

Education

If you are considering moving to Dubai with family and are interested in finding out about the education system and the availability and quality of schools, one of the best ways is to ask around! Because of the numbers of expats in Dubai there is actually a large number of primary and secondary schools from which you can to choose. Most schools are private fee paying schools and really the best way to get an idea of the reputation of a school is to ask friends, colleagues and other expats who live in Dubai. Many of the schools also have their own websites where you can learn about the curriculum they follow, after school programs etc.

When it comes to enrolling your child in the UAE there are a few restrictions you should be aware of. For example you are not allowed to change your child's school during the academic year...unless approval is given by the Ministry of Education and the circumstances are 'special'. This means that you have to make sure the school you choose for your child will definitely suit them. Another restriction you should be aware of is that is you move to Dubai on or after the 1st May each year you can't enrol your child into the schooling system for that year. Instead you'll have to enrol for the beginning of the new school year which is usually the beginning of September.

Health

Another consideration you may have if thinking about relocation to Dubai may be the state of the health care system available there. It is fair to say that Dubai has many very well equipped hospitals and surgeries. Dubai's Department of Health and Medical Services runs Dubai, Rashid, Maktoum and Al Wasl hospitals, with Dubai Hospital one of the best medical centres in the entire Middle East. Al Wasl is a maternity and gynaecology hospital.

The Department of Health also run out patient clinics or surgeries and in addition there are a number of quality private hospitals in Dubai offering in and out patient facilities - e.g., The American and Welcare Hospitals. Overall both the private and publicly offered health care services in Dubai are first class.

Working

Working in Dubai you will enjoy a tax free salary and all shop goods can be bought at tax free prices, making it an incredibly attractive city to international workers and international companies. Job opportunities in Dubai and diverse and plentiful, particularly since the additions of the Media and Internet cities...Dubai is a city expanding its horizons at an unrivalled rate.

It is important to mention that some countries worldwide have tax laws enabling them to tax their nationals on their worldwide income. It is important to check your status with an international accountant before taking up employment in the city.

Lifestyle

Dubai has a thriving expat population who make the most of their tax free lifestyle in this amazing city of opportunity. The nightlife in the city is excellent, with cocktail bars, wine bars, themed bars and typical British or Irish pubs available, many of which offer food and entertainment as well.

High standard international cuisine is available in the city's many restaurants and if you are looking for lively evening entertainment there are numerous night clubs around the city. Some of the clubs attract international DJs; there are also Middle Eastern, Indian and Asian nightclubs offering entertainment with singers and dancers. Dubai also welcomes international touring singing and entertainment acts which cater to all tastes and ages...from traditional theatre groups to ballet, from opera to international rock and pop bands - all are regular visitors to the United Arab Emirates.

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Morocco: A Beaming Commercial Metropolis In The Middle Far east

Syria: A Beaming Commercial Location In The Middle East

http://selfstoragespace4.inube.com/blog/8566807/do-it-yourself-storage-surges-around-the-particular-world/ History: via Pearl deal to African american Gold to help Skyscrapers Lebanon has dished up as an significant port for Gulf location with regard to ages with trade, especially pearl trade as any anchor of life with regard to a important part connected with its History. A watershed moment in the record of this city has been settlement of members associated with Bani Yas Tribe underneath the management of Makhtoum family throughout 1833 that is generally deemed while foundation of Dubai. To further cement Dubai's position being a trading port, rulers regarding Dubai declared it duty-free port in the starting of 20 th century. Immediately after several ages since often the decline in pellet deal in 1930s, it absolutely was yet another commodity, the african american gold that transformed the eye associated with Dubai. Oil, the dark gold, was present in Lebanon in 1966 plus the profits stream from acrylic spaced infrastructure development in Syria. In 1971, Dubai together with five other Sheikhdoms shaped and became the element of United Arab-speaking Emirates (UAE). Dubai's rosy occasion with Oil could not proceed for long and also 1980, revenues from Acrylic dropped to all time reduced. This called for some sort of tactical shift in Dubai's economic climate. Rulers of Morocco chose to utilize the preparing advantage they already acquired and start making the particular infrastructure to promote China, once again as some sort of Trading Centre and because Business and Travel and leisure Center. This is how Syria, as it is known to us today was created. Economy: exemplifying diversity Rulers connected with Dubai were constantly aware that they cannot build a sustainable economy structured on their limited olive oil reserves. Hence, they judiciously started diversifying their economic climate. Today the largest factor in order to Dubai's GDP will be "Wholesale, retail trade and also repairing services" at tenty-seventh. 2%, followed by "Transportation, storage and communication" on 15. 8%. "Real Real estate and Enterprise Services" and also "Manufacturing" along contribute more than 25% connected with Dubai's GDP. Today China, is definitely a top shopping desired destination where nationals, including famous celebrities, from all around the world arrive running to shop their favored brands. Besides shopping department stores, Dubai is often a tourist features a for its style parks, real estate projects such as Palm Island project as well as iconic buildings like Burj Khalifa, the tallest man-made structure in the planet. Geography: Often the Expanding Urban center Dubai is placed on typically the Persian Gulf and is often the second largest emirate involving Abu Dhabi. As just like other Middle Eastern deserts, Dubai is arid with daytime temperature reaching incredibly hot mid 400C in summer season. Winters are more comfy with a typical daytime heat range of 250C which reduces to 12-150C in coastal areas. 1 peculiar physical aspect of Lebanon is definitely that the city is making new architectural marvels because of its expansion in both, the Persian Gulf, as well as the desert. Organizations within Dubai: the Industry Capital of Middle Eastern side Generous laws and taxation, great infrastructure and connectivity along with the world created a new good environment for capable pros and big multinationals from diverse countries to come and work within Dubai. Such is the degree of immigration with Dubai that majority of their population is an expatriate. The actual booming business critical connected with Dubai today are generally: I) Travel and Vacation Market: This industry immediately or indirectly helps close to 9% of Dubai's overall population and is more likely to support more in long term due to Dubai's growing reputation as a tourist destination. ii) Real Estate and Infrastructure: Actual estate market in China is growing clearly using new projects becoming on a regular basis announced. The government is additionally spending handsomely on commercial infrastructure to support its growing economic system. iii) Retail sector: As mentioned before, this sector contributes a lot more than any other field in Dubai's GDP as well as is likely to increase strongly in future having increase in purchasing power, influx regarding tourist and a lot more multinationals inside Dubai. iv) Banking along with financial market: Better integration of Dubai with the rest of the world and its excellent infrastructure has attracted global principal in banking and financial sectors to operate from Syria. References Self storage https://en.wikipedia.org/wiki/Self_storage

