02 Jul
Dubai is second most popular global city for ‘digital nomads’
In October 2020, Dubai launched an innovative programme that allowed overseas telecommuting professionals to live in the city while continuing to serve their employers in their home country.
Dubai is the second most popular destination in the world for “digital nomads” who prefer to live and work remotely from home, according to a work-from-anywhere index released on Thursday.
While Melbourne topped the list of 75 global cities, Dubai scored impressively due to its game-changing one-year residency permit for remote workers, according to the Work-from-Anywhere Index report from Nestpick.
Other global cities among the top ten most sought-after destinations for work-from-anywhere include Sydney, Tallinn (Eston), London, Tokyo, Singapore; Glasgow, Montreal and Berlin.
The cities have been assessed based on a variety of factors related to working from home, including costs and infrastructure, taxes, freedoms, safety and livability.
“As remote work becomes the new normal for millions of people worldwide, some countries are creating ‘work-from-anywhere’ legislation, opening up the possibility for workers to relocate to cities which appeal best to their lifestyles”, Nestpick said in its report.
In October 2020, Dubai launched an innovative programme that allowed overseas telecommuting professionals to live in the city while continuing to serve their employers in their home country. The move offers remote workers — and their families — the opportunity to relocate, on an annual basis, to one of the world’s leading tourist and business destinations and enjoy a safe and high-quality lifestyle supported by a solid digital infrastructure that offers connectivity.
“Very few countries have enacted legislation designed to attract foreign-employed workers. Instead, they only offer visas to those who take jobs on location, therefore missing the opportunity to bring high-wage earners to their cities without the need to generate new jobs”, said Nestpick.
Omer Kucukdere, founder and CEO of Nestpick, said the global pandemic has caused many people to reassess their personal priorities, revealing the benefits of remote working flexibility and prompting the question ‘is it really possible to work from home, anywhere.’
He said the last year really proved to many companies that remote working is not only a possibility, but actually something that can be beneficial to everyone involved.
“What we saw through our study, however, is that technology and employers have evolved faster than infrastructure, with many legal barriers still in place for migrants who want to bring their work with them”, said Kucukdere.
The Work-from-Anywhere Index also used data in its study to determine which cities are not only the most attractive to foreign workers, but which also have the infrastructure and legislation in place to make it easier for them to find jobs. life and work. The resulting index offers insight into a wide range of factors encompassing cost, infrastructure, legislation, and livability to reveal which cities are best prepared to attract this new breed of residents working from anywhere.
“High income earners are leaving business-oriented cities to live in places that offer better everyday lifestyles, taking their purchasing power with them. This trend will only gain in popularity over time, so we believe that we will see more and more cities adapt to these new working conditions and benefit from the economic boost these workers are injecting into their economies”, Kucukdere said.
Source:https://www.khaleejtimes.com/business/dubai-is-second-most-popular-global-city-for-digital-nomads
01 Jul
New rules for financial institutions to perform due diligence of real estate, precious metal firms
These guidelines are aimed at mitigating the risks as well as effectively implementing anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations
The UAE Central Bank on Tuesday has issued new guidelines for banks and financial institutions which provide services to companies in the real estate and precious metals and stones sectors.
These guidelines are aimed at mitigating the risks as well as effectively implementing anti-money laundering and combatting the financing of terrorism (AML/CFT) obligations.
Under the new guides, all licensed banks and financial institutions are required to perform appropriate customer due diligence and report any suspected behaviour linked to money laundering, financing of terrorism or a criminal offence by submitting suspicious activity reports directly to the UAE’s Financial Intelligence Unit using the “goAML” portal.
The regulator stressed that licensed financial institutions (LFIs) providing services to real estate and precious metals and stones sectors should specifically assess the associated money laundering and terrorist financing risks and develop an effective AML/CFT programme that encompasses a competent compliance officer and provides training for LFIs’ employees on said risks.
It is important to note that the UAE Ministry of Economy, which issues the relevant guidance, supervises real estate agents, brokers and dealers in precious metals and stones who are qualified as designated non-financial businesses and professions.
Earlier this month, Ahmed Ali Al Sayegh, Minister of State, and Khaled Mohamed Balama, governor of the Central Bank of the UAE, chaired a meeting which was attended by the CEOs of all onshore financial institutions in the UAE to highlight the UAE’s AML/CFT efforts, with an emphasis on the crucial role played by the private sector in strengthening the UAE’s AML/CFT system.
