(MENAFN- Khaleej Times) Expatriates working in Dubai and Abu Dhabi should think about a robust financial plan as well as consider a balanced and diversified investment portfolio as they may face hidden costs and high prices that could offset the benefits of working in a tax-free environment in the UAE, according to an expert.
Marcus Gent, managing director, Middle East and rest of the world at Friends Provident International, underlined the importance of financial planning for expatriates to reap the benefits of working in a tax-free environment in the UAE. He said the cost of a quality education and property buying in the emirate can mitigate to a large extent through careful financial planning and disciplined savings.
"The costs of education and accommodation are key considerations for anyone moving to the UAE with their children. I would encourage anyone making the move to the UAE to take professional financial advice and construct a savings and investment portfolio to offset the costs of education, and the other 'hidden costs' of living and working here," Gent told Khaleej Times during an interview.
Friends Provident International, part of the Friends Life Group, is authorised by the UAE Insurance Authority to conduct life insurance and savings business in the emirate. It has more than 35 years of international experience and offices in the UAE, Hong Kong, Singapore and the Isle of Man, and more than 400 staff worldwide. It provides competitive life assurance, pensions and investment products for Asia, Middle East, Europe, UK and other selected markets.
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