Earn a Passive Amount When in the UAE

 

There are lots of reasons why an ex-pat may want to look for a passive income source. And though most require upfront investment or a significant amount of time. The employment lawyers in Dubai have some efficient and effective methods in this regard. 

Strategies to Build a Passive Income

Below are some effective strategies to maintain and create a passive income in Dubai.

·         Cashback Credit Cards

Banks and lenders offer credit cards that provide cashback incentives that range from 0.5% to 5%. You are probably going to be shopping for new furniture or any such thing. It makes sense to spend on a rewards card. 

However, it adds up once you start using the card regularly. Just remember to pay your bill in full every month to avoid interest. And you can shop around for the best rewards and perks.

·         Invest in property

Property investment isn’t entirely passive. You’ll always have some level of involvement, even if you hand over the reins to a lettings agent. A buy-to-let market is a lucrative option if you’re looking to diversify your income streams.

You can enjoy a monthly guaranteed income, as well as capital growth should you decide to offload in the future. Employment lawyers in Dubai strongly suggest this strategy. 

·         Become a silent partner

If you’re a successful entrepreneur, consider becoming a silent partner. If you’ve spotted a business in your niche that needs an angel investor to provide some capital for their growth. Introduce yourself and see what happens. 

·         Refer Ex-Pat Friends

If you’re an ex-pat looking for another passive income source. Consider referring to friends, family, and contacts who move to the country. Speak to small business owners that you’ve worked with. 

Conclusion

Therefore, if you want to maintain your passive income as an ex-pat, it is better to seek legal help. Employment lawyers in Dubai are there for your legal assistance and support. They are available in Ajman, Sharjah, and Fujairah too.

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