Why are wealthy Dubai residents stuck abroad racing back to the UAE?
Despite expats and tourists desperately trying to flee Dubai as Iran rains down missiles, some people are trying to get back in.
Dubai residents who are stranded overseas are chartering private flights to get them back home to much more favourable tax conditions.
To qualify as a tax resident in the United Arab Emirates, you need to spend 183 days within any consecutive 12 month period in the country.
But those who split their time between the UK and UAE are concerned about British resident status, which will subject them to harsher tax conditions.
Those with strong connections to the UK need to spend as little as 46 days before risking becoming a tax resident.
Charles Robinson, founder of private jet marketplace EnterJet said he has received multiple requests to fly into the region.
He told the Financial Times the cost of chartering the plane is ‘far lower than their potential tax bill if they miss the minimum days’.
He said: ‘With minimum required days within an individual’s fiscal year to gain benefit from the tax regime, some appear to be requiring a return to the region to complete their days.’
Ronald Graham a tax lawyer based in Dubai, said they have had a number of enquiries from foreigners living in the city about how the war will impact their tax.
He said the rich, ‘really value the ability to move and work wherever they want, when they want, and when something like the Iran war disrupts it, they don’t like it’.
Although some people are desperately trying to return to the region for tax reasons, others are trying to reunite with their families.
Many Brits have also been racing back home to safety, with flights now beginning to land.
Dubai has been hit in a barrage of drone attacks with the iconic Burj Al Arab hotel one of the landmarks hit by Iran.
Two of Dubai’s most iconic hotels – the Burj Al Arab and Palm Jumeirah – have all been damaged in the strikes as the UAE intercept Iranian missiles from above.
The attacks have also left carnage in apartment blocks, triggering an exodus from expats but routes out are limited as the airspace above the area has been mainly closed.
Most of those stepping off the plans today spoke of their relief.
Chris and Nicky Weare from Bristol had to pay £12,000 for tickets with hundreds of Brits battling to get out of Dubai which has been hit by a series of missiles on its port, apartments and other infrastructure.
Nicky, 47, told Metro: ‘The situation is not good it’s very frightening. We saw drones being intercepted and a bomb hitting the harbour.
‘But the government denies its serious they are telling everyone everything ok but it’s far from ok it’s like the Titanic the band is playing on as the ship sinks.’
Chris added: ‘An example of it being like the Titanic was at a horse racing meeting.