What’s happening out there in international financial markets?  Wan't to know more about  pensions, investments and taxes? How could changes in legislation affect you and your finances?  Keep up to date with my financial advice based blog.

The 5-Year Expat Master Plan

Aside from the lure of sunnier climes many individuals are drawn to live and work in other countries for increased pay, better benefits, even lower tax, and in some cases no tax at all.

Becoming an expatriate can carry with it many financial benefits and the notion that one could come back to their home country not only more tanned, but somewhat richer too.

And so…. the plan is hatched!  The usual time scale considered is 5 years and many expats will spend time conjuring up their 5 year plan master plan. A plan of accumulating as much wealth as possible before moving back to their country of domicile or moving to another location.

But how many expats actually stick to this 5-year plan?

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Top ten tips for living in the UAE

One of the wonderful things about living in the UAE is that it’s a cultural melting pot. The UAE provides exposure to new people, traditions and experiences on a daily basis. Although many of our backgrounds are different, it is fair to say that we expats experience many of the same benefits as well as culture shocks when we move to the Middle East.  Here are some top tips to bear in mind:

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Are you heading for a big tax bill on your pension? If so you need to act fast

Forthcoming changes to the taxation of pension savings could cost you dearly if you are amassing contributions through either a Defined Benefit or a Defined contribution scheme.

We all know people are working longer and retiring later but in contrast the lifetime allowance for pensions is decreasing. These factors contribute to concerns that more and more people will be growing their pension pots in excess of the allowance limit.

But what does this actually mean? Well, savers will pay tax on any excess savings above the Lifetime Allowance Limit (LTA). The rate of tax depends on how savers receive the excess. If it is in the form of a lump sum, then the rate of tax is an eye-watering 55 percent. If it is in the form of a regular pension, the excess is taxed at 25 percent.

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HNWI’s and the Changing Face of Wealth Management

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Dubai Coffee Morning - The Importance of having a Will in the UAE

 

Hosted by Jessica Cook - Private Client Adviser

Monday, 10th February 2014, 10am, at Arabian Ranches Golf Club

You are invited to join me at Arabian Ranches Golf Club for a short, informative session discussing the importance of having a Will in the UAE and how to ensure your assets and family are protected.

  • Under Sharia law if a husband dies, what share of his total estate in the  UAE would his wife receive?

  • Why do joint accounts in the UAE get frozen if either spouse dies?

  • What happens to children upon the death of a parent and why is there a risk that they will not go into the automatic custody of the Mother?

  • If a married couple own property in joint names, upon the death of either spouse, does the surviving spouse automatically inherit the property?

    During this informal coffee morning I will provide you with the answers to all of these questions and arm you with the knowledge required for effective succession planning in the UAE.

Places are limited and will be given on a first come first served basis. Please RSVP via my details to reserve your place:

Jessica Cook
Tel - +971 (0)50 469 9236  Email - jessica.cook@aesinternational.com 

 

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