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UNITED ARAB EMIRATES

Protecting your time - saving you money - safe guarding your financial future The essential guide to finance living as an expatriate in the U.A.E. Register free at www.expatmoney.com

FEATURES

ISSUE 1 FREE

WILLS & PROBATE

Removing the myths and preventing potential problems

CURRENCY EXCHANGE Making the most of your money

Introducing

COMPARE INSURANCE Save money on your policies

U.A.E GRATUITY EXPLAINED Understanding how it works

PLUS

TAX IN THE U.A.E. Understanding how it works

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introduction

www.aetnainternational.com

Helping to manage health care, one of the most important things in life

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AETNA

Welcome to Aetna INTERNATIONAL

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t Aetna, our goal is simple. We are dedicated to empowering our members to live healthier lives, wherever their international travels take them Our expatriate health benefits business is one of the industry’s largest, supporting more than 500,000 members living and working in every corner of the world. We offer a comprehensive, flexible portfolio of benefit products and services, including medical, dental, vision, and emergency assistance. Our directsettlement provider network includes more than 100,000 doctors, clinics and hospitals around the globe. With a presence in Dubai for more than a decade, we provide global health care cover for groups and individuals in most of the GCC countries. Our plans include programs to help improve the health of our customers. We are proud to have

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been named the 2013 Health Insurer of the Year by Mena Insurance Review. A Fortune 100 company, we are one of the United States’ leading diversified health care benefits organizations, serving an estimated 44 million people with information and resources to help them make better informed decisions about their health care. Let us help you keep your globally mobile employees and their families healthy and well-informed -- so they can successfully complete their assignments. Learn more at www.aetnainternational.com

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CONTENTS PRIVATE FINANCE

ADVICE

04 Financial Advice

FOREIGN EXCHANGE

06 International Foreign Exchange

INSURANCE

10 14 24 56 38 46

Health Insurance Life Insurance Home & Contents Insurance Travel Insurance Car Insurance Pet Insurance

INVESTING

12

INVESTING

12 Investing For Your Future

COMPANY FORMATION

26 Free Zone 52 Dubai Property Ownership

BANKING

08 Banking in the UAE

40

REAL ESTATE

32

U.A.E. SCHOOLS

48

HORSE OWNERSHIP

56

TRAVEL

PROPERTY

18 40 42 44

Property Rental Laws Real Estate Mortgages UAE Property

REGION GUIDE

05 Advice Shield

RETIREMENT - SAVINGS

20 Pensions 30 Regular Savings 54 Retirement Planning

LAW

36 Wills & Probate 22 Visas, Labour Law & Gratuity

INTERESTS

32 U.A.E. Schools

34 48 56 56

Yacht Ownership & Chartering Horse Ownership Travel Sold Out Tickets

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CORPORATE

CORPORATE FINANCE

R  unning a business in the UAE

10 58 57 16

Corporate Health Insurance Corporate Foreign Exchange Key Person Insurance Tax

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3


WELCOME

dEFInition of ‘EXPAtriate’ ”An individual living in a country other than their country of citizenship, often temporarily and for work reasons. An expatriate can also be an individual who has relinquished citizenship in their home country to become a citizen of another. If your employer sends you from your job in its New York office to work for an extended period in its London office, once you are in London, you would be considered an expatriate or “expat.”

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W

ith an estimated 200 million expatriates worldwide, most on working contracts, some having the intention to put down permanent roots in a new country, the EXPATMONEY has been created to assist those individuals with the intention of avoiding potential mistakes in their financial affairs and provide the opportunity of making the most out of their money. This guide is considered essential for every existing and future “expat”, as it is intended to save considerable sums of money whilst helping to ensure you, your family and your finances are essentially protected. We appreciate you’re busy and prefer not to spend your time accessing information and being passed from pillar to post. With EXPATMONEY you can spend less time searching and more time doing what matters to you. We offer a simple, effective, straightforward range of products all aimed at helping you living as an expatriate. Whether you’re looking to open a bank account, create a will or just need life insurance, EXPATMONEY is here help you. The information we provide is simple, hassle free and impartial. We’re proud of our ability to assist your every financial requirement and with this in mind we encourage you to contact our advertisers next time you’re looking for a company you can confidently trust.

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This publication provides general information only and is in no way offering or inferring any advice, service or promoting any of the advertisers or sector specialist within. Any decision to undertake or action any offers, promotions or advertisments that may affect your private or business finances is done so in the knowledge that EXPATMONEY or its affiliates accepts no responsibility for any loss whatsoever sustained by any person who relies on this publication. We strongly recommend seeking professional advice from an industry expert and promote this through our “Advice Check” program.

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ADVICE SHIELD

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What to think about before you see a financial adviser

YOUR GUIDE TO receiving sound financial Advice

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here will probably be times in your life when you’re not sure what to do with your money or what decisions you need to make about your financial future. There are thousands of different financial products on offer and choosing between them can be difficult. It may be helpful to get professional financial advice as a qualified financial adviser can help with: • pension planning for your retirement • investing or saving money • making the most of a lump sum of money such as a redundancy payment or an inheritance • buying a property or taking out a

mortgage • when your life changes for example, emigration, you’re starting a family, getting divorced or you’ve been widowed. The adviser will look at your personal circumstances and your financial plans and recommend products to help you meet your needs Before you look for a financial adviser, try to work out what kind of advice you need. This will help you find the right adviser for.................................

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The financial products that an adviser recommends should: • Be affordable for you • Take account of whether you want to save for long or short term • Be suitable for the amount of risk you want to take • Take account of whether you pay tax United arab emirates

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INTERNATIONAL FOREIGN EXCHANGE

Making The Most Of Your Money With Foreign Exchange

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ubai is once again attracting the attention of property investors worldwide. In a region noted for its volatility, Dubai’s position as a stable regional hub with a business-friendly policy has seen it benefit from an influx of people and investment. Unsurprisingly, property prices are rising fast; gains of 30-45% are not uncommon over the last 12 months alone. Nevertheless, investing in property in Dubai is not something to be undertaken lightly or without proper preparation. Particularly given the complexities and stresses of working with a different currency to your own. Under these circumstances the choice of foreign exchange provider is key. Investors’ major concerns are those of proper regulation, local capability, not to mention speed and security

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of transactions. And they are right to be concerned. There are significant differences between foreign exchange providers. International Foreign Exchange (IFX), for instance, are the only FX consultancy in the region to be authorised and regulated by the Dubai Financial Services Authority (DFSA), and to operate from within the Dubai International Finance Centre. This not only provides security and peace of mind for clients, but also enables them to use local, ring-fenced client money bank accounts (with Barclays) – minimising charges and enabling speedy same day transfers. Their competitors, by comparison, operate unauthorised and unregulated from a ‘free zone’ outside the DFSA. As a result, local banks are unwilling to work with them or provide them with accounts. This means that all contracts must be settled in Londonbased accounts, which not only causes longer turnaround times for transactions but also results in additional costs for clients. Essential though it may be, local advantage is not the only reason to choose a foreign exchange partner. Companies like IFX offer a breadth of experience and capabilities to help minimise the risk, and optimise the benefits, of clients’ transactions. As one of the world’s best regarded foreign exchange consultancies IFX believes that it is impossible to predict the future movements of currency markets with any degree of accuracy, and moreover, irresponsible to try. Instead, they monitor currencies and markets on clients’ behalf – as well as the trends and external factors that could ........................................

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BANK

MODERN BANKING IN THE UAE

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aking the plunge into a new life abroad is both exciting and nerve-racking. Along with the new opportunities that lie ahead comes a long list of jobs to do and things to set up before you can really start enjoying expat life. So, what can you expect from your new life in the UAE? At HSBC, we have been running the world’s biggest survey of expats for the last six years. This research shows us that the UAE has a lot to offer those looking to broaden their life experiences and progress their careers and earning potential. In last year’s survey, we found that expats in the Middle East have great confidence in the local economy. More than three quarters of expats in the UAE were satisfied with the local economy, compared to only 59% expats across the globe who said the same. This optimistic outlook was replicated by expats across the Middle East, with those in Oman, Qatar and Saudi Arabia echoing this positive sentiment. There are also many lucrative opportunities for expats, with two thirds of those relocating to the UAE (65%) moving for job opportunities, and 73% reporting that they earn more now than they did in their home country. And the rewards are not only financial. Two thirds of expats in the UAE (63%) believe the country offers good quality of life and nearly half believe the country continues to improve as a destination for expats to live and work. For those with a family, childcare and education in the region is more expensive than many other expat destinations, but expats report that the rewards are worthwhile. One expat living in Dubai said “There is brilliant exposure for children in the international school system, and they

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can learn languages and about cultural diversity”. Another reported that “Bringing up children in Dubai can be fantastic…they will benefit from being exposed to so many different cultures”. So, while it’s clear that there are many benefits for those who have relocated to the UAE, setting up a new life in a new country still provides many challenges. Settling into the local culture, getting used to a new climate, and most importantly, sorting out day to day matters, such as our finances. Multiple currencies and exchange rate fluctuations have a big impact on expat finances and add to the complexities of managing money in multiple jurisdictions. Our Expat Explorer survey shows us that the majority of expats (62%) find that their finances have become more complicated since relocating. Having more money to manage (47%), managing money in both home and host country (48%) and being exposed to a more complicated tax system (43%) are all common complications. The key to making the financial transition as pain-free as possible is to simplify the

process. Global connectivity remains one of our key differentiators and HSBC Premier is our flagship retail banking and wealth management offering that is uniquely

Two thirds of expats in the UAE (63%) believe the country offers good quality of life and nearly half believe the country continues to improve as a destination for expats to live and work. placed to provide a truly global experience. HSBC Premier is relationship banking without boundaries, designed to give our customers recognition, preferential rates and exclusive benefits whether at home or abroad.

Banking offshore can be an effective way to manage finances. Banking offshore provides expats with the opportunity to grow and protect their money in a secure, central location, no matter where they are currently based – or where they’ll be moving to next. Many expats have financial commitments in their home country to take care of such as school fees or mortgage repayments; yet they also hold commitments in their current location, such as covering rent and utility payments. Customers of HSBC can take advantage of two unique online features designed to make viewing, managing and transferring your money between all your HSBC accounts worldwide incredibly simple. Global View enables customers to view all their HSBC accounts in one place while Global Transfers provides a quick ....................

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HEALTH INSURANCE

Make sure You are covered

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f you live or work abroad you’re likely to need medical insurance cover to ensure you and your dependents are properly protected in the event of an accident or illness. This is especially true if you find yourself in a remote location or if there is no state-funded healthcare to fall back on. But when looking for the right cover you’ll be presented with an array of potential plans from a variety of different international medical insurance providers all telling you theirs is best. So how can you best understand what’s right for you? If truth be known, not easily; but you’ll find a few hints and tips in this article that should help when choosing and buying your cover.

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Comparing Cover Soaring medical costs around the globe put continual upward pressures on insurance premiums. Insurers try their best to keep these in check but inevitably there are annual price rises. Despite this it’s important that the cover you buy is sufficient for your needs and reflects the risks you potentially face. So, for instance, look for a policy with high cover limits – typically up to £1,000,000, €1,600,000 or US$1,600,000 – depending on the currency you want to pay in. And make sure it includes the key core benefits such as; in/out-patient, intensive care, surgeons’ and anesthetists’ fees, parental accommodation,


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MRI/CT/PET scans, home nursing and so on.

loved one needs to be there with you.

Additional support Don’t buy a plan that’s focused simply on claiming for medical care when an accident or illness occurs. Look for one that is more holistic in its approach to managing your care. It should include support programs you can call upon, preferably 24/7, whenever you need experienced help and advice in related areas including; pretrip planning, assistance with obtaining prescription medications, maternity management and identification of specialists.

Hospital networks Larger insurers will have service agreements with an extensive list of the best hospitals and clinics around the world. This means they know exactly where to advise their policyholders to go for treatment, ensuring the care they receive is second to none. When you take out cover it’s useful to ask your potential insurer about their network as it can have a bearing on the care you receive.

