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    1. #1

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      Ktee is on a distinguished road

      Dubai Expat Pensions

      Dubai is looking at the introduction of expat pensions in a bid to stop foreigners sending the bulk of their earnings back home.

      It has been estimated that most of Dubai’s two million foreign workers send about 40 per cent of their salaries back to their home country, where they have more trust in the financial system.

      This deprives the local government of much needed money which would otherwise make its way into the domestic economy. In a bid to stem this tide, Dubai’s Department of Economic Development is reviewing recommendations by the World Bank to launch pensions for expats.

      Mike Savage, a British expat who works in the media industry, said: “Most expats, myself included, transfer a lot of money back home to pay for outstanding mortgages and to keep money in savings accounts with banks we are more familiar with.

      “But if a decent enough pension scheme was launched that I trusted and my employer contributed into it, then I would definitely keep more money here. But so far this hasn’t happened.”

      The World Bank has put forward three pension models for Dubai to consider. One involves a straightforward retirement savings account while a second is an improvement to the current arrangement sometimes offered to expats in lieu of a pension – a lump sum based on the foreign employee’s length of service when they leave a company.
      The third scheme is a mobility savings plan which gives unemployed expats the ability to withdraw cash until they find a new job, while extending their visas.
      Some expats have questioned however the reliability of UAE’s financial authorities, which often change their minds when it comes to foreign workers.
      The UAE also doesn’t offer permanent residency for foreign workers, meaning expats generally expect to retire in their home countries.
      Many other popular expat destinations already allow expats to join national pension schemes.
      For example, Singapore offers foreign workers who are permanent residents the chance to save into a Central Provident Fund (CPF), which both employees and employers are required to contribute into.
      One expat added: “The expat mentality in most of the Gulf is to work, earn as much as you can and send it back home. A new pension plan will have to be pretty generous to change that mindset.”
      Dubai is keen to use foreign salaries for its funding needs. The state is still struggling to recover from the global financial crisis, when it was rescued with cash from neighbouring emirate Abu Dhabi.

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    3. #2

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      Why not t
      P.I.C. Middle East, which is affiliated to deVere Group, provides financial consultancy services to international investors and expatriates in the Middle East. With established offices in Abu Dhabi and Dubai, our knowledge of the local environment alongside our expertise of financial consultancy services enables us to offer tailored and trusted financial advice to individuals.
      Our services include:

      • Retirement Planning
      • Education Planning
      • Regular Savings
      • Asset and Wealth Management
      • Life Insurance
      • Online Fund Platform
      ake a look below this is a field I work in and have extensive knowledge to help you .....Just ask me guys

    4. #3

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      UKpensionadvice is on a distinguished road
      I am here to answer any UK pension related questions

     

     
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