Dubai vs London Second Home: The Real Cost Against Monaco, Miami and Singapore

On a Dubai vs London second home worth AED 50 million, the tax gap is wide. A buyer who holds for five years pays about 4% of the price in government taxes and fees in Dubai, all of it on the day of purchase. In London the same buyer pays about 18.6%. Meanwhile, Monaco sits at 6.3%, Miami Beach at 8.5% to 9.9%, and Singapore above 65%.

Dubai is also the only one of the five where the purchase itself brings a residence visa. However, tax on the deal is only part of the bill. If the owner dies, a home in Miami or London can cost the heirs close to AED 19.5 million. In contrast, Dubai and Singapore charge them nothing.

And prime prices in Dubai fell in the third quarter of 2026, the first fall since 2020. The war in the Gulf, which began in February 2026, is part of that story, so it has its own section below.

The answer at a glance

• Cheapest on tax: Dubai, at about 4% of the price. All of it is paid on the day you buy.
• Most expensive on tax: Singapore, at 65.7% or more for a foreign buyer.
• Largest hidden bill: tax on death in Miami (39.5%) and London (38.7%).
• Only visa from a purchase: Dubai’s 10-year Golden Visa.
• Most space for the money: Dubai, then Singapore and Miami.
• Main risk in Dubai today: prime prices have started to fall, and the war in the Gulf weighs on demand.

The buyer behind every number

Tax rules change with the buyer. So I fixed one buyer and ran the same person through all five cities.

• Non-resident individual, buying in their own name.
• Cash, with no mortgage.
• Second home. It is not the main home and it is not let.
• Price: AED 50,000,000. That is USD 13,614,704, GBP 10,161,060, EUR 12,186,452 or SGD 17,404,691.
• Held for five years, then sold at the same price.

The flat sale price is on purpose. Because there is no gain, we can compare the taxes that apply to everyone. I also note below where each city would tax a gain.

Every figure comes from a tax office, a land registry or a statute where one exists. Where I had to use a broker or a listing, I say so.

Buying: London and Singapore charge at the door

The first bill arrives on the day you buy. In two cities it is small. In two others, however, it is the main cost of the whole five years.

City	What you pay to buy	AED	Share of price
Miami	Nothing by custom. The seller pays the deed tax.	0	0%
Dubai	4% transfer fee plus small fixed fees	2,004,720	4.0%
Monaco	4.75% registration duty plus 1.5% notary tariff	3,125,000	6.3%
London	Stamp duty of £1,844,351 plus a £500 registry fee	9,078,031	18.2%
Singapore	Stamp duties of SGD 11,426,696	32,826,484	65.7%

Dubai: 4% and little else

The Dubai Land Department charges 4% of the price. Its service card splits that 2% to the buyer and 2% to the seller. In practice, though, the buyer pays all of it, so I count all of it. In addition, the trustee office costs AED 4,200 and fixed fees add AED 520.

London: three layers of stamp duty

London stacks three layers on this buyer. First come the standard bands, which reach 12%. Then there is 5% more because the buyer owns another home. Finally, there is 2% more because the buyer lives abroad. As a result, the top slice is taxed at 19%. On £10,161,060 the bill is £1,844,351.

Monaco: 4.75% plus the notary

Monaco charges a person 4.75% on a resale home. The rate rose from 4.5% in October 2023 under Law 1.548. Even so, many agent sites still show the old rate. The notary tariff then adds 1.5%. A new home from a developer pays half the duty, about 2.37%, with 20% VAT inside the price.

Miami: the seller pays

Florida taxes the deed, not the buyer. In Miami-Dade the rate is USD 0.60 per USD 100. Under the standard Florida contract the seller pays it. Therefore our buyer pays it on the way out, not on the way in. The buyer does usually pay for title insurance.