Excesses and deductibles There’s no denying that whilst the protection offered by a good quality IPMI plan is comprehensive, it’s not cheap. But most providers will have a range of excesses and deductibles options available that can help you tailor your plan to suite your requirements. An excess is the amount you pay towards each and every claim – typically a few hundred Euros . A deductible is an initial amount you need to pay – typically one thousand plus Euros - in your period of cover (normally 12 months) before the insurer will begin to pay the medical costs. Many view IPMI as an asset-protector, not something that pays small claims of a few hundred pounds they can take care of themselves. By agreeing to an excess or deductible, your insurer will have to pay fewer smaller claims allowing them to offer you discounts on your premium. In this way, you’ll be covered for more expensive forms of treatments, perhaps costing many thousands of pounds, whilst keeping premiums manageable. Service on location Moving to live or work abroad can be daunting – especially if you are going somewhere unfamiliar or less developed than the environment you’re used to. In many respects, an IPMI plan can give you a comfort blanket – at least in terms of healthcare. But for extra security, look for an insurer with local staff and offices on the ground – at the very least in the same time-zone as you. They’ll be available when you need help or advice and they’ll understand the medical infrastructure where you live – often right down the hospital and medical staff where you’re being treated. Repatriation As an expatriate, there are many hundreds of locations all over the world that you could potentially live and work. And healthcare from place to place will vary considerably. The standard may be low, for example, or you could be hundreds of miles from the nearest medical facility of note. The specialist facilities needed for your particular ailment may not be available. Or you’d simply rather be treated in your home country, perhaps when a long period on convalescence is needed. This is where a top-end global IPMI plan comes into its own. You’ll be safe in the knowledge that an experienced repatriation team will safely move you to a different location if the needs arises. And in some instances it will also pay for compassionate visits if a

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International, local or travel? More often than not you’ll have to choose between taking out a local or an international medical plan. True, international plans tend to be more expensive but there are some good reasons for this. • The amount you can claim each year will typically be far higher, as will the range of treatments you’ll be covered for • With an international plan you can be confident of receiving treatment in a facility that offers the specialist care your circumstances demand – even if this means repatriating you to another country...........................................................................................

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INVESTING FOR YOUR FUTURE

Investing in your future INVESTING Investing can be a daunting proposition, simply because investments carry a degree of risk. This could result in you losing money as the value of the investment and any income

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they produce, can go down as well as up. WHY INVEST? As we all know, money doesn’t grow on trees, so in order to


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be financially secure for the future we need to create wealth. Unless we are fortunate enough to experience a substantial windfall such as winning the lottery, the only real option left is to create our own wealth. This is where constructive investment comes in. By identifying our needs for the future, we can build an investment process which enables us to create a secure and balanced approach to achieving this goal. The reasons people invest are varied, but some ofa secure and balanced approach to achieving this goal. The reasons people invest are varied, but some of the main ones are school / university fees, down payment for a house or other large purchases, a holiday, and the obvious one, retirement. INVESTMENT PRINCIPLES One of the principles of investing is to spread risk and to diversify your investments. Diversification is the process of investing in areas that have little or no correlation to each other. Diversifying your assets helps spread risk and should therefore reduce the potential for any losses. If you had all of your money invested in to one asset, sector, or region and it began to drop in value, your investments would suffer significantly. By investing in assets that aren’t related to each other, if one part of your investment portfolio is falling in value, then the others shouldn’t be going the same way. Some assets will actually go up in value when others decrease. You can diversify through investing in different markets, countries, companies and asset type. Diversification is an essential part of building your investment portfolio. It can give you peace of mind that conditions. It is for this reason, that having diversification in asset classes is of paramount importance to building any successful investment portfolio. TYPES OF ASSET CLASSES There are three main asset classes which are, cash, fixed income and equities. In addition some investors would also include commodities and property. Each asset class is expected to reflect different risk and return investment characteristics, on the basis that they perform differently under the same market Cash investments Cash investments are best suited for the funds you may need immediately, for your rainy day or emergency fund. Cash investments may have a lower rate of return than fixed interest investments, but they offer easier access to your funds. Fixed interest investments The term Fixed Interest Investments covers a broad range of investment options, ranging from a local bank’s term deposit, through to government and corporate bonds. These investments are for a fixed period of time, in which you lend to the institution funds, and they agree to pay back that sum (or principal) at the end of the term (or maturity date). They also agree to pay you interest (or coupon payment) at regular intervals. The range of fixed interest investment options includes term deposits, debentures, corporate and government bonds.

Equities

Equities (also known as ‘ordinary shares’, or ‘shares’,) are issued by a public limited company, and are traded on the stock-market. When you invest in an equity,, you buy a share in a company, and become a shareholder. Equities have the potential to make you money in two ways: you can receive capital growth through increases in the share price, or you can receive income in the form of dividends. Neither of these is guaranteed, and there is always the risk that the share price will fall below the level at which you invested.

Commodities

Commodities are fundamentally different from stocks and bonds. Whilst they are investable assets, they are not capital assets. Commodities do not generate a stream of dividends, interest payments or other forms of income that can be discounted in order to calculate a net present value. Rather, commodities are valued because they can be consumed or transformed into something else that can be consumed. There are many routes that clients can use to gain exposure to commodities. However, the most common route is via a collective investment or fund. The benefits of investing into commodities this way is that, the investor can gain exposure to a broad range of commodities, which tends to enhance diversification and reduce volatility. Property investment Relative to shares, cash and fixed interest investments, property is a medium risk investment, potentially offering medium returns over the longer term. Property investments can be used to achieve either capital growth or income, or a combination of the two. Risk You can’t plan financially without understanding risk. Many people, when they hear the word ‘risk’, automatically think about the chance of being defrauded or not getting all of their money back. This is ‘capital’ risk and whilst it is important, it........ ..........................................................................................................................

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LIFE INSURANCE

Providing for the Ones you love in case you are not there

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The importance of taking life and disability insurance In an ever changing environment, the need for adequate financial protection is important to safeguard you and your dependants. To understand its value, it is worth considering the impact of not having life and disability insurance for you, your dependants or your business, a scenario that can be clearly illustrated by a professional financial adviser. Research by Zurich, in the Middle East, indicates that whilst residents have one of the highest personal savings rates in the world, only a very small fraction of these savings are used for financial protection through insurance policies. Appropriate life insurance cover brings peace of mind as it protects the future for you, your family and your business regardless of any uncertainty. The importance of taking insurance in the Middle East Regardless of where you are based, insurance is essential if you have financial responsibilities. The Middle East has become a lifestyle choice for many expatriates, and potentially a long-term home for a growing number of people. This means that individuals and businesses are making longer term financial plans for their businesses, their retirement, and their children’s education planning which all consider the context of living and working in the Middle East. For your family Financial commitments for you and your family come in the form of loans, children’s education fees, mortgages, medical expenses and so on. If you were to die or become disabled without the ability to earn an income, these financial obligations would still need to be fulfilled. This reflects the importance of having adequate cover to protect against such eventualities. For your business – key man insurance Within your business, you need to take into consideration the financial contribution a key person or persons make to the company, as well as the financial implications to the company due to their loss. A key person in an organisation is anyone whose loss, either permanent or temporary, would affect the company’s ability to maintain turnover or generate profits. It is important for business owners to

consider the effects of losing a key person in order to recognize its value. These include: • Decrease in sales. • Insolvency issues, including outstanding loan payments and other debts. • Loss of competitiveness. • Hesitation by suppliers and business associates to offer credit facilities. Key person insurance is an increasingly important theme in the Gulf, particularly for owners and managers of small and medium sized enterprises needing debt or partnership protection. The market is significantly underpenetrated in the Gulf, and it is an area of need that can be effectively addressed with insurance. Therefore, the financial provider you choose to support these plans must understand these core needs, and offer flexible solutions to cater to your circumstances as they change over time. It is also important to start planning as early as possible: In the Middle East in 2012, the average age of a claimant for a Zurich life policy was 50, whilst the average age for a critical illness claim was just 48. In 2012, 46% of Zurich’s life claims were heart disease related, whilst 44% of critical illness claims related to cancer. The importance of seeking adequate protection. Possessing life insurance is a significant step, but making sure it is up-to-date and

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warrants the amount you are insured for based on your life stage, is also equally essential. This means that regular reviews of your personal circumstances and an assessment of the potential financial impact of any changes are of critical importance. For example, you may be: •M  oving to a new country •S  etting up a new business •C  hanging your job and income •W  elcoming a new child, or other dependent to the family •D  eciding upon your children’s education • Purchasing a new home......................................

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Corporate Tax

The TAX puzzle! Tax f(r)ee income in the UAE? Earn “tax free salary” in UAE – a tag line often used by recruitment consultants and companies to attract talent to the Middle East. Yes, UAE, along with other GCC countries, does not levy any personal income tax on individuals, and is one of the very few countries in the region which does not yet have a full-fledged tax system (other GCC countries barring Bahrain do have corporate taxes). So is the image of a “tax free country” a myth or a fact? Nilesh Ashar, Tax Partner, and Karthik Gunasekaran, Tax Manager

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for KPMG in the UAE analyze this issue in more detail in this article. UAE does not levy personal income tax or capital gains tax on individuals. There is no tax return filing or reporting obligation to claim the tax exemption. There are also no withholding taxes or exchange control restrictions on remittance of savings outside of UAE. Till a few years ago, salary levels were also topped up with accommodation costs being borne by employers and provision of annual airfare for travel to home country on annual leave. Given UAE, and in particular Dubai’s spectacular rise as a fast growing and highly developed urban

location offering high end retail, world class restaurants, nightlife and accommodation facilities, it is no longer regarded as a “hardship country” and some companies are no longer providing the suite of “addons” to attract talent to the UAE. Given the tax free status, for an Expat from the US and European countries this is arguably an effective 35-50% “extra cash in the pocket”. So does this make UAE a tax haven for an expat? Opinion is divided on this matter. Critics argue that while there is no personal


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tax levy, salary levels are rebased (read reduced) such that the effective take home pay is at similar levels as compared to gross pay in tax paying countries. Indirect taxes in the form of customs duties with rates at 5% on most products are a levy on the ultimate consumer. With very marginal local produce and imports to satisfy every expatriate’s living needs in the UAE, a portion of the price which an expat pays for the home grown luxuries is in fact a tax on

purchases. There are a number of other indirect taxes or levies that apply in the UAE. Housing fees are collected by the Dubai Municipality and Sharjah Municipality when the tenancy contracts are registered with them. It is calculated as 5% and 2% respectively of the yearly rental charges. While rents in Sharjah and other emirates are still low, rental levels in Dubai and Abu Dhabi are comparable to, and in some areas exceed rental levels in most developed and emerging cities. Alcohol attracts 30% duty, cigarettes / tobacco products attract 100%, hotel services and entertainment charge a 5% municipality tax, restaurants charge a 5-15% service charge which do not normally end up with the service staff. The Gulf Co-operation Council of which UAE forms part is looking at a collective introduction of a VAT system at some point of time in future. No formal timeline has been announced in this regard and press reports suggest an initial levy of between 5% could be introduced. The impact of VAT may not be high initially as reports suggest that this may effectively replace customs duty which would be phased out as Free Trade Agreements are signed between the UAE and other countries. Let’s take a brief look at the corporate tax regime. Corporate income tax in the UAE is set out through income tax decrees passed by the various individual emirates which constitute the UAE. The decrees have been passed on and before 1971, the year of formation of the UAE. As a practice, corporate income taxes are only enforced on branches of foreign banks carrying out banking activities in the individual Emirates and oil companies carrying out exploration and production of oil under a concession entered into with rulers of the individual Emirates. Therefore practically all other companies carrying out activities in the United Arab Emirates are not subject to any corporate income tax on their income earned in the UAE. Foreign companies making remittances to their home countries or to their stakeholders in other countries can do so freely as there are no withholding taxes in the UAE. There are also a number of free zones set up in the UAE aligned to various trading and service sectors, and which offer a 50 year tax holiday in respect of profits generated by the free zone entity, besides a customs duty exemption on imports in to the free zones (any exports from free zone to mainland UAE or GCC country however attracts customs duty). There are over 38 free zones in the UAE with over 15,000 companies / entities registered in such free zones. UAE also has a wide network of double tax treaties with other countries for mitigating double taxation providing for, amongst other things.........................

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PROPERTY RENTAL LAWS

Residential property rental in the emirate of dubai & U.A.E Residential property rental in the Emirate of Dubai Long gone are the days when landlords in Dubai could evict a tenant on a whim. Changes in the law have resulted in tenant’s rights never been stronger here in Dubai. Listed below are ten simple steps and points of guidance to follow for prospective and existing tenants to ensure a hassle free rental of residential property in Dubai:

rent chargeable under the tenancy contract.

1.Unless dealing with the landlord direct, properties should only be sourced from a Real Estate Regulatory Agency (“RERA”) licensed brokerage, employing licensed real estate brokers. This means that their activities are regulated by RERA and the broker has a Code of Ethics by which he/she has to abide.

5.Always view the property you are looking to rent and ensure that you obtain a copy of the title deed to the property. This is extremely important to ensure that you are dealing with the landlord direct, or if the property is being sub-let to you that the original tenant has the authority to sub-let the property from the owner (or owner’s personal representative). An unauthorised sub-let will deprive the tenant of his/her rights under Dubai Law.