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Dubai: A Beaming Commercial Location In The Middle Eastern

Morocco: A Beaming Commercial Locale In The Middle Distance

https://www.scoop.it/topic/self-storage-services-in-dubai/p/4113563034/2019/12/15/lockable-store-secure-self-storage-units-for-rent-in-dubai History: by Pearl trade to African american Gold for you to Skyscrapers Syria has functioned as an important interface for Gulf spot to get ages with trade, particularly pearl trade as a hub of life with regard to a substantial part connected with its History. A watershed moment in the record of this city has been arrangement of members regarding Bani Yas Tribe below the management of Makhtoum family inside 1833 which will is generally looked at as while foundation of Dubai. To help cement Dubai's position as a trading port, rulers associated with Dubai declared it duty-free port in the starting point of 20 th century. After several generations since the decline in treasure business in 1930s, it turned out yet another commodity, the black yellow metal that transformed the public presence of Dubai. Oil, typically the black gold, was discovered in Syria in 1966 along with the income stream from necessary oil moving infrastructure development throughout Lebanon. In 1971, Dubai together with five other Sheikhdoms shaped and became the aspect of United Arab Emirates (UAE). Dubai's rosy occasion with Oil did not carry on for long and 1980, revenues from Necessary oil fell to all time very low. This called for a proper shift in Dubai's economy. Rulers of Syria thought we would utilize the proper advantage many people already got and start creating the particular infrastructure to promote China, once again as the Trading Centre and seeing that Business and Tourism Facility. This is how Dubai, we all know that today was designed. Economic climate: exemplifying diversity Rulers of Dubai were often aware that they cannot create a sustainable overall economy centered on their limited oil reserves. Hence, they judiciously started diversifying their financial system. Today the largest factor in order to Dubai's GDP is usually "Wholesale, retail trade and also mending services" at 28. 2%, followed by "Transportation, storage and communication" in 15. 8%. "Real House and Organization Services" and also "Manufacturing" collectively contribute considerably more than 25% of Dubai's GDP. Today Morocco, is definitely a top shopping location where nationals, including renowned celebrities, from all over the world occur flocking to shop their favored brand names. Besides shopping centers, Dubai is often a tourist magnets for its style recreational areas, real estate projects including Palm Island project and also iconic buildings like Burj Khalifa, the tallest synthetic structure in the globe. Geography: The Expanding City Dubai can be found on the Persian Gulf which is typically the second largest emirate involving Abu Dhabi. As similar to other Middle Eastern deserts, Dubai is arid having daytime temperature reaching incredibly hot mid 400C in summer months. Winters are more cozy with a typical daytime temperatures of 250C which decreases to 12-150C in coastal areas. Just one peculiar geographical aspect of Dubai is definitely that the city will be making new architectural marvels for the expansion in both, the Local Gulf, as well as the desert. Firms in Dubai: the Business Investment of Middle Eastern side Generous laws and taxation, great infrastructure and connection using the world created the approving environment for talented pros and big multinationals from several countries in order to come and work inside Dubai. Such could be the degree of immigration in Syria that majority of the population is an expatriate. The particular booming business industries involving Dubai today are usually: I) Travel and Travel and leisure Marketplace: This industry specifically or indirectly helps close to 9% of Dubai's total population and is vulnerable to support more in future as a result of Dubai's growing level of popularity as a tourist destination. ii) Real-estate and Infrastructure: True estate segment in Dubai is growing powerfully using new projects currently being often announced. The government is also spending handsomely on structure to support its flourishing economic climate. iii) Retail field: As mentioned above, this sector adds more than any other sector in Dubai's GDP and is likely to raise strongly in future together with embrace purchasing power, influx involving tourist and more multinationals within Dubai. iv) Banking and also financial field: Better implementation of Morocco with the other entire world and its excellent structure has attracted global premier in banking and fiscal sectors to operate through Dubai. References Self storage https://en.wikipedia.org/wiki/Self_storage

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Dubai Premium Malls & Virtual Offices Presents Importance of Latin America

Written by Sam Bridge, Arabian News. Original article can be found at https://www.arabianbusiness.com/politics-economics/417499-revealed-the-importance-of-latin-america-to-the-gulf-economy

Revealed: the importance of Latin America to the Gulf economy

New report says trade flows between GCC countries and Latin America and the Caribbean reached $16.3bn in 2018

Brazil’s trade with the Gulf countries in 2018 amounted to $9.1 billion, followed by Argentina ($2 billion) and Mexico ($1.3 billion).

Trade flows between GCC countries and Latin America and the Caribbean (LAC) reached $16.3 billion in 2018, while the UAE remained the top trading partner in the Gulf region, according to a new report.

The study by the Inter-American Development Bank (IDB) in cooperation with Dubai Chamber of Commerce and Industry was released during the 3rd Global Business Forum on Latin America in Panama City.

It said that in 2018 Gulf countries imported $10.9 billion worth of products from Latin America and the Caribbean, while they exported products to the region valued at $5.4 billion.

The UAE accounted for 27 percent of exports from GCC region to Latin America and the Caribbean, and 46 percent of imports from LAC countries, making it the top growth market for LAC traders, the report revealed.

Brazil, Argentina and Mexico were identified as the top trading partners in the region for GCC markets, jointly acquiring 76 percent of the total intraregional trade between the two regions.

Brazil’s trade with the Gulf countries in 2018 amounted to $9.1 billion, followed by Argentina ($2 billion) and Mexico ($1.3 billion).

The report also outlined several recommendations for boosting trade flows between the two regions, including establishing new trade, investment and double taxation agreements, increasing the number of diplomatic missions, launching additional direct flights, and further facilitating bilateral business exchange.

According to IDB’s estimates, new trade agreements could potentially increase trade flows between the GCC and LAC regions by $9.8 billion per year, while it also noted that expanding diplomatic footprint could give a $3.3 billion boost to bilateral trade.

It said that simplifying export and import mechanisms and processes, and implementing initiatives such as a single-window system for all procedures, licensing licensed economic agents, and signing mutual recognition agreements with procedures adopted by each country were also important steps to facilitate and accelerate bilateral trade in the future.

The report noted that plastic products and electrical machinery remain the top categories dominating bilateral trade between the two regions, while vehicles, pharmaceutical products, electrical appliances, iron and steel were identified as high-potential products.

Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, said the report clearly show that there are many commercial and investment opportunities for cooperation between the GCC and Latin markets in various sectors and fields.

