Relocation Advice - Qatar
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Overview:
Qatar is an Arab emirate that is ruled by an absolute monarchy (the al-Thani family), this has been the case since the mid 19th century. The emirate is located in the Arabian Peninsula with the capital, Doha, and the Official language being Arabic. The population of Qatar is just under 1,700,000 with a GDP per capita of over USD90,000 and the total GDP over USD110 billion. According to statistics, Qatar is one of the richest countries in the world.
Why Choose Qatar:
Like many Arabic countries, there is no personal income tax in Qatar for any individual. Providing you are a gulf national that has set up a company, there is no tax on businesses either. However, if you are a non-Gulf national, that has set up a business or branch of an international enterprise in Qatar, then the following taxes are applicable; 100,001 - 500,000 (10%), 500,001 - 1million (15%), 1m - 1.5m (20%), 1.5m - 2.5m (25%), 2.5m - 5m (30%) and over 5m being 35%. A further advantage that nationals have over expatriates is that if they invest into a company that is liable to taxation, they as shareholders aren't obliged to pay tax on their potential gains.
The Georgian calendar is used for accounting in Qatar, however, there is no set 12 month period for tax returns, and thus companies are entitled to choose themselves when they want to file their tax return. One has to keep in mind that if these requirements aren't met, and the tax return isn't filed on time, there are hefty fines to be assumed a result. These fines can be either QAR 10,000 per month or 2% of tax owed, whichever is greater, and up to a total of 24% of the tax owed.
Qatar's economic potential is impressive to say the least - a 19% average economic growth during 2000-2004. Qatar has an abundance of gas and oil reserves and thrives off of the capital generated from this industry. Nevertheless, banking is also a major industry in Qatar and is ever-growing.
Relocating to Qatar:
Work permits may be obtained only by local sponsors. Employees satisfying certain criteria may sponsor their immediate family to enable them to obtain a residence permit. Holders of work visas require an exit permit to leave Qatar; however, their dependents do not require such a permit while travelling abroad. It is essential for permanent residents in Qatar to obtain an identity card. The ID card is essential when dealing with Government ministries on a day to day basis.
Applications for residence permits are made after arrival in Qatar through the Immigration Department, these are becoming increasingly straightforward to arrange, and are normally available within 6 weeks of arrival. Family dependents' also receive residence permits, and are deemed under the sponsorship of the family member employed in Qatar.[1]
Career opportunities in Qatar:
- Oil/gas Industry
- Private Banking
- Trust/Wealth Management
- Accounting/Credit/Audit
- Legal Positions
- Asset Management
- Insurance/Reinsurance
- IT
- Hospitality