2.Rent on properties in Dubai is normally paid for by either one cheque for the whole of the annual rent in advance or a series of post-dated cheques (normally 2-4). Be very careful to ensure that there are sufficient funds in your bank account to honour the cheques as “bouncing” a cheque in Dubai is a criminal offence punishable by fine and imprisonment. 3.Expect to pay a commission fee to the broker of 5% of the annual

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4.The landlord will normally take a deposit against the property which is usually 5% of the annual rent chargeable. Expect to return the property to the landlord in the same condition that you rented it in, subject to normal wear and tear. Any repairs and maintenance necessary and not undertaken by the tenant will usually result in a deduction from the deposit held by the landlord.

6.Obtain a copy of the landlord’s passport and contact details, so that if there are any issues with the property you are able to resolve them direct with the landlord, and ask the landlord to provide a copy of the receipt proving that all service/maintenance fees have been paid by him for the year. If not, you may be denied access to the residential facilities such as the pool area and gymnasium until the fees are paid. 7.Make a list of any repairs/maintenance issues that are present and ask for them to be dealt with prior to the tenancy contract being signed or if minor for the landlord to acknowledge in writing that these were present at the outset of the tenancy contract. 8.The tenancy contract should be registered on the Ejari system which is maintained at the Dubai Land Department (which is the responsibility of the landlord to undertake, but if the landlord refuses to register the tenancy contract the tenant is able to do so). This will enable any disputes between the landlord and tenant to be referred to the Dubai Municipality Rent Committee and is also necessary when coming to apply for/renew a residence visa


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9.The landlord and tenant relationship in Dubai is governed by Law No.33 of 2008 amending some provisions of Law No.26 of 2007. This law protects the tenant by (amongst other things) only allowing the landlord to evict the tenant in given situations both during and upon expiry of the tenancy contract. There is no provision within this law which allows the landlord to unilaterally ...............................

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UK PENSIONS

UK Pension options

T

he 2006 introduction of Qualifying Recognised Overseas Pension Schemes – known as QROPS for short – ushered in a new era in pensions’ planning. Previously, transferring the benefits accrued in a UK pension scheme to an overseas pension scheme was, in most cases, a complex, drawn out exercise that was generally not to the advantage of the holder of the accrued benefits. In simplifying the conditions by which an individual could transfer their pension to an overseas scheme, HM Revenue and Customs (HMRC) made it possible for those currently – or having the intention of – living, working or retiring outside the UK to take control over their pension

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United arab emirates

‘Even members of “gold-plated” Defined Benefit (DB) pension schemes can no longer rely on the fact that benefits are guaranteed for the duration of their life’ benefits and receive them in the most beneficial way. A QROPS is a pension scheme that must be established outside the UK. It

must meet other requirements, including the requirements of pension schemes in the country in which it is established. It must also be recognised for tax purposes as a pension scheme there. Additionally the scheme must be established in a country or territory prescribed by HMRC or it must meet further requirements. A major incentive for individuals transferring their pension is to move the funds they have built up over years of employment away from a tax regime that has, particularly over the last eight years, eroded many of the benefits attaching to UK-based pensions. The draft UK Budget published last December proposed reducing the annual allowance for pensions tax relieved savings from


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£50,000 to £40,000 and the standard lifetime allowance for pensions tax relieved savings from £1.5 million to £1.25 million. Any excess in the value of your pension benefits over the lifetime allowance limit will, if paid to you as a lump sum, incur a lifetime allowance charge at a rate of 55%. Even members of “gold-plated” Defined Benefit (DB) pension schemes can no longer rely on the fact that benefits are guaranteed for the duration of their life (or a continuing partner’s life if you predecease them) because the benefits are only secure and “guaranteed” for as long as the scheme maintains its solvency. Rates of revaluation (indexation) in deferment and rates of escalation (increases) in payment are certainly not guaranteed and can be amended within the limits of legislation at any time, at the discretion of a scheme’s trustees and on advice from the scheme’s actuary. If the employer declares insolvency or goes into liquidation, the scheme may well fall into the hands of the UK Pension Protection Fund which in itself has limitations and does not “guarantee” the benefits of the former arrangement. The trustees may likewise decide to attempt to absolve themselves of future liabilities by selling the scheme to one of the major insurance companies although in this situation, the benefits are often only secured as at the date of acquisition and not at a future retirement date. This process often results in the scheme member acquiring a deferred annuity insurance policy with a

set level of benefits at a future set date which are often totally different from the benefits that member was anticipating under the former scheme...................................................

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VISAS, LABOUR LAW & GRATUITY

take the right path when working in the u.a.e

B

efore arriving in the United Arab Emirates (UAE), it is recommended to have at least a little understanding of the local labour law. Many expats are often surprised by the legal implications associated with the terms and conditions

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United arab emirates

of their Contracts. This usually happens after one has signed the dotted line to the job offer of their “dreams”. Generally, in the UAE (with certain limited exceptions such as in the DIFC) the employment relationship is governed by the UAE Federal Law no.8 as

amended (“UAE Labour Law”). Here are a few helpful points you need to be aware of prior to signing your employment contract: 1. Sponsorship Prior to your start date, your Employer will need to submit an application, on


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your behalf, to the Ministry of Labour/ Free Zone Authority. Once approved, you will be issued with a labour card/free Zone identity card and a residence permit, which will enable you to work legally in the UAE. Where the entity is onshore, your Employer is said to be your ‘sponsor’. Where the entity is off-shore, the Free Zone Authority itself is the ‘sponsor’. The Residence/Work Permit can only be granted where the Company is legally set up and fully licensed to operate. 2.Working illegally Working without the required authorisation and correct documentation is in breach of the Labour and Immigration Laws. Several expats commence working for a Company after entering the UAE on a visit/tourist visa. Some employers may try to give you the assurance that a residence permit and sponsorship will be arranged upon successful completion of your probation period. You should not agree to commence employment without having a work permit from the relevant authority. Should you be discovered to be working on visit visa by the Labour Department Inspectors, you may be subject to hefty fines, bans, arrested, and/or deported from the UAE. 3.Employment Contract – Official/ Supplementary In the UAE, most employees will sign two employment contracts, a Ministry of Labour/Free Zone Authority contract (official) and a supplementary Company contract. The Company employment contract is usually sent to the prospective employee prior to their arrival to the UAE and is usually the basis on which terms and conditions are agreed. The official contract is written in two languages, English and Arabic. Many people believe that

signing this document is a mere formality needed to obtain their residence visa. This is a misconception, as this contract is legally binding and should not be taken lightly. You should check that the official contract has the same details as set out in the Company contract, in particular the designation, salary (breakdown of basic and allowances), notice period and nature of contract. Several complaints are filed in the labour courts seeking clarification as to which employment contract reflects the true intention of the parties. 4.Unlimited vs. Limited Contract Under the UAE Labour Law, your employment contract can either be for a limited (fixed) duration or an unlimited (open-ended) duration. If you enter into a limited contract, for example, 2 years, you will be expected to complete the full term of your contract. Harsh consequences such as a labour ban, compensation of 45 days salary and forfeiture of gratuity may be imposed for failure to complete the fixed term. An unlimited contract provides both parties with greater flexibility to terminate the contract with for a valid reason, providing contractual notice usually ranging between 3090 days. However, and in certain circumstances, a labour ban may be imposed for service of less than 2 years. 5.Gratuity Upon termination of employment (without cause) after completing a minimum of 1 year’s service, you should be entitled to receive a Gratuity Payment. You need to be aware at the outset that Gratuity is calculated on your basic salary. Allowances such as housing, transport, utilities etc. are not taken into account. Prior to signing

your contract it is recommended that you consider the percentage breakdown between your basic salary and your allowances. Employers in the UAE are known to offer packages where the total compensation is made up of around 80% allowances and 20% basic salary. This percentage split, will result in low gratuity entitlement at the end of employment. Recent reports suggest that the Ministry of Labour recommends a split in the region of 60% basic salary and 40 % allowances. At the moment there is no minimum wage in the UAE, therefore, employees will be bound to accept whatever they agree at the outset. The calculation of Gratuity will depend on whether the employment contract is limited or unlimited and which party initiates the termination. Unlimited contract Termination at the request of the employer: • 21 days basic salary for each year of service for the first 1 to 5 years • 30 days basic salary for each year of service over 5 years Termination at the request of the employee: • 1/3 of the above rate for service between 1 and 3 years • 2/3 of the above rate for service between 3 and 5 years • Full gratuity for service over 5 years Example Gratuity Calculation - Basic salary of AED 10,000 is as follows:

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HOME & CONTENTS INSURANCE

the reluctant insurer The Reluctant Customer Researchers have established that people think good things are more likely to happen to them than to others, whereas bad things are less likely to happen to them than to others. It seems that the human brain often has the tendency to suggest overconfident predictions that surpass probability theory understandings scientists have laboured to establish for years. The outlook of the relatively large expatriate community in the region is not very different, and in the context of personal insurance purchase behaviour the phenomenon is seen to be quite evident. If one were to examine the non-life personal insurance purchase

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United arab emirates

requirements and opportunities in the region, it would perhaps be camouflaged by personal motor insurance in view of its compulsory nature, profuse availability and one’s ability to relate to or perceive the risk and exposure associated with motor accidents - much more so than any other risks that could come by, at home, outside or while travelling. Statistics reveal that home insurance in the Gulf region has a very low take up with a penetration level hovering below 3%. Given that the population demography of the region is skewed towards expatriates particularly in countries like the UAE, Bahrain and Qatar, it is quite surprising to see such low levels of interest. This


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implies that even the expatriate community is disregarding the need and benefits of Home Insurance. So what might be the reasons for this contrast between the purchasing behaviour demonstrated by expatriates in their respective countries, and that seen here in the region? • It cannot be the affordability factor when for example 79% of the expatriates are saving more in the UAE than at their home country compared to the worldwide average of 61%. Also, the average spending levels of 50% of the expatriates are higher in the UAE than in their home countries. • It cannot be the cost, as home insurance is offered in the market by international providers at very competitive price giving more than due allowance for the relatively low frequency of accidents experienced in the region over a period. • Is it due to the perception that crime rate in the region is low and that home insurance purchase decisions are largely dependent on this? For in reality, there are many other prevalent risks that one must be aware of and insured against. Imbibing the concept of insurance and risk protection at a personal level is a matter of merit in one’s outlook. It has been often observed that fear psychosis acts as a trigger for many to consider insurance purchase, following any unfortunate event they may have seen or experienced in their neighbourhood. However, in my opinion the fear arising out of a past accident is not what should ideally govern your insurance needs, for it then becomes a reactive action rather than a carefully considered proactive decision. One should instead possess an understanding of the possible implications of the day to day risks one is likely to be exposed to in the living environment and recognise insurance as an effective financial protection tool in the event of any unforeseen accident. With such an outlook personal insurance choices become an informed and necessary decision with less mental dissonance in terms of the cost incurred. Home insurance has evolved over the years and the form in which it is currently available not only provides protection to home contents from fire accidents but also extends to include various associated risks the home owners/occupants and their family could be exposed to during their stay in the country and while travelling abroad. A home insurance package from an international insurance provider would typically include the following coverage. The list given is only for a general understanding and not exhaustive. • Loss or damage to the home building and contents due to fire or any other accidental reasons • Loss or damage to valuables, portable equipments and personal jewellery whilst at home country or while travelling abroad • Personal liability to any affected third party arising out of any negligence on the insured’s part • Liability to the domestic help as an employer The UAE has seen several fire losses over the past two years of varied magnitude ranging from confined villa fires to blazes in multi storey apartment blocks, creating huge disruptions, trauma and losses to many families following such incidents. Building fires in JLT, TECOM and Sharjah are only a few examples that received media attention due to their magnitude. There were many other fire accidents that occurred in the same period and it is of interest to note that more than 30% of fire cases reported in 2011 (416 out of total 1,301) were residential fires. The most common causes of fire accidents identified are:

• Poorly maintained / faulty electrical equipment / wiring • Improper gas systems • Accumulation of oil on the suction fan in the kitchen • Burners or cigarette butts Apart from fires there are several other imminent risks and exposures like theft/burglary, water pipe bursts, tenant’s liabilities to the building owner etc. that prevail in our everyday lives which can be protected under a well-crafted home insurance package. The fact that, currently, out of the 420,000 family residential units in Dubai, only about 3% are possibly fully insured gives an opportunity to insurance providers to seek deeper penetration through innovative solutions and products that reach out to customers by means of improved distribution models. With this market expansion, the true beneficiaries are the now reluctant customers of home insurance - enjoying greater price proximity, a wider spectrum of protection solutions to engage with and convenient purchasing options.

