UAE is considered one of the foremost commercial and economic hubs of the world, which is why more than 8 million Americans now live and work in the country. Not only does the UAE have great career and employment opportunities, but citizens also need to pay only minimal taxes. If you’re one of the many American expats living in this Middle eastern location, whether on a short-term stint or long-term relocation, taking care of your taxation obligations is essential. Your best bet is to work with a trained tax CPA for expats in the UAE and get all the relevant information you need.
Known to be the City of Gold, Dubai not only makes one of the best holiday destination, but it’s also an economic hub and the ideal platform to buy gold. Gold is not just something which has ornamental value, but it has monetary value as well, which makes it an excellent investment option.
The emirate was given the title of City of Gold for a good reason – the price of gold is cheaper in Dubai than anywhere else and a Souk (shops) is dedicated just for gold. Having maintained an excellent reputation of the yellow metal worldwide, UAE wins when it comes to purity of gold owing to the strict inspections regime ensuring the purity.
Most of us worry about the rising cost of living without giving a thought to how big the bill for unraveling our financial affairs when we die is likely to be. Many of us asked to stand in as an executor for a friend or loved one when they die have no hesitation about stepping up to the plate without thinking about the hassle, time and money involved.
Former Prime Minister David Cameron promised to make inheritance tax cheaper, but this only applies to surviving spouses or close family members who gain property or other assets.
Investors are flooding to protect their wealth by pouring money into gold, according to the latest research.
Trade body the World Gold Council reports the industry enjoyed a buoyant first quarter and the second best ever as demand was up a fifth year on year.
The council argues that turmoil in stock markets and uncertainty over the world economy is making investors move to gold as a safe haven.
“Negative interest rates in Japan and Europe, China devaluing the yuan and a slowdown of interest rate rises in the USA undermined confidence in other assets as turbulence rocked stock markets around the world,” said a spokesman.
“Negative interest rates significantly hit sovereign bonds as low risk assets and triggered huge interest in gold-backed ETFs.”
Investors looking for first class returns should turn to rare stamps, claims a specialist firm. Stamps have outperformed the FTSE100 and British property prices since 1995 and in the past 12 months, some of the most collectible stamps have seen returns ahead of the best performing shares.
London-based philatelist Stanley Gibbons argues stamps are a better hedge against stock market and commodity volatility than shares, property, and gold. The firm has an index of Britain’s 250 most expensive stamps – and the price was up 1.2% year-on-year until the end of June 2016 compared to the FTSE, which lost 11% in the same period.
“Stamps are showing that they have an investment and wealth preservation pedigree during a time when world stock markets have had a difficult period,” says the firm.
Property prices in the glass and steel city of Dubai have fallen for the sixth quarter in a row. Home values dropped by 12% in the past year with prestige and luxury homes hit by the worst price declines. Prices were also down 2% in June compared to the first three months of the year, according to property specialists CBRE.
Rents were also down by close to 2% in the year to the end of June 2016. The firm blames the continuing property price slowdown on the strengthening US dollar and Brexit economic uncertainty unsettling the confidence of buyers.
Annuity rates are sinking without trace despite more retirement savers opting to turn their pensions into a guaranteed income for life.
Since April 2015, the income from an annuity has dropped by 10%, according to research from independent financial firm Moneyfacts.
Figures from the firm’s Personal Pension and Annuity Trends Treasury Report show that returns from the investments are at the lowest ever.
The report looks at the size of pension funds and returns on annuities and compares them with those of a year ago.
Women struggle to save enough to pay a decent income in retirement – but why is there a gender pension gap?
Salary is not the only factor.
Many women earn less than men even though they do the same job, but new research has found even when women earn the same as their male colleagues, they manage to save less money for retirement.
Only 52% of women over 30 years old earning at least £10,000 are putting enough money aside for retirement, compared to 60% of men.
Also, one in four are not saving anything – when the figure for men is nearer one in seven.
Leaving the UK to become an expat is easy – just jump on a boat, plane or train, but cutting tax ties is much harder.
While thousands of expats will be sitting down putting the finishing touches to their tax returns due for filing on January 31, many more will believe they are expats and do not owe the long arm of HM Revenue & Customs (HMRC) any money.
The problem is the term ’expat’ is a dictionary term for someone living in a country other than the one where they were born.
Under tax rules, the term means nothing but residence status means everything.
The conundrum is that it’s possible to live overseas for many years as an expat, but still remain tax resident in the UK.
Expats face higher tax bills as Gulf States need to shore up government revenues as oil prices keep falling.
Christine Lagarde, head of the International Monetary Fund (IMF) told a forum of oil exporting country politicians and business leaders that their governments need to cut spending and diversify how they raise revenue as oil prices are predicted to stay low for years to come.
Speaking Abu Dhabi, she cautioned against waiting too long to impose taxes on income and property while finally agreeing to charge VAT on goods and services.