UAE Wealth Management for Expats

As an individual, you do not pay personal income tax, capital gains tax, or dividend tax on your investments in the UAE. However, if you own a business with profits exceeding AED 375,000, you may be subject to the 9% corporate tax introduced in 2023. Additionally, you must consider your home country's tax obligations, as many countries tax citizens or residents on worldwide income regardless of where they live.

Minimum requirements vary significantly by institution. International private banks typically require between $1 million to $5 million+ in assets under management (AUM). Regional UAE banks may have lower minimums starting from AED 250,000 to AED 1 million ($68K-$272K). Premium banking services for affluent professionals might start around $100,000. Always verify current requirements directly with the bank as these change frequently.

Yes, it is highly recommended to have a separate UAE will for assets located in the UAE. Your home country will typically covers assets in that jurisdiction, but may not be recognized or enforceable in the UAE without lengthy legal processes.

For non-Muslims, registering a will with DIFC Wills Service Centre (Dubai) or ADGM Wills Service (Abu Dhabi) ensures your UAE assets are distributed according to your wishes rather than Sharia law, which may apply by default. You should maintain both wills but ensure they don't contradict each other.

Yes, UAE residents have full access to international stock markets through various brokerage platforms. You can invest in US, European, Asian, and other global markets through:

• International brokers licensed in UAE (Interactive Brokers, Saxo Bank, etc.)
• UAE-based banks with international trading platforms
• DIFC-licensed wealth managers with global market access

Your gains are tax-free in the UAE, though you should verify reporting requirements in your home country.

This is a complex decision that depends on your home country's pension rules, your age, tax situation, and long-term plans. Some considerations:

• UK pensions: QROPS (Qualifying Recognised Overseas Pension Schemes) transfers possible but complex
• US 401(k)/IRA: Generally not advisable to move; keep in US for tax advantages
• Canadian RRSP: Usually best to maintain in Canada

Always consult a pension specialist before making any transfers, as there can be significant tax implications and early withdrawal penalties.

The UAE has implemented the Common Reporting Standard (CRS), an international framework for automatic exchange of financial account information. This means:

• UAE banks may report your account information to your home country tax authorities
• US citizens are subject to FATCA reporting regardless of CRS
• You may still have personal reporting obligations (like US FBAR)

It's essential to remain compliant with both UAE regulations and your home country's tax reporting requirements to avoid penalties.

When selecting a financial advisor in the UAE, verify they are properly licensed and regulated:

• DFSA License: Dubai Financial Services Authority (for DIFC-based advisors)
• SCA License: Securities & Commodities Authority (for mainland UAE)
• FSRA License: Financial Services Regulatory Authority (for ADGM)

Also consider:

• Experience working with expats from your home country
• Transparent fee structure
• Strong references or testimonials
• Comprehensive service offerings aligned with your needs