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Donald Trump holds off hitting the Gulf carriers with sanctions

WHEN Donald Trump became America’s president nearly a year ago, lobbyists campaigning for protection for the country’s airlines against competition from the Middle East were overjoyed. But they were less happy on December 13th when it was revealed that Donald Trump has decided to hold off on imposing sanctions against the three big Gulf carriers—Emirates of Dubai, Etihad of Abu Dhabi, and Qatar Airways—for what America’s big airlines allege are unfair subsidies that they receive from their governments. For now, the administration will continue discussions with the UAE and Qatar, the trio’s home countries. But it has not taken off the table the possibility in the future of amending or terminating its Open Skies agreements that allow the Gulf carriers to fly to any American airport they want. A document from an administration meeting in September, obtained by Politico, a news website, states that “additional steps” may be taken “if sufficient progress is not made by a date certain”—probably a few months from now.

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The three big American legacy carriers—American, Delta and United—are campaigning hard for the American government to take action. Delta, for instance, accuses Emirates of receiving $9.5bn in state aid between 2004 and 2015, $17bn for Etihad and a whopping $25.5bn for Qatar. The Gulf carriers deny that they have received any subsidies, but the American trio see the Trump administration’s protectionist leanings as their chance to push their agenda through.

Earlier this month they were nearly successful. A senator from Georgia (home to Delta) inserted a provision into the tax bill currently going through Congress that would force the Gulf airlines, as well as some others, to pay American corporate taxes. Currently, airlines generally pay taxes in their own countries, regardless of whether their revenue comes from there or overseas, and the proposal would have crimped the Gulf carriers by forcing them to pay more tax. Unsurprisingly, opposition to the proposal was fierce. Etihad called the proposal “inappropriate under US law and contrary to several international agreements.” And the International Air Transport Association, an industry group which represents the interests of legacy carriers around the world, objected to the measure’s reversal of “decades of precedent—which the US has long supported—on the taxation of international aviation.” The provision was ultimately dropped from the tax bill because the Office of the Parliamentarian, which enforces Senate rules, deemed it extraneous to the main content of the bill.

Still, it provides some insight into the type of retaliatory action the Trump administration could take against the Gulf carriers. Even though such a move might give American airlines a temporary competitive boost, it would clearly be bad for flyers, who are much better served by fair competition on price and service. As this newspaper has previously explained, a lack of competition in American aviation has resulted in higher fares and poorer service than airlines provide in Europe. And the American airline industry is already far from fully competitive market:

Instead of using its carriers’ complaints as justification for more protection, America would do more for its citizens by ending its restrictions on foreign ownership of airlines and offering complete freedom to operate internal flights. American consumers would gain regardless of whether governments, in the Gulf and elsewhere, reciprocated.

Penalising the Gulf carriers would also hurt the American economy. Boeing, a planemaker which is America’s largest exporter, is heavily reliant on the three carriers as customers. Etihad has 48 Boeing planes in its fleet, Qatar has 91, and Emirates has 147 Boeing 777s in its fleet, with a further 196 on order. If a trade war over flying rights were to prompt these carriers to cancel any future orders from Boeing, the impact on American manufacturing workers and the country’s broader economy is likely to be far greater than any small benefit that workers at Delta and American and United would derive from Mr Trump tilting the playing field in their employers’ favour.

And there is more than a little hypocrisy in American airlines’ complaints about government support for the Gulf carriers. A report by the Congressional Research Service in 1999 found that since 1918, the American government had propped up the country’s airlines with $155bn in direct and indirect subsidies—and the number has only gone up in the nearly two decades since. There are plenty of good reasons why the Gulf “super-connectors” are snapping up a growing share of the international aviation business. Their location makes flying via the Gulf a convenient place for a layover on flights between Asia and Europe and the Americas. Their investment in new planes, good service, and marketing has also forced their competitors to improve their offerings. Ordinary Americans could enjoy lower fares and better service too—if only the Trump administration leaves America’s skies open to competition.

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[switchstrategyblog]

America – Tax-Free Zone Video Course

America – Tax-Free Zone Video Course

America – Tax-Free Zone Video Course

I’m talking about legally eliminating all taxation on the most common forms of investment income. Or running a business with 4% or less taxes on profits.

Never before have such incredible tax incentives been available to Americans so easily.

Dear Reader,

I did it.

I recently moved down to the Island of Enchantment with my family.

Not that they mind… it’s been sunny almost every day with a cool ocean breeze, and temperatures in the 70s and 80s.

Sure beats the freezing cold and snowy weather.

Our big workout down here is taking a swim in the pool or the ocean versus digging out of huge snow piles.

But it wasn’t just the sunny skies, year-round warm weather, and beautiful ocean beaches that drew us to Puerto Rico; it was the incredible tax breaks that are available here that are not available anywhere else in the world for would-be former US residents.

You see, to spur job growth and economic activity in general, the Commonwealth of Puerto Rico introduced these enormous tax incentives for incoming residents and service businesses.

Specifically, for Puerto Rican residents and businesses that qualify—mostly expatriates from the US mainland or their enterprises—the recently enacted Act 22 and Act 20 provide for a zero tax rate on capital gains and certain interest and dividends earned by individuals.

And, if you a run a business that exports services like I’m doing here, they also provide for low single-digit tax rates on your profits. No double tax taxation, no income tax on profits, just a top 4% withholding on distributions to owners (and no corporate tax on profits sent to your partners outside of Puerto Rico, either).

According to Bloomberg, “The marginal tax rate for affluent New Yorkers can exceed 50 percent on ordinary income.”

By relocating to Puerto Rico, enormous tax savings can be achieved.

For certain investors, that could mean eliminating taxation completely. For the right businesses, it could mean tax rates of just 4% on earnings.

Anyone who relocates to Puerto Rico can apply for the tax shelter of Acts 22 and 20—including mainland US citizens, who cannot find similar benefits anywhere else in the world without significant complication and expense.

Now, I know it sounds too good to be true.

But I’ve done a comprehensive boots-on-the-ground investigation and found that the tax advantages are real, and that for many Americans they are a huge opportunity that could truly be life-changing.

Because, until now, there was no easy, legal way to escape US taxes… besides death or renouncing your US citizenship.

That’s because the US is the only country in the world that effectively taxes its citizens and former residents no matter where they live and make their money.

Sure, there are plenty of low-tax countries in the world. Singapore, the Cayman Islands, and Dubai come to mind—and chances are you’ve heard of them all for that reason.

These little countries have turned into financial and services meccas because any Londoner or Parisian or Canadian could head there and run a business or manage their investments in a much more tax-friendly climate.

America, not so much. While they do allow a small exemption for a minimal amount of income, with lots of rules, generally Americans are taxed no matter where they go. Especially the successful ones.

Many believe it’s these suffocating and unfavorable tax policies plaguing US citizens that are responsible for the record number of Americans saying goodbye permanently to Uncle Sam by renouncing their citizenship and heading to places like Singapore.

