Hoxton Wealth Discusses Financial Strategies for Expats in Qatar

Hoxton Wealth held a seminar in Doha revealing over 70% of expats are unaware of asset taxation. Survey results showed wealth accumulation as the top financial priority for 57% of attendees, yet only 35% have financial plans. CEO Chris Ball discussed the attractive financial landscape of Qatar, while cautioning against common pitfalls. The seminar also provided insights on inheritance tax and financial strategies relevant to expats planning to retire.

In a recent educational event in Doha, Hoxton Wealth, an international financial advisory and wealth management firm, revealed that over 70% of expats living in Qatar are unsure about how their assets will be taxed based on their potential future residency. The survey conducted at the seminar highlighted various financial priorities among attendees; 57% indicated wealth accumulation as their main goal while 28% focused on retirement planning. However, despite these priorities, only 35% reported having a formal financial plan in place.

Chris Ball, CEO of Hoxton Wealth, emphasized the advantages of Qatar’s financial environment, stating, “The financial landscape for expats in Qatar is very attractive.” He pointed out that expats benefit from the absence of income tax, capital gains tax, and dividend tax, alongside access to global financial markets and favorable salary structures. Yet, he noted, many expats make significant financial missteps.

Common errors include holding assets improperly, neglecting to establish structured pension plans like those found in their home countries, and misjudging potential inheritance tax liabilities. Ball cautioned against the risks of currency exposure and maintaining large sums in local banks. He expressed Hoxton Wealth’s intention to guide expatriates to navigate these pitfalls effectively.

The survey also explored retirement intentions among attendees. A notable 21% planned to retire in the UK, with a similar percentage eyeing European countries, whereas 14% preferred Asia, while others had diverse destinations. Additionally, the data revealed that more than two-thirds of respondents currently own assets in multiple jurisdictions.

The seminar provided insights on key financial planning issues relevant to individuals from the UK, the US, and Europe. Topics covered included UK inheritance tax for Middle East residents and strategies for those returning to the UK after an extended period abroad. Attendees learned about the FIG regime, which offers tax relief on foreign income for returning residents, and the utility of Discounted Gift Trusts as a part of their financial strategy.

Overall, the event shed light on the distinct financial scenarios that expatriates in Qatar face, highlighting the need for informed financial planning to ensure long-term success.

In summary, Hoxton Wealth’s recent seminar pointed out that while most expats in Qatar prioritize wealth accumulation and retirement, many lack a clear financial strategy. The firm’s CEO, Chris Ball, provided insights into the unique financial advantages of living in Qatar, but also warned against common mistakes in asset management. The discussions covered essential topics for expats, including inheritance taxes and financial planning tools, emphasizing the importance of comprehