There are a number of reasons to keep your expat cash offshore when working aboad.
And the good news is, its easy to set up and maintain online.
We, like almost every other expat, moved to the UAE to save money and to make some financial headway during our time here. Its not easy to be frugal and keeping a grip on your finances can be tough going.
The team at Holborn Assets (licensed by the Federal Insurance Authority & the UAE Ministry of Economy) offered us their Top 5 Financial Tips for UAE Expats that we can gladly share with our readers - we hope you find their advice useful to your financial planning!
The second top tip only requires filling in a few forms and setting up a new account.
"Under UAE law; if you die, kill somebody else (in a road traffic accident, etc.), are accused of, or charged with a criminal offense, or in some cases if your visa is cancelled, your bank accounts will be frozen until you are able to prove to the court that you have settled your liabilities – even if they are held in joint names.
You could also be prevented from leaving the country.
Many people have to face a lengthy bureaucratic process that can last for months or even years, before they can get access their own to cash.
Setting up offshore banking or savings facilities will avoid this happening, whilst still providing the same tax breaks as the UAE."
Top 5 Financial Tips for UAE Expats
Check out the other top tips and how you can acheive your expat financial goals.
For a free consultation and impartial advice from a qualified financial advisor please contact Holborn Assets.