The Dubai Expat lifestyle has many advantages: A better standard of living for you and your family, higher income potential, including a tax free salary in many cases, the advantages of living in a culture different from that of your own… The list is endless.
But one thing that needs careful thought when living in a country other than your own is that of current and future financial security.
Life in the Middle East is somewhat different from the rest of the world, and it’s important that your wealth management in Dubai is handled by a company that is highly experienced in this region.
There are many different aspects of personal finance that might apply to you and your family. Everyone’s requirements will differ and depend on personal circumstances. These include, but are not restricted to, the following:
- Your age
- Your personal family circumstances. For example, are you single, married, divorced, have children or other dependents?
- Your type of work and salary
- Your independent financial status
- Your expected length of stay in the Middle East
- The age at which you plan to retire
When trusting a company with your financial well being, it’s vitally important that they can offer a bespoke service to ensure that your unique personal circumstances are fully accounted for in the most financially efficient manner possible. With that in mind, the following services are ones crucial to know are correctly covered.
Asset and Wealth Management
When it comes to asset and wealth management in Dubai, this is a highly personal area.
For those with a high-net wealth, individual management solutions will be offered, discussed and put in place to your best advantage. No matter what your personal circumstances, the most important aspect is to ensure that your medium and long-term strategies, goals and targets are ideally catered for, allowing you to have a guarantee of financial security.
Life insurance is a vital part of your financial planning. And for expats this is even more so, because life insurance will differ due to being overseas, as well as depending on your personal circumstances. The major concern for most people is that in the event of your premature death, that your family and loved ones will continue to enjoy the high quality of life that that they do now. This can be a complex issue, and one that differs from one person’s situation to another. For example, you’ll need to know that the following aspects are covered:
- Ensuring any outstanding debts and loans are paid off
- That there will be funds in place to pay for your children’s education
- The family home will not be placed in jeopardy
- That your family will continue to enjoy their current standard of living
Planning ahead for your children’s education is an important part of their future. Now, probably more so than any time in the past, a high standard of education is the most vital gift that you can give your offspring.
Education costs get ever more expensive year by year, and knowing that you’ve provided for this in the future will give you the peace of mind that your children have the best possible chance of the highest quality of life they can achieve.
For expats this is is even more crucial, as you might wish them to have a private education, plus the opportunity to move onto higher education once they reach school leaving age.
Thinking about your retirement when you’re in your early twenties is something that, to some, might seem a lifetime away. But in reality, the sooner you start planning for your autumn years, the easier it will be to put a process in place to ensure a high quality of living during your retirement. The later you begin saving for retirement, the more likely it might be that you won’t be able to finish work at the age you hoped, or you might not achieve the standard of living you wish for during retirement.
Planning for retirement can be a confusing process. That’s why using an experienced financial consultancy can help guide you on the right track. Many aspects need to be considered. These include:
- Which country do you plan to retire in?
- Would an international pension be more beneficial to you than a local one?
- Should you take advantage of various international investment opportunities?
- Do you have a UK pension and if so, what is the best course of action to ensure the highest income from this?
There are many more aspects that need to be understood in order to put together a personal portfolio that will ensure you get the quality of living you expect during retirement. And whilst, of course, it’s better to put this in place at as young an age as possible, it’s never too late to start, no matter how old you might be.
Fluctuating foreign exchange rates are something that affect every expat. Not only do you need to have the ability to perform transactions in multiple currencies, but you need to be confident that you’re getting highly competitive rates on all foreign currency exchange. Using a good currency broker provides all the above, as well as some crucial key benefits:
- Commission free international payments
- Forward fixing contracts that allow you to fix an exchange rate for future transactions
- Experienced and practical advice on hedging and risk management
- A dedicated personal account manager
- Free, currency specific email market updates
- Advice on savings, mortgage transactions and pension income
Depending on which country or countries you might already hold a pension, there are various options available. For instance, if you have a UK pension, there are various options open to you.
These include QDROPS (Qualifying Recognised Overseas Pension Schemes) which allow you to transfer your pension overseas to one that meets certain standards and conditions that are the equivalent to that of a UK scheme.
Other options include QNUPS (Qualifying Non-UK Pension Scheme) that can be beneficial for those whose pensions don’t qualify for the QDROPS scheme or for those looking to top-up the overall amount of capital and assets.
Both of these schemes are recognised by UK HM Revenue & Customs. The job of your personal financial advisor is to explain which would be most beneficial to you, and any actions and/or payments that need to be put into place to ensure you get the very best financial benefits.
Savings and Lump Sum Investments
Setting up the correct savings and investments that work best for your individual circumstances is vital to ensure that your money works as hard as it can. By assessing your future plans, your financial advisor can help you create an investment strategy utilising the world’s best fund managers. This in turn will ensure that you benefit from the most secure and tax efficient options possible.
There are many ways that an independent financial advisor can assist when it comes to your property needs. Perhaps you’re looking to build a propety portfolio, or simply looking for the ideal place in which to spend your holidays or retirement years.
Whatever your requirements, investing in property is, and continues to be, one of the best ways in which to expand your net worth.
Wills and Estate Planning
None of us know what the future will bring, so safeguarding your most valuable assets and drawing up a will is an essential task. Protecting your personal wishes and ensuring your loved ones are provided for is a highly individual project, and one deserves only the best expert help. A financial advisor can help you put the most beneficial plan into place, including:
- Transferring any assets into trust
- Drawing up your will
- Taking advantage of the optimum in tax exemptions and the lowest rates on lifetime transfers
- Ensuring adequate life insurance to cover any possible inheritance tax issues
With so many people now working on a contract basis or being self-employed, it’s essential to ensure that you have adequate personal protection should the worst happen and you’re unable to work for a short of long period of time. The possibility of illness, injury or even death is something that affects us all. And it’s crucial to rest easy that you’re covered for such an eventuality.
The type of protection needed will be very much according to your individual circumstances. A financial expert will assess your personal situation and advise on what exactly it is that you need. This might include some or all of the following:
- Critical illness cover
- Income protection
- Term assurance
- Medical expenses
- Whole of life cover
In addition, it’s just as important not to ‘over insure’ yourself. Only by having a personal finance advisor assessing your personal circumstances can a unique plan be put in place for your needs.
Get Started Planning Your Financial Future Today…