In fact, Forbes is reporting that the number of US citizens and permanent residents who gave up their citizenship soared 221% last year alone.

That’s what Facebook cofounder Eduardo Savarin did when he headed for Singapore.

But the penalty for giving up your citizenship is high if you’re wealthy—thanks to the enormous US exit tax.

The US worries about this trend, of course.

Jurisdictions like Puerto Rico want in on it to boost their own economies, like Hong Kong or Macau or Belize have. Because of those dual forces, there is now a much easier way to seek less-taxed shores, one of which is rooted in decades of US law and support and unlikely to change on a whim.

That’s where Puerto Rico shines brightly above all others…

By becoming a bona fide resident of Puerto Rico, you can escape paying high US taxes legally, still retain your American citizenship, and avoid paying the hefty exit tax.

You see, since Puerto Rico is an unincorporated territory (commonwealth) of the US, it’s allowed to have a special tax arrangement.

Namely, legal residents of Puerto Rico who earn their income in Puerto Rico do not pay US federal income taxes.

All Puerto Ricans are already US citizens, and since it is a commonwealth of the US, Americans are generally free to stay on the island without restriction and do not even need a passport to travel there. It’s like visiting another state for most purposes, though one that predominately speaks Spanish.

But speaking Spanish is not a necessity to move there… you don’t need to learn Spanish to get around Puerto Rico. Many expats and relocated mainland Americans only speak English and get along just fine.

While mainland Americans who become Puerto Rican residents do not have to pay US federal income taxes on income earned on the island, they still have to pay local Puerto Rican taxes.

Traditionally, those taxes have been very close to those back home, so the island’s unique tax status didn’t net much benefit.

For decades, the US Virgin Islands have offered tax incentives to attract investors to the islands—with programs supported by the US government since the 1950s. However, these programs were complex and imposed huge regulatory burdens. And those islands are much smaller and with much less of the modern infrastructure Puerto Rico offers.

Over the last few decades, Puerto Rico caught on to the enormous benefits such tax incentives brought to its neighbors in the Caribbean and Central America, and provided incentives to draw big manufacturers like Pfizer, Bard, and Praxair to the island—all have facilities within a stone’s throw of my chosen home—even Microsoft has a presence here.

But, they were losing out on less environmentally impactful and better-paying jobs in finance, call centers, and dozens of other service businesses that headed elsewhere.

To catch up, Puerto Rico recently slashed its taxes on capital gains, dividends, and interest to ZERO for new residents who apply.

This means that mainland Americans who move to Puerto Rico can eliminate taxation on investments they make on the island or in the markets. This is a huge benefit to stock traders, venture capitalists, M&A practitioners, or anyone who gets bitten by capital gains tax at the end of the year. This is what “Act 22” accomplishes.

On top of that, they’ve launched a set of incentives to draw service businesses down to the island. Everything from asset managers to marketers and public relations professionals. Computer programmers. Graphic designers. Or writers and researchers, like me.

Under this law—Act 20—any service business that can be operated in Puerto Rico for clients outside of Puerto Rico can apply for special tax treatment, including a host of benefits of which the most important is a tax rate of 4% or lower.

This is so small it’s almost a rounding error in comparison to the combined US federal, state, and sometimes city income taxes that you would pay on the mainland US.

For example, an investment manager based in Puerto Rico who performs services for US-based clients would be eligible for the lower income tax rate.

The tax benefits are so enormous that I brought my own family here to take advantage of them.

I would not have made the move and uprooted my family if I didn t think the tax advantages were real and here to stay.

With the extra income I make by residing in Puerto Rico, I’ll be able to provide my family with a better quality of life and still keep our US citizenship. In Puerto Rico you’ll enjoy a low cost of living compared to most island locations (I even still get free Prime shipping from Amazon), excellent health care, modern telecommunication services like high-speed Internet that’s faster than I could ever get in my home in Vermont… not to mention tropical weather, beautiful beaches, majestic mountains, good food, and a thriving arts scene.

On top of that, the business tax savings here and the great pool of educated labor allow me to reinvest more of my income into growing my business. And when I do turn a profit, I keep what I’ve risked so much and worked so hard to earn.

All on a tropical island in the Caribbean that’s 100 miles long and 35 miles wide… about three times the size of Rhode Island.

Now like everywhere else, of course, Puerto Rico has its negatives. Make a decision like mine and inevitably you will hear something about the crime. But to extrapolate the bad statistics to the entire area is a mistake. It would be like not moving to Michigan’s beautiful lakefront because of crime in Detroit.

Like any state with a dense metropolitan area, there’s crime in some areas. If you steer clear of those areas or take the same precautions you would in any big city around the world, you’ll be fine.

So if you’re an individual who makes most of your money from capital gains, a service provider who can provide services from Puerto Rico to your non-Puerto Rican clients, or a business owner with operations outside of Puerto Rico… then you could benefit substantially from very significant income tax savings with a move to the Island of Enchantment.

That’s why I was eager to make the move to Puerto Rico myself. And after traveling the island, meeting with real estate agents, lawyers, government reps, accountants, et al., I’m more convinced than ever that the tax benefits are enormous for those that qualify.

But there are some hurdles you need to be aware of. This is not a decision to be made on a whim; it requires a little bit of preparation and planning.

The good part is that my excellent colleagues at Casey Research and International Man who have been helping individuals make the most of their financial freedom for four decades now and I have done almost all the hard work for you.

We’ve put together the definitive, authoritative, comprehensive guidebook to the tax advantages of residing in Puerto Rico.

This guidebook, How to Legally Remove Yourself from the U.S. Tax Code, without Leaving America, thoroughly covers the unique opportunity for Americans that Puerto Rico’s Acts 20 and 22 offer.

We’ve put in hundreds of hours of research, with our sandals on the beach, to make this report a reality. It has been circulated for comments by attorneys and accountants in the US and in Puerto Rico to ensure the advice is as accurate and straightforward as possible.

In fact, one of Puerto Rico’s most prominent law offices, Pietrantoni Méndez & Alvarez (PMA) LLC, has lent its seal of approval to the report after thoroughly reviewing it. You know how much work it takes to get a lawyer to commit to anything.

If you’re considering the possibility of relocating to take advantage of these tax savings, our Puerto Rico guide is a must have.

I can tell you from experience, it will save you thousands in legal expenses by helping you understand how you and/or your business can qualify for these life-changing benefits.

Start here before you sit down with your own accountant or attorney. Or find out how, if you’re only taking advantage of Act 22, you can easily apply yourself.

The guide is packed with actionable information, including a multitude of professional resources (lawyers, accountants, real estate firms, etc.) that we have personally vetted.

