# Moving to Dubai - Financial Advice



## richie_e (May 16, 2012)

Hello

Very excited to be joining you on this forum! 

I'm starting a new job in the Gulf next month and need financial advice, would be great to hear from anyone who has been in my position?

Some questions I have are:

If I complete a P82 now, will I get back all the tax I already paid by PAYE this financial year (providing I am not in the UK for more than 90 days)?

Should I change my variable Santander 1 year ISA now to one that is fixed long term (like Virgin Money), as I wont be able to switch next year (being a non UK resident)? I heard I can continue to top up despite being an expat , but just not open a new account?

Are there limitations on sending money home in cash, and would it be better to buy shares through my UK dealing account, but using my Dubai credit card?

I also heard I can contribute to my SIPP and still get tax relief, despite working abroad, up to 2 years after leaving the country, has anyone done this in practice? (But surely I cant have my cake and eat it!)

If anyone knows anything about strategies for making the most of my money when there, or has a contact that does, I'd be interested in hearing from them.

Cheers!
Rich


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## webmongaz (Feb 2, 2011)

Make 5 posts on the forum which will activate the private message function then I will put you in touch with a very good financial advisor who will answer all your questions. I have been here 3 years now and very happy with what he has done for me and my partner. Be very careful once you are here as there are lots of rogues in the business who just want your money, luckily I was recommended a good one who cares and stay in touch.


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## jojo (Sep 20, 2007)

Hopefully you'll get a few recommendations, which people without any vested interest are allowed to make, you dont need to rely on a PM. Dont choose the first one, I'm sure there will be several

Jo xxx


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## Jynxgirl (Nov 27, 2009)

Elphaba doesnt grace us too often anymore, but she is a moderator and easy enough to find (she is one of my friends on my page if you want to find her quickly). She seems to be highly recommended by other uk expats. You can just look up her id and find any of her posts, where her signature line will take you to her website.


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## jojo (Sep 20, 2007)

Jynxgirl said:


> Elphaba doesnt grace us too often anymore, but she is a moderator and easy enough to find (she is one of my friends on my page if you want to find her quickly). She seems to be highly recommended by other uk expats. You can just look up her id and find any of her posts, where her signature line will take you to her website.



Of course, here she is!! Expat Forum For Expats, For Moving Overseas And For Jobs Abroad - View Profile: Elphaba

Her company link is

http://financialuae.me/

Jo xxx


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## jarvo (Jan 8, 2012)

richie_e said:


> Should I change my variable Santander 1 year ISA now to one that is fixed long term (like Virgin Money), as I wont be able to switch next year (being a non UK resident)? I heard I can continue to top up despite being an expat , but just not open a new account?


You can have an ISA if you move overseas, but you cannot make further payments into it until you become a resident in the UK again...hth

HM Revenue & Customs: Frequently Asked Questions


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## BenDubai (May 17, 2012)

*Financial Advice*

Hi Rich,

You will find Dubai and the UAE has a massive number of advisers, some good and some bad. I have worked in financial advice for 5-6 years in central London and moved to Dubai just 3 months ago so find these forums very useful.

To answer your questions,
_"If I complete a P82 now, will I get back all the tax I already paid by PAYE this financial year (providing I am not in the UK for more than 90 days)?"
_
Yes, in theory you would get a tax rebate but only in respect of a portion of the tax you paid not on all of it as you were a UK resident and earned the money while working in the UK. Tax is paid monthly with the assumption that you will continue to earn that amount for the whole year so they average out your tax payments with that years allowances etc. It completely depends on your situation, the best bet is to call the inland revenue directly and they will arrange a rebate accordingly.


_"Should I change my variable Santander 1 year ISA now to one that is fixed long term (like Virgin Money), as I wont be able to switch next year (being a non UK resident)? I heard I can continue to top up despite being an expat, but just not open a new account?"
_
This is a broad question, what are the funds for and what access do you need? If you feel that you can forget about the funds and fix it for 5 years, and Virgin money offer the best rate, it would seem logical to do so. However, an alternative option could also be to transfer the cash ISA's into an investment ISA. Depending on the term and what plans you have for the money, you might want to invest the funds for the medium to long term and could transfer to an investment ISA within your risk allocation.


_"Are there limitations on sending money home in cash, and would it be better to buy shares through my UK dealing account, but using my Dubai credit card?"
_
There are no limitations for sending money back to the UK. To earn the money in the country you work in and pay tax in that country, you can then send the funds to different countries but without penalty.

_I also heard I can contribute to my SIPP and still get tax relief, despite working abroad, up to 2 years after leaving the country, has anyone done this in practice? (But surely I cant have my cake and eat it!)
_
Answer is no. You can contribute max £3,600 pa and receive tax relief for the first 5 years of non residency. After that nothing would get tax relief.


/removed


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## Toon (Feb 28, 2012)

richie_e said:


> Hello
> 
> Very excited to be joining you on this forum!
> 
> ...


When you get here just drop your card into one of those "Win a bottle of Champagne" goldfish bowls in many an expat bar and wait for a call from DeVeres!


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