Category Archives: Financial Planning

The Must-Knows to Buying Property

Thinking of buying a property in the UK? Before doing so there are some essential things you should think about before diving in headfirst; such as is this for personal use or are you looking to make a profit? Depending on which of the two is your intention, Globaleye has put together a list of 10 things that will help you in preparing for buying a property and to make sure you have your financials in order so you can make the most of this investment.

1. Before you buy the property, you must distinguish if this is a home for yourself, or is this an investment? That being said, is this something that you are looking to rent out, and/or eventually sell as the property value rises? If you’re looking into renting out the space, the first thing you should do is establish the property under an LLC so you can get better tax write-offs and you will not be personally liable for anything that may happen on the property.

2. If your intention is to rent out the property, know who your target market is i.e. type of tenant. If it’s a house, then think about focusing on families, rather than college students because you’ll probably have to end up spending quite a bit on fixing damages to the house due to rambunctious parties. If the property is a condo, think about long-term versus short-term residents and what kind of professional you want to rent – is this person a struggling artist who may have trouble paying on time, or is this someone with a career who’s dependable.

3. Before jumping into anything, have your funds in order first and have a plan as to how you’ll pay off the property. Perhaps you have enough capital on-hand to pay upfront, or maybe you’ll have to apply for a mortgage. Also factor in how much rent would cover the mortgage and other property taxes. But at the moment, now is the time to make a move with UK interest rates at an all-time low.

4. Keep in mind if you might have any taxable income from the rent, and if any other taxes might be applicable.
5. Have a budget and stick to it. Don’t end up paying more for a property than you’ve planned and budgeted, and certainly don’t take a lower rental rate because the tenant is a nice person; management fees, repairs, maintenance etc will add up quickly

6. Look at the property multiple times, at different points in the day – perhaps there are trains that run by late at night or a bar that gets loud after a particular time or day of the week. You should treat this as a long-term relationship that you won’t just jump right into until you’ve gotten to know the place and would be prepared to live there as if it were your own home.

7. Take property management serious; will you have a friend simply check-in on the place, or hire a management company? If you’re going to go with a real estate company, what are their fees and how reliable are they? Remember that bad reputations from an agency can also reflect badly on the property and hurt your investment.

8. Have a lawyer make sure everything is in order. It’s important that you have insurance, proper licenses and certificates for being a landlord. Have all of your contracts for tenants drawn up by a lawyer and notarized when it comes time to have it signed so you’re covered if an eviction needs to take place.

9. Plan for a ‘rainy day.’ What if the property is vacant for a period, are you still going to be able to pay the mortgage? And if so, where is that money going to come from? Hopefully not from your savings.

10. Think long-term, how long do you plan on hold on to the property and if it’s not forever, what contingency plan do you have in place to sell it and make sure your investment has the right amount of return you were looking for.

Living in Saudi Arabia: Expat Guide From Globaleye

Not far ahead from Globaleye offices in United Arab of Emirates, Saudi Arabia has the largest economy throughout the MENA region; with an enormous amount of oil exploration and production, along with more industries growing from the oil industry and a plethora of contracts, the Kingdom is becoming an even bigger destination for foreign workers. While the rule of law can be a bit of a culture shock for British expats, as it adheres strictly to Islamic law, once knowing the customs and lay of the land, it’s quite simple for British expats to live in Saudi Arabia and live a comfortable life while holding an excellent job.

Employment in the Kingdom of Saudi Arabia

Saudi holds over a quarter of the world’s oil reserves, which means that most jobs available for expats are centered around the energy industry and contracts to build infrastructure stemming from it. Yet, surprisingly a large amount of people are working within the services industry (approximately 30 percent) due to a growing population and demand with a flourishing economy. Foreign investment has always been sizable in the country, but a new boom of building up infrastructure is taking place; telecommunication networks, power grids and new exploration for natural gas are what’s fueling this economic boom. On top of that, the government of Saudi Arabia is trying to recruit people with technology backgrounds, healthcare experience and teaching to come work in the country. Though, it’s important to know that as an individual you are not eligible for a visa, rather, a company based in Saudi must apply for you.