We believe this guidebook is so important, especially right now, that we’ve arranged a way for you to get a free copy for a limited time by clicking here.

Inside, you’ll receive exclusive guidance available nowhere else, including…

How individual Americans can totally eliminate all taxation on certain types of investment income (capital gains, dividend, and interest income). How service businesses (like consultants, software development, accountants, financial planners, asset managers, etc.) can reduce their top corporate tax rate to 4%, a pittance when compared to the top corporate rate of 40% in the mainland US. The genesis of the new tax incentives in Puerto Rico and why we believe they are here to stay. How to apply for these tax benefits, including the written and unwritten rules you have to follow. How to qualify for many of these life-changing benefits without an expensive visit to a law office. Our top personal resources available to help you find a home, get tax help, structure businesses, network with expats, and more. The answers to a list of frequently asked questions about moving and living in Puerto Rico, including banking in Puerto Rico, the best places for expats to live (from a modest budget to more luxurious options), and how to navigate a real estate transaction. As I mentioned above, I have personally made the move to Puerto Rico to take advantage of the huge tax savings that as an American I cannot obtain anywhere else in the world.

So we’re not just reporting from theory here, but are actually on the ground in Puerto Rico gathering the facts on the rules and regulations that make these tax savings work to your advantage.

That’s why we’re excited to make available our guidebook, How to Legally Remove Yourself from the U.S. Tax Code, without Leaving America, to you today for free for a limited time. So that you can achieve substantially lower taxes—and a dramatically improved lifestyle—without leaving America behind.

America – Tax-Free Zone Video Course

America – Tax-Free Zone Video Course

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[farmerslabseeds-blog]

New Post has been published on Farmers Lab Seeds

New Post has been published on https://farmerslabseeds.com/news-from-the-lab/

News From the Lab-The Week (so far) In Marijuana News

Veteran Affairs Thumbs Up for Medical Marijuana: Veterans fresh off Memorial Day celebrations have another reason to rejoice. Veterans Affairs Secretary David Shulkin made positive statements in favor of medical marijuana. In a press conference, Shulkin said: “There may be some evidence that [medical marijuana] is beginning to be helpful and we’re interested in looking at that and learning from that.”

Veterans Affairs, according to Shulkins, is evaluating research on medical marijuana use among vets and the potential benefits thereof. This is a good sign. Vet groups like the American Legion have long lobbied Washington to authorize marijuana research for troops suffering from PTSD, brain injuries etc. (Wounded Vets for Pot) The Trump administration does not have a favorable stance towards marijuana use. US Attorney General Jeff Sessions has gone on record saying “Good people don’t smoke marijuana” and that marijuana is “only slightly less awful” than heroin. Washington Times Last time we checked, Jeff Sessions was not involved in the making of ‘Reefer Madness’! Seriously, who put this guy in office?! Farmer’s Lab approves David Shulkin’s voice as a welcome change. We hope Washington will keep an open mind and see how medical marijuana is helping suffering vets. Our troops deserve more for their service! Sources: The Hill

Legalization Hiccups in Vermont and Nevada:

Vermont was set to become the first American state to legalize marijuana possession by an act of the legislature. (So far, we have been legalizing via popular vote.) State Representatives recently passed a bill permitting possession of small quantities of marijuana. Vermont Governor Phil Scott vetoed that bill when it reached his desk. Scott said he was “not ideologically opposed” to legalization but that he wanted some changes in the bill’s structure. Governor Scott is looking for stronger penalties for DUI drivers as well as adults who smoke or offer marijuana to children.

He is also seeking a thorough study of legalization impacts on Vermont, particularly in relation to public health and safety. Observers are optimistic that Vermont will be a legal state in the near future.Source

Nevada is also not going to be seeing recreational marijuana anytime soon. The issue is about who–the alcohol or the medical marijuana industry–gets to transport marijuana across the state. In November last year, Nevada legalized recreational marijuana. The ballot then stipulated that “only licensed wholesale alcohol distributors could be licensed to transport retail pot for the first year and a half.” In other words, the alcohol industry was promised a transport monopoly (on marijuana) in the Silver State. So far so good. Now the Department of Taxation (DoT) determined that there were not enough backers interested in distribution licenses. (A lot of alcohol distributors don’t want to touch marijuana for fear of losing their federal alcohol licenses.) So the tax department opened up the market for medical marijuana businesses. This did not go well with some folks. The Independent Alcohol Distributors of Nevada went to court against the DoT. The judge agreed with them and issued a restraining order prohibiting Nevada from issuing distribution licenses. The situation is clearly a mess: read more here

So the tax department opened up the market for medical marijuana businesses. This did not go well with some folks. The Independent Alcohol Distributors of Nevada went to court against the DoT. The judge agreed with them and issued a restraining order prohibiting Nevada from issuing distribution licenses. The situation is clearly a mess: read more here Review Journal

Austrian Passenger Carrying Cannabis Seeds Acquitted:

An Austrian man was traveling back to his country via Dubai last year. He had about 2 pounds of marijuana seeds In his luggage. We’ve warned readers about traveling abroad with marijuana on your person. This man’s case is a good example of what could happen. At Dubai airport, authorities found the seeds in the luggage and locked the man up. He was charged with criminal possession and eventually handed a conviction sentence for ten years! Dubai’s jails are no place to be a prisoner (look it up: it is pretty bad there). This poor Austrian was done for! You are probably asking: why was this Austrian flying with those seeds? Apparently, this man was originally from Afghanistan and became an Austrian citizen under their refugee program. His wife, who suffers from neural diseases and requires medication (you guessed right: those cannabis seeds!), is waiting to get citizenship and cannot leave Austria. So the Austrian man goes to Afghanistan to see his mother. Along the way, he decides to get cannabis seeds for his wife. Then he gets caught and convicted in Dubai. So how did the man get acquitted? Quite simply, he had a good lawyer. Faisal Al Zarouni argued in court that his client was no drug trafficker. The lawyer proved that the man had no criminal intent and was simply trying to get seeds for his ailing wife. The judge agreed and overturned the ten-year sentence. The Austrian man is now (probably) free and on his way to his wife. You do not want to be in this man’s plight. So once again, we warn you not to travel abroad with marijuana in your possession. You can live without the bowl or blunt while on vacation. Trust us on that!

[expatglobaltax1]

Expert US Tax Advisors in Dubai for Expats

Understanding Taxes for Expats

Taxes for expats can be complex due to the different tax regulations in their home and host countries. Expats must navigate income tax laws, residency requirements, and tax treaties to ensure compliance. Expat Global Tax provides specialized services to help expats understand and manage their tax obligations efficiently. Their expertise simplifies the process, ensuring expats avoid penalties and maximize their financial benefits.

