A social media thread comparing Singapore and Dubai is gaining traction online. Alessandro Palombo, who has lived in Dubai for four years and launched two businesses in Singapore, shared insights from his journey to help entrepreneurs and expatriates choose between the two cities. On X, he referred to Dubai as the “tax-free oasis (in Lamborghinis)”, while he called Singapore “the billionaire’s hub (in flip-flops)”.
In his post, Mr Palombo noted the remarkable transformations both cities have undergone. While Singapore transformed from a fishing village into a global powerhouse, Dubai swiftly evolved from a desert into a luxury metropolis. “Both have seen incredible rapid growth,” he said.
Take a look at the post below:
First, a quick background comparison:
?? Singapore: Fishing village to global financial hub in one generation. Now manages $2T+ in assets.
?? Dubai: Desert to metropolis in 30 years. Sheikh’s vision of a tax-free haven brought to life.
Both have seen incredible rapid growth. pic.twitter.com/tHdaYuV3mJ
— Alessandro Palombo (@0x_ale) October 29, 2024
In the following post, Mr Palombo shared some key statistics. He pointed out that Singapore is the safest city in the world with a maximum tax rate of 22% and ranks as the fourth largest financial hub globally. Dubai, on the other hand, is the fourth safest city in the world, boasts a 0% personal tax rate and has introduced a new 9% corporate tax with exemptions. “Both have specific perks,” he wrote.
In the next tweet, Mr Palombo discussed the daily life in two cities, noting that both offer distinct experiences shaped by their unique cultures and lifestyles. According to him, Singapore offers a relaxed lifestyle with a blend of urban living and nature, along with top-notch healthcare and education. In contrast, Dubai is a place with a “strategic timezone” where “wealth is on display” and “fast opportunities” are available.
Taking about climate, Mr Palombo said Singapore features a tropical and humid climate, with temperatures between 25 and 32 degrees Celsius, while Dubai experiences a hot desert climate, hitting up to 45 degrees Celsius in summer.
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In terms of business, Mr Palombo noted that Singapore ranks second globally for ease of doing business, offering a quick company setup in 1 to 3 days, a 0% capital gains tax, and a 17% corporate tax with various exemptions. Dubai is also highly rated, with a setup time of 3 to 5 days in free zones, a 9% corporate tax (0% in certain free zones), and allows 100% foreign ownership, backed by excellent infrastructure, he said.
In one post, Mr Palombo also highlighted the challenges both cities present for potential residents. In Singapore, the cost of living is high, particularly when it comes to housing. It also has a “tough entry” for residency, with citizenship possible in 2 to 6 years. Dubai, on the other hand, does not provide a path to citizenship, but it offers multiple visa options and an easy golden visa. Additionally, the city grapples with significant income inequality, which raises concerns about social equity and access to opportunities for all.
Mr Palombo shared the post a few days back. Since then it has garnered more than 15 million views.
