TRANSKRIPT 🔗
WEBVTT
00:00:00.080 --> 00:00:02.799
If your goal is to become wealthy, where should you live?
00:00:03.040 --> 00:00:09.359
New York, London, Singapore, Dubai, or should you stay exactly where you are right now?
00:00:09.519 --> 00:00:11.839
Because where you live won't make you rich.
00:00:12.000 --> 00:00:19.120
It can absolutely change the opportunities you have, the people you meet, the money you keep, and even how big you think.
00:00:19.280 --> 00:00:25.039
So if I were choosing a city specifically to build wealth, these are the things I'd look for.
00:00:25.199 --> 00:00:28.079
And at the end of this video, I'll tell you where I would personally choose.
00:00:28.239 --> 00:00:31.199
Number one, don't look for the richest city.
00:00:31.440 --> 00:00:33.200
Most people start with the wrong question.
00:00:33.280 --> 00:00:35.439
They ask, What's the richest city?
00:00:35.600 --> 00:00:36.240
I don't care.
00:00:36.399 --> 00:00:40.560
The question is, where do I have the highest chance of becoming wealthy?
00:00:40.719 --> 00:00:42.399
Those are completely different things.
00:00:42.640 --> 00:00:46.079
For example, Monaco has an enormous concentration of wealth.
00:00:46.240 --> 00:00:52.240
That doesn't necessarily make it the best place for a 25-year-old entrepreneur building their first company.
00:00:52.399 --> 00:00:53.600
You need to think differently.
00:00:53.759 --> 00:00:57.200
You need a city that fits the way you intend to make money.
00:00:57.359 --> 00:00:58.320
So let's talk about it.
00:00:58.479 --> 00:01:12.159
If you can put two equally talented entrepreneurs in different environments, one spends five years surrounded by people that aren't interested in business, the other is constantly meeting founders, investors, executives, and people building companies, who has the advantage?
00:01:12.319 --> 00:01:13.680
Obviously, the second person.
00:01:13.840 --> 00:01:19.040
Not because successful people are going to hand you money, like, oh, I'm I'm rich, here's$10 million, right?
00:01:19.200 --> 00:01:24.159
What they're going to do is expose you to better information, better conversations, and better introductions.
00:01:24.319 --> 00:01:28.799
That's something that we have personally benefited from so much by being in Dubai.
00:01:28.959 --> 00:01:34.079
And that's another reason why cities like New York, London, Singapore, and Dubai, of course, are so powerful.
00:01:34.159 --> 00:01:45.680
They're not just, you know, really good places to live, but you're actually kind of getting paid to live there because you're buying access and you're getting access to an ecosystem, relationship that could totally change your life and the direction of your career.
00:01:45.840 --> 00:01:51.040
We've personally met with a lot of people that we know that have given us even maybe 20 seconds of their time.
00:01:51.120 --> 00:02:00.879
And that 20 seconds of their time has given us so much to think about and so many good ideas, great feedback, constructive criticism, ideas on how to execute.
00:02:00.959 --> 00:02:03.439
And it's honestly been the best thing ever.
00:02:03.599 --> 00:02:06.400
If we weren't around these people, we wouldn't get that information.
00:02:06.560 --> 00:02:16.319
So I think the real value here is the information, not just like the potential partnerships to work with someone, but the insight that someone that has experience in another industry can share with you.
00:02:16.400 --> 00:02:19.919
Then you need to look at the jurisdiction, the rules of that jurisdiction.
00:02:20.000 --> 00:02:26.960
You need to look at how they tax you in that location, how they let you run a business, the regulations, what are the residency requirements?
00:02:27.120 --> 00:02:28.400
Is it easy to hire people?
00:02:28.639 --> 00:02:30.240
Is it actually easy to operate?
00:02:30.400 --> 00:02:34.479
Like, how easy is it to actually operate in that country or location?
00:02:34.639 --> 00:02:46.159
Because today you can be born in one country, live in another, own a company somewhere, you know, somewhere else, sell globally, and employ people across multiple countries, which is super powerful, but it also makes proper structuring even more important.
00:02:46.319 --> 00:03:02.159
Imagine you're building a business, you're making$5,000 a month, you're doing good, and then you move to an expensive city, you go to, I don't know, again, Monaco, let's say you're spending almost everything you earn on an apartment, car, restaurants, events, and you might be surrounded by that opportunity, but you're destroyed by the expenses, right?
00:03:02.240 --> 00:03:03.120
Your runway is gone.
00:03:03.280 --> 00:03:10.560
You know, sometimes the smarter wealth-building move is to stay in an affordable location that allows you your dollar to go a lot further.
00:03:10.719 --> 00:03:15.759
So my point is don't move just to move, move once it actually leverages what you're planning on doing, right?