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2011

2005

200

1993

0

50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000

Villas Apartments

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COMPANY FORMATION

CReATIVE ZONE

C

REATIVE ZONE is a service designed for entrepreneurs, consultants and business startups who wish to incorporate a UAE Free Zone company with minimum investment and flexibility, without compromising on quality and prestige. With CREATIVE ZONE, you are able to enjoy all the benefits of a UAE Free Zone Company without the usual costs and constraints, along with a wide range of support services that will not only enable your company to have the best possible start but also ensure continued support as you grow. At CREATIVE ZONE, we have thought of everything to help you launch and grow your new business and make it a success from the very beginning. We provide you with business cards sporting your new contact details, a domain name accompanied with a splash page and email accounts. Furthermore we hold regular networking events providing you with access to fellow CREATIVE ZONE clients and our network partners, where you will be able to explore mutual business opportunities and forge new alliances that will give your new business a valuable head start.

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Creative Zone’s Mission Statement To provide clients with unbiased professional advice; transparency in terms of costs, procedures and timelines; a business-networking platform to help clients launch and grow their new businesses; and a support infrastructure to guide them through the challenges they may face along the way. 

We strive to be more than just a conventional business set up company, where a job well done isn’t only measured by the speed and efficiency of getting a client’s company incorporated, but also by the extent that our clients benefit from the initiatives we have in place and the role these initiatives play in assisting them on their path to success. 

Our promise to deliver end-to-end support services provides our clients with the necessary tools and resources to strengthen the foundations of their new venture. By adopting this level of responsibility, Creative Zone goes beyond incorporation documents and visa processing and fulfills each client’s needs for continuous support and guidance. 

We not only contribute to, but are also witness to, the success of our

clients’ business as it grows. The 10 major benefits to form your UAE company with Fujairah Creative City Free Zone 1.Company setup options starting from 17,500 AED 2.Physical presence in the UAE not required to incorporate your new company 3.Dedicated Account Manager and efficient PRO Services 4.No Paid Up Share Capital or Annual Audit 5.All Company Documentation issued ithin days 6.Exclusive use of Prestigious Dubai Business Center 7.Business Support Services of the highest caliber 8.Allocation of up to 7 UAE Residency Visas 9.Convenient and flexible Bank Account opening 10.Ability to purchase property in Dubai under your company Feedback from our community: “I found Creative Zone to be very knowledgeable about the all the processes


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and rules - and they advised me several times on the best solutions to ensure that I was in compliance with all regulations. They are very clear on what is allowed and not allowed, and have advised me well on every front. The proof of the quality of their advice came in the form of very quick turnaround of all legal documents and acceptance of these documents by local authorities (visas, share certificates, water, power, tv, banking...) all documents were in order. Creative Zone have been consistent in their high level of service, turning around visas, and keeping me informed of changes in the UAE and things like the new UAE ID card requirement. They have a good group of clients who I get to meet whenever I use the business center - they are creative, fun, and great to have around in an office environment. The Creative Zone Team are very friendly, open, and efficient - they are a hard working team, but who aren’t afraid to let their hair down with clients after hours. They are solution oriented - they have come through with answers for every challenge that either I or other Creative Zone clients I know have had. I have happily referred

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many friends who are looking to set up in the UAE to Creative Zone”
 Latif Jina
EL.A Advisory Managing Director “Creative Zone provided me with an end-to-end seamless business setup service. The professionalism and attitude of its employees as well as the personal touch and impressive communication ensured a smooth and pleasant business setup experience. They exceeded my expectations in all departments. Thanks to the entire team at Creative Zone”

 Shev Manek
Virtual Analytix CEO 

 “A dedicated team which provides a wealth of experience and knowledge while looking into the details of your personal requirements - that’s exactly what Creative Zone offers” Anke Boehning
Arcade Design Studio – Manager “We have been pleasantly surprised to meet with a dynamic and efficient

organization well prepared to respond to the needs of medium/small dynamic organizations. Creative Zone staff is effectively our logistic/Government relationship partner, providing efficient and timely services that well suit our Consulting firm needs of focusing on clients’ relationships and satisfaction”

 Paolo Borchetta
M.E. Energy Consultants - Managing Director 

 “Hi Mahesh (Creative Zone - Managing Director) ... Lourds (Creative Zone - Head of Operations) has done some sterling work on the case for Rodrilyn (Prestans Capital - Admin Assistant) we are near to getting her visa done. I wanted to get her something as a thank-you when its all done. Do you know what perfume she likes? Cheers, Tim”

 Tim Martel
Prestans Capital Partner

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FREE QUOTE

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REGULAR SAVING

Why regular saving for retirement is becoming ever more important

W

hen it comes to saving for retirement, you may delay, but time will not. As retirement comes within touching distance, it’s natural for your thoughts to drift forward to the good times to come. Retirement should mean having the time to enjoy the freedom from the daily regime of work and filling your time with the things you’ve always wanted to do. For the baby boomer generation that is now approaching retirement age, these plans and dreams are increasingly based around travel and leisure, with golf, cruises and visiting far flung families often featuring high on the wish list. Many of those awaiting their imminent retirement may well be sitting pretty comfortably on equity in their property given the general upward trend in values over a number of years. And they may also be the beneficiaries of pension incentives given by national governments and generous final salary schemes from employers. Of course, for those who are not yet within touching distance of retirement, recent times have seen fundamental shifts in property markets, a bleak global economic climate and governments seeking to claw

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back excessive public spending in past years. This means that few individuals can anticipate a secure and comfortable retirement as a result of releasing latent equity in their property or relying on final salary scheme awards from employers that have quickly become the exception rather than the rule. What’s more, statistics also point to us spending much longer in retirement than previous generations, based on a combination of improved health care and a growing awareness of the benefits of staying fit and active. Given this background, the importance of establishing a regular savings regime over a period of time to provide for retirement becomes clear and compelling. It’s all too easy to find a reason not to sit down and get to grips with your pension planning, although financial advisers and investment companies have developed some very useful tools to help you come to a sound conclusion. And, as an expat, you also need to be aware of the need to build and collect your retirement income in an appropriate currency, as well as having a good understanding of the tax rules, particularly as these may involve more than one jurisdiction.

Don’t delay Whatever the complexities you may face in retirement planning, the sooner that you start your planning and regular saving, the greater the chance that it will meet your expectations when the time comes to call on your savings. Cost of delay (the importance of total premiums paid and the effect of compound interest) is a real issue and, while it’s also true that it’s never too late to start, the following figures emphasise how much better it is to start early. The figures below assume a constant annual growth rate of approximately 7% and don’t take into account any charges related to your chosen plan. While everyone will have different targets, a round figure of £1m and a retirement age of 65 have been used in this example: The cost of delay identifies how much extra you would have to contribute in total in order to achieve the same outcome. If you do start late, of course it is possible to catch up and for many people it is later in life that they find they have surplus income and reduced outgoings that allow them to do just this. You may also find that your regular outgoings reduce anyway when you retire but it depends on the lifestyle you desire. Otherwise you may have to face up


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Age now

Year to retirement

Monthly saving required / Monthlyamount saved

25

40

€400

30

35

€500

35

30

€850

40

25

€1,270

45

20

€1,960

This clearly highlights how starting later can mean having to contribute substantially more later in life. And, it is also showing just what the cost of delay is, as the following table shows: Age at start of plan

Total number of years contributions paid for

Cost of delay / The difference in premiums paid

25

40

0

30

35

€51,600

35

30

€114,000

40

25

€189,00

45

20

€278,400

The cost of delay identifies how much extra you would have to contribute in total in order to achieve the same outcome. to either delaying your preferred retirement date, or making changes in your lifestyle to live within the means that your pension provides. It’s never too early and rarely too late Whatever your age and personal circumstances, you can never start making provision for your retirement too early. But even if you have missed the opportunity to start early, it is always a good idea to discuss how to maximise your potential with a financial adviser. As an expat you can enjoy the benefits provided by regular savings plans that can be an ideal solution to help you provide for a better retirement. You should look for a plan that offers most, if not all, of these valuable features: Investment choice – a range of investment funds to underpin your plan that includes a range of risk profiles that can be matched to your personal profile and can be adapted to meet changes in your life. Easy access – the opportunity to take a lump sum or a regular income, whenever you choose. Premium flexibility – changing circumstances (such as a bonus from work or period out of work) mean that having the option to reduce, increase or suspend contributions can be valuable. Tax efficiency – by choosing the right plan you can maximise the benefits of your expat status.

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Transferability – a plan that can move with you wherever in the world your life takes you. Bonus allocations – many plans will allocate more money to your plan the more you invest and/or reward long-term savings by adding bonuses to your plan. As Benjamin Franklin once said ‘you may delay, but time will not’. He may well have been talking about retirement provision.

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U.A.E. SCHOOLS

SCHOOL in the u.a.e

T

he UAE has more private schools than anywhere else in the world. However securing school places for children is potentially one of the most stressful parts of moving to the UAE, especially as parents try to choose and apply to schools from afar. The first decision that parents have to make is which curriculum that they are going to opt for. Traditionally many expats have gone down the British school route but more and more are turning to the International Baccalaureate programme as an alternative, especially if the UAE is only the first stop in their expatriate journey. Once you have chosen your curriculum, then it is time to navigate through the plethora of information on websites, forums, government rating

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agencies and in brochures. New arrivals in the UAE must be aware that depending on the year or grade applied for, there may be limited choice, as the popular schools usually have waiting lists, especially in the Early Years programmes and Primary School. The one universal piece of advice is to start looking at schools in the UAE as early as possible. If your company uses a relocation agency then they will usually have someone who specializes in education who should be a valuable source of advice on the current situation on the ground. They will often have good relationships with admissions personnel in the schools and steer their clients in the right direction and arrange tours for their clients. So what sort of factors do parents need to

consider carefully when choosing a school for their children? After the decision has been made on the curriculum, then people usually start looking for schools around an area that they might potentially be living in, however this need not be a limiting factor as both Dubai and Abu Dhabi are extremely commutable and schools usually run a fleet of buses into the large catchment areas. The location of the school and the facilities available are often important factors in the choice of school for parents as are the level of school fees. In the past most expatriate packages included school fees for at least two children, however there is an increasing trend towards an allencompassing package where benefits are lumped together. Some parents are initially shocked at the level of school fees charged


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in the UAE for premium schools however they are in line with their counterparts throughout the world offering similar curricula. Most schools publish their fee schedules on their web sites, check them carefully to make sure that the school will fit your package and your budget. What else should you be looking for in a school? To decide this you should be that sitting down as a family to look at your specific needs. Is your child musical, sporty, artistic, are they a gifted or have special needs, do they need English as an additional language (EAL) support? Not all schools will be able to offer all of the above but some will have a reputation for having outstanding departments and have specific areas in which they excel. In preparation for a first contact e-mail, look carefully at the website of the school you are particularly interested in. If there is information you need that is not published there do not be afraid to send them an e-mail asking them to clarify any issues you may have concerns or questions about. However do not send a copy and paste e-mail to all schools asking them for information that is readily available on their websites, take the time to personalize each e-mail and inquiry. After doing your research, you should have finally narrowed your choice down to just a few schools. Schedule visits to them, some schools will invite you for a personal tour and others will schedule you on a group tour, usually conducted at specific times during the week. Both types can be informative and they should give you an opportunity to meet some of the teachers and the senior leadership teams in the school. Try also to interact with as many current parents that you might meet when visiting, most of them will be more than happy to give you their candid opinion on the school. Once you are happy with your

choice/choices and decide to put in an application (an AED 500 fee charged by most schools for each application) make sure that there are places available at the school. If you are told that there is a waiting list, then be firm and ask how long it is. Unfortunately there are a small number of schools that will take your application fee knowing that you have little or no chance of getting into the school. An ethical school will have a comprehensive admissions policy published on their website with a list of priorities for student admissions, it will also explain how the wait list works. After receiving your application, the school will usually arrange an assessment date, if you are not in the UAE then some schools may arrange for an overseas assessment to take place and offer a conditional place on the results. For your own peace of mind ask questions about the assessment procedure but do not stress your children out about it especially your younger ones where a school is merely trying to find out that your child is socially well adjusted, developmentally normal and can access the curriculum without special help. Finally make sure that you have copies of all the required certificates, documents, photographs, reports etc. that are a legal requirement to enable the school to register your child as a student with the local regulatory body! When you have eventually landed the school place of your choice, take the opportunity to join in with school life, many expats have made lifelong friends from the parents that their children went to school with. During the initial settling in period fellow parents can also be a useful source of help and advice. If anyone has any specific questions about admissions to UAE schools please e-mail me at cpierrepont@taaleem.ae

An Introduction to Taaleem Taaleem, formerly known as Beacon Education, is a school management company set up in 2003 to develop and run high quality education projects. The founding partners identified two distinct gaps in the market: the need for more topquality schools to cater for the growing demand as the region’s population rockets and the desire on the part of many investors to plough their funds into ventures that will help secure the long-term success of the region. Taaleem was founded to fill these gaps. Our Focus Our focus is first and foremost on our students. The comprehensive – or holistic – approach we employ means that we place as much emphasis on the emotional, social, moral and physical development of our students as on the academic. This ensures that our students grow into well-balanced, open-minded, knowledgeable individuals who are interested in the world and the cultures that colour it, who reflect on their experiences, communicate intelligently about them and hold their own wherever they are across the globe with compassion and confidence. Our Purpose At Taaleem we aim to inspire young minds, and help them to identify and develop their passions and talents. To achieve this Taaleem will provide children in the region with the skills and knowledge to compete on a level playing field with students from the world’s top schools. We also intend to raise the standard of private education in the Middle East, thereby spearheading a fundamental and permanent behavioural change in both consumers and providers of education.

