As we begin to emerge from the most significant economic downturn in living memory, most of us have drawn one crucial lesson; in this brave new world there are very few certainties, especially when it comes to personal finance.
With people becoming increasingly aware of the need to plan for their financial future, tax efficient ways of saving and investing are becoming topical points for debate.
This makes the lure of Dubai as a place to acquire, preserve and grow wealth too strong to ignore.
Traditionally, many have viewed Dubai as a transient stage of their professional career and so have opted to continue using accounts in their countries of origin for investment and saving purposes.
Perception shift
Now, this perception has shifted and it has become apparent that this approach results in paying more, getting less relevant advice and, potentially creating an unnecessary tax liability.
As one of the top financial hubs in the Middle East, Dubai offers access to a range of products and services through world renowned names in banking and finance.
The majority of British retail banks have a presence there, with advisers readily available to offer guidance and assistance with developing savings and investment plans to suit individual expat needs.
When living or contemplating moving abroad there are a number of factors to consider. Take savings accounts, for instance.
Not only is there a wide choice of fixed term, instant access and notice bank accounts, but there is also an important choice to be made in selecting a local onshore versus an international offshore account.
In our view a combination of both is ideal and especially if offered by the same institution.
Retirement planning is another point for consideration. When living a tax free life one often doesn’t receive any support in the form of a company savings scheme or pension, consequently preparation for the future is key.
A relationship manager or financial adviser can step in to provide guidance.
Growth trend
The continued positive trend in United Arab Emirates economic growth is also providing greater opportunities for increased income, enhancing both savings capacity and the ability to take advantage of other products, such as term deposits or stock-market-related investments.
Diversification is key and it is always wise to spread wealth across asset classes and even geographies in order to ensure that risks are minimised.
In addition to the emotional complexities of leaving behind loved ones, expats in Dubai face the challenges of setting up a new life for themselves and their families abroad.
Luckily for them, the regional retail banking market is well placed to service their needs and facilitate a smooth transition.
With a wealth of services and products available to them, and global banking providers on hand to offer the needed expertise, expats are able to gain comfort in the fact that their financial situation will be carefully taken care of for years to come.
