South Africans working in countries with no income tax, such as the UAE, have banded together on social media to oppose new legislation that “might put them at an unfair disadvantage” of having to pay income tax in South Africa.
Sarah Lord, one of the most highly qualified female financial planners in the UK, is to leave Killik Wealth Planning at the end of March to pursue other opportunities within the industry, the company confirmed to International Adviser.
South Africa is to draft legislation overhauling its residence-based tax rules so that South Africans working in countries with no income tax, such as the UAE, will be liable to pay tax in their home country.
VAT no higher than 5% will come into force from 1 January 2018 in the UAE and other Gulf States covering most products and services.
Regulatory pressures and fierce competition will lead to significant consolidation of the life industry in the UAE and Saudi Arabia over the next two years, according to a report by S&P Global Ratings.
Residents of the UAE are willing to spend more on critical illness insurance cover than the global average, but remain significantly under-insured, according to a new report by Zurich International Life, Middle East.
Hansard International launched its new strategic alliance with UAE-based Union Insurance Co on Thursday, which includes the provision of two new savings and investment products under the brand name ‘Infinity’.
The benefits of life insurance wrappers still outweigh direct investment in funds for expatriate customers in the UAE despite the significant regulatory change underway, says Philip Cernik of Friends Provident International.
The regulator of the Abu Dhabi Global Market (ADGM), the UAE’s new international financial centre, has signed an agreement with the regulatory authority in Mauritius to strengthen cooperation and facilitate the exchange of information.
Regulatory changes in the United Arab Emirates pose a challenge to existing business models for IFAs in the region but Sean Kelleher at Mondial is one step ahead, and after years of hard work in preparing his business for the new requirements, he is ready to reap the rewards.
The UAE Insurance Authority (IA) is to issue a new draft and open a fresh consultation on plans to tackle high fees and hidden commissions in the life industry after requests for a ‘two-year delay’, sources have told International Adviser.
The Dubai Financial Services Authority (DFSA) has no proposals to ban commission, according to chief executive Ian Johnston.
