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…)
When you move back to your home country, you will have to put some of the things you did before you moved to the Middle East in reverse. Try and plan well ahead of time, particularly if there are considerable assets both here in the UAE and/ or offshore. From a financial point of view be aware that moving back home can affect your tax situation, your savings and your investments – so you should talk to a financial expert.
Closing and opening bank accounts
Try to open a bank account in your home country before you move if you did not keep it open when you became an expat. 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.
Be aware that, if you did not keep a bank account open in your home country while you lived overseas you may not be entitled to any credit (including a mortgage) on your return. Read more
Moving to a new location can be an expensive process and it can be all too easy to start spending beyond your means. All too often expats live like they are on a constant holiday. Be warned – if you aren’t wary the bubble will burst, leaving you borrowing into a vicious debt trap.
The debt owed by expats in the UAE is for a whole manner of things from car loans, to boat purchases, to credit card debt and the banks seem quite happy to grant relatively large loans and credit cards to customers with limited income. This coupled with a high level of consumerism and often poor financial literacy can be a recipe for disaster. Read more
And so the time has come…. FATCA
If you are from the US then you’ve probably heard of the Foreign Account Tax Compliance Act (FATCA), but are you aware of how it could affect you? The legislation came into full effect on the 1st of July 2014 and has many implications, particularly for US expatriates.
FATCA is a U.S. tax avoidance measure that requires foreign (non- U.S.) financial institutions (FFIs) to identify, report on and, in some circumstances, withhold on payments to account holders.
The premise behind FATCA is intended to increase transparency for the IRS with respect to U.S. persons that may be investing and earning income through non-U.S. institutions. 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
Only the £50 banknote featuring Matthew Boulton and James Watt, which was introduced in November 2011, now holds legal tender status.
Most banks and building societies will continue to Houblon £50 note back accept them for deposit to customer accounts; however, agreeing to exchange the notes is at the discretion of individual institutions.
Barclays, RBS, NatWest, Ulster Bank and the Post Office have all agreed to exchange Houblon £50 notes for members of the public – up to the value of £200 – until 30 October 2014.
The Bank of England will continue to exchange Houblon £50 notes, as it would for any other Bank of England note which no longer has legal tender status.
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