Singapore: 60% for most foreign buyers

Singapore is the outlier. A foreign buyer pays 60% extra stamp duty on any home. That rate has applied since 27 April 2023. On top of that comes the normal buyer’s duty of up to 6%. Together they take SGD 11.4 million.

There is one exception, however. Citizens of the United States get the same rate as Singapore citizens. So do citizens and permanent residents of Switzerland, Norway, Iceland and Liechtenstein. They must apply for the relief. On a first home they would then pay about 5.65%, or AED 2.83 million.

Holding: Miami charges every year

Dubai and Monaco charge no annual property tax. London charges little. Miami, on the other hand, charges the most, every single year.

City	Annual government charge	Five years, AED
Monaco	None	0
Dubai	No property tax. A housing fee applies (see below).	0 plus housing fee
London, Westminster	Council tax doubled for a second home, plus a new surcharge from 2028	213,841
London, Kensington and Chelsea	Same rules, higher council tax	272,456
Singapore	12% to 36% of the home’s assessed yearly rent	Not known until assessed
Miami Beach	About 1.6% to 1.9% of value	3,966,976 to 4,667,031

Miami: about 1.6% to 1.9% a year

In Miami Beach the 2026 tax rate is 18.6681 per USD 1,000 of taxable value. A non-resident cannot claim the homestead discount. On the full price, therefore, the bill is USD 254,161 a year.

However, the county often sets the first value at about 85% of the price. Its 2023 state filing shows a 15% cut for sale costs. On that basis the bill is USD 216,037. I show both because the 85% figure is county practice, not a promise.

One rule also changed this month. On 3 November 2026, Florida voters approved Amendment 3 with about 62% in the first state count. From 2027, yearly rises in the taxable value of a second home are capped at 5% for non-school taxes. Before that, the cap was 10%. With a flat price it does not move our sum. Still, it limits the damage if values climb.

London: small yearly bills, with a new one coming

London’s yearly cost is small next to its entry cost. A top-band home pays £2,095.70 a year in Westminster. In Kensington and Chelsea it pays £3,286.88. Both councils now double the bill for a furnished second home.

In addition, a new charge starts in April 2028. Homes worth over £5 million will pay £7,500 a year on top. The government factsheet is clear on who pays: “Homeowners, rather than occupiers, will be liable to the surcharge.” The measure is in the Finance Bill now before Parliament. Our buyer pays it in three of the five years.

Watch one more thing in London. The government has also said it wants to explore an extra charge for owners who live abroad. So far, nothing is decided.

Singapore: a tax on assessed rent

Singapore taxes a home the owner does not live in at 12% to 36% of its Annual Value. That is the tax office’s estimate of a year’s rent. However, no public figure exists for a home at this price. As a guide only, a value of SGD 300,000 gives a bill of SGD 97,200 a year. Similarly, a value of SGD 500,000 gives SGD 169,200.

Dubai: no property tax, but a housing fee

Dubai has no annual property tax. It does have a housing fee, though, collected through the water and power bill. Dubai Municipality has told the press that owners pay 5% of the home’s rental index value. I could not find the rule on an official page, so treat it as reported. Because the assessed value is not public, I have left the fee out of the totals. Ask for it before you buy.

Running the building: where Dubai sits in the middle

Tax is one bill. The building is another. Service charges at the top end vary a lot, and the evidence is uneven. For that reason, I show the source quality beside each figure.

City	Charge per sq ft a year	In AED	Evidence
London	£19.73 to £36.20	97 to 178	Agent listings at The OWO and One Hyde Park
Miami	USD 26.88 to USD 43.20	99 to 159	Listings at Estates at Acqualina and Faena House
Dubai	AED 53.95 to AED 68.73	54 to 69	Compiled from the DLD service charge index, 2026
Monaco	€5.42 to €9.76	22 to 40	Three sale listings
Singapore	SGD 4.16 to SGD 5.76	12 to 17	One building, listings only

Dubai: branded towers cost three to four times the norm

The Dubai figures are for the five most expensive buildings listed in the index. One at Palm Jumeirah is the highest at AED 68.73. Bvlgari Residence is AED 54.03. In contrast, the median across 1,656 Dubai buildings is AED 16.02. So a branded tower costs three to four times the city norm.

