Many of us make New Year resolutions, but how many of those are about our finances? 2020 was a tough year for large numbers of people, and we aren’t out of the woods yet, but knowing you have taken all the right steps will give you some peace of mind.
Invariably we could all spend less and save more and a little focus rarely goes amiss.
With that in mind here’s a list of 10 steps you can take to get yourself financially fitter in 2020.
These are the official dates of public holidays for the UAE for the coming year, as well as notable dates, so you can make a note in your diary now and plan ahead. Actual days of holiday for both the public and private sector should be the same and these are the dates announced by the UAE Government.
This article will be updated throughout the year as any changes are announced so you can bookmark it in the knowledge that it will always be correct
As usual, dates of Islamic holidays will be subject to slight variation, dependent on moon sighting, and others may also change.
I am sure most people have seen the articles about some significant legislative changes in the UAE with changes to the penal code and personal status laws and these are very positive in all respects. In this article, I want to explain what this actually means in relation to the financial issues, as headlines are not always quite what they seem and there are subjects that still need to be considered and addressed by expats, especially in terms of the distribution of assets in death.
Let’s address the various points in turn.
Paraphrasing Monty Python, purely to get your attention, but it’s a valid question. I am in an industry that is frequently criticised in the UAE, often for good reason, but let me explain why using a qualified adviser (rather than a salesperson pretending to be an adviser) is a good thing and how you can benefit.
When you have a child, you get lots of advice and tips from everyone but one area that tends to be overlooked is the financial aspect. In the excitement of impending parenthood, or the crazy first few months (or years!), you can forget this essential topic so this article is designed to be a useful guide to some of the issues you need to consider.
Multiple surveys have put the cost of raising a child at eye-watering levels over their first 18 years and expats working in the UAE have the added cost of education and medical bills to contend with. Let’s look at some of the financial practical steps you need to consider.
Welcome to Dubai and a new and exciting life. There is a lot to learn and while this is not a complete guide to setting up in Dubai, it does give you a useful overview of many of the financial and legal issues that new residents need to be aware of.
The laws have changed a number of times in recent years and this article is regularly updated to take these changes into account.
Your ability to live in the UAE is linked to employment and it is impossible to rent a property (apart from on a short-term basis) without a residency visa and accompanying identity card.
These will be provided by your employer or as part of the package when you set up a trade licence if you wish to have your own business. There are now a few other visa options but you still need a visa to reside in the UAE.
Having an identity card is mandatory and you will be unable to do many things without it.
You also need a visa and ID card to buy a car, rent a property, get a UAE driving licence, get an alcohol licence – still a legal requirement for Dubai residents if you want to buy alcohol anywhere and or keep alcohol in your home although there are no charges these days and you getget your licence online in minutes.
Children require an ID card to attend school.
The rules can vary between emirates, and although the main legal issues are correct for all, this guide is mainly for Dubai residents.
I have two simple questions for you. Could you and your family survive financially if you suffered a serious illness and were unable to work? Even if you could, would it decimate your savings and future plans?
Being diagnosed with cancer, heart disease or having a stroke is something you don’t expect and is often a matter of bad luck, but you can take steps to make sure you and your family can manage without any financial problems, taking away a major cause of stress.
Let me tell you about a true story. This happened to a client of mine.
Research has shown that a large number of people have forgotten UK pension plans, or lost track of a plan from years ago or from previous employment. The value of these lost pension funds is around £19.4 billion according to figures from the Association of British Insurers in 2019.
Other research estimates that one in eight UK citizens has at least one forgotten pension. When studies show that some 60% of UK adult are concerned about their retirement planning, it makes sense to ensure you don’t lose out by not having access to all your pension money.
The UK’s Chancellor of the Exchequer, Rishi Sunak, has presented his Summer Economic Statement, a de facto budget, and this article is an overview of the main points with particular reference to any announcements or changes that are relevant to those living out of the UK.
In an uncertain world, it is understandable that we have seen an increase in property as an investment class. People have always liked investments that they fully understand, or can see and touch. Property markets are not equal and the legalities and potential for growth and/or income vary hugely but Europe still presents many opportunities for long-term investment and yield.
Recent surveys have shown that many expats are keen to invest in property in their home country either as they consider it a more secure place than where they are currently living or as a potential base should they need to move back.
The recent upheavals in work, schooling, lifestyle and more has made many reflect on the lives that they want to lead, and to consider future plans. Initially, I saw an uplift in enquiries for wills and life cover, and while these are still popular, I am now being contacted by people about property investment in the UK and Germany. Fortunately, I can assist with both and you can invest without leaving home.