TRANSCRIPT 🔗
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If your goal is to become wealthy, where should you live?
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New York, London, Singapore, Dubai, or should you stay exactly where you are right now?
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Because where you live won't make you rich.
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It can absolutely change the opportunities you have, the people you meet, the money you keep, and even how big you think.
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So if I were choosing a city specifically to build wealth, these are the things I'd look for.
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And at the end of this video, I'll tell you where I would personally choose.
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Number one, don't look for the richest city.
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Most people start with the wrong question.
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They ask, What's the richest city?
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I don't care.
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The question is, where do I have the highest chance of becoming wealthy?
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Those are completely different things.
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For example, Monaco has an enormous concentration of wealth.
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That doesn't necessarily make it the best place for a 25-year-old entrepreneur building their first company.
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You need to think differently.
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You need a city that fits the way you intend to make money.
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So let's talk about it.
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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?
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Obviously, the second person.
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Not because successful people are going to hand you money, like, oh, I'm I'm rich, here's$10 million, right?
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What they're going to do is expose you to better information, better conversations, and better introductions.
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That's something that we have personally benefited from so much by being in Dubai.
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And that's another reason why cities like New York, London, Singapore, and Dubai, of course, are so powerful.
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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.
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We've personally met with a lot of people that we know that have given us even maybe 20 seconds of their time.
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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.
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And it's honestly been the best thing ever.
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If we weren't around these people, we wouldn't get that information.
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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.
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Then you need to look at the jurisdiction, the rules of that jurisdiction.
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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?
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Is it easy to hire people?
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Is it actually easy to operate?
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Like, how easy is it to actually operate in that country or location?
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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.
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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?
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Your runway is gone.
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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.
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So my point is don't move just to move, move once it actually leverages what you're planning on doing, right?
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You can still go to places where you can network with people without living there full time.
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What countries or cities would I actually use?
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Let's go over the cities.
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New York, of course, incredible for finance, capital, media, business.
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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.
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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.
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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.
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And of course, Dubai.
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Load full transcript
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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.
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You know, the truth is I think that Dubai is the best place in the world.
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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.
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Our company, Gen Zone, is at the point now where the management in control isn't dependent on me anymore.
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At this point, the management in control actually has a larger percentage of other people who are based in Dubai.
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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.
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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.
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And also, further past being just an entrepreneur, Dubai is an amazing place to raise a family as well.
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Best schools in the world, best facilities, infrastructure is amazing, it's just super good.
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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.
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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.
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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.
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Typically, that's what you'll see them, you know, move there for.
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They go there, they're living that digital nomad lifestyle.
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And then once I have enough money to move to Dubai, I would come to Dubai.
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Definitely.
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That's that was what I would do, and that's what I suggest for most people.
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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.
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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.
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So that is a huge advantage.
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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.
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If you want to set up a company in Dubai, then you are at the right place.
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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.
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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.