On a 4,000 sq ft home, that is AED 215,800 to AED 274,920 a year. Many towers also bill district cooling apart. For example, Empower charges a fixed AED 750 per ton of cooling a year, as reported by Gulf News. That fee runs even when the home is empty. I work through one building in detail in Aman Dubai service charges.

Miami and London: the highest charges per square foot

Miami has a cost the others lack. Since 2025, Florida law stops owners from voting to skip building reserves. The rule followed the Surfside collapse. As a result, fees have climbed. Redfin data given to the Miami Herald showed the median Miami-Dade condo fee up 59% from 2019 to 2024.

London, meanwhile, has good news for new buyers. Most new long leases granted since 30 June 2022 carry no ground rent. Older leases still do.

Finally, treat Monaco and Singapore with care. Each rests on a handful of listings.

Selling: what leaves on the way out

With no gain, the exit is cheap almost everywhere. The surprise, however, is cash flow in Miami.

• Dubai charges no tax on sale. An owner’s gain on a home sits outside corporate tax under Cabinet Decision 49 of 2023.
• Monaco has no personal income tax, so a private seller’s gain is not taxed as income.
• Singapore charges a seller’s duty of 4% to 16% on sales within four years. After that it is nil. Singapore also has no capital gains tax.
• London taxes gains at 18% and 24%. Even with no gain, a non-resident must file a return within 60 days.
• Miami charges the seller the deed tax of USD 81,689. In addition, gains are taxed at up to 20%.

The Miami catch: 15% held back at sale

Then comes the Miami catch. The buyer must hold back 15% of the full price when a foreign owner sells. On this home that is USD 2,042,206, about AED 7.5 million.

It is not a tax, however. You get it back by filing a US return. Otherwise, you apply before closing, on IRS Form 8288-B, to reduce it. Either way, the money can sit out of reach for months.

Dubai vs London second home costs: the five-year total

Now add the three stages together. The table below covers government taxes and fees only.

City	Buy	Hold	Sell	Total, AED	Share of price
Dubai	2,004,720	0	0	2,004,720	4.0%
Monaco	3,125,000	0	0	3,125,000	6.3%
Miami Beach	0	3,966,976 to 4,667,031	300,000	4,266,976 to 4,967,031	8.5% to 9.9%
London, Westminster	9,078,031	213,841	0	9,291,872	18.6%
London, Kensington and Chelsea	9,078,031	272,456	0	9,350,487	18.7%
Singapore	32,826,484	Not known	0	32,826,484 plus	65.7% plus

These totals leave out three things: the Dubai housing fee, Singapore’s annual tax, and building charges everywhere.

Agent fees are also extra, and they are market custom, not law. Brokers report 2% plus VAT on each side in Dubai. The Monaco agents’ chamber lists 3% for the buyer and 5% for the seller. London agents, meanwhile, quote about 1.2% to 1.5% plus VAT to the seller. Once you add those, Monaco moves well above Dubai.

Weighing two of these cities for a purchase at this level? Get in touch through fahadalkuwari.com and tell me which two.

Passing it on: the bill most buyers miss

The totals above assume you sell after five years. However, many owners never sell. Instead, they leave the home to family. That is where the largest number in this article sits.

City	Tax when the owner dies	In AED	Share of value
Dubai	None	0	0%
Singapore	None	0	0%
Monaco	0% to spouse and children. 8% to 16% to others.	0 to 8.0M	0% to 16%
London	£3,934,424 if left to children	About 19.4M	38.7%
Miami	USD 5,378,682	About 19.8M	39.5%

Both large figures are my own sums from the published rates. They assume one owner, no debt and no other assets in that country.

