As the COVID-19 global pandemic continues to grip the world, the Gulf economy has been hit with a double blow with businesses making job cuts and oil prices crashing through the floor.
As a result, thousands of international workers are faced with an unexpected and unplanned quick return HOME. With that in mind, have you considered what happens to your savings and pensions when you leave?
The tax implications back home, are far from straight forward and when the time comes to pack up your belongings to depart, the impact on your wealth is not to be underestimated.
However, with a little careful planning, you can ensure you are prepared for all eventualities and ensure you don’t lose any more of your hard-earned cash than you have to.
Consequences of moving
Selling your property
Health and life insurance
Check your new tax status
Review your investments
You could still be deemed a domicile; this may mean a Tax liability.