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…)
Capital gains tax will be payable on property value increases
Tax will be up to 28%
You can take action now by becoming your own financial adviser.
Homeowners who are non-resident in the UK for tax purposes will be liable for capital gains tax from 2015. Capital gains tax is payable on any property value increase after April 2015. Currently, any British resident pay up to 28% capital gains tax on gains over 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
Whether you have just arrived in the UAE or you have been living in Dubai for a number of years, the chances are that you have used or will need to use a money transfer service – that is unless you brought all of your money over in a suitcase!
Transfer Tip #1 – Avoid High Transfer Fees
If you are transferring money from your UK account to your Dubai account and you are using your UK bank, you could face charges of up to £40 per transaction. And it usually makes no difference if your bank has branches in Dubai – the charge is the charge and that’s it. If you’re making just two transfers per month, you could be racking up a total charges bill of almost £1000 in a year. Read more
A lot of expat clients assume that when living in one European jurisdiction, originally from another, that they can effectively decide on which countries tax they pay on financial instruments such their pension, income and investment gains. This assumption is based on the fact that many European jurisdictions have Double tax treaty’s in place, meaning that individuals do not pay tax in two jurisdictions on the same financial instrument. Although a lot of EU member states follow a OECD format when writing their treaty this is not always the case. It is very important to assess the treaty of the country that you are considering retiring to in order to put the right financial plans in place. This will avoid paying undue tax and also help in deciding which of the many popular European destinations to spend your retirement years in. Read more
One of the wonderful things about living in Dubai is that it’s a cultural melting pot. The UAE provides exposure to new people, traditions and experiences on a daily basis. Although many of our backgrounds are different, it is fair to say that financial advancement was the motivator for many of us as we set out for the Middle East.
One of the dangers is that we start to neglect the investments we’ve left at home, especially our retirement nest eggs. Many expats make the natural assumption that their pension plans are safely locked away until they decide to put their feet up. However, there are some very good reasons to keep a close eye on your pension – especially if you are from the UK. Read more