Expat Taxes

The draw of little of no expat taxes in the UAE was the driving force for our move from the UK to Abu Dhabi. 

Leaving behind high tax rates and rain were the easy part...but relocating, getting settled and then getting on top of our finances and legal obligations was not so easy!

My hubby and I are no financial experts, but luckily since moving to Abu Dhabi, we've met some who have been happy to help us out. The team at Holborn Assests have kindly shared their advice and given some really useful and clear guidance that we can pass on to our readers.

Naturally, like almost every other expat, we are here to save money and to make some financial headway during our time in the UAE.

Holborn Assets are licensed by the Federal Insurance Authority & the UAE Ministry of Economy

Here is number 4 of their top 5 financial tips for UAE expats

#4 - “Maximize your tax-free status”

"As taxed residents, many people go through life paying tax, without even encountering any of the many financial planning instruments designed to mitigate their liabilities.

In a taxed jurisdiction, normally only high-net-worth clients of private banks would be privy to the world of tax mitigation and avoidance vehicles. 

Now, as an expat, you too can freely exploit a range of solutions designed specifically to maximize your tax free status and save you money, both now and in the future. 

Would you like your assets to appreciate free of income and capital gains tax, earn tax credits for during non-residence status, mitigate any future tax liabilities when you return to a taxed environment and reduce your inheritance tax liability, all completely transparently and legally? 

Of course you would – Who wouldn’t!"

Top 5 Financial Tips for UAE Expats

Check out the other top tips and how you can acheive your expat financial goals.

#1 - “Make sure you have a valid Will”

#2 - “Keep the bulk of your cash offshore”

#3 - “Protect yourself and your loved ones”

#4 - “Maximize your tax-free status”

#5 - “Make regular savings from your income”

For a free consultation and impartial advice from a qualified financial advisor please contact Holborn Assets.

Helpful Expat Taxes Links

When are you officially tax free?  That depends entirely on your home countries expatriate tax laws.

Is there an ideal time to relocate?  Generally speaking, just before the beginning of a new tax year, so that you can be absent for 'one whole year tax year' in the shortest time frame.

What happens if I return to my home country within the Tax Year, will I owe taxes on my overseas earnings?  The answer is propably yes,depending on when in the tax year to choose to relocate. But to be sure check out your home country revenue department for clear guidance expat taxes.

UK - Visit HMRC for government taxation guidelines. Also check out this useful expat tax website.  If you have rental property in the UK you should complete this form before leaving the UK. See here if you are returning to live in the UK    

Check out this interesting article regarding the proposal to define what makes someone a UK resident for tax purposes.

Canada -  You can contact directly the Canada Revenue Agency and have a look at this Tax Brochure:The pamphlet is useful to individuals who left Canada in the year to travel or live abroad. It gives information on residency status and Canadian tax implications. 

The UAE Ministry of Finance issues Tax Domicile Certificates for those needing proof of no taxation: http://www.mof.gov.ae/

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