Inspiring tomorrow’s visionaries, today Taaleem inspires young minds to discover their talents and pursue their passions.

Innovative Investments for The International Investor We do one thing and we do it very well - Structured Products. Whether investing for growth, income or protection, we can help you to help your clients.

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Taaleem is committed to the highest standards of education so that our students will be able to compete successfully on the global stage and become responsible world citizens. Our schools and pre-schools in Dubai and Abu Dhabi: Al-Mizhar American Academy • The Children’s Garden, Barsha Dubai British School • The Children’s Garden, Green Community Greenfield Community School • The Children’s Garden, Jumeira Jumeira Baccalaureate School • Raha International School Uptown School For more information contact us at: T+ 971 (0)4 349 8806 or visit www.taaleem.ae

The Visionary


MARINE INSURANCE

WHICH YACHT?

C

hoosing the right yacht depends on the way you see yourself using it. If you are looking at a new purchase, then the local dealerships will guide you through the pro’s and con’s of various models, if you are buying a pre owned yacht then you will be talking to a broker or looking in the online/print classifieds. Do your research, read reviews, and once you are interested in a particular boat, arrange to go on a sea trial. Once you feel confident that you want to go ahead with the purchase, then based on your research, and the published selling price, you can make an offer subject to survey. Buying a yacht without having a survey undertaken is a dangerous business. The yacht may look pristine, but you need to know what is going on in the places you can’t see, otherwise the yacht may become a financial drain rather than a pleasure. A survey will also help you to finalise the buying price, as there may be factors to take into consideration that were not immediately apparent during your initial viewings. Choose a surveyor carefully, cheap does not equate to good, and the survey is for your benefit after all. ADDITIONAL COSTS Berthing Once you start looking at yachts you also need to consider the availability of suitable marinas. Obviously a small boat can be trailered to and from the marina, but above 24ft it is not really practical, and you will need to have somewhere permanent. Marina space in Dubai is at

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a premium and you can expect to pay around AED 50 per foot per month in the popular ones such as DIMC, Dubai Marina or The Anchor Palm Marina. In Abu Dhabi, the main marinas are Yas and Emirates Palace where berthing space is more freely available. Utilities are usually charged as extra, as is cleaning, but you will usually get free internet. Registration There are a number of steps involved to get your Registration which are outlined below: 1.The Seller needs to deregister his yacht from the Coastguard files and obtain a Deletion Certificate. The yacht has to be taken to the Coastguard to have the transponder box (see details below) removed. 2. Buyer and Seller go to NTA (National Transport Authority) with the Deletion Certificate to sign the official Bill of Sale. The Buyer will receive a letter from the NTA addressed to the Coastguard to ask them to inspect the yacht’s safety equipment (a list of requirements can be obtained in advance). 3.The Buyer takes the yacht to the Coastguard for inspection. A letter of approval is issued by the coastguard for submission to the NTA. 4.The NTA now issue a copy of the new registration to enable the Buyer to go and pay the AED 7,000 security deposit for the transponder into their bank account. Once paid the Buyer submits the deposit slip to the Coastguard and they will fit the

transponder. 5.Once the box is installed they will provide a letter for the NTA and once the Buyer submits this, the original registration is released. An alternative to this somewhat lengthy process is to commission one of the companies specialized in boat registration. This cost’s approximately AED 2,500 for the whole process including fitting of the transponder (excluding the Security Deposit). For private use you will receive a DP (Dubai Private) registration, and this number must appear clearly on the bow of your yacht. In actual fact, for expatriates, the registration is a Navigation Licence, as non nationals cannot actually have a proper Dubai registration and fly the UAE flag. For this reason, yachts, other than Emirati owned boats, are required to fly the flag of the nationality of their owner. Be aware therefore that the yacht does not have an international registration that would allow it to travel anywhere further than Oman. Transponder Every yacht with an engine in the UAE requires a tracker device so the vessel can be located by the coastguard. The deposit is currently AED 7,000 which is redeemable after the yacht is sold. Unfortunately the tracker cannot be transferred to a new owner, and the refund takes several months to process.


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The vision of being out the water with family or friends might be particularly attractive in this part of the world with eight months of fabulous cruising weather, but the nitty gritty of actually buying a yacht and getting through the formalities can seem somewhat daunting for anyone making their first purchase VHF Licence As well as a Registration Card you will need a VHF Licence if the yacht is over 30ft. Channels in the UAE are limited to 16 and 88. The licence is obtained from the TRA by submitting the registration card to them. The cost is AED 500 per year. Cleaning You could of course wash your yacht down with fresh water every time you return from a trip out to sea, however most marinas offer this service at an extra cost and will also offer a diving service to clean the underneath of the hull. This is important, as the water is warm in the Gulf, and during the hotter months the underneath will need to be cleaned every few weeks to avoid barnacle growth on the hull and propeller which will affect the performance of the yacht. Approximate cost AED 10 per foot per month. Insurance There are a number of options for marine insurance – compare costs. You will need a survey on the yacht before it will be accepted by an insurance company. This is once only as it will not be required to renew your insurance. Annual Maintenance Keeping your asset in good condition requires scheduled maintenance of engines, generators and A/C’s according to the Manufacturer’s guidelines. Training If you have never owned a yacht before, consider going on a course to learn safe boat handling and the basics of navigation. It may seem as simple as jumping onboard and pushing the throttle forward, but there are many aspects to boating including safe anchoring and awareness of the international rules of the sea. It is only when things go wrong

that people realize how badly prepared they are, and as captain, you are legally responsible for the safety of everyone onboard. Taking a course will also help you to understand the systems onboard the boat and trouble shoot minor problems.

Eden Yachting will be pleased to discuss this with you. Mobile: +971 50 458 6171, philippe@edenyachting.com

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YACHT MANAGEMENT Some people prefer to put their yacht into management where a specialized company will take care of all the day to day aspects of keeping the yacht in tip top condition, supply a captain and crew if required, and organise the scheduled maintenance. The owner pays a monthly fee to the Management company and bears all other costs. This a great option for busy people who want to just jump onboard and go. THE CHARTER OPTION Recovering some of the yacht overheads through charter is a choice some people find attractive and most companies that provide yacht management will also have a charter programme. Look carefully at the profile of the company. Speak to the people involved and do not take everything at face value. Talk to other people to get a feel for the reputation of the company in the market, speak to your marina manager – try to get a 360 view before rushing into anything. There are plenty of badly marketed and badly managed charter yachts in the market which are sold very cheap and work very hard. Less clients at a higher price might be better for both you and your yacht as it will keep the engine hours low and the wear and tear to a minimum! In simple terms the owner pays a management fee and then the revenue from charter is split at an agreed ratio between the management company and the owner, after costs have been deducted. If you want further information on buying or selling a yacht, yacht management or charter options then Philippe Saad of

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WILLS & PROBATE

UAE succession laws dictate how an estate is distributed on death. It is not meant to be a scare tactic but it is a fact that whilst living in the UAE, Sharia Law is applied by the Courts of First Instance throughout the Emirates, which means that even if you have an existing Will that has been drawn up properlty in your home country or domicile, it may not be upheld. Under the U.A.E. Civil Transactions Code (CTC), Article 17(1) states that “Inheritance shall be governed by the law of the deceased at the time of his death.” This would mean that all assets of an expatriate would, upon his demise, be distributed in accordance with his law of domicile. However Article 17(5) states “The law of the United Arab Emirates shall apply to wills made by aliens disposing of their real property located in the State.” which means that real estate could unfortunately be construed under the laws of U.A.E. Furthermore the Central Bank has issued regulations requiring all banks to apply Sharia Law.

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he courts have utilised Article 2 of the CTC, which states that “the rules and principles of Islamic jurisprudence (fiqh) shall be relied upon in the understanding, construction and interpretation of these provisions” to support their contention that distribution of real estate should be subject to Sharia LawCourt Orders. The principles of Islam dictate that assets are distributed as per these principles regardless of what is stated in the will of the deceased, which means that it does not matter what is stated in an Expatriate’s will, the courts will apply the Sharia principles of forced heirship.

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Profile: Cynthia Trench Principal of Trench Associates Cynthia obtained her Licence on 10 February 1996 from the Rulers Office of the Government of Dubai as the first female expatriate licensed Legal Consultant. In 2004, she was awarded Best Service Provider by H.H. Sheikh Mohammed bin Rashid Al Maktoum on behalf of his Establishment for young entrepreneurs. Since 2008, Cynthia has spoken at many Seminars on the subject of Estate Planning in the UAE and on the effect of Sharia Law on the assets of expatriates in general. Seminars were given at many different forums including HSBC Premier Clients, STEP, large corporations based in the UAE, Wealth Managers and Financial Institutions.


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In February 2011, Cynthia organised a Symposium on Asset Protection and Estate Planning which was sponsored by Emirates Airlines in Dubai and the Chamber of Commerce in Abu Dhabi. This Symposium brought together international experts who shared their knowledge and expertise in relation to inheritance and estate planning issues impacting expatriates living in the UAE. Cynthia is actively working with the Dubai Economic Council to see whether the area of Inheritance laws for Expatriates can be improved. Talking on Wills Ms Trench says “Do not fall for those firms advertising that there is something called the “UAE” wills. A foreigner cannot just translate into Arabic a Will which has provisions contrary to Sharia or the UAE Personal Status Law and expect that to be upheld. Under Article 242 of the UAE Personal Status Law, it is stated clearly that any provisions contrary to Sharia are void. Under private international law a will is valid in accordance with the law of domicile/nationality of the expatriate. “Attestation and authentication of a Will in most countries is a myth,” Ms Trench adds. sTherefore find a lawyer who is an expert in drawing up wills in your home country or domicile and have that executed properly. In most common law countries having 2 witnesses witness the Will suffices. Generally speaking, regardless of the deceased’s nationality or the laws regarding inheritance in their home country or

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domicile, when it comes to inheritance of a foreigner’s UAE assets, Sharia, a system of Islamic law based on the Quran, is the law of the land. Complex guidelines dictate how the shares in an estate are calculated according to Sharia law and depend on whether the heir is male or female. As such, the law does not allow consideration of any wishes the deceased may have had, even if those wishes were written down in a will properly executed in accordance with their home country or domicile.