00:03:15.840 --> 00:03:19.680
You can still go to places where you can network with people without living there full time.
00:03:19.840 --> 00:03:22.080
What countries or cities would I actually use?
00:03:22.159 --> 00:03:23.120
Let's go over the cities.
00:03:23.280 --> 00:03:27.680
New York, of course, incredible for finance, capital, media, business.
00:03:27.919 --> 00:03:34.639
But the part about New York that I don't really love is it's really expensive and the tax environment does not suit everyone.
00:03:34.800 --> 00:03:44.479
London, still one of the world's greatest international business centers, of course, for finance, professional services, talent, connectivity, but again, it's expensive and taxes are high.
00:03:44.719 --> 00:03:54.479
Singapore, really cool if you have a business that's focused on Asia or the international markets, it's really business oriented and the taxes aren't terrible there.
00:03:54.639 --> 00:03:55.759
And of course, Dubai.
00:03:55.840 -->
Load full transcript
00:04:05.520
And yes, obviously, I'm biased because I live in Dubai, I work in Dubai, I help people set up companies in Dubai, but we do help people set up companies in many other jurisdictions, in the states, even in the UK.
00:04:05.680 --> 00:04:08.560
You know, the truth is I think that Dubai is the best place in the world.
00:04:08.639 --> 00:04:15.599
I could easily go and live in another location, but I strongly believe that Dubai is the best in the world, and you cannot say, Oh, you're only in Dubai because of taxes.
00:04:15.759 --> 00:04:21.279
Our company, Gen Zone, is at the point now where the management in control isn't dependent on me anymore.
00:04:21.439 --> 00:04:26.560
At this point, the management in control actually has a larger percentage of other people who are based in Dubai.
00:04:26.720 --> 00:04:35.759
There are so many large entrepreneurs here, it's very safe, it's not really expensive, especially in terms of the value of the things that you're getting, and you get an amazing quality of life.
00:04:35.839 --> 00:04:44.720
And I have a lot of clients who have traveled the world, they've been to multiple different places, including multiple different tax havens, and they stumble on Dubai finally and they stay here for good.
00:04:44.800 --> 00:04:49.759
And also, further past being just an entrepreneur, Dubai is an amazing place to raise a family as well.
00:04:49.920 --> 00:04:54.560
Best schools in the world, best facilities, infrastructure is amazing, it's just super good.
00:04:54.639 --> 00:05:04.079
Everything's accessible here in another country, it may not be like getting an nanny here is a lot cheaper than getting an any in London or in New York, as an example.
00:05:04.160 --> 00:05:10.160
You can get one there, but it might really destroy your pockets, especially if you need multiple or if you need a driver, all these type of things.
00:05:10.240 --> 00:05:27.759
So if I was starting from zero and I wanted to get access to a good network but not destroy my bank account, I'd probably consider a place like Indonesia, specifically like Bali or Thailand, like any place in Thailand, essentially, that's you know surrounded by entrepreneurs, nomads, people that you can network with because they're in early stages of networking.
00:05:27.839 --> 00:05:30.000
Typically, that's what you'll see them, you know, move there for.
00:05:30.079 --> 00:05:32.560
They go there, they're living that digital nomad lifestyle.
00:05:32.720 --> 00:05:35.519
And then once I have enough money to move to Dubai, I would come to Dubai.
00:05:35.600 --> 00:05:35.839
Definitely.
00:05:35.920 --> 00:05:38.800
That's that was what I would do, and that's what I suggest for most people.
00:05:38.959 --> 00:05:50.879
Once you get to the point where you're making more than$5,000 a month, it definitely makes sense to go to Dubai to scale your business, grow, and of course, benefit from zero percent tax because you basically double the amount of money you're making overnight by setting up in Dubai.
00:05:50.959 --> 00:05:58.720
And the best part is you don't have to be in Dubai all year, you just need to be in Dubai for 90 days in any calendar period to qualify for tax residency.
00:05:58.800 --> 00:06:00.079
So that is a huge advantage.
00:06:00.160 --> 00:06:13.759
A lot of people that can't afford to maybe be in Dubai all year, but part of the year will move, spend their 90 days, and then go to another jurisdiction while of course not triggering taxes somewhere else, spending their time through other places, again, not spending too much time in one place.
00:06:13.920 --> 00:06:17.279
If you want to set up a company in Dubai, then you are at the right place.
00:06:17.439 --> 00:06:24.800
Just book a call using the link down below or click the links down below to set up your account directly in our portal and see what it looks like to set up a company in Dubai.
00:06:24.879 --> 00:06:30.560
And if you're not ready to book a call just yet or start your company and want to watch more videos, watch any video on this channel.