Moving to Dubai from the UK \u2013 whether for career progression or other reasons \u2013 can be a thrilling experience. As a popular destination for British expats, Dubai offers a high standard of living, along with excellent career, salary and networking opportunities. The logistics of any move to Dubai can be overwhelming but careful planning can help make the most of your time overseas.<\/p>\n\n\n\n
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Over 240,000 British expats are estimated to live in Dubai and the combination of excellent weather, high salaries, attractive tax regimes and a cosmopolitan lifestyle have made it a popular destination. The lively city offers a clean, safe and modern environment with great shopping, dining and nightlife, and easy access to beaches and outdoor activities. As a predominantly English-speaking environment, it\u2019s an easy area to explore and enjoy. Added to this is Dubai\u2019s status as a global business hub; there are significant career opportunities in a range of sectors, and education is excellent, although school fees have to be paid if you\u2019re not a citizen.<\/p>\n\n\n\n
From a financial perspective living in Dubai means you can enjoy a tax-free income, which can significantly boost your earnings. However, the cost of living can be high, and accommodation, healthcare and school fees can be significant, so it will be important to carefully consider and plan your budget. Ahead of a move, you\u2019ll need to review your UK tax position, and advise HMRC that you\u2019ll be living in Dubai. Any move you make is almost certain to happen part-way through a tax year, and so working with a tax expert can help you to reclaim any additional tax you might have paid, or safeguard against any penalties for tax which remains due.<\/p>\n\n\n\n
To live and work in Dubai you\u2019ll need a residence visa which is valid for two years if you work within the private sector, and three in the public sector.<\/p>\n\n\n\n
You\u2019ll also need to consider local banking arrangements and ensure that you have access to a currency transfer service. It\u2019s recommended you secure a job offer before moving to Dubai as you will need proof of employment before you are able to open a bank account locally. Whilst in Dubai you may be able to make sizeable contributions to your investment portfolio, and so seeking out a qualified financial planning professional, who has a solid understanding of expat needs, will be worthwhile.<\/p>\n\n\n\n
If you have a property in the UK, you could consider keeping hold of it as part of your overseas move. Maintaining a foothold in the UK can be a good option as part of your investment plans, and especially if you plan to return in the future. And if you rent your property out it can also provide an additional income. If you decide to let a UK property you may need to consider the Non-Resident Landlord Scheme to ensure that any UK taxes are properly calculated and paid.<\/p>\n\n\n\n
Moving to Dubai also means you\u2019ll need to consider your pension and retirement plans; ideally you should aim to maintain the same contributions after moving. As a British expat you can generally continue contributing to your UK pension scheme while living abroad, for up to a maximum of five tax years and enjoy tax relief. However, if you stay longer, it\u2019s worth noting that workplace pensions are not a legal requirement in Dubai and so you may need to explore other options such as QROPS. This is a pension scheme for British expats which can be used to transfer your UK pension benefits into a foreign pension scheme, while retaining certain UK tax benefits. You shouldn\u2019t forget about your UK State Pension either; continuing to make voluntary National Insurance contributions will ensure you are entitled to the full amount when it comes to retirement.<\/p>\n\n\n\n
Another consideration is Estate planning<\/a>. At any significant change in your life, it\u2019s worth reviewing your Will and Power of Attorney to ensure that your current position, and any assets, are included. For example, you may need to think about plans for your children, or any other dependents, if the worse should happen to you or your spouse\/partner whilst you\u2019re overseas.<\/p>\n\n\n\n With 240,000 UK citizens living and working in Dubai there is a large UK expat community in the city. If you are looking to join an expat community when you arrive, it\u2019s worth exploring the many options available to you. With the majority of expats moving for work you may also want to connect with the British Chamber of Commerce Abu Dhabi<\/a> and The British Business Group in Dubai<\/a>.<\/p>\n\n\n\n Working with a knowledgeable financial planning professional whilst living and working in Dubai can help you make the most of your expat status, and the advantageous tax regime. With offices in the UK and the Dubai International Financial Centre (DIFC), many of our team have first-hand experience of making a move between these countries. We can support you with all aspects of your finances \u2013 from exiting the UK tax system and sensibly managing any income from a UK property to ensuring that your pension and retirement plans remain on track. Please contact our team here<\/a>.<\/p>\n\n\n\n <\/p>\n\n\nExpat communities<\/strong><\/h3>\n\n\n\n
Financial advice when moving to Dubai<\/strong><\/h3>\n\n\n\n