Miami: 40% above the first USD 60,000

The United States taxes the US assets of foreign owners when they die. An American gets an allowance of about USD 15 million. A foreign owner, in contrast, gets a credit of USD 13,000, which covers the first USD 60,000. Above that, the rate climbs to 40%.

Treaties can soften this. The tax office lists 15 treaty countries. However, none is a Gulf state. India, China, Russia, Egypt, Lebanon and Turkey are not on the list either.

London: 40% above £325,000

London works in a similar way. A UK home is inside UK inheritance tax wherever the owner lives. The rate is 40% above £325,000. Moreover, that allowance is frozen until April 2031.

A gift to a spouse is generally exempt when both live abroad, according to the tax office manual. The UK also has ten treaties on this tax. India and Pakistan are on the list. No Gulf state is.

Monaco and Singapore: little or nothing

In Monaco the duty depends on who inherits. A spouse or child pays nothing. A brother or sister, however, pays 8%, and an unrelated heir pays 16%. The duty applies to property in Monaco, in the government’s words, “whatever the domicile, residence or nationality of the deceased”.

Singapore dropped the tax years ago. The tax office states: “Estate Duty has been removed for deaths on and after 15 Feb 2008.”

Dubai: no tax, but plan who inherits

Dubai charges no inheritance tax, according to PwC. The open question there is a different one: who inherits. The answer depends on the owner.

For a Muslim owner, the shares follow the personal status law in force since 15 April 2025. Take advice in the UAE on what a will can add to that.

For a non-Muslim owner, on the other hand, a will is the tool. The DIFC Courts wills service, in its own words, “gives non-Muslims investing and living in the UAE the option” to decide who gets their assets. A property will there costs AED 7,500 and can cover up to five homes.

A civil law also covers non-Muslims who live in the UAE. However, I could not confirm that it covers an owner who lives abroad. So do not rely on the default. Instead, register a will, and ask the DIFC Courts how they treat an owner based abroad. My Dubai property inheritance guide walks through the choices.

Does a company fix it? Rarely, and it brings its own bill

Faced with a 40% bill on death, many buyers ask the same thing. Can I hold the home in a company? Others ask for privacy reasons. In four of these cities, however, the tax office has already priced that move.

City	If a company buys instead of a person
London	Flat 17% stamp duty, a yearly charge of £151,450, and the home stays inside inheritance tax
Monaco	Duty of 10% in place of 4.75% if the owners are not disclosed
Singapore	Extra stamp duty of 65% in place of 60%
Miami	No US tax on death, but 21% tax on any gain and other costs

London and Monaco: a company costs more

London is the clearest case. A company pays a flat 17% on the whole price, and the surcharge for buyers abroad comes on top. After that, it pays a yearly charge of £151,450 on a home worth £10 million to £20 million. Over five years that is £757,250, about AED 3.7 million. Moreover, UK tax advisers say an offshore company has not kept a UK home out of inheritance tax since April 2017.

Monaco, similarly, punishes secrecy. Under Law 1.548, a company that does not disclose its owners pays 10% duty. KPMG Monaco reports 7.5% for a company that does disclose them.

Miami: the one place it changes the death bill

Miami is the one place a company changes the death bill. Shares in a foreign company are not US assets under the tax rules, so the 40% tax does not apply. However, the company pays 21% tax on any gain, according to EY. In addition, a further 30% tax on profits sent abroad can apply where no treaty helps. That is a trade, not a free fix.

For Dubai, company and foundation routes are a subject of their own. I cover them in Family office in Dubai or Abu Dhabi.

Comparing Dubai with London or another city for your own move? Send me your passport, your family set-up and how long you plan to hold, and I will run these numbers for you. Request a private consultation.

What AED 50 million buys in each city

Cost is one side of the choice. The other is what you get for the money. Price per square foot depends on which part of the market you mean, so here are two columns. One is the best building in town. The other is a prime average.