“A critical part of UAE Central Bank’s mandate is to ensure that all licensed financial institutions have a deep comprehension of their role in mitigating and addressing the risk of illicit activities in the UAE’s financial system. This guidance serves as a key point of reference for those providing services to real estate and precious metals and stones sectors and is set to further increase the efficacy of licensed financial institutions in contributing to the stringent national efforts in the field of AML/CFT,” said Khaled Mohamed Balama.
The newly-released guidance for real estate, precious metals and stones sectors also takes into account the standards and guidance issued by Financial Action Task Force (FATF).
Source:https://www.khaleejtimes.com/business/banking-finance/new-rules-for-financial-institutions-to-perform-due-diligence-of-real-estate-precious-metal-firms
29 Jun
CBD partners with DMCC to provide banking services to license holders
Commercial Bank of Dubai has recently inked a partnership agreement with the Dubai Multi Commodities Centre (DMCC) to boost entrepreneurship and support business owners.
The partnership will enable DMCC trade license holders to leverage CBD’s banking products and services, including exclusive digital business accounts which can be opened instantly with zero balance options and a wide range of exclusive services tailored for all business needs.
The agreement was signed between Dr. Bernd van Linder, CEO of Commercial Bank of Dubai and Ahmed Bin Sulayem, executive chairman and CEO of Dubai Multi Commodities Centre.
Dr. Bernd van Linder said: “At CBD, we believe that SMEs and entrepreneurs play a vital role in the growth of the national economy and it is imperative that they get the support they require to accelerate the growth of their businesses. With this partnership with DMCC, we are delighted to offer SMEs and entrepreneurs, holders of DMCC trade licenses, a seamless and instant banking experience, complemented with tailored solutions to fulfill their business requirements. Our agreement will enhance the ease of doing business in the UAE and will boost the SME ecosystem.”
Ahmed Bin Sulayem added: “Being home to over 19,000 companies of all sizes from around the globe, supporting existing and new members in every way possible has always been a top priority for DMCC. We are committed to forming partnerships and leading initiatives aimed at enabling businesses to thrive in the UAE and beyond – cementing our position as a global trade hub and ensuring the UAE remains the destination of choice to do business. Through our partnership with the Commercial Bank of Dubai, we continue to enhance the ease of doing business, particularly for entrepreneurs and SMEs which without a doubt play a fundamental role in innovation and economic growth.”
The partnership agreement with DMCC is the latest in a series of partnerships that CBD continues to create as it aims to support the SME ecosystem through its partnerships with Dubai Economy and Emirates Development Bank most recently.
Source:https://www.khaleejtimes.com/business/banking-finance/cbd-partners-with-dmcc-to-provide-banking-services-to-license-holders
07 May
Covid impact: UAE reduces penalties on VAT, excise tax
The new provisions will be applicable 60 days as from April 28, 2021.
The UAE has reduced old penalties on value-added tax (VAT) and excise tax in order to help companies and individuals better cope with the impact of the Covid-19 pandemic. According to newly-released Cabinet Decision No. 49 of 2021, tax payers who currently have penalties pending can see those reduced to 30 per cent, provided they settle them before December 31, 2021.
Going forward, late payment penalties will be reduced to four per cent per month, a substantial reduction from one per cent per day while an overall cap stays at 300 per cent.
The new provisions will be applicable 60 days as from April 28, 2021.
Thomas Vanhee, founding partner of Aurifer Middle East, said technical provisions now determine that late payment penalties should only be calculated as from 20 weekdays after submitting the voluntary disclosure.
He said the Cabinet decision constitutes a very important reduction in the penalties and provides an excellent opportunity for tax payers to get a fresh start.
Anurag Chaturvedi, managing director of Chartered House, said this is a best relief provided by the government to the pandemic-hit businesses in the UAE.
“A number of businesses in the UAE succumbed to administrative penalties on account of delay in submission of the due tax. The new regime of administrative penalties are at par with global standards. The most relieving change is maximum penalty of four per cent of unpaid tax per month compared to one per cent of unpaid tax for each day of delay as per the old provisions,” said Chaturvedi.
Link:https://www.khaleejtimes.com/news/government/covid-impact-uae-reduces-penalties-on-vat-excise-tax
