In this edition we take a look at Dubai and compare it to other lucrative jurisdictions (See our previous New York and Cayman analysis).
Like the Cayman Islands, Dubai is a tax-free jurisdiction. However unlike the Caymans, salaries in Dubai tend to be more in line with leading UK firms rather than US firms, however with the addition of significant benefits. This slightly lower salary base combined with the weakness of the Sterling (relative to the Australian dollar) means that Dubai may lag behind places like Cayman and New York in terms of nominal remuneration, but very much with Cayman when you factor in added benefits and the cost of living. To give an illustration, a 3-year lawyer at a magic circle firm in Dubai will be on a salary of approximately £85,000-100,000 ($A130,000-150,000) and up to 5 years on closer to £110,000 (A$165,000).
Yet despite this slightly lower average salary base, firms in Dubai have discretionary bonus schemes in place and lawyers typically make somewhere between 15% and 20% in the way of bonuses. Add that often-overlooked fact to the very reasonable cost of living in Dubai (particularly when compared to Cayman, New York and Sydney) and the salary begins to look increasingly attractive. There is even scope for some firms to provide housing allowances and other similar benefits.
On the face of it, Dubai may seem to be slightly off the mark with base salaries – but when zero tax is added to the aforementioned factors, it is clear that this is an extremely lucrative jurisdiction where you can make the most of it financially.
If you are interested in working in a lucrative jurisdiction and would like to know how best to manage your relocation, contact one of our international consultants on +61 2 9266 2900 or email email@example.com.