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Posts Tagged ‘aes dubai’

pensionsAre you an expat in a UK public sector defined benefit pension scheme? If so you have less than 10 months if you wish to transfer it.

Why?

The government is removing the right to transfer from public sector Defined Benefit schemes to Defined contribution arrangements.

Experts say the move is designed to prevent large numbers of public sector workers ditching their DB scheme in favour of a defined contribution arrangement after Osborne announced a radical overhaul of the UK pensions framework earlier this year. The reforms, which will take effect from April 2015, will allow anyone who is aged 55 or over to take their entire pension fund as cash. Read more

imagesWhen 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

FATCA-logoAnd 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

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