City	Trophy building	Prime average
Monaco	About 1,090 sq ft	About 2,280 sq ft
London	About 1,210 sq ft	About 4,160 sq ft
Miami	About 2,540 sq ft	About 5,180 sq ft
Singapore	About 2,640 sq ft	About 5,600 sq ft
Dubai	About 3,700 sq ft	About 9,550 sq ft

Monaco and London: the least space

In Monaco, the state statistics office put the 2025 average at €57,569 per sq m. In Larvotto it was €71,167. Beyond that, the Financial Times has reported sales in Mareterra at up to €120,000.

In London, LonRes put Mayfair and St James’s at £2,445 per sq ft for 2025. The trophy figure, however, is one sale: a Park Modern penthouse, reported at £57 million for about 6,800 sq ft. Closed London trophy sales with a known size are rare, so read that column as thin.

Miami and Singapore: the middle

In Miami, the county record is a Surf Club penthouse at about USD 5,358 per sq ft, recorded in November 2025. The prime figure is the Estates at Acqualina median of USD 2,631, from a broker’s count of county records.

In Singapore, the record is a Park Nova penthouse at SGD 6,593 per sq ft in January 2025, per EdgeProp. The prime figure is the median at Dunearn House, the main prime launch of the third quarter of 2026, at SGD 3,107 per CBRE. One deal also matches our budget almost exactly. A 2,949 sq ft home at Skywaters Residences sold for SGD 17.34 million in July 2026.

One warning on Singapore, though. With the 60% duty, a foreign buyer’s real cost per square foot is about 1.66 times the price shown.

Dubai: the most space

In Dubai, a penthouse at Aman Residences was registered at AED 422 million in March 2026. That is AED 13,525 per sq ft, in a project still being built. Meanwhile, Savills put prime apartments at AED 5,237 per sq ft in the third quarter of 2026.

My own counts from Dubai Land Department records sit close to that top figure. The median at Aman Residences Dubai is AED 13,450 per sq ft. At Bulgari Residences the 2025 median was AED 11,344. For the wider set, see my comparison of Palm Jumeirah branded residences.

For a cross-check, the Knight Frank Wealth Report 2026 counts how much prime space USD 1 million buys. Its answer is 16 sq m in Monaco, 28 in Singapore, 33 in London, 58 in Miami and 62 in Dubai. I also compare one brand across cities in Aman residence prices worldwide.

The right to live there: only Dubai links it to the purchase

A second home is more useful if you can stay as long as you like. On this point, however, the five cities split four to one.

City	Visa from the purchase?	The route
Dubai	Yes	10-year Golden Visa for property worth AED 2 million or more
Monaco	Not by itself	A home plus proof of funds from a Monaco bank
London	No	The investor visa closed in February 2022
Miami	No	Other routes exist, but none through a home
Singapore	No	The investor scheme starts at SGD 10 million in a business

Dubai: a 10-year visa at AED 2 million

In Dubai, the Land Department offers the Golden Visa to an owner of property worth “equal to or more than 2 million AED at the time of purchase”. It runs for 10 years and can be renewed. In addition, a spouse, children and parents can be sponsored. The listed fee is AED 9,884.75. Our buyer clears the bar 25 times over.

Monaco: a home is one of four conditions

In Monaco, a home is one of four things you need. The others are a bank certificate from a Monaco bank, a clean record and, for most non-Europeans, a French long-stay visa first. The state does not publish a minimum deposit. Instead, the bank decides.

The United States: no route through a home

In the United States, the EB-5 visa needs USD 800,000 to USD 1,050,000 in a business that creates jobs. Those sums are due to rise on 1 January 2027. The newer Gold Card, meanwhile, asks for a USD 1 million gift. It rests on an executive order and faces a court challenge. Neither route counts a home.

