New Tax Regulations

June 8, 2023 [image] [Event](=) | [Become our Client](=) Welcome to the Weekly Rundown. What a week for financial updates from the UAE. This week's spotlight falls on a fresh rule on corporate tax affecting non-resident entities. With changes around real estate investments and some intriguing new tax dynamics, the Ministry of Finance is stirring up the scene. The shifts in the UAE's tax landscape could potentially redefine your investment strategies and future plans. So, if you're investing in the UAE, make sure to get the full insight into these new regulations. Crypto Showdown: SEC vs Coinbase - A Supreme Court Saga? [image](=) We're on the edge of a regulatory precipice here, as the SEC takes on Coinbase, in a lawsuit that could redefine not only crypto in the US, but also the SEC's power. This is a high-stakes game, with the very definition of an 'investment contract' in the balance. If the SEC wins, we might say bye-bye to trading certain tokens on US exchanges. If the Supreme Court sides against the SEC, the fallout could extend beyond just crypto. [image] UAE's New Tax: Non-resident Property Income in Focus [image](=) The UAE Ministry of Finance is widening the corporate tax net, roping in income from property for non-residents. Foreign companies and other non-resident entities will now have to pay corporate tax on income derived from UAE property, whether used for business or investment purposes. The catch? Real estate investment income isn't taxable if it isn't a licensed business activity. Keep your eyes on information on the new tax law implementation, heralding a new era in the UAE's corporate tax landscape. [image] Portland Taxes Heaviest on High-Income Earners: Comparative Study [image]( High-income individuals earning above $250,000 annually face the highest taxes in Portland, Oregon, according to an analysis by financial information firm, SmartAsset. With a tax rate of 41 percent, such individuals pay more than $100,000 in levies annually. The report further compares the tax rates between those earning $250,000 and $100,000 across 75 of the largest U.S cities. The study revealed that employees earning more than $250,000 in Portland pay 7.5 percentage points more in tax compared to those earning $100,000. It highlights the growing interest in affordability across various states, given the increasing adoption of remote work. [image] [image]() Lear How We Help Clients Obtain Citizenship Through Ancestry We’ve helped our clients obtain citizenship in more than 28 countries, including many Citizenship By Descent countries. Download our guide to see how we do this and how we can help you [Get Your Guide]() Investor Warns of Recession Risk and Sustained Low Returns [image](=) Paul Singer, billionaire hedge fund owner and founder of Elliott Management, has warned of rising recession risks and a prolonged period of low returns on financial assets. Citing the US economy as being in an "extraordinarily dangerous and confusing period", Singer highlights high valuations, stubbornly high inflation, and interest rate hikes by the Federal Reserve as key challenges. He predicts the potential for long-term low returns in financial assets, real estate, and corporate profits, alongside higher unemployment rates. Singer, known for predicting the 2008 subprime mortgage crisis and the post-Covid inflation surge, also anticipates recurring inflation cycles, leading to prolonged high interest rates. [image] Canada Expands Visa-free Air Travel to 13 Additional Countries [image]() The Canadian Minister of Immigration, Refugees and Citizenship, Sean Fraser, has announced the addition of 13 countries to the electronic travel authorization (eTA) program, allowing eligible travelers to apply for an eTA instead of a visa for air travel to Canada. The beneficiaries are Antigua and Barbuda, Argentina, Costa Rica, Morocco, Panama, Philippines, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Seychelles, Thailand, Trinidad and Tobago, and Uruguay. This initiative is expected to enhance travel convenience, stimulate tourism, bolster the economy, and foster stronger international relations, while maintaining national security. [image] Instant ETIAS Approval Predicted for 97% of Applicants, Says Frontex [image]() If you're planning on traveling to the Schengen Area soon, you're in luck. Frontex, the European Border and Coast Guard Agency, says that 97% of applicants for the European Travel Information and Authorization System (ETIAS) will get an immediate green light. The ETIAS, due to kick off in a year, will scan your application through EU security systems, and if everything checks out, you'll receive approval within minutes. Refused? Well, there's an appeal process. So, buckle up for a smoother, faster journey to the Schengen Area... at only a €7 cost. Affordable and efficient... sounds like a win-win [image] [image]( Get An Inside Look Into How Nomad Capitalist Can Help You We’ve helped our clients go to more countries and coordinated between more countries than any other firm. Learn more about how our process works from our guide. [Get Your Guide]( IRS Plans Crackdown on Maltese Retirement Plan Tax Evasion [image]() Get this: the IRS has its sights on Maltese retirement plans. Apparently, these have become a popular tax loophole, and the IRS is not too happy about it. New rules proposed on Tuesday will label these arrangements as listed transactions, requiring taxpayers and advisors to report them. Skip the disclosure? Expect a hefty fine. [image] UK's Tightrope Walk: Balancing Inflation Control and Recession Fears [image]( The Bank of England (BoE) is in quite the pickle, attempting to manage soaring inflation without plunging the economy into a recession. With inflation rates higher than in the US and eurozone, and having hiked borrowing costs 12 times since late 2021, the BoE is set to raise rates again. Meanwhile, there is some good news: inflation expectations are falling, and wage increases are cooling down. But let's not forget the elephant in the room – the impacts of previous rate hikes are yet to hit home (literally), with millions of fixed-rate mortgages up for renewal at higher rates. And with the UK's economy still walking on eggshells, there's a genuine risk of recession. It's a real juggling act for the BoE. [image] The Next Public Health Crisis: Fighting Infections and Misinformation [image]( Infectious disease expert Dr. Kent Sepkowitz expresses concerns about the post-pandemic scenario. Despite the World Health Organization and the US declaring an end to the Covid-19 health emergency, he believes we might be becoming complacent too soon. Infectious diseases, after all, have a habit of resurging even after nearly being eradicated. He also worries about the growing anti-vaccination, anti-science movement, which could undermine the response to future public health crises. This 'non-reality-based community,' as he puts it, is not just battling against diseases but also the crucial steps taken by public health authorities to protect lives. [image] [image]() [image] Learn what works in 2023 to legally reduce your taxes, build an international Plan B, and diversify and protect your assets from the experts who do this every day. [Book Your Seat]() GameStop Shares Plummet Following CEO Dismissal [image]() GameStop shares dropped nearly 20% after CEO Matthew Furlong was fired and the company reported lower-than-expected quarterly revenue. The news was announced during GameStop's quarterly earnings release, in which Ryan Cohen, the company's largest investor, was appointed as the executive chairman. The first quarter revenue was reported at $1.24 billion, falling short of the predicted $1.34 billion. Furlong's departure is seen as a setback to GameStop's digital transition efforts, given his former role at Amazon. Some analysts, like Wedbush Managing Director Michael Pachter, remain skeptical about GameStop's future, citing declining physical software sales and the growing prevalence of subscription services and digital downloads. [image] = = Feel free to check out our [SERVICES](=) [ARTICLES](=) [PODCAST]( [Update Email Preferences]( | [Unsubscribe]( Nomad Capitalist LLC Kidnah, Block A Plot 4 Fujairah, Al Fujayrah United Arab Emirates (the) +1 (979) 966-6623