What is the biggest pitfall for expats in the UAE?
A. Without doubt it is the lack of social security, pension provision and comprehensive medical cover. Though some employers provide certain benefits, if yours doesnt you are on your own. You may need to set aside 15% of your salary to take care of these issues – more if you are older. It’s your choice, but sooner or later you are going to find yourself wishing you had taken care of things earlier. 15% is less than you might pay in income tax elsewhere. Q. Why is banking so expensive in the UAE compared to Europe? A. There are more than 50 banks in the UAE serving the population of a small European city which would perhaps have six banks operating there. Where European banks might offer free direct debits and free standing orders, UAE banks are making profits for their shareholders, which is what business if about. If you are making transfers of foreign currency and would like to explore a cheaper route please contact us for details. Q. I’m self-employed. Should I consider an income pr