Days you can spend before the tax office calls you resident

A visa lets you stay. The tax office then counts how long you do. Owning a home does not make you a tax resident. Spending time in it can, though.

City	Safe ceiling	The rule
London	About 120 days a year, for a new arrival	Ties test, with the home counting as one tie
Miami	121 days a year	183 days on a three-year weighted count
Singapore	182 days	Resident at 183 days in a calendar year
Monaco	183 days	The tax certificate needs more than 183 days
Dubai	182 days, or 89 with a visa and a home	Resident at 183 days, or 90 with a permit and a home

In Dubai and Monaco, crossing the line is often the goal, because there is no personal income tax to trigger.

London: ties as well as days

The UK counts ties as well as days. A home you can use is one tie. On my reading of the tax office tables, a new arrival with that single tie stays non-resident up to 182 days in year one. However, more than 90 days in a year adds a second tie for the next two years. The ceiling then drops to 120 days. A spouse or child living in the UK lowers it again.

That reading is for a new arrival only. If you were UK resident in any of the last three tax years, a stricter table applies instead. With a home and the 90-day tie, the line is 90 days.

If you do cross the line, the rules are no longer what they were. The old non-dom regime ended on 6 April 2025. A new arrival now gets four years of relief on foreign income and gains. After that, the relief ends.

Miami: a three-year count

The US test counts this year’s days in full, a third of last year’s and a sixth of the year before. At 121 days every year the total is 181.5. At 122, however, it reaches 183. A US resident is then taxed on income from the whole world.

Can you sell it? The depth of each market

Sooner or later the home is sold, by you or by your heirs. A home at this price needs a buyer at this price. For that reason, I looked at how many such sales each city sees. Knight Frank counts sales above USD 10 million in the main cities.

City	Sales above USD 10M, Q2 2026	Value
Dubai	131	USD 2.17 billion
Miami	53	USD 808 million
Singapore	45	USD 715 million
London	44	USD 1.43 billion

Knight Frank does not track Monaco. However, the state figures show 62 resales above €10 million there in 2025, plus 54 new homes.

Dubai sold three times as many as London in that quarter. That is real depth. But the count then fell to 86 in the third quarter. The reason needs a section of its own.

The war in the Gulf: what it changed

None of the tax figures above moved because of the war. However, the war changed three other things: the risk in Dubai, the demand in rival cities, and how easy it is to reach the home. So it belongs in this comparison.

What happened in Dubai

The war between the United States and Israel on one side and Iran on the other began on 28 February 2026. Iran then fired missiles and drones at Gulf states, including the UAE. By mid-March, Al Jazeera put the count at more than 1,800 fired at the UAE.

Dubai itself was hit. On the first weekend, a concourse at Dubai International took minor damage, and debris from an interception caused a small fire on the Burj Al Arab’s facade. Both details came from the Dubai Media Office, as reported by Reuters. The UAE also reported deaths and injuries. In addition, flights were suspended several times in March.

A ceasefire in the spring did not hold. On 11 November 2026, the picture was mixed. Qatar, the main mediator, said it saw progress. However, Iran denied that it was in talks with the United States, according to Al Jazeera. No deal had been announced when I published this.

What it did to the Dubai market

The top of the market slowed, but it did not stop. Knight Frank counted 86 sales above USD 10 million in the third quarter of 2026. That is 17% fewer than a year earlier and 34% fewer than the quarter before. Bloomberg tied the fall to the war.

Even so, the nine-month count of 412 was 15% above the same months of 2025. Knight Frank’s Faisal Durrani said sales held up “despite the exceptional geopolitical backdrop across the region”. He also noted that summer is usually the quiet season.

Prices moved too. Knight Frank says prices in Dubai’s ten prime areas fell 5% between the second and third quarters, the first fall since 2020. Similarly, Savills forecast a fall of about 10% for prime values in the second half of 2026. It gave two reasons: new supply and the uncertain region.

