Dubai

[GreenTreeFrog]

Anyone bought there?

How have you found the experience of buying in UAE? Good? Bad?

How has the property gone in terms of rental and capital gain?

Have you purchased in own name or offshore company?

Thanks!

 

[Altitude]

Please enlighten me. Why Dubai?

I understand that it is a wealthy country, and according to Greg Norman, it is a safe country. But I am a relatively conservative person who believe in buying in your own backyard, for SANF.

I am one of those people who like to understand the law and the culture of the place where my patch of dirt is situated. Hence my question.

 

[GreenTreeFrog]

We already own property in Australia, New Zealand and Vanuatu. We are looking further afield for better returns and minimal tax.

There is huge development taking place in Dubai. I want to reach my hand out and grab some of the cash flying around the place.

So you would never consider buying outside of your own patch of turf?

 

[Bargain Hunter]

GTF,

From what I've seen the property market in Dubai is a saturation point.

I've even got the photos to prove it.

Regards

Andrew

 

[Bargain Hunter]

And finally... they required a sinking fund

 

[GreenTreeFrog]

Oooh waterfront!

 

[redwing]

We already own property in Australia, New Zealand and Vanuatu. We are looking further afield for better returns and minimal tax.

Hi GTF

With the property in Vanuatu is that a 50 year lease as i'd heard that all property there is owned by the King?

Though Vanuatu is a tax haven as well isn't it?

 

[handyandy]

canal front and they own the sea floor

What the hell were they thinking?

Cheers

 

[GreenTreeFrog]

Yes 50 year lease from 1980. Most new developments and renewals are getting 75 year lease now which is the max currently permitted.

Yes it is a tax haven.

 

[willair]

Yes 50 year lease from 1980. Most new developments and renewals are getting 75 year lease now which is the max currently permitted.

Yes it is a tax haven.

I would be interested to know why it is a Tax Haven,but then again
the slim tea boy,Peter S/B Foster was trying to line up investors
in those waters till they threw him out..good luck willair..

 

[tubs]

I dont know GreenFrog. Everytime I see all those high rises, I think of the inner city highrises in Melbourne and Sydney. Its so easy to supply new housing over there, I dont think the demand/supply equation is ever really going to tip in your favour.

 

[GreenTreeFrog]

Thanks for you input tubs. Is that based on research you have done or just from pictures what you have seen?

 

[tubs]

Gut feel more than anything. Really goes against my feeling that the money in a property investment is in the land, not in air.

I notice in Melbourne that as soon as the demand is there for more apartments, they just keep building them, so there is no scarcity factor, hence no growth. Its only my opinion, but with the amount of development there it would scare me away.

 

[Lily House]

Hi GreenTreeFrog,

Have you done much research on UAE?

I was under the understanding that foreigners were not able to buy land/property there???? Just something I heard years ago when I had some dealings with a business there - don't know how much truth there is to it.

Good luck,
Lily

 

[Sunfish]

They are crazy people over there. I found this by Googling "Dubai drifting"

http://video.google.com/videoplay?docid=-7964930443363726954

For more of the same try "Saudi Drifting". Makes our lads with their street drags pretty tame.

BTW "erhabe" means "terrorist".

 

[BoatBoy]

Yes 50 year lease from 1980. Most new developments and renewals are getting 75 year lease now which is the max currently permitted.

Yes it is a tax haven.

Recently got back from Vanuatu and was pretty impressed with the place.

http://www.somersoft.com/forums/showthread.php?t=30832

http://www.somersoft.com/forums/showthread.php?t=31585

Even though the road's are a shocker, and a lot of them tough on 4x4, electricity and phone are sometimes less than effective and hideously expensive, earthquakes and cyclones are fairly regular, the other advantages made up for it.

Had a look at a lot of land and houses while I was there as well.

Santo was more my style though , bit more relaxed and better road's due to US WW2 build compared to French English build in Efate.

GTF did you have to get residency there as well , or is there some other way of taking advantage of the tax haven status ?

BB

 

[GreenTreeFrog]

I have not visited Santo unfortunately. The furniture we took over there to furnish our place that we sold on moved to Santo though!

We are entitled to residency becasue we own a property. It is something we choose to persue though. We don't automatically get Residency Visa's for owning property there but we do get the right to apply for and be permitted the visa's. Ours are up for renewal shortly. Administration is always an interesting process in Vanautu...

I work via the internet for a bank in Europe so have a company in Vanuatu that I contract through. This way - I can legally utilise the tax fee status of lovely Vanuatu.

 

[GreenTreeFrog]

Were you inclined to invest?

 

[Sunfish]

Reading this site, it would appear that expats can buy property in Vanuatu.

This site is a pretty good resource for anyone considering buying/living o/s.

http://www.escapeartist.com/efam/73/Living_On_Vanuatu.html

 

[BoatBoy]

Were you inclined to invest?

When I offload the next project which will be in about 6 mth's time I would be keen to do something but in reality, I doubt it will be possible.

My main concern is that Efate doesn't really do it for me, though some of the blocks out of town a bit may be ok, like the pic.


If I did something in Santo I'd be worried about getting tenants. As yet I havent investigated that yet.

So it's really something i'd want to do if I had a lazy couple of hundred thou in fold floating around which we don't have yet and I still have our boat to finish, which is eating all "spare " cash at the moment.

But what I would be interested in is getting a "company" in Vanuatu buying my future investments in Oz, as I am under the impression that Oz sale's will not attract CGT if owned by a Vanuatu company.

But I was under the impression that I have to be Ni-Van to own a company.

Any idea's ?

BB