Go Back  British Expats > Living & Moving Abroad > Middle East
Reload this Page >

Saving/ Banking in Dubai

Saving/ Banking in Dubai

Old Jan 25th 2004, 8:32 pm
Just Joined
Thread Starter
Joined: Nov 2003
Location: London
Posts: 9
vg1 is an unknown quantity at this point
Default Saving/ Banking in Dubai

Want to save as much money as possible whilst I'm there.
Recommendations for bank accounts? What about when you return back to the UK? As it is tax free out there dont want the UK government to get their hands on my hard-earned cash.......
vg1 is offline  
Old Jan 26th 2004, 3:20 am
Forum Regular
Nevi's Avatar
Joined: Jan 2004
Location: Dubai
Posts: 70
Nevi is an unknown quantity at this point
Default Re: Saving/ Banking in Dubai

If you are going to be out of UK for a full tax year (April to April) then you must make sure you fill out an income tax claim form when you leave.
Also, don't forget to fill out the forms at the bank in UK that notify them that you are moving abroad. As far as saving goes, I'd advise opening up offshore accounts in Uk.
However, bear in mind that I am in no way a financial advisor, I
m just speaking from my experience. The best advise i can give you is ask around at various banks and find out your options.
Nevi is offline  
Old Jan 27th 2004, 6:06 am
Just Joined
Joined: Jan 2004
Posts: 14
istara is an unknown quantity at this point

My personal recommendation is to get an offshore account with HSBC, and also a personal banking account. It's much cheaper to make money transfers between two HSBC accounts (and cheaper still if you do it via the internet). Having lived in the UK, Australia and the Middle East, HSBC really is the only bank with a decent international presence everywhere.

Your company may set you up a bank account with their existing bank - or encourage/help you to - nothing wrong in this. But DO get money out of local bank accounts and into international ones, to avoid having your account frozen. What happens very often when you change jobs, or leave your job, is the bank totally freezes your account. Even if you have no loans (one guy had to *prove* he didn't have a loan - how the hell do you do that?) and even if your funds are greater than your total loans, it can take weeks and months to unfreeze. I know of families nearly driven to bankruptcy because of this. Apparently joint accounts are safer - they can't freeze them so easily.

As well as the UK government not claiming tax while you're out here, you will probably be able to claim tax BACK for the last partial year you spent in the UK. Because if you didn't spend a full tax year there, you will be owed money back. It takes a while, but you will get it.
istara is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.