What it did to the other four cities

Some money looked elsewhere. In March, Reuters reported that some wealthy Asian families were asking to move assets from Dubai to Singapore and Hong Kong. However, the same report said clients of two large Singapore banks were waiting and watching.

London agents reported more Gulf interest as well. Beauchamp Estates, for example, said enquiries from clients based in the Middle East rose 15% in two weeks, as quoted in March. Still, treat that with care, because it is an agent’s count. London prime prices kept falling through 2026, according to Coutts.

Monaco agents make a similar claim, but I found no data to test it. For Miami, I found nothing that links demand to the war either way.

What it means for a buyer

First, the tax ranking has not changed. Dubai still costs the least to buy, hold and pass on.

Second, the price risk in Dubai is higher than it was a year ago. My model assumes you sell at the price you paid. So test a fall as well. For example, a 10% fall on this home is AED 5 million. That alone is more than twice Dubai’s five-year tax bill. It would also wipe out about two thirds of Dubai’s tax saving over London. This is arithmetic on the Savills forecast, not a prediction of mine.

Third, ask two practical questions before you buy. Does the building’s insurance, and your own, cover war damage? And how would you reach the home if flights stop again?

Where Dubai is weaker

On tax, visas and inheritance, Dubai comes out ahead in this comparison. On five other points, however, it does not.

The region carries risk, and prices have turned

First, Dubai sits in a region at war, as the section above shows. No other city in this comparison was hit.

Second, prices have turned. Beyond the 5% fall in prime areas, Knight Frank put Palm Jumeirah at AED 4,083 per sq ft, down 9.1% in a year. The firms measure in different ways, though. Knight Frank’s 12-month figure to June was still up 10.9%.

The run-up was steep

Third, the run-up was steep. In 2020, USD 1 million bought 183 sq m of prime Dubai, per Knight Frank. By 2025, however, it bought 62. I look at what that means in Dubai property bubble: two markets, two different answers.

Running costs and succession need attention

Fourth, branded towers are costly to run by Dubai standards. They cost less per square foot than the best of London or Miami. Even so, they cost three to four times the Dubai median, and cooling can come on top.

Fifth, succession needs planning. The tax on death is zero. But who inherits is not settled until you settle it.

A buyer who knows these five points can still choose Dubai. They will just price it right. For the wider picture, see Dubai luxury real estate market 2026 and Is Aman Dubai worth it?

The five cities side by side

No city wins on every line. Instead, the right one depends on your passport, your family and how long you plan to hold.

City	What you get	What it costs you
Dubai	Lowest tax in and out, a 10-year visa, no tax on death, the most space	A region at war, prices now falling, high charges in branded towers, succession to plan
Monaco	No annual tax, no duty for a spouse or child	The least space for the money, and the highest agent fees
Miami	No purchase tax for the buyer, a deep market	A tax bill every year, 15% held back at sale, about 40% on death
London	Low yearly charges once you are in	About 18% on day one and about 39% on death if left to children
Singapore	No tax on death, no tax on gains after four years	About 66% in stamp duty unless your passport is exempt

Questions buyers ask

Which city is cheapest for a second home?

On government taxes and fees alone, Dubai is cheapest. A non-resident who buys an AED 50 million home, holds it for five years and sells at the same price pays about 4%. Monaco costs 6.3%, Miami Beach 8.5% to 9.9%, London about 18.6% and Singapore above 65%. Building charges and agent fees are extra in every city.

Does buying property give you residency in any of these cities?

Only in Dubai. Property worth AED 2 million or more at purchase qualifies the owner for a 10-year Golden Visa, and family members can be sponsored. Monaco asks for a home plus proof of funds from a Monaco bank. London, Miami and Singapore offer no visa through a home purchase.

Can a foreigner buy an apartment in Singapore?