Local Customs and Culture

After moving from the UK, one can easily experience culture shock, as religious law is strictly enforced, encompassing every part of life. Segregation by gender is commonplace and for western women, can be a shock and difficult to get used to in public places. Also, inappropriate dress, public displays of affection and drinking in public are punishable by law, so make sure to be well acquainted with the laws as to not end up in trouble unnecessarily. After getting used to the slight shift in lifestyle, it’s surprisingly comfortable and easy to get along.

Planning Your Financials

Like the UAE, one of the perks of working in Saudi Arabia is your income is tax-free. On top of that, costs of basic consumer goods, food and petrol are drastically cheaper than in the UK, which is one of the many contributing factors that’s bringing so many expats to the country.

But after basic cutting of costs, saving and pensions come to mind; unfortunately, foreigners are not eligible for Saudi’s generous welfare system. However, there is a particular pension a majority of British Nationals use in Saudi Arabia, known as the QROPS pension. QROPS allows expats to legally avoid UK taxes while also having pension funds being managed in the Riyal, Saudi’s currency. Tax planning is an absolute must as the chief reason for working in Saudi is the tax incentives; smart investing and pension planning are imperative. Though, QROPS can be complicated and it is important that you fully understand how it works, talk to an advisor at Globaleye today to find out more on how to save.

Moving to Qatar: Expat Guide From Globaleye

If you’re among the 500 new expats that move to Qatar each day, then you’re probably curious what living in your new home will be like and want to get to know the ropes before arriving. So here’s a general guide of what you should know before coming, what to expect, and how to get around in the ever-growing Gulf nation. This list from Globaleye will give you the key things you need to know in order to be prepared and to plan your financials so you’re not caught off guard.

Visas for your family

While you may have a visa for yourself, visas for you family are not necessarily a right. For one, you must be able to prove you’re earning more than 10,000 QR (£1,775) a month in order to act as a sponsor. In case your application to be a sponsor for your family is denied, the first thing you should do is ask your company to appeal and make your case. However, due to conservative laws, couples must be married if they are to live together and children cannot live in a household if the couple is not married. But if you do meet the requirements, family members who are sponsored can enter Qatar with a special entry visa and are required to apply for residency within a week of arrival. The full process for residency includes finger printing, blood tests for hepatitis, HIV and tuberculosis. Check with your company on their specific policy on helping you apply for family visas, as some employers will require a waiting period of up to six months.

International Schools

As more and more expats flood into Qatar, so are many of their children and with them comes a demand for adequate education. But the problem is that the demand is higher than there are spots; waiting lists can take up to a year and some parents are even paying deposits to ensure a spot for their child.

Applications for schools are usually accepted over a several week period in January, and if you miss it, you’re out of luck until next year. You can look at lifeinqatar.com to find a list of schools and other helpful information.

So bottom line, plan well ahead if you don’t want you child to miss a step in their education. Also, check with your employer if they have education fees included in your employment package, as tuition fees can range from 30,000 QR (£5,285) to 51,000 QR (£8,985) a year.

Health

Unlike other countries in the region, Qatar has a good state health care system offered to anyone who registers, and surprisingly is available to expats too. However, long waits should be expected and if it’s urgent, many people go for private care, which can get to be expensive without proper health insurance. So it’s probably a good idea to look into if your employer offers health insurance, and if they don’t, a law is expected to be introduced this year requiring companies provide health insurance for employees.

Drivers License

Driving can be a bit stressful as roads during rush hour are packed and tend to be chaotic. Taxis are an option, but for long term they don’t make economic sense, as the price is quite high. When you first arrive, any valid driver’s license from any country is valid for one week while driving a rental, but after that you must get an International Driver’s License (IDL). But remember, once your residency approved, your IDL will be void and you must apply for a Qatari driver’s license immediately.

Exit permits

Since Qatar uses the sponsorship system, meaning every expat employee is represented by their employer, it means that they decide when you are permited to leave the country. And yes, even for those untimely emergencies. Depending on the company you’re working for, you can apply for annual multi-exit permits, or do it on a case by case basis. Best advice is to demand your employer includes multi-exit permits in your contract if you’re able to, otherwise you might be out of luck if your boss is out of town when you need them to sign a permit.

