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What Factors Do Expats Need To Consider When Leaving The UAE for Good?

Published on: 07/05/18 02:39:pm

Being an international worker, you are most likely receiving a higher salary and benefiting from lower taxes, a combination which creates the perfect opportunity to feather your nest for the future. However over a third of British expats move back to the UK, with money worries cited as a common reason to return.

Without forward planning, rather than returning enriched by your expat journey, you risk being worse off than when you first jumped on the plane and left the UK.

With that in mind, and with the help of Senior Financial Planner James Ferguson, we take a look at five things you need to do to get your house in order before leaving the UAE behind.

Don't get caught out! Get the facts about returning home

1. Gratuities

This is the payment that is made at the end of your service, and is based upon the amount of time you have worked here.

It is important that you sit down with your employer before you receive your last pay-cheque and calculate what you are owed. A gratuity is the equivalent of a pension in the UAE so naturally it's important that you seek advice as to how this ties in with your retirement planning here.

2. Settle all debts

In a region where you can quite readily get credit, this is extremely important.

Many people will take out credit when they move here to cover the costs of moving, so it is really important that you make sure all debts are cleared before you leave the country.

credit cards

3. Savings and pensions

As an expat you will have access to a range of offshore savings plans and pensions and it is important that before you head home that you ensure that will remain appropriate and tax efficient for you in the new territory.

Take advice around the portability of your investments sooner rather than later. It may be the case that your current plans aren't UK compatible and once you return it will be too late.

4. Property

If you own a property or multiple properties in the region you’re going to asking yourself the question should I keep them or should I rent them out, how am I going to make my mortgage repayments, are there service charges to be considered, is there a lot of up keep to the properties when I go back to my home country, is that going to be manageable?

Also, if you go back to your home country and it is taxable there, it is likely that you will be taxed on the rent as well.

5. Health and life insurance

If you have taken cover whilst residing in the UAE, you must make sure that you check it's validity wherever you’re going to when you leave this region. It is important to check the terms and conditions and make sure the cover remains valid after you’ve left, or you will need to obtain a more suitable policy.

Understand how to make the most of your current international status with advice from the award winning, expat financial experts

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  • How recent UK legislation changes affect you
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  • Recent changes to personal tax allowances
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About James Ferguson:

Having been involved in the banking and financial industry for 16 years, initially working within some of the most prestigious financial institutions in the UK, James relocated to the UAE joining Guardian Wealth Management in 2016. James delivers qualified, UK compliant advice to individuals, families and businesses and believes that whilst life is an ever-changing landscape with constant ups and downs, they can be successfully negotiated with sound, ongoing financial planning.

As an experienced financial adviser with knowledge of both the UK and global advice markets, it’s perhaps not a surprise that he lives by the mantra “if you fail to plan, you are planning to fail”
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