Qatar has emerged as a destination of real attraction for British expats, keen to take advantage of the high tax-free salaries and luxurious lifestyle offered by relocation to the wealthiest country in the world.
Sectors such as oil, construction and IT in particular are flourishing in the oil-rich state, and with Doha now arguably soon to become the central hub of the Middle East, the expatriate workforce will prove integral to Qatar’s ongoing development.
Moving to a Middle Eastern country can be daunting, there are a million things to think about and a whole new world of customs and ideologies which take a lot of getting used to. One of the key considerations in making the transition as smooth as possible comes in the shape of financial management and planning.
Take Control
There are numerous financial benefits which one can make use of while living in Qatar. As well as the obvious perks a high salary offers, there is also the opportunity to start making serious plans for the future.
For example, if you have an existing pension in the UK, it may be pertinent to use your expatriate status in order to transfer your savings into a Qualifying Recognised Overseas Pension Scheme (QROPS). These schemes are an established method for those with the intention to continue residing abroad to secure extra funds for later in life.
QROPS were initially introduced by HMRC in 2006 to help the growing number of expats across the globe stay close to their money, enjoy better tax regulations, avoid currency fluctuations, and gain more control over the way in which their savings work for them. The schemes are now operational in 42 jurisdictions worldwide, and, depending on individual requirements, the advantages can be extensive.
Thinking Ahead
Managing your life in Qatar – like many other fast-paced cities – can be difficult. At iExpats we are a huge advocate for seeking professional insight into how best to plan the financial side of your time in any country. A credible advisor with localised knowledge, who can tailor advice to individual circumstance, will be able to offer information and options on a variety of solutions which could help make the most of working and earning in Qatar.
While the internet is a vital tool for a generalised overview, finance and retirement are extremely personalised subjects with far too many individual factors for the one-size-fits-all approach adopted by some.
In Qatar, there are now experienced financial experts able to give sound advice to the growing number in need of it, and the regulative aspect of the industry in Qatar has improved greatly in the last few years.
Consider seeking advice on how best to utilise the extra income offered by working here to help plan for your future. Ask yourself some questions:
When do you hope to retire?
How much do you need to save to make this happen?
Where is your preferred retirement destination?
What kind of lifestyle do you want n retirement? Do you hope to be able to travel, or are you happy with just enough to cover your daily expenses?
There are some excellent resources for these kinds of calculations, various expat retirement calculators exist online which can be useful.
It’s never too early to start planning for the future, especially if you are in a position financially right now to be able to start doing so.
If you have any questions on starting to prepare for your retirement while living in Qatar, click the “Get Advice” link below