Living in United Arab Emirates: Expat Guide From Globaleye

The United Arab Emirates is very much a worldly country; after all, of the over 8.2 million people living there, roughly 17 percent are local Emiratis with the rest of the population being expats. While a great deal of expats are Indian and Pakistani, a large and constant influx of Brits are coming to the UAE, and most of them living in the financial hubs of Dubai, Abu Dhabi, and Sharjah.
For the past 8 years the rate of UK expats moving to the UAE has stayed constant at over 10,000 a year, while also steadily rising as jobs in energy, tourism, construction and architecture, banking and other international trades have come to find the UAE as their new corporate home. And the wages are so good that less than 700 Brits are drawing from their UK state pensions.
While moving away from one’s country of birth can sometimes be a melancholy choice, trading the UK’s less than ideal winter weather for the UAE’s sunny skies, warm sandy beaches and pristine water makes coping with homesickness much easier. And although living expenses can be a bit high in places, especially Abu Dhabi, it’s still much more affordable to obtain a higher quality of life in the UAE than the UK, and that’s thanks to generous tax laws, you don’t have to pay any income tax to the UAE on money earned in the emirates.
If you’re planning on, or contemplating going to the UAE, whether for work or just for pleasure, there are a few things you should know and Globaleye can help.
Before you go you’ll need to apply for a visa, and each Emirate issues them separately. Along with the visa, if you intend to work in the UAE, a work permit, residence visa and Emirates ID card are obligatory. Employers will generally take care of this for you, but always double check to make sure nothing has been left out. And keep in mind for a residence visa, which is valid for two years, you must prove your salary is no less than AED 4,000 (£288) a month. Also, if you’re family will be moving with you, all birth and marriage certificates must be legalized by the UK Foreign Office, because you must be married to live with a partner in the UAE.
Unfortunately the UAE does not offer any pensioner visa, however if you are looking to retire there and can find someone who’s working there and earns enough so that they can sponsor you, it’s possible to obtain a visa that way. But keep in mind that once you move to the UAE and begin drawing from a UK state pension, the level it was at when you left the UK will be frozen, rather than growing each year.
Lastly, make sure to check that your employer has your medical insurance covered, such coverage is mandatory and you have a legal right to it. If you’re just visiting, you’ll still need to buy the most basic health insurance available upon entering the country.
Beyond those basics everything is very accessible in the UAE and while the official language is Arabic, English is commonly spoken, so if don’t expect to have any difficulty finding lodging, explaining directions to taxi drivers, or doing day to day activities.

Globaleye – Committed to Providing Top Quality Business Solutions

Even long established major corporations do not always have it all figured out,  which is why they know how vital it is to have a reliable group of financial advisors who can take a step back and assess the situation from all angles.  Globaleye, in its 13 years of work, has successfully grown a strong client base all over the world.  Known widely for being an independent firm that provides unbiased business solutions, it has become the premier go-to consultant of important international companies seeking financial planning assistance.

Many companies directly sought the services of Globaleye during the height of the global recession. The business financial planning assistance that the group provided secured the financial status of a number of companies. When major business groups left and right were forced to terminate their operations because of the strain brought about by the unstable global economy, these companies remained operational due undoubtedly to the expertise of the advisors from Globaleye.

Globaleye’s mission statement is, “to deliver unbiased financial solutions to corporate and private clients worldwide with an onus on innovation, service and professional integrity.”  This is easily vouched for by the fact that the group is not associated with any investment organization which is the very reason why their clients always have the assurance that their complete satisfaction is the sole objective of the company. This client-centred approach is one of the driving forces behind the success of the company; every service provided by Globaleye is tailored to the specifications of their clients.

It’s also important to note that Globaleye has upgraded its service through the creation of the Globaleye Bulletin Service, or GBS.  The GBS keeps subscribers up to date with the latest developments pertinent to the different business industries. Another new and important provision is the Globaleye Portfolio Service, or GPS, which provides a monthly email updates on the financial plans of clients. With these new programs the group’s clients easily have access to all the important information that affects financial planning trends thus giving them the advantage of incorporating new strategies to prevent any changes from impacting their businesses in a negative way.

It’s no wonder, in a relatively short span of time, Globaleye has managed to establish a client base of over 7,000.  The group exceeds the usual provisions of competing financial planning firms, goes the extra mile in making sure that they only provide top quality financial solutions, and it has even won the title of Personal Lines Broker of the Year in the Gulf Insurance Review Awards and, Policy Magazine’s Middle East Insurance Awards, and the MENA Insurance Awards— truly their clients can no longer ask for anything more.