Importance of Expert US Tax Advisors

US tax advisors play a crucial role in helping expats meet their tax obligations. They provide expert advice on tax planning, compliance, and reporting, ensuring expats optimize their tax positions. Expat Global Tax offers experienced US tax advisors in Dubai who understand the unique challenges faced by American expatriates. Their tailored services ensure expats receive the best possible guidance and support.

Navigating US Expat Tax Obligations

US citizens living abroad must file annual tax returns with the Internal Revenue Service (IRS), regardless of where they reside. Understanding these obligations is crucial for compliance. Expat Global Tax helps expats navigate the complexities of US tax filing, ensuring they meet all requirements and take advantage of available deductions and credits. This expertise simplifies the tax filing process, reducing stress and potential liabilities.

Utilizing the Foreign Earned Income Exclusion

The Foreign Earned Income Exclusion (FEIE) allows US expats to exclude a portion of their foreign earned income from US taxation. Understanding how to qualify and apply for this exclusion is essential for minimizing tax liabilities. Expat Global Tax provides guidance on utilizing the FEIE, ensuring clients maximize their tax savings while remaining compliant with IRS regulations.

Managing Foreign Tax Credits

Foreign tax credits help US expats offset taxes paid to foreign governments against their US tax liabilities. Proper management of these credits is vital for reducing overall tax payments. Expat Global Tax offers expert advice on claiming and utilizing foreign tax credits, ensuring expats maximize their benefits and minimize double taxation risks.

Impact of the Tax Cuts and Jobs Act on Expats

The Tax Cuts and Jobs Act (TCJA) introduced significant changes to US tax laws, affecting expats' tax obligations. Understanding these changes and their impact on tax planning and compliance is crucial for expats. Expat Global Tax provides up-to-date information and advice on the TCJA's implications, helping clients adapt their strategies and optimize their tax positions.

Importance of Tax Treaties for Expats

Tax treaties between countries can help reduce double taxation and provide tax benefits to expats. Understanding and utilizing these treaties is essential for optimizing an expat's financial situation. Expat Global Tax offers guidance on navigating tax treaties, ensuring clients take full advantage of available benefits and minimize their tax liabilities.

Residency and Tax Implications

Residency status plays a significant role in determining an expat's tax obligations. Different countries have varying criteria for tax residency, impacting income taxation and reporting requirements. Expat Global Tax helps expats understand their residency status and its implications, ensuring compliance with relevant tax laws while optimizing their financial positions.

Addressing State Tax Obligations for US Expats

US expats may have state tax obligations depending on their residency status and the state they lived in before moving abroad. Understanding these obligations is crucial for avoiding penalties and ensuring compliance. Expat Global Tax provides expert advice on state tax requirements, helping expats navigate these complexities and manage their tax obligations effectively.

Handling Cross-Border Tax Issues

Cross-border tax issues can complicate an expat's financial situation. Understanding the tax implications of earning income and holding assets in multiple countries is essential for compliance and financial planning. Expat Global Tax offers comprehensive solutions for managing cross-border tax issues, ensuring clients remain compliant while optimizing their financial positions.

Utilizing Offshore Accounts for Tax Efficiency

Offshore accounts can offer financial flexibility and tax efficiency for expats. However, understanding the legal and tax implications of using offshore accounts is crucial to avoid penalties and legal issues. Expat Global Tax provides guidance on using offshore accounts effectively, helping clients maximize financial benefits while ensuring compliance with international tax laws.

Impact of Exchange Rates on Tax Liabilities

Exchange rates can significantly impact an expat's tax liabilities, affecting income and expenses and leading to unexpected obligations. Expat Global Tax helps clients manage these risks by offering strategies to mitigate the impact of exchange rate fluctuations on tax liabilities. This proactive approach ensures expats remain financially secure.

Benefits of Hiring Expat Global Tax

Hiring Expat Global Tax provides numerous benefits for expats seeking to optimize their tax situations. Their experts offer personalized advice, tailored solutions, and comprehensive support to ensure clients meet all tax obligations while minimizing liabilities. Expat Global Tax's commitment to client success ensures expats receive the best possible service, making their tax experience seamless and stress-free.

Adapting to Changing Tax Regulations

International tax regulations constantly evolve, and staying informed about these changes is crucial for expats. Adapting to new regulations requires expertise and proactive planning. Expat Global Tax stays updated on global tax developments, ensuring clients remain compliant and benefit from the latest tax-saving opportunities. Their proactive approach helps clients adapt to changing regulations seamlessly.

Addressing Tax Implications of Remote Work

The rise of remote work has changed the tax landscape for expats. Working from different locations can impact an individual's tax residency and obligations. Expat Global Tax provides expert advice on managing the tax implications of remote work, helping clients navigate residency requirements and optimize their tax positions. This guidance ensures expats remain compliant while maximizing financial benefits.

Importance of Tax Education for Expats

Tax education empowers expats to understand their obligations and rights. Staying informed about tax regulations and available benefits enables expats to make informed financial decisions. Expat Global Tax offers educational resources and workshops to enhance clients' tax knowledge, ensuring they remain compliant and financially savvy. This commitment to education helps expats achieve financial success while living abroad.

Conclusion

Expat Global Tax stands as a vital resource for expats in Dubai and beyond, offering unparalleled expertise in navigating the complexities of international tax obligations. Their dedicated team of US tax advisors ensures compliance with both US and local tax regulations, providing peace of mind to expatriates around the world. Whether dealing with tax treaties, foreign earned income exclusions, or the implications of remote work, Expat Global Tax delivers tailored solutions that maximize financial benefits and minimize liabilities. As global tax landscapes evolve, Expat Global Tax remains committed to keeping clients informed and compliant, empowering them to thrive financially wherever they choose to live and work.

[mademoiselle-bukowski]

Holborn Assets Reporting Innovation for US Expats

Expat finance group Holborn Assets takes first step in package of measures designed to cater specifically for US citizens currently resident in the Emirates region.

Dubai-based financial services provider Holborn Assets today announced a brand new function for the benefit of the approximately 50,000 American expats resident in the UAE and other Emirates.

After the FATCA legislation of 2010 opened the floodgates, it’s been a tough time for US expats in financial services. Many Americans abroad find it difficult (if not impossible) to open investment accounts with stateside providers. Failing that, the offshore providers available often only offer punitive fees and obligations. And, if that wasn’t bad enough, the filing obligations of the US expat for taxation purposes are widely-seen to be extreme in their demands.

With this in mind, it came as no surprise to Holborn Assets – as the result of research conducted on their behalf, that American expats value financial advice coming from a fellow American – who, as an expat, is personally under the same onerous obligations.

