Bank Accounts

There are several reputable banks in Dubai, including well-known names like HSBC, Barclays Bank and Lloyds TSB Bank. Banks that operate internationally rarely have connections with their counterparts in other parts of the world, so you won’t be able to view or manage accounts held in other countries through your Dubai account. Most banks offer…

Financial Planning

Many expats are attracted to Dubai for the tax-free salary and the opportunity to put a little something away for the future. However, Dubai’s alluring lifestyle can quickly steer you away from your goal. It is often necessary for residents to get credit cards and bank loans to finance their life in Dubai and it…

Credit Cards

The process for obtaining a credit card is fairly straightforward and is usually offered by the bank connected to your payroll account. If you are eligible, you’ll often receive phone calls from your bank offering credit cards – if you opt for one, a representative will often offer to meet you to set up the…

Offshore Accounts

While offshore banking used to be associated with the very wealthy or the highly shady, most expats now take advantage of tax efficient plans. An offshore account works in much the same way as a conventional account, but it can be adjusted specifically for you. Money can be moved where it will produce the best…

Taxation

The UAE levies no personal income taxes or withholding taxes, but there are talks that income tax and VAT may be introduced in the future. There are no firm dates for implementation at present, and it would no doubt be unpopular, and could hamper attempts to attract foreign investment, but the IMF is advising Middle…

Cheques

Cheques aren’t commonly used as a method of payment in Dubai. Most residents will only have to organise them when organising post-dated cheques for rental agreements. The most important thing to remember is that issuing a cheque when you have insufficient funds in your account to cover the amount is considered a criminal offence. If…

Debt

In a city that seems to run on credit cards and post-dated cheques, it can be quite a shock (and a major inconvenience) when severe penalties are dealt out for late or missed payments. While you may be forced to take large loans to purchase vehicles or for annual rent, it is important to note…