Tag Archives: Financial Planning

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.

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.

The Necessities of Emergency Planning and Saving

The Necessities of Emergency Planning and SavingSure, you save; in the financial world it’s a must. But most financial advisors will focus more on long-term investing and retirement plans, rather than give the proper emphasis on emergency planning, which for some reason always seems to get put on the back-burner.

Of course your Roth IRA is important, and so are your other investments. But all too often when something unexpected arises, most people aren’t prepared financially or logistically, which is made apparent after natural disasters, such as Typhoon Haiyan, Hurricane Sandy and and numerous other disasters, small and large, natural and financial, that no one thought would happen to them. So in the name of preparedness, below are some tips that you should take so you’re not caught off guard and ensure your retirement fund will be there to enjoy.

1) Always have cash

From disastrous storms, to the banking crisis in Cyprus, one thing to remember is most likely credit cards won’t be an option for payment and ATMs won’t be working, so as the saying goes, “cash is king.”

It’s always a good idea to have a couple hundred dollars stashed away, because if you aren’t fully prepared and need more supplies, it’ll probably be your only means of getting water, fuel and food.

2) Have an emergency kit.

Most recommendations for an emergency kit include enough food and water for no less than three days, along with tools and a first aid kit (which can be bought easily online). Emergency kits include those basic items, along with flashlights and a radio so you can still hear any news on emergency broadcasts. If you are unsure about building your own kit, you can buy one here from the Red Cross.

3) Stock up on non-perishable foods

As mentioned before, most basic emergency kits only cover three days, so if there’s a real disaster, you’re going to need to be prepared and have plenty of food and water. Canned foods are always a safe bet because they last a long time and are generally ready to eat right away (if there’s no gas or means of cooking anything), so it’s very important to take into account you may not have the luxury of being able to heat a pan or boil water, which means rice and pasta, which do store well, may not necessarily be a good option.

Plus, you can always eat the food that was bought first and keep replenishing the supply so you’re always prepared and not sitting on a decade of old canned foods covered in dust. And even if it’s not an emergency, having some food stored away can be very helpful when going through a period of unemployment and saving is even more important.

4) What does your insurance cover?

Live in an area prone to natural disasters? Know which ones might be of risk and make sure you have personal insurance to cover it; from auto, health, disability, to homeowner’s or renters insurance, it’s an absolute must because the last thing you want is to have all your hard-earned savings drained having to replace something damaged or lost because it wasn’t insured.

Also, if you’re the main provider for your family, make sure your life insurance will be enough to support them. And if you have a considerable amount of assets, looking into long-term care insurance and umbrella liability is a good idea

5) Save some for a rainy day

Not all savings in you bank have to be specifically for a disaster, because an emergency doesn’t always mean you’re safety is dire straights, it could just mean you’re unemployed and need to fall back on some cash reserves until you’re back on your feet. As the financial crisis during 2008 demonstrated in Dubai, having enough money saved to cover mortgages and loans can mean all the difference, and Globaleye can help every step along the way to make sure you’re prepared

 The amount recommended for your emergency savings varies, depending on the individual’s financial situation and the stability of your income. In general, having six months of salary stashed away is a good goal to have, and focus on fulfilling that goal before paying off debt. It’s also wise to keep these funds in an insured bank or credit union, that way you can be collecting interest with no risk. That, or using a Roth IRA can suffice; traditionally it’s not used this way, however you are always able to withdraw the sum of your contributions at anytime without paying any penalty. And the latter option proves to be a great call because if there’s no need to pull out these funds early, you can simply invest more rigorously for retirement.

The bottom line, be prepared so your hard-earned money isn’t needlessly expended when it could’ve been prevented. And don’t only think in terms of a disaster, also keep in mind unexpected unemployment which could always come at the least convenient time, because your ultimate goal should be a stable and fruitful retirement with good investment returns.

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.