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CAR INSURANCE

HIT THE ROAD when you touchdown

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elcome to your new life in the UAE! You are in great company: every year, thousands of people move to here to enjoy the culture, the people and the opportunities in one of the most vibrant countries in the world. Passion for driving in the UAE One surprising feature of life in the

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UAE is that people’s appreciation of the simple pleasure of driving increases once they are here. In a recent survey of 749 expatriate residents conducted by YouGov for Zurich, nearly two thirds of people reported that they had become more passionate about driving since they moved to the Emirates. “Everyone has their own opinion about driving in the UAE, yet for a big majority

of people, moving to the Emirates will ignite a passion for motoring,” observes Jeremy Baggott, one of our motor insurance experts and a long-time expat in the UAE. “For many people, being able to afford a better car than they could have bought in their home country opens up a world of motoring opportunities, whether it is 4x4 driving in the desert, track day racing, or just a leisurely


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weekend drive to Jebel Hafeet.” Zurich is here to protect the things that you care about and to help you when it matters. Whether it’s your car, your family, or simply your ability to travel freely around your new home, you can rely on Zurich to give you market-leading insurance protection and first-class service. Your world, our insurance At Zurich we have created a range of three flexible motor insurance packages, designed to let you choose the cover that best suits your needs. Our Essential cover gives you more than enough cover to get on the road. The Extra package, our most popular, gives you everything that Essential offers and more. Finally, our Elite product, our most comprehensive package, provides the highest levels of protection and support in the market. Our motor insurance packages have been designed specifically for the lifestyles of UAE residents. We offer extended roadside assistance across the GCC, looking after you as you explore the region. For Extra and Elite customers, our roadside assistance extends off-road; we’ll get you moving even in the sand dunes. We are also one of the few insurers in the UAE to offer new car replacement cover, with Elite customers getting a new car in the event of a total loss when the car is up to 18 months old. (Elite and Essential customers get this benefit for 12 and 6 months respectively.) And it’s not just about the insurance: we’re here to take some of the chores away too. We offer a complimentary car registration service for you at the end of your first year of driving, taking away a small hassle and allowing you to focus on the things that are important to you. Please call us today on 800 ZURICH, quoting EXPATMONEY, for help with your motor insurance needs, or visit us at www. zurich.ae/en/expatmoney BOX 1: tips for safer driving Slow down and keep your distance – keep at least a 3 second gap between yourself and the car ahead, and look beyond the car immediately in front of you React to the weather conditions – it only takes a little rain or sand to make the UAE’s dry, hot roads slippery and to increase the risk of you skidding under heavy braking Use your seatbelts – whether in your car or a taxi, in the front or the back, always put on your seatbelt! Buckle up in the Back – a child car seat restraint can reduce risk of injury to children by 50-75%; learn more about choosing and installing a safety seat at www.buckleupintheback.com Carry your documents – it is an offence to not carry your driving licence and vehicle registration card with you in the car; keep them safely with you BOX 2: what to do in event of an accident 1.Call the police on 999 and report the accident; if someone is injured you can request an ambulance at the same time 2.If the accident is minor, move your vehicle to a protected place close to the accident 3.If the accident is major, or it’s unsafe to move, stay where you

are until the police arrive; warn traffic of your presence using a high-visibility emergency triangle and your hazard lights 4. Take pictures of the position of all cars involved and the damage to your vehicle before you move it 5.Once the police arrive, please follow their instructions and guidance; they will typically apportion responsibility for an accident on the spot or at the nearest police station 6.You should immediately receive a notice from the police confirming their findings; the exact format differs by Emirate with Dubai being one of the simplest to understand (if you have a pink slip you are considered to be at fault, a green copy means you are not at fault) 7.Notify your insurance company of the accident and whether you have been found at fault (e.g. pink or green slip) 8.If your car is in a drivable condition your insurer will advise you where to take it for repair; if it is not drivable they will arrange collection. Be sure to remove any valuables from the car before it is taken away. 9.The police accident report form should be given to the repair centre to enable them to repair the car 10.Your insurance policy may entitle you to a free rental car– for example, Zurich’s Elite cover gives you a rental car for up to ten days BOX 3 – Get in touch! It’s easy to get high-quality protection for your car and family from Zurich Insurance. Just mention ExpatMoney when you call us on 800 ZURICH (987424), visit this website to arrange for us to call you back www.zurich.ae/en/expatmoney FOOTNOTE About the Zurich “Emirates Motoring” survey: Between July 10 and July 16 2012, 749 expatriate residents living in all seven Emirates of the UAE were surveyed online by YouGov. Respondents were asked about their overall driving experience in the UAE compared to their home countries. The survey also gauged insights into safety concerns on the UAE roads, as well as the level of awareness about the procedures to follow at the time of an accident. Respondents were also asked to rate the best driving destination in the UAE.

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REAL ESTATE

3 steps to buying real estate

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ENA Mortgage Services are one of a few licensed Mortgage Brokers in Dubai. As such they arrange mortgage‘s for their clients all over the world predominantly for UAE residents buying in Dubai. Property seems to be the “buzz,” word again in Dubai but with conflicting discussions and opinions it’s really important to understand fact from fiction. That’s where MENA Mortgage Services add benefit to your property purchase by not only securing you the most suitable deal for your individual circumstances but

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by managing the process until you get the keys to the property and with all Brokers holding CEMAP qualification from the UK you can be sure your purchase is in safe hands. With 5+ years experience of working as a mortgage broker in Dubai, owner Jonathan Oliver offers some words of advice, “For end users looking to purchase their family home in Dubai, there has never been more attractive deals in the market place. Today in 2013 expect to pay an interest/ profit rate of between 4-5% which has halved over the last 4 years. One can now

fix their interest rate to up to 7 years and with the down payment required in certain cases being as little as 15% there has never been a more attractive mortgage products available to residents of Dubai.” Whilst the products themselves appear to improving buying a property in Dubai is still comes with a certain stigma. MENA Mortgage Services do offer their clients a 4 meeting approach to buying a property here in Dubai which is a unique service offered in Dubai. Jonathan adds“It is difficult to alter people’s perception of buying a home in Dubai, we understand


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that. That is why we invest so much time on explaining to our clients the process of buying, costs of buying and laws of buying a property in this part of the world. None of our clients enter into the process without having a full understanding of these things having been explained to them in a clear and transparent way without financial jargon.” MENA Mortgage services have designed several tools to assist with clients understanding of how things work which they happily share. An example of this is a time line to explain the process of buying a property in DubaiMENA MORTGAGE “STEP BY STEP” GUIDE TO BUYING A PROPERTY IN DUBAI 1.Fact Find completed on the telephone to see ones suitability to proceed. 2.Consultant research profile of client. 3.Book first meeting. FIRST MEETING AGENDA • Costs of buying property in the UAE • Process of buying property in the UAE • Laws of buying property in the UAE • Options of financing in the UAE • Consultant to the provide quotations

Understanding (MOU). Consultant arrange THIRD meeting. THIRD MEETING AGENDA •Memorandum of Understanding (MOU) •Process post MOU 12.Client sign MOU. 13.Consultant instruct valuation. 14.Consultant run through valuation with clients. 15.Consultant to discuss life insurance, buildings insurance and wills. 16.Offer of Mortgage made and Consultant runs through offer with client. 17.Client signs offer and remaining paperwork and move’s to transfer. 18.Client obtains keys. 19.Consultant run through a customer service review with client. Once clients have all of the information they need it is up to them to make the informed choice about whether to buy are not. As they are independent MENA Mortgage Services can offer guarantee’s to their clients such as the cheapest rates in the market place and do not discriminate against which real estate agents, developments or developers their clients purchase from. This purchase may be a family home and they do not believe the location of this should be dictated by anyone exact the client themselves.

4.Clients sign TOB (Terms of Business) and provide documents to complete initial research. 5.Consultant research whole UAE market, speak to third parties and book SECOND meeting.

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SECOND MEETING AGENDA • Changes since the first meeting • Finance Options • Documentation required 6.Client prepare final documents if needed. 7.Consultant package case and present to bank. 8.Mortgage Pre Approval obtained and consultant presents to client. 9.Client has typically three months to find a prop erty. 10.Client views and offers. 11.Offer accepted, agent draw up Memorandum of

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MORTGAGES

helping the market mature

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I

t has been interesting to see the reaction from industry professionals to the steady recovery of Dubai and the UAE’s property market. Some have been bullish and talked about things going back to ‘normal’, while others prefer to monitor the situation for a while longer and proceed with caution. Whatever the viewpoint, it is important that we realise that we are not simply outsiders looking in, but different pieces of a bigger puzzle, and all of us have an active role to play in helping the UAE’s property market and real estate industry recover, develop and mature. There are many ways to contribute to this recovery. First, it is important to attract new customers to the industry and give them the security and peace-ofmind that comes with knowing that they are in the right hands. At HSBC, we have focused our strategy on providing one of the most customer-friendly home finance facilities in the UAE. Our lending strategy is similar, as we aim to develop long-term relationships by providing finance for

select projects and developers, looking at the customer from a complete banking relationship perspective to better serve their needs, rather than trying to generate one-off deals. For approved UAE properties, HSBC offers low interest rate starting from 3.99%* a year with finance of up to 85%* of the property value. Customers can apply for a new home loan or transfer existing mortgages. In line with providing customer-centric solutions, customers will recieve complimentary premier status with a dedicated relationship manager. Moreover HSBC offers very competitive early settlement charges of 1% whether customers are paying from own funds or in the case of a balance trasnfer. Second, it is important to have a thorough knowledge of developments in the industry, in order to predict trends and develop products that suit the future needs of the market and the customer. For example, in the last couple of years transactions in the UAE property market have been moving towards end-use

buyers with increased demand in select areas and properties. There has also been stabilization in prices in areas that have limited new supply. In line with this, HSBC’s prudent lending strategy focuses on UAE residents with primarily end use for the properties. Another important factor is the legislative and regulatory framework that surrounds the industry and knowing how this can affect and protect both customers and banks. Property and mortgage laws in UAE have seen significant progress and improvement in the last couple of years. Leveraging its global network and best practices, HSBC in UAE is closely engaged with the UAE Central Bank and inputs to the banking industry on the development of the mortgage sector through consultation and coordination with the Banking Association in the UAE.

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UAE property

ERE Homes Agent

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oving to a new country can be a daunting experience. Rules, regulations & general processes can differ greatly all around the world. The most important part of your move would be finding the right place to live. Dubai has been an investment hub for many for over ten years now and with the economic crisis from 2008, people coming and going, changes in law in regard to your rights as a landlord, tenant and/or seller and the general market conditions it is difficult for property owners to keep informed especially if they are not a resident of Dubai. Dubai is now recognized as a very important hub in the MENA region, why is this? Well, there are many reasons but in short, with the economies now booming in MENA and Asia and with the still current economic conditions in the west more and more

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companies and looking to ‘setup shop’ in Dubai as it’s a central location to both MENA and Asia. Dubai has been identified by the majority as an ‘easy’ place to operate with its good lifestyle and current tax free status. Of course it’s clear, for anyone who has visited Dubai there is much to offer and to all different types of people. Whether you are living here alone, as a couple or a family there is something for everyone. The weather, for the most part is good and mostly sunny, for this reason and the attractions, tourists flock here in their millions every year and people are relocating to ‘greener pastures’. With the increase in companies operating in Dubai the demand for real estate is increasing greatly every day. We have seen over the past 2 years a massive rise in rental rates and selling prices and with this comes a more clear


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understanding of the issues that need to be addressed in the real estate regulations. There have been vast improvements in the laws over the past 3 years and as the demand grows the improvements continue. There is yet much to do in terms of controlling the market especially with the many speculator investors here buying property in cash and flipping. Laws are being put into place currently to control this issue therefore trying to promote real estate as an end user market which creates a ‘real’ market. The main areas of interest in terms of where to live are Downtown Dubai, Jumeirah Beach Residence, Dubai Marina, Jumeirah Lake Towers & Emirates Living. Property prices and rental rates have shot up in these areas greatly over the past couple of years mainly due to the facilities available and ease of access. Downtown Dubai, home to the world’s tallest building and largest shopping mall is a favorite to the executives. Many of the expats working in the finance sector also live here due to its locality to the DIFC (Dubai International Financial Center) home to many of the investment banks. Dubai Marina & JBR, with its short walk to the beach is a popular area with the younger expats here in Dubai. JBR is the largest single phase residential development in the world containing 40 buildings including a few hotels. With its direct access to the beach and heavy retail both residents & tourists are abundant creating a healthy & vibrant atmosphere. Families moving here are attracted to the Emirates Living area. With its more suburban feel, community centers, mini malls & schools it offers all ones needs as a family. There are many other ‘up & coming’ areas now in Dubai that were previously derelict due to the crisis. Now these once derelict areas, such as Sports City, are becoming more popular to those looking to make a significant saving on rent but still remain close to their place of work. Now, with such a buoyant market apparent in Dubai there has been an influx of real estate companies setting up here to reap the benefits of managing the thousands of transactions taking place. There are many companies to choose from but very few that you may feel comfortable dealing with and that you can trust. It is important to check their credentials. Are the agents/brokers registered with RERA? (Real Estate Regulatory Agency). Is the company registered with RERA? Are they specialists in the specific areas or do all agents deal with Dubai as a whole? Dubai is really too big for an agent to deal with as a whole. A good agency will dedicate an area to a broker and that way they eventually become a specialist in that specific location with a wealth of knowledge and strong relationships with many of the owners. This will enable the agent to not only help and advise with speed but to offer you the best deals in the market. There are many details you may not know to ask for from the agent, especially if it’s the first time you’re buying or renting in Dubai and for that matter selling or renting as an owner. As a tenant, ask how the general processes work with regard to connection TV/Cable & water & electricity. Ask about Ejari and why it is necessary. Ask about renewing the contract for another year and how this is done. Rent is typically paid through cheques. The due payments are paid in the form of a post dated cheque. This is not typical in most other places around the world but this has become the market norm in

Dubai so don’t worry when you hear this from any of the agents. Remember, the Dubai market is yet very immature and has a long way to go so don’t be surprised when you hear strange requests from authorities in relation to completing your transaction. The authorities here are working very hard internally and connecting internationally to make real estate regulations protect all parties as best as possible, this will take time. In terms of buying a property, globally this transaction is handled by lawyers once the deal is negotiated. Typically in Dubai this has not been the case and the agents themselves will handle the conveyance process and bringing it to a close right up to the transfer of the property. This causes concern as deposits are held by the broker and in the case of default by any party it can be difficult to claim monies back. There are now 3rd party companies that are able to then take care of the transaction post negotiations. We at ERE Homes use Emirates Conveyancing, established in 2007 have proved to have successfully assisted 1000’s of buyers & sellers complete their transaction with transparency and ease. They may charge from approximately $1500 to complete the deal but this cost is split between the buyer & seller. This will give you piece of mind and ensure there is no conflict of interest. The process can take anywhere from a few days up to 2 months, this depends on whether it is cash purchase & sale or whether it is a mortgage purchase & sale. When owners are looking to value their property for rent or sale they should scour the market both online and by calling various real estate companies. A great website to search on is Dubizzle which anyone looking to rent or sell has their property advertised. Both owners and real estate companies use the website to expose their properties. There are also valuation companies here but they are not really helpful unless used by banks for mortgage valuation. The best people in the market to speak to are the ones on the ground and doing the deals. Dubai is flowing, buoyant and full of opportunity. Yes there are many hurdles, red tape and bureaucracy but we have to remember Dubai is new! With a new market comes some snagging but once this is done it will be force to be reckoned with.

