Job Offer From UAE - Should I move from Canada?
I was recently laid off from a investments role (7 ~YOE) from a multi-family shop in Canada given the portfolio performance and lack of investments. Since then I've yet to come across a decent role where I could see a fit and where I could see myself grow long term.
I recently started to apply globally and most recently secured a offer from a UAE private equity firm focused on US Real Estate Investments. I'd be directly involved in sourcing, executing transactions.
Wanted to get thoughts of what the consensus is considering limited prospects in Canada with a very tight labor market. I do think the experience would look good on my resume given its in US my plan would be to work ~3 Yrs and come back to Canada with an obvious paycut. Do you think this would limit my ability to do so? Any insight is appreciated.
I certainly wouldn't move to the middle east, but if that doesn't bother you, why not? Nothing wrong with taking a chance and going on an adventure in life.
Sounds like the role is based in the US and not dubai?
In that case, why would you even hesitate for a second lol?
Role is based in Dubai, however, the teams investment focus is in the US.
I would still take it. Especially if you’re single. Dubai would be a cool experience.
Sounds like a great opportunity. If you are a US citizen unfortunately you still will have to pay federal tax up to a certain limit. I believe it’s just up to 100k. As you probably know, companies based in ME typically give a housing budget, expat allowance, etc, in addition to salary and bonus. You could stack it up while you are there, meet some likeminded people, travel to nearby countries. Who’s knows man, could be a cool experience. Something to tell the grandkids.
So they don’t really provide housing allowance anymore given the recent demand ie it was more so provided in 2010s - at least that’s what I was told. But overall comp is still good given the Canadian job market is dead right now and I don’t want to work for a small shop.
What does the comp look like if you don't mind sharing?
Go to Dubai! Canada is such a dead and quiet market. Lagging behind the states. Plus, low or zero taxes in Dubai.
I hear it's hard to find a role state side once you're over there. I'd try talking to people who have done this before if your end goal is to come back after only 3 years.
Why ? Just curious given my experience will be from North America
Search in the threads, its been covered a lot and not too long ago
There is no tax treaty between Canada and the UAE so in order to get your income tax free, you need to sever all of your ties to Canada (ie. sell any property you or your spouse may have, move with your spouse, give up your Canadian drivers licenses, etc) otherwise, you will still be deemed a resident of Canada and will have to file and pay Canadian income taxes on your Dubai income. It's something that can be more complicated and take longer than people imagine so I would highly advise you to talk to a tax lawyer to properly understand and plan. Also keep in mind that residency is established for each tax year so if you were to move now, CRA would consider you a resident for 2023 and you'd have to pay Canadian income taxes on the income you'd earn for the balance of the year.
I'd also warn you that broadly speaking, UAE experience isn't valued very highly. There's a general feeling that it's a last resort sort of market and that local firms aren't as sophisticated. I am also a bit puzzled as to how effective you can be investing in the US market is you are so far away. I'd imagine that it would an impact on your hours with lots of calls in the evening.
Not to say that you shouldn't go, but make sure that it is a move you properly assess.
Fair point however right now I'm not seeing any jobs in Real Estate at my level i.e. mid-level and the ones that are available are small shops and I'm not sure if that will be valued much either given it's not 'institutional'. Keeping that in mind and knowing the job market is very tight and not likely to improve this year do you still think it doesn't make sense to go?
My investment focus will be in the US.
I love Canada and that nation will always have a special place in my heart. But the day I left Canada was also the day my real career started. Even back then there were almost no opportunities, the employment market is small and the work culture not as developed or forward looking. Canadians are great people, of course, but don't expect something magic to happen to your career there. If you are unemployed, take what you can get.
Personally, I wouldn't want to live in a muslim country. But if you can deal with that... best of luck.
Curious where did you end up leaving Canada? Assuming in REPE?
While Canada is a beautiful country with an interesting culture and cool people - the employment market was simply too small for us. Europe or the US had more to offer, at least in our case. The plan was to settle down in Canada but we decided against it.
I am not necessarily saying you shouldn't go, at the end of the day, the decision is yours. I was just pointing out that it is a big move that has implications not just for you, but for your partner as well (I'm assuming you'd both move, if not it could prevent you from being able to be deemed a non-resident for tax purpose, hence the need to get advice) so it's not something to take lightly. I'll also admit that I've been to Dubai a few times earlier in my career and it's really not my kind of place, I just couldn't imagine myself living there. That being said, spending a few years there would allow you to save a decent amount and build a larger nest egg that you normally would have if you were to stay. There's a lot of resources online that can help figure out what your living expenses would be like (and what life generally as an expat is) so I'd advise you to build a realistic budget so you can make a more informed decision.
Agree w previous poster, how do you invest in US real estate from half way around the world. Are you just going to desktop everything? Doesn’t feel like many groups would jump on that kind of experience when you come back. Not to throw cold water on the whole thing — could still be a cool experience and if your plan is to come back to Canada maybe groups don’t penalize as bad as the US.
Significant travel will be involved. It would be similar to BX investing in Canada without a office in place. And yes my plan would be to come back to Canada and at the same time establish a network in US. I will be given a broker network & introduced to prospective clients. The role is cool in the sense it includes sourcing, negotiating agreements (i.e. AVP level).
I know of another company in UAE (can't disclose) which is now opening a office in Toronto given their substantial investments and partnerships with the major developers here since they've established scale for example.
Meh. Would echo the above. Be very careful about whether firms value UAE experience - especially RE where geographical expertise and relationships matter most.
Yup I understand that. I’ve also seen people with existing experience in Canada / US get a role in North America or London.
currently I don’t have any prospects that I’d say yes too. The ones that do exist are inferior than the opportunity in Dubai.
Hey, I am in a similar situation. Shall we discuss through PM?
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