The numerous local and international banks offer all the usual banking services with some offering offshore banking. There are no government restrictions on the international transfer of funds into or out of the country. (more…)
The Personal Allowance threshold will increase from £10,600 in the current tax year to £11,000 from April 2016. The plan had been to increase it to £10,800 in 2016 and £11,000 in 2017-18. The Government has pledged to increase it to £12,500 by 2020.
The Personal Allowance is steadily removed once someone has UK annual income over £100,000. The threshold for higher rate tax (40%) will also rise in 2016, from £42,385 to £43,000.
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Whether you have been living in Dubai for a while or you are just about to make the transition to this fabulous hub of expat life, looking after your money is essential. Thousands of people are lured to Dubai for the bright lights, great shopping and fantastic career and investment opportunities, but whatever the reason for your big move to UAE, there are some things to bear in mind when dealing with currency. Read this quick guide so that you can ensure you avoid the most common currency ripoffs and make your money go further.
Find An Money Transfer Specialist And Stick With Them
At some point during your move to Dubai you will need to make a money transfer. This could involve transferring savings from your offshore account to your new Dubai account or it could be that you need to lay down a deposit on accommodation in the city. Read more
The Ministry of Finance has signed an agreement with the US that will make it compulsory for all banks in the UAE to provide account numbers, balances, names and addresses on their American clients through an annual report.
The move is part of efforts to enforce the Foreign Account Tax Compliance Act (FATCA), which was passed by the US congress in 2010. Unlike many expats, US citizens must pay tax on their income, ranging from 10 to 40 per cent, regardless of where they live. Read more
To help you move back home, and make the most of the opportunities available to you, we’ve listed some of the main things you should think about below – and explained how we can help. We’ve also provided a range of tools, videos and articles to help you find out more about repatriation – and how it affects you.
- Moving back home can affect your tax situation, your savings and your investments – so you should talk to a financial expert.
- Your retirement planning and pension arrangements could be affected too, so you’ll need to think about whether you want to continue paying into these – or make new arrangements back home.
- If you closed your bank account in your home country, you may no longer have a credit history – so it may be worth keeping an offshore account open until you arrange a new account back home.
- If you’ve been earning in a different currency from your home currency, and you’re planning to repatriate some or all of your wealth, you may not be aware of the foreign exchange solutions available to you. Read more
There is certainly no set rule that says that you must tip in Dubai however the general consensus amongst expats seems to be a resounding you should indeed tip. Perhaps the happy residue of stringent tipping stipulations in many of our home countries. The expat voice of reason however is slightly more muffled when one posses the questions; how much should you tip, when and which services (if any) are excluded from our strongly held belief in tipping. So what on earth shall dictate our social and financial decorum in the absence of hard and fast rules to follow? Answer, majority rules, empathy and common sense of course. The team at Expat Echo Dubai summarizes… Read more