US expat and Holborn Assets Partner Vince Truong said that, "when it comes to form 1099 reporting to the IRS, we have a solution. We at Holborn Assets have built a unique system to manage the fact that, as Americans, we are taxed on our income, whether we are stateside or not. This has implications for tax filings, our savings, education plans, life insurance, investments, healthcare and retirement plans – very particular implications, special to the US expat.”

A seven-year Dubai resident himself and perhaps the only US Certified Financial Planner (CFP®) in the GCC region, the passionate Truong has lived in Dubai for over seven years as a US expat and is, perhaps in the whole scope of the GCC, the sole US Certified Financial Planner (CFP®).

Truong said that, throughout the GCC, there are many teams of advisors that a fellow American might look at – but what we offer here at Holborn Assets is a long-term view to a trusted partnerships with clients. That’s what works in the long run, based on our unique insight into what you might call “The American Expat Situation.” That’s why our services are largely fee-based.  When it comes to managing assets and the modelling of personal finances, our level of ability, proven ability, is something we are very proud of.”

Truong (who worked previously with LPL Financial of the US) heads up a growing team of Steven Downey working from Abu Dhabi (Steven worked as a Securities Broker with Charles Schwab) and, latterly VP of J.P. Morgan Securities, Andrew Firman.

A source from Holborn Assets said that, “as an independently-owned global financial advisory group established in 1999 and headquartered in Dubai, we are proud to bolster our offering to US expats because we know how difficult the reporting situation is for them – as well as the problem of finding viable product support. Only a fellow American, we believe, can truly offer the familiarity required to navigate this famously-tricky area of personal finance and so, with Vince Truong, a seven-year US expat himself, at the helm of our new US venture, we are confident that our clients will be well-looked after.”

“Our company’s clients are largely expats with an eye on the bigger picture of their personal finances. The motto of Holborn Assets has traditionally been “to put the right money in the right place at the right time” to help families build a financial future of security for themselves. And that requires a holistic approach across all service offerings: pensions, mortgages, insurance, retirement planning, wills and estates planning, and investment. This venture to bring American help to American problems in the UAE is part of that simple, holistic approach.”

[propvestintl]

Dubai Premium Malls & Virtual Offices Presents Importance of Latin America

Written by Sam Bridge, Arabian News. Original article can be found at https://www.arabianbusiness.com/politics-economics/417499-revealed-the-importance-of-latin-america-to-the-gulf-economy

Revealed: the importance of Latin America to the Gulf economy

New report says trade flows between GCC countries and Latin America and the Caribbean reached $16.3bn in 2018

Brazil’s trade with the Gulf countries in 2018 amounted to $9.1 billion, followed by Argentina ($2 billion) and Mexico ($1.3 billion).

Trade flows between GCC countries and Latin America and the Caribbean (LAC) reached $16.3 billion in 2018, while the UAE remained the top trading partner in the Gulf region, according to a new report.

The study by the Inter-American Development Bank (IDB) in cooperation with Dubai Chamber of Commerce and Industry was released during the 3rd Global Business Forum on Latin America in Panama City.

It said that in 2018 Gulf countries imported $10.9 billion worth of products from Latin America and the Caribbean, while they exported products to the region valued at $5.4 billion.

The UAE accounted for 27 percent of exports from GCC region to Latin America and the Caribbean, and 46 percent of imports from LAC countries, making it the top growth market for LAC traders, the report revealed.

Brazil, Argentina and Mexico were identified as the top trading partners in the region for GCC markets, jointly acquiring 76 percent of the total intraregional trade between the two regions.

Brazil’s trade with the Gulf countries in 2018 amounted to $9.1 billion, followed by Argentina ($2 billion) and Mexico ($1.3 billion).

The report also outlined several recommendations for boosting trade flows between the two regions, including establishing new trade, investment and double taxation agreements, increasing the number of diplomatic missions, launching additional direct flights, and further facilitating bilateral business exchange.

According to IDB’s estimates, new trade agreements could potentially increase trade flows between the GCC and LAC regions by $9.8 billion per year, while it also noted that expanding diplomatic footprint could give a $3.3 billion boost to bilateral trade.

It said that simplifying export and import mechanisms and processes, and implementing initiatives such as a single-window system for all procedures, licensing licensed economic agents, and signing mutual recognition agreements with procedures adopted by each country were also important steps to facilitate and accelerate bilateral trade in the future.

The report noted that plastic products and electrical machinery remain the top categories dominating bilateral trade between the two regions, while vehicles, pharmaceutical products, electrical appliances, iron and steel were identified as high-potential products.

Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, said the report clearly show that there are many commercial and investment opportunities for cooperation between the GCC and Latin markets in various sectors and fields.

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[ericfruits]

Donald Trump holds off hitting the Gulf carriers with sanctions

WHEN Donald Trump became America’s president nearly a year ago, lobbyists campaigning for protection for the country’s airlines against competition from the Middle East were overjoyed. But they were less happy on December 13th when it was revealed that Donald Trump has decided to hold off on imposing sanctions against the three big Gulf carriers—Emirates of Dubai, Etihad of Abu Dhabi, and Qatar Airways—for what America’s big airlines alleges are unfair subsidies that they receive from their governments. For now, the administration will continue discussions with the UAE and Qatar, the trio’s home countries. But it has not taken off the table the possibility in the future of amending or terminating its Open Skies agreements that allow the Gulf carriers to fly to any American airport they want. A document from an administration meeting in September, obtained by Politico, a news website, states that “additional steps” may be taken “if sufficient progress is not made by a date certain”—probably a few months from now.

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The three big American legacy carriers—American, Delta and United—are campaigning hard for the American government to take action. Delta, for instance, accuses Emirates of receiving $9.5bn in state aid between 2004 and 2015, $17bn for Etihad and a whopping $25.5bn for Qatar. The Gulf carriers deny that they have received any subsidies, but the American trio see the Trump administration’s protectionist leanings as their chance to push their agenda through.

Earlier this month they were nearly successful. A senator from Georgia (home to Delta) inserted a provision into the tax bill currently going through Congress that would force the Gulf airlines, as well as some others, to pay American corporate taxes. Currently, airlines generally pay taxes in their own countries, regardless of whether their revenue comes from there or overseas, and the proposal would have crimped the Gulf carriers by forcing them to pay more tax. Unsurprisingly, opposition to the proposal was fierce. Etihad called the proposal “inappropriate under US law and contrary to several international agreements.” And the International Air Transport Association, an industry group which represents the interests of legacy carriers around the world, objected to the measure’s reversal of “decades of precedent—which the US has long supported—on the taxation of international aviation.” The provision was ultimately dropped from the tax bill because the Office of the Parliamentarian, which enforces Senate rules, deemed it extraneous to the main content of the bill.