Globaleye: Your Choice for Superior Financial Advice and Business Solutions

Handling financial affairs can be a tricky process, whether it’s a private matter or a corporate concern. For private individuals, dealing with various types of insurance covering different areas and coming with a particular set of terms and conditions can be confusing enough, while the legalities associated with writing wills and the complexities of preparing education fees and pension plans can make financial organisation a daunting task. Corporate entities, on the other hand, are not exempt from these problems; creating suitable packages for group medical insurance and employee benefits can be just as difficult.

There are various companies offering assistance for financial problems, and one of the best and most trusted among these is Globaleye, an independent firm of advisors founded in 1999. The Dubai-based company prides itself in its highly qualified consultants who have been trained to international standards. These qualities ensure that only the best service is given to clients, whether they are private individuals or sizeable commercial establishments. Also, since the company is comprised of independent advisors, clients can expect financial service that is unbiased and uninfluenced by any bank or investment company.

Globaleye offers a number of services for private clients, including life insurance, critical illness cover and medical insurance. Each of these packages will help clients during hard times, and availing of the company’s services will ensure that you get the best package for you and your family.

Individuals may also be interested in the company’s services for pension planning and will writing. Retirement can be a financially difficult situation for some people, especially if they did not save for this event. Planning for one’s golden years with Globaleye’s expert consultants can truly make this period in life “golden.” When one’s time draws near, however, it would be appropriate to plan for your loved one’s future as well. Writing a will may make some people uncomfortable—especially since most are not willing to address the issue of death—but it is a practical and worthwhile step that ensures one’s passing will not be too difficult, at least from a financial point of view. Globaleye can help private individuals in all matters of finances, whether they are a young couple buying a house for the first time, or a person of advanced years who wishes to secure his loved ones’ future.

Globaleye’s services are also appropriate for big businesses. The company can help employers create benefits packages that are fair for both employers and their personnel. The company offers services for planning corporate pensions as well as insurance for accidental death and long-term disability, among others.

Globaleye offers a complete package of services suited to individuals and companies alike. If you are looking for financial solutions for your personal or corporate issues, look no further than Globaleye, Dubai’s award winning independent finance advisory firm.

Handle Your Personal Finances Better with the Financial Calculators of Globaleye

Everybody could use some help managing their personal finances better; even those who are particularly gifted in dealing with money matters will sporadically require some assistance. With the financial calculators that Globaleye provides, knowing the important figures to become more prepared monetarily for the future is as simple as pressing a couple of buttons.

On Globaleye’s website there are nine financial calculators all absolutely free for use; each of them is designed to compute an approximate figure for a specific financial system.  The first calculator is the college savings calculator created to help parents and children save enough money to cover college education expenses.  It determines whether there may be a need to make budget adjustments or apply for financial assistance from lending institutions later on.

The second calculator is the retirement calculator. Many employees get started on their retirement savings really early in the hope of accommodating all their retirement goals. Using this calculator will help people better understand the different levels of the retirement financial system, allowing them to create an enhanced strategy to ensure their financial security once they stop working. Compared to the other online retirement calculators that just deal with the input of the users, the one Globaleye provides will even adjust for inflation so users end up with a more accurate figure.

A mortgage is something most people always allot money for.  Completely paying it off takes years for a lot of people, but with the help of the early mortgage pay-off calculator, people can devise a plan to finish off all mortgage payments earlier than the initial assigned breakdown. This calculator will help determine how much money can be added to the usual monthly rate to cover the complete mortgage within the adjusted schedule.

Those people who have dreams of becoming incredibly rich once they reach a certain age will surely find the millionaire calculator useful.  Simply learning how much money they can save within a given time as well as possible profits from investments can make becoming a millionaire more attainable.  A lot of young and successful people claim that doing the math and learning the breakdown required to meet the desired amount really make all the difference.

The other calculators available on Globaleye’s website include the annual housing appreciation calculator which works well for those who are waiting to sell their house; the commuting cost calculator which is incredibly important nowadays because of the insane gas prices which practically affect all aspects of living; the mortgage payment calculator; and the savings calculator.