01-05-2025
Hoxton Wealth sets out financial planning strategies for global expats in Qatar
Over 70% of expats living in Qatar, surveyed at a recent educational event held in Doha by international financial advisory and wealth management firm Hoxton Wealth, admitted that they did not know how their current assets would be taxed based on their future residence.
When surveyed at the event, 57% of attendees said that their financial priority for being in Qatar was to accumulate wealth, 28% to plan for their retirement and 14% to make income-generating investments, yet only 35% said that they had a financial plan.
'The financial landscape for expats in Qatar is very attractive,' says Chris Ball, CEO of Hoxton Wealth. 'There are no income tax obligations, no capital gains or dividends tax, access to global financial markets and, typically, inflated salaries and bonus packages. There are limited structured employee pension plans, and often a gratuity on leaving employment
But there are a series of common mistakes that expats make. These include holding assets in the wrong structures; failing to set up a structured pension plan like in their home country; underestimating inheritance tax exposure or future tax implications on their existing assets; currency risk exposure; and holding substantial amounts of capital in local banks. We're here to help them avoid those mistakes.'
Attendees were asked where they planned to retire: 21% said the UK, a similar number said Europe, 14% said Asia and the majority elsewhere. More than two-thirds of attendees said they currently held assets in two or more different jurisdictions.
The seminar, which educated on specific financial planning considerations for those in the UK, the US and in Europe, also looked into UK inheritance tax exposure as a Middle East resident; how individuals returning to the UK after a period of at least ten consecutive tax years of non-UK residence can claim UK tax relief on foreign income and gains that accrue during their first 4 years of UK residence, known as the FIG regime, and the role of Discounted Gift Trusts.