Still, it provides some insight into the type of retaliatory action the Trump administration could take against the Gulf carriers. Even though such a move might give American airlines a temporary competitive boost, it would clearly be bad for flyers, who are much better served by fair competition on price and service. As this newspaper has previously explained, a lack of competition in American aviation has resulted in higher fares and poorer service than airlines provide in Europe. And the American airline industry is already far from fully competitive market:

Instead of using its carriers’ complaints as justification for more protection, America would do more for its citizens by ending its restrictions on foreign ownership of airlines and offering complete freedom to operate internal flights. American consumers would gain regardless of whether governments, in the Gulf and elsewhere, reciprocated.

Penalising the Gulf carriers would also hurt the American economy. Boeing, a planemaker which is America’s largest exporter, is heavily reliant on the three carriers as customers. Etihad has 48 Boeing planes in its fleet, Qatar has 91, and Emirates has 147 Boeing 777s in its fleet, with a further 196 on order. If a trade war over flying rights were to prompt these carriers to cancel any future orders from Boeing, the impact on American manufacturing workers and the country’s broader economy is likely to be far greater than any small benefit that workers at Delta and American and United would derive from Mr Trump tilting the playing field in their employers’ favour.

And there is more than a little hypocrisy in American airlines’ complaints about government support for the Gulf carriers. A report by the Congressional Research Service in 1999 found that since 1918, the American government had propped up the country’s airlines with $155bn in direct and indirect subsidies—and the number has only gone up in the nearly two decades since. There are plenty of good reasons why the Gulf “super-connectors” are snapping up a growing share of the international aviation business. Their location makes flying via the Gulf a convenient place for a layover on flights between Asia and Europe and the Americas. Their investment in new planes, good service, and marketing has also forced their competitors to improve their offerings. Ordinary Americans could enjoy lower fares and better service too—if only the Trump administration leaves America’s skies open to competition.

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[farmerslabseeds-blog]

New Post has been published on Farmers Lab Seeds

New Post has been published on https://farmerslabseeds.com/news-from-the-lab/

News From the Lab

Veteran Affairs Thumbs Up for Medical Marijuana: Veterans fresh off Memorial Day celebrations have another reason to rejoice. Veterans Affairs Secretary David Shulkin made positive statements in favor of medical marijuana. In a press conference, Shulkin said: “There may be some evidence that [medical marijuana] is beginning to be helpful and we’re interested in looking at that and learning from that.”

CREDIT: The Joint Blog

Veterans Affairs, according to Shulkins, is evaluating research on medical marijuana use among vets and the potential benefits thereof. This is a good sign. Vet groups like the American Legion have long lobbied Washington to authorize marijuana research for troops suffering from PTSD, brain injuries etc. (Wounded Vets for Pot) The Trump administration does not have a favorable stance towards marijuana use. US Attorney General Jeff Sessions has gone on record saying “Good people don’t smoke marijuana” and that marijuana is “only slightly less awful” than heroin. Washington Times Last time we checked, Jeff Sessions was not involved in the making of ‘Reefer Madness’! Seriously, who put this guy in office?! Farmer’s Lab approves David Shulkin’s voice as a welcome change. We hope Washington will keep an open mind and see how medical marijuana is helping suffering vets. Our troops deserve more for their service! Sources: The Hill

Legalization Hiccups in Vermont and Nevada:

Vermont was set to become the first American state to legalize marijuana possession by an act of the legislature. (So far, we have been legalizing via popular vote.) State Representatives recently passed a bill permitting possession of small quantities of marijuana. Vermont Governor Phil Scott vetoed that bill when it reached his desk. Scott said he was “not ideologically opposed” to legalization but that he wanted some changes in the bill’s structure. Governor Scott is looking for stronger penalties for DUI drivers as well as adults who smoke or offer marijuana to children.

He is also seeking a thorough study of legalization impacts on Vermont, particularly in relation to public health and safety. Observers are optimistic that Vermont will be a legal state in the near future.Source

Nevada is also not going to be seeing recreational marijuana anytime soon. The issue is about who–the alcohol or the medical marijuana industry–gets to transport marijuana across the state. In November last year, Nevada legalized recreational marijuana. The ballot then stipulated that “only licensed wholesale alcohol distributors could be licensed to transport retail pot for the first year and a half.” In other words, the alcohol industry was promised a transport monopoly (on marijuana) in the Silver State. So far so good. Now the Department of Taxation (DoT) determined that there were not enough backers interested in distribution licenses. (A lot of alcohol distributors don’t want to touch marijuana for fear of losing their federal alcohol licenses.) So the tax department opened up the market for medical marijuana businesses. This did not go well with some folks. The Independent Alcohol Distributors of Nevada went to court against the DoT. The judge agreed with them and issued a restraining order prohibiting Nevada from issuing distribution licenses. The situation is clearly a mess: read more here

So the tax department opened up the market for medical marijuana businesses. This did not go well with some folks. The Independent Alcohol Distributors of Nevada went to court against the DoT. The judge agreed with them and issued a restraining order prohibiting Nevada from issuing distribution licenses. The situation is clearly a mess: read more here Review Journal

Austrian Passenger Carrying Cannabis Seeds Acquitted:

An Austrian man was traveling back to his country via Dubai last year. He had about 2 pounds of marijuana seeds In his luggage. We’ve warned readers about traveling abroad with marijuana on your person. This man’s case is a good example of what could happen. At Dubai airport, authorities found the seeds in the luggage and locked the man up. He was charged with criminal possession and eventually handed a conviction sentence for ten years! Dubai’s jails are no place to be a prisoner (look it up: it is pretty bad there). This poor Austrian was done for! You are probably asking: why was this Austrian flying with those seeds? Apparently, this man was originally from Afghanistan and became an Austrian citizen under their refugee program. His wife, who suffers from neural diseases and requires medication (you guessed right: those cannabis seeds!), is waiting to get citizenship and cannot leave Austria. So the Austrian man goes to Afghanistan to see his mother. Along the way, he decides to get cannabis seeds for his wife. Then he gets caught and convicted in Dubai. So how did the man get acquitted? Quite simply, he had a good lawyer. Faisal Al Zarouni argued in court that his client was no drug trafficker. The lawyer proved that the man had no criminal intent and was simply trying to get seeds for his ailing wife. The judge agreed and overturned the ten-year sentence. The Austrian man is now (probably) free and on his way to his wife. You do not want to be in this man’s plight. So once again, we warn you not to travel abroad with marijuana in your possession. You can live without the bowl or blunt while on vacation. Trust us on that!