Nexus Hires New UK Team Members to Manage Boom in Ex-pat Insurance
28 July 2009
Five additional highly-qualified financial advisors from the UK have been appointed by Nexus to meet a growing demand for insurance assistance from Dubai’s expatriate community in the wake of the economic crisis.
Numbers of UK nationals seeking financial advice picked-up last month, after a slowdown during the past six months – it is a trend that is anticipated to continue as people start to feel more secure about their employment.
The economic downturn has had a positive impact on the way people think about personal financial planning, added Iain McIntyre, one of the new recruits – who are all UK accredited chartered financial planners.
“During a recession people start looking inwards rather than at everything around them. They start looking at their financial situation and making plans to insure their future financial health.”
One of the key reasons UK expatriates need financial advice while living in the UAE is to ensure that the tax-free money they make while working abroad is protected from tax when they return home, added Brian McGregor, another member of the team.
“What we are here to do is to help people protect their assets. There is a tax-free advantage to living in the UAE, but when people return to the UK their tax situation can change dramatically.”
Setting up off-shore investment accounts for savings, pensions and life insurance can see people holding onto 20 to 40 per cent more of their money, which in the UK would be demanded in tax, explained team member Harry Carr.
“If a person moves out from the UK and they have a personal pension, then they can save on tax by transferring that policy to an off-shore account, say, in the Isle of Man,” Carr said.
However, no one solution fits all and the team’s expertise means they are able to tailor financial solutions to meet each individual customer’s needs, he added.
All five are qualified by the Chartered Insurance Institute as chartered financial planners with over a 100 years of experience between them.
July 21 2009