Yes. A foreigner can buy a condominium unit without approval, but must pay 60% extra stamp duty on top of the normal duty of up to 6%. Landed houses need state approval. Citizens of the United States, and citizens and permanent residents of four European states, can apply for the local rate.

What happens to a Miami or London home when a foreign owner dies?

Both countries tax it. The United States taxes a foreign owner’s US home at up to 40% above USD 60,000. The United Kingdom charges 40% above £325,000. On an AED 50 million home, each bill is close to AED 19.5 million. No Gulf state has a treaty with either country that lowers it.

How many days can I stay in my second home without becoming tax resident?

About 120 days a year in London for a new arrival, and 121 in Miami, on my reading of each tax office’s test. Singapore’s line is 183 days. Dubai and Monaco also use 183 days, but neither taxes personal income, so residence there carries no income tax bill for most owners.

Do I need a will for a Dubai property?

A non-Muslim owner should register one. Dubai charges no inheritance tax, but without a will the law decides who inherits, and the default for an owner who lives abroad is unclear. A DIFC property will costs AED 7,500. For a Muslim owner, the personal status law sets the shares.

Has the war in the Gulf changed the case for a second home in Dubai?

It has changed the risk, not the tax. Dubai was hit by Iranian missiles and drones in early 2026, and sales above USD 10 million fell 17% in the third quarter from a year earlier, per Knight Frank. Prime prices dipped 5%. The tax, visa and inheritance advantages are the same as before.

Talk to me before you choose

I am Fahad Al Kuwari, a property advisor in Dubai and Abu Dhabi. If you are weighing Dubai against London, Monaco, Miami or Singapore, I can run these numbers for your passport, your family and your hold period. Reach me through fahadalkuwari.com.

Sources

Dubai Land Department service cards (sale registration, Golden Visa); UAE Cabinet Resolution 65 of 2022; Cabinet Decision 49 of 2023; Federal Decree-Law 41 of 2024; DIFC Courts wills service.

GOV.UK and HMRC: stamp duty rates, non-resident surcharge, single rate for companies, annual tax on enveloped dwellings (2026 to 2027 charges), capital gains for non-residents, inheritance tax thresholds and treaties, statutory residence test guidance RDR3, four-year foreign income and gains regime, High Value Council Tax Surcharge factsheet (28 October 2026). Westminster and Kensington and Chelsea council tax schedules 2026/27.

Journal de Monaco, Law 1.548 of 6 July 2023; Sovereign Ordinance 15.252 (notary tariff); Monaco government pages on tax, inheritance duty and residence; IMSEE Real Estate Observatory 2025; Chambre Immobilière Monégasque tariff; KPMG Monaco.

Florida Department of Revenue; Florida Statutes 201.031, 193.011 and 718.112; Miami-Dade Property Appraiser 2026 adopted rates; Florida Election Watch (Amendment 3, first unofficial returns, 3 November 2026); IRS pages on FIRPTA, estates of non-residents and treaty countries; EY on foreign ownership of US property.

Singapore Ministry of Finance releases of 14 February 2023, 26 April 2023 and 3 July 2025; gov.sg property tax article; IRAS estate duty page; Singapore Land Authority.

War and market reaction: Reuters (1 and 6 March 2026), Al Jazeera (17 March and 11 November 2026), Bloomberg (20 October 2026), Knight Frank release of 21 October 2026 via Zawya and Khaleej Times, Beauchamp Estates as quoted by Property Portfolio Investor (18 March 2026).

Market data, directional: Knight Frank Wealth Report 2026 and Global Super-Prime Intelligence; Savills Dubai Q3 2026 and World Cities H1 2026; CBRE on Singapore Q3 2026; LonRes; EdgeProp; Continental Club compilation of the DLD service charge index; listings as named in the text.

Exchange rates: European Central Bank reference rates, 30 October 2026. AED at 3.6725 per US dollar.

This article is general information, not tax or legal advice. Rules change, so check your own position before you buy.