27 Apr 2020
You have been working in the UAE for several years now accumulating wealth and building your nest egg. For many expats working in the UAE, there comes a time when it is favourable to return home or move to another country. Whether you are homesick, taking a work transfer, looking for new opportunities or simply retiring, the process is exciting but can also be stressful. Hopefully the relocation is a planned one and allows you enough time to prepare for it.
With the current global situation and uncertainty of travel, it is difficult to make plans or set dates, but there is a lot of preparation and research you can do until global travel bans are lifted.
Whatever the reasons for your move, there are many aspects to consider.
• If you are taking a company transfer, then hopefully many of the relocation aspects will be taken care of for you, but, If the move is your decision, give yourself at least 6 months to prepare – finding schools, closing/opening accounts and finding movers takes time.
• Moving back home is easy as you know the setup and settling is easy. If you are relocating to another country, then this can be an emotional and stressful time for the whole family – uprooting your children from their schools and friends, fear of the unknown causing anxiety etc.
• As soon as the decision has been made, have a family meeting to discuss everything.
• Research as much as you can about your new country – schools, accommodation, culture, cost of living. Get your family involved in this. Give them something to look forward to.
• Research how your current lifestyle would fit into a new country e.g. social activities, expat clubs, sport facilities, churches, supermarkets etc. – find as many similar and familiar things as possible to ease the settling in process.
• Research the healthcare facilities of where you are moving too – are they government-funded or do you need private health cover?
• Are you selling your furniture or transporting it home? – consider the costs.
• How do pension transfers work?
• Will you need work permits and visas where you are going? This takes time.
• Don’t forget about your pet relocation needs. There could be waiting periods for blood tests and possible quarantine.
• A very important aspect is moving your money back home or on to the next country you will call home – are there tax implications?
When the decision is made to move back home or onto another country, then you should urgently make an appointment with your deVere Acuma adviser to discuss how pension transfers, moving money and taxation works. They will devise a plan for you that is tax efficient and suited to your individual financial circumstances. [email protected]
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.