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PET INSURANCE

It’s a Pet’s Life

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he excitement you feel as your life as an expat gets under way is probably equalled only by all the inevitable and utterly unavoidable stresses attached to the change: goodbyes to friends and family; packing up house and the removals company; the imaginings over what the new job will be like and how tolerable the new boss will be; and if you have children, where to school them and can you afford it in this new place where education costs can be mercenary; and of course financial planning, which is probably why you’re reading this publication in the first place. The list of things to worry

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about, alongside the list of things to excitedly anticipate, is long and, dare we say, enthralling. And right there... right underfoot and sensing the new energy around the home... yet completely oblivious to, and incapable of understanding, the causes for the excitement and worry, is your four-legged family member, the dog or cat (or perhaps you have a rabbit, bird or...?). The first question will be whether or not you can/should/ want to bring your pet with

you, the answer not always being easy and straightforward: how’s her health?; if a dog, what breed and is the desert swelter amenable?; can you afford the cost of pet relocation? Despite the many potential reasons for leaving your pet back home with family or friends (or even rehoming), in fact the vast majority of pet owners cum travelling expats quickly decide that relocating without their darling creature is simply unfathomable, and so the business of researching how to relocate her begins. Do you manage and execute the relocation of your pet yourself? Do you get professionals involved? Who are the


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professionals, where are they and who can be trusted? After all, you’re not asking them to just move a sofa - this is your fourlegged child, for goodness sake! The UAE requires that all animals importing into the country arrive as manifested cargo. Simply put, this means that you cannot carry your pet into the passenger cabin with you, no matter how small, adorable, harmless and wellbehaved she may be. No, your pet must be handled like special cargo, including all the paperwork, security checks, hoops to jump through and costs associated with complicated cargo shipments. And of course there are also requirements regarding health and identification, such as vaccinations and microchips. The UAE is not unique in this regard, by the way: most first-world countries the world over have very specific rules for entry of animals, and the airlines, shipping agents and Customs all work together to ensure these requirements are understood by the public and adhered to. Developing and thirdworld countries are also progressing in their legislative and procedural readiness for the import and export of animals, so no matter where you may be relocating to, if you plan to bring your pet with you, it is imperative that you find out what those requirements will be. The consequences of an incorrect export/import relocation procedure? Anything from refusal of the airline to accept your pet for shipment on the day you intend to travel, to minor delays upon arrival in the destination country before your pet can clear through Customs, to, in the worst cases, lengthy quarantine and even confiscation upon arrival (though this latter possibility really is very rare). Truth? Relocating your pet is not rocket science (well, not most of the time,

anyway). There are literally millions of animals relocated by air all over the world every single year. A great many of these shipments are handled entirely by the pet owners themselves. The main reasons for using a professional animal shipper? Well, simply, the convenience to you that comes with having someone experienced take over a process that can seem and be daunting, and which definitely does take a considerable amount of your time, energy and commitment. Yet the cost of pet relocation is not insignificant, so adding the additional cost of paying for the service to get it done can often feel prohibitive to many. Your main goal needs to be ensuring that you know and fulfil the legal requirements for entry of your pet into the country to which you are travelling and that the travel crate for your pet meets accepted and required international standards (incorrect and poor quality travel crates are the single most significant cause of health and safety problems for animals in transit); beyond that, you just need the energy and time to make it all happen. There is endless information on the internet and there are even professionals, like us, willing to share knowledge for free, so if cost is a major concern for you, and if time and energy not, you can indeed safely and successfully relocate your pet on your own. If, on the other hand, you have just become a free-wheeling new expat with cash to burn (hallelujah!) and absolutely no spare time, a professional animal shipper can literally eliminate just about every single distraction and anxiety (unless they’re not very good at their job, of course!): the supply of a quality travel crate; certainty about crossing which “t” and dotting every “i” so that all regulations are met; door-todoor service, including collecting your pet

from your old home and ensuring delivery to the door of your new home; all this can be taken off your hands. Travel well, everyone. PetSecure is a brand new pet insurance product designed for pet owners in the UAE. It helps you provide your puppy, kitten, dog, or cat the best medical care possible. PetSecure is an affordable way to protect your pet and yourself. What would happen if your pet got sick and you didn’t have pet insurance? Think about the alternatives to pet insurance and see why PetSecure makes sense. With PetSecure, pet owners can expect a great product that provides the best value. As a pet owner you’re probably aware of the unpredictable situations pets get into and the large, unexpected veterinary bills that can result on top of other household expenditure. Because pet ownership in the UAE is at an alltime high, we have recognized the need for insurance cover and are now offering a range of options for your dog or cat, puppy or kitten. The insurance cover includes vet bills arising from illness or accidents, loss by theft or straying, death of a pet as a result of injury or illness, and any third party liability costs relating to injuries or property damage caused by a pet. Please follow the link below to obtain a quote for your pet: www.petsecure.ae or call us on: 00971 4 2522570 for an instant quote and quote EXPATMONEY.

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HORSE OWNERSHIP

horse ownership in the U.a.e

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hether you are an experienced horse owner from ‘back home’ and thinking about bringing your trusty steed over to the UAE or looking to purchase locally, there are few facts to be considered before you take the first step.

IMPORTING VERSUS BUYING LOCALLY An average rate for importing a horse from Europe starts at about AED25,000, but can also double - depending on the origin of the transport as well as the time you are looking at bringing the animal in. A good time to import is at the beginning of the season (Sept-Nov), not only is the

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climate better for a horse to adjust to its new conditions, but it’s the time of year when competition horses will be returning from their international travels; therefore its more likely you will find other horses traveling to share the costs of transport. Horses are flown in a “pallet”, each pallet can be divided into three partitions giving you options of travel and cost for your horse. If the pallet is shared between three horses (equivalent to economy class), the cost will obviously be more economical. However, not all horses can comfortably fit into this allocated third of a pallet, which is the case with some of these larger sports horse types, and my need to travel in a half pallet share (the business class version for

horses), obviously the costs are relative to the style of travel the horse is shipped in. The inevitable question of what a horse will cost……. How long is a piece of string?! When buying locally, the price for a horse can vary from AED5,000 to a half million Euro - it really depends what quality of a horse you are after. An average price for a healthy, relatively sound ‘happy hacker’ horse with average potential to do some lower level jumping or dressage” should start somewhere around AED30,000 and go up to AED50,000. Remember, we are talking an average, and this will very much depend on the age of the animal and its health condition. If you are looking for something more specific and want to


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be more selective, aiming for a quality horse for a particular discipline (dressage, showjumping, endurance, eventing etc), the cost will be relative to the horse’s future potential, skills and previous achievements. Due to this rates will most likely double or triple. As a rule, the sellers include the average ‘import cost’ into the price. MONTHLY UPKEEP The livery fees (stabling/feed/basic care) vary on average from AED2,000 to AED4,000 per month depending on the location and quality of facilities at the respective yards. It is important to consider when selecting your new stable ,that the stable has qualified/experienced equestrian management in place; people who will look after your horse when you are off site or traveling. Keeping this in mind you can chose from a variety of stabling; desert stables aiming mostly and hacking and bit of ground work, to midsized or larger centres with quality, well maintained training surfaces, experienced grooms and qualified instructors. Make sure you meet the Equestrian manager of the yards you have shortlistedand have your questions ready. Stables should be air-conditioned - unless you are purchasing locally and the horse has been previously living comfortably outside. Even in this case, fans, shades and access to adlib water are ESSENTIAL requirements. Stay away from

facilities without these essential basics. The livery fees usually do not include farrier (budget around AED400 plus, every five to six weeks), supplements, vaccinations, dentist, vet fees, etc. EQUIPMENT Yards that we recommend: Emirates Equestrian Centre, Desert Palm Riding Centre, Dubai Polo & Equestrian Club (Arabian Ranches), Al Hamra Stables, Al Sahra Desert Resort, Sharjah Equestrian Club (facilities include an indoor arena), Al Forsan Abu Dhabi (indoor facilities available), Abu Dhabi Equestrian Club. These yards are some of the most popular centres in the UAE EQUIPMENT but of courses there are many more. “You get what you pay for” couldn’t be more true when it comes to tack, supplements and accessories.. The heat and humidity of our harsh local weather is merciless. Be sure to invest in quality leather products and accessories for your horse along with high quality leather balms and conditioners - good care goes a long way and saves you money in the long run. The most important part of the equipment, the saddle, can set you back with anything between AED2,700 (synthetic saddle) up to AED15,000 (high quality jump or dressage specific competition saddle). A basic but good quality bridle should not cost you more

than AED350, however, you can also splash out on top of the line brands such as the Italian made Prestige or UK’s Albion and pay AED1,500 plus for something more customised and ‘bling’. For any further queries you can contact Horseworld Trading via www.horseworld.me

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FRANCHISING

building your business on brands

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rands, we know them; we identify with them and we talk about them. Some aspire to replicate them, but most importantly; we want them. Some people will even travel the world for them.

So what happens when that fantasy becomes reality in your own backyard? Global tourism has catapulted the international franchising business model to the top of emerging markets. As globalisation demand reaches boiling point, brands are no longer defined by boarders, but by appetite and demand of the region. Entrez vous, the “Franchise Business Model�. Industry experts, 300% Zataaj explain what this means for Dubai and the greater GGC region, with the eruption of capitalisation in

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expatriate regions. Why is franchising exploding in emerging markets? Rapid globalisation combined with the multicultural make-up of markets, which expats traditionally find themselves in, invariably produce a trading environment that encourages, and to some extent demands, the proliferation of western style retail, food and services outlets. Established business franchises flourish in growth regions such as the Middle East and South East Asia due to the simplicity of their effective operating systems, coupled with a recognisable brand, which assimilate quickly into a market, thus reducing the risk of failure. The success and desirability of iconic brands such as Subway, McDonalds, and Toyota, provides an entry point

and support mechanism, where lesser known or emerging brands such as; Pink Berry, Fitness First and Chemdry Carpet & Upholstery Cleaning can thrive. In comparison, these businesses would perhaps not realise similar traction in developed markets such as Western Europe. The emerging market is a consumer’s playground; cash ready and brand savvy. Thirty three countries, including the United States and Australia, have laws that explicitly regulate franchising, where the majority of other countries have indirect laws and regulations governing direct or indirect impact on franchising businesses. Australia enjoys a stringent compliance framework, which protects the interest of both franchisor and franchisee and can be replicated globally. Indications suggest that


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similar frameworks will be adopted by emerging markets in the foreseeable future. The Middle East and South East Asia are currently trending towards the adoption of a regulatory framework, emulating ‘best practice’ within developed markets. It is within this market segment that the franchise opportunity offers attractive solutions. The investor who enters the franchising realm has the opportunity of benefiting not only from their return on investment; but also business profit and uplift from business valuation. 300% Zataaj is well positioned to deliver strategic advice and support, providing an experienced operational executive team capable of delivering an established model, whilst driving the roll-out of multiple brands and outlets across the region. 300% Zataaj adopts a ‘hands on’ approach in selecting key franchising partners, suitably matched to the appetite of the local partners within appropriate regions. Our methodical and strategic approach has been structured to achieve growth for both the franchisor and local partner, through the adoption of a ‘Master License’ for the region. Consider the following tips for applying a Franchising Business Model in an evolving market and making the most out of the investment. How do YOU the investor choose the RIGHT franchise system and location? Any franchise should have that ‘feel good’ appeal, where you wake up in the morning excited about running and driving your franchise Surround yourself by an enthusiastic, knowledge and experienced team, who understand franchising. When choosing your accountant, lawyer & consultant, ensure they also have extensive experience in franchising Pick a ‘specialist’. Be careful not paying “massive fees” for service providers to learn about franchising Purchase within your budget and ensure the ROI delivers at least a 25% return Location, location, location. Sounds simple, but many still get this wrong. If there is no feasibility for the franchise to exist in a specific neighbourhood, it may not go the distance. Be forward thinking and constructive in your own criticism when planning your 1st or even 20th location. How to become a FRANCHISE MOGUL through leveraging a single franchise site to support multi-site ownership Choose the location carefully, which will enable you to increase value through increased turnover Franchised sites are valued on a multiple of EBITDA (Earnings Before Interest Tax Depreciation Amortisation), therefore a site established for US$300K, with revenue streams day 1 of US$30K per week (US$1.5M per year), could be valued at US$1.2-$1.4M within 6 months Leverage the first site to establish the second site and build additional revenue streams Aggregate ‘back of house’ functions between multiple sites, thus reducing operating expenses, whilst increasing profits

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FORMING A COMPANY

Dubai property ownership through company structures

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he general rule in the UAE is that inheritance issues related to Muslims shall be dealt with in accordance with Sharia principles, and for others, the law of the deceased’s home country shall apply, however, the UAE does not have a comprehensive law governing expatriates’ inheritance issues and ultimately it is up to the UAE courts to decide which law would apply, on a case by case basis. When an expatriate resident dies, his property assets shall be frozen. The subsequent probate procedure is painfully complicated; and is likely to consume much time and money at a time when the loved ones of the deceased are at their most vulnerable.

What is the solution? The application of Sharia law on inheritance can be circumvent by purchasing / transferring the property into the name of an offshore company. If the investors are husband and wife, both the spouses can be made equal shareholders in the company. The Memorandum of Association can include a clause stipulating that upon the death of one of the shareholders, the other shareholder becomes the sole owner of the company, who in turn “owns” the property. Theirchildren can also be introduced to the company in due course as a means of passing on the assets through the offshore company.

We advise our clients on the following offshore company structure:

Individuals

Joint shareholding of husband / wife i.e. Ultimate Beneficial owners of the property.

BVI

The BVI co. is the 100% shareholder of the JAFZA co. thus taking it away from Sharia law & under Common law

JAFZA

The JAFZA offshore company owns the Dubai property

Unencumbered PROPERTY

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The property is now owned by the above company structures


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Since January 1st 2011, the only offshore company which can own property in Dubai is the Jebel Ali Free Zone (JAFZA) offshore company. To ensure the asset is protected from local inheritance laws we add the BVI company layer which falls under Common Law and simplifies the inheritance procedures significantly. This logic is equally applied with regard holding the shares of a local Free Zone company or LLC. Any assets held in a persons name are instantly frozen, company shares, bank accounts etc. We advise our clients personally holding shares in their name to consider the advantages of transferring this shareholding into an offshore entity. There is no requirement for a UAE offshore company to be included in the ownership structure in this case. The majority of foreign jurisdiction offshore companies can hold the shareholding of local companies thus providing a common law jurisdiction approach in terms of inheritance procedures. For further details on the above or general information on offshore companies please contact the author of this article, Jason Bowers, jbowers@sovereigngroup.com, Tel: +971 (0)4 448 6010 Mob: +971 (0)50 100 4588

The website for business women working as expatriates Celebrating Inspiring Resourcing Educating Socialising

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, this information does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any error or omission.

www.expatbusinesswoman.com

* Please contact Jason at Sovereign for your Exclusive EXPATMONEY offer


RETIREMENT PLANNING

HONEY I’VE SHRUNK OUR PENSION POT Not to be confused with the 1989 children’s comedy, this story line is darker and far more dramatic, yet strangely, is unlikely to receive the green-light from production studios. The prologue A young, upcoming project manager (in

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the oil sector) and his wife arrive in Dubai, about to begin the next chapter of their life together. Seduced by the salary, the climate, the beautifully appointed beach front apartment, and the promise of an early retirement, their future appears on course. For many years Michael and Antonia

enjoy life as if on holiday, attending as many Friday brunches and social events as possible. They are dressed to impress in the season’s latest designer-wear and are regulars at many of Dubai’s top restaurants. Soon 2 become 4 as their daughters are born, with Michael and Antonia deciding


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Perhaps we should all ask ourselves this question:”If I want to maintain my current lifestyle in retirement, what must I do today?”

to remain in Dubai until after their education is completed. But lurking in the shadows, a silent truth prepares to deprive of them of the future they’ve taken for granted. Dramatic pause • According to the annual National Bonds GCC Savings Index, 65% of residents (locals and expats) do not save any on a regular basis • Of those that do save, 45% of all people surveyed save 10% or less of their income • The reasons why those that save, do, are focused on education fees and retirement The villainous reveal Time flies when raising a family and soon their children are attending elite universities. The outgoings have significantly increased year on year but they want to continue to keep up appearances within social circles, so the majority of incoming earnings are fast spent. Now in their late 40s, the promise of an early retirement at 55 is now nothing more than a pipe dream and Michael and Antonia are left considering how they will pay for things such as their daughters’ weddings and a potential move back to the UK. Their concern can now be seen etched into their foreheads. They wonder where they went wrong, what they failed to do and why they didn’t take action sooner. Perhaps we should all ask ourselves this question: “If I want to maintain my current lifestyle in retirement, what must I do today?” Policy values each year assuming a 30 year premium term, with withdrawals at retirement for a further 20 years The heroic fight back There is no doubting that it is easy to be lured into a lifestyle of free spending, one which can leave little or no disposable income by the end of each month. And it would appear as though this is not the picture of those in the minority, but in fact the majority. With Michael’s earnings potential standing at approximately $9,500 a month, arranging to save 15% of his salary (from age 30) could have helped return $90,000 a year for 20 years in retirement. As shown in the bar chart above, that would have equated to $1,405 per month for 30 years in order to achieve a potential $7,500 per month over 20 years in retirement. But there are always options.

Increasing the amount saved per month by 41.7% whilst simultaneously reducing the term by 50% would result in $1,991 per month for 15 years, whilst achieving the same goal. Or alternatively, $2,658 per month for 10 years could also achieve similar. Critical reaction The dark subject matter of this script may be off-putting for

some. It tackles head-on our fears of financial insecurity and demonstrates that a failure to plan for the future can result in a bleak outlook. What was once a rose-tinted ideal suddenly becomes a head scratching conundrum. Despite this, a message of hope remains. Planning for retirement is possible and there are many options which may suit in terms of how much and for how long. The key is to take financial advice sooner rather than later and make a commitment to ensure future prosperity.

REGULAR SAVING QUOTE

FREE QUOTE Policy values each year assuming a 30 year premium term, with withdrawals at retirement for a futher 20 years Premium Term

Retirement

$1,400,00 $1,200,00

$1,000,000 $800,000 $600.000

$400,000 $400,000 $0

1

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79

11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

Years

The world of QROPS compared in one place UK Pension Transfer Analysis Service

enquiries@qropscompared.co Click Here


TICKETS IN THE UAE & TRAVEL

F

ACCESSING TICKETS TO SOLD-OUT EVENTS, WORLDWIDE

rom fashion shows to theatre performances, football matches to sold-out concerts, The Ticket Attaché specialises in accessing the world’s most prestigious events. With a little black book of contacts unlike any other, our team can arrange front-row seats, personal encounters and VIP packages that include flights, transfers and accommodation to make each of these moments even more unforgettable. To speak to one of our team about upcoming events, please call +971 4 450 4208 or email info@theticketattache.com and start enjoying life, from the front row.

FINANCE FEATURE FREE QUOTE

discover a world worth travelling

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ffering bespoke solutions to the discerning traveller, The Travel Attaché brings you the highest level of personalised service with access to the most glamorous and remote locations in the world. Experts in our field, we unveil unique destinations and experiences beyond the reach of any other. Based in the United Arab Emirates, we enjoy an international outlook from a local vantage point. Well-versed in the complexities of travel to and from the region, we suggest ideas for both inbound and outbound travellers that go beyond the norm. As well as enjoying preferential rates at leading hotels, we can suggest new and exciting ways to get to know the area from a 10-day sea safari in Oman to a Dubai desert excursion with a twist. For those wanting to venture further afield, we suggest where to go, when and how and tailor-make each experience to suit the requirements of each and every one of our clients. Working with over 200,000 of the world’s finest hotels and private residences, we offer so much more than just outstanding rates. Our experiential travel section presents once-in-a-lifetime opportunities from travelling into outer space to trekking with Rwanda’s gorillas to the exclusive hire of one of the world’s most secluded islands. Our on-the-ground knowledge and know-how allows us to suggest bespoke tours and itineraries from self-drive adventures along the West Coast of the United States of America to helicopter tours of Namibia. And for those who need to be there, fast, our warm relationship with the leading private jet brokers

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makes us a favourite among the time-savvy. Making these unexpected moments possible are our handpicked Attachés. Each one continues in their pioneering endeavours to explore the globe and ensure that your high standards are met on each and every journey. They would be delighted to tell you all about our destinations and services, so please speak to one of them on +971 4 450 4209 or email info@thetravelattache.com.

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KEY PERSON INSURANCE

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look after your business

thin your business, you need to take into consideration the financial contribution a key person or persons make to the company, as well as the financial implications to the company due to their loss. A key person in an organisation is anyone whose loss, either permanent or temporary, would affect the company’s ability to maintain turnover or generate profits. It is important for business owners to consider the effects of losing a key person in

order to recognize its value. These include: • Decrease in sales. • Insolvency issues, including outstanding loan payments and other debts. • Loss of competitiveness. • Hesitation by suppliers and business associates to offer credit facilities. Key person insurance is an increasingly important theme in the Gulf, particularly for owners and managers of small and medium sized enterprises needing debt or partnership protection. The market is significantly underpenetrated in the

Gulf, and it is an area of need that can be effectively addressed with insurance. Therefore, the financial provider you choose to support these plans must understand these core needs, and offer flexible solutions to cater to your circumstances as they change over time. To find out more contact info@ expatmoney.com or visit www.zurich. com/middleeast

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United arab emirates

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CORPORATE FX SOLUTIONS

Making money work for you

F

oreign Exchange and international payments can be expensive and navigating international payment protocols can be confusing. At Menatrex we have developed a solution for corporates and individuals sending funds to and from the United Arab Emirates in conjunction with VFX Financial PLC (VFX) a regulated payments and foreign exchange broker based in the City of London. Whether a large currency transfer for a property purchase or regular transfers for repatriation by expatriates, these can now be made quickly and conveniently at a time to suit you. Using a regulated foreign exchange broker such as VFX when making international transfers or trading foreign currencies, could save you hundreds if not thousands of pounds, perhaps even more if you book a forward foreign currency rate. Overlooking the challenges of foreign exchange rate fluctuations can be costly as this simple example illustrates; A purchase of AED 500,000 on 1st January 2013 would have cost in the region of GBP 83,752.09. However, AED 500,000 purchased 8 weeks later through the same provider would have cost in the region of GBP 89,766.61 a saving of GBP 6014.52. Whether an expatriate worker who simply has an occasional transfer or a corporate customer with sophisticated FX and payments needs VFX offers superior fx rates than those usually available as well

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as a variety of fx and payment solutions delivered through its online trading and payments platform. VFX allows you to view real time fx rates, trade up to 50 currency pairs online 24/7, send international payments, place orders, view the status of previous deals and payments history and view up to date currency charts and market commentaries – essentially manage all the elements of foreign exchange online and in one place. Of course it goes without saying that you can use your dedicated currency broker at VFX to do all of the above for you if you choose to do so. Account opening is free and there are no account maintenance fees. Having access to an online fx and payments platform gives

you a convenient choice to conduct foreign exchange so why not contact Menatrex today to find out more. VFX Financial is Authorised and regulated by the Financial Conduct Authority No 541092 located at: 65 Leadenhall Street, London, EC3A 2AD. Menatrex Commercial Brokers LLC is a marketing agent and commercial partner of VFX Financial PLC located at Suite 1407, Lake Central Tower, Abraj Street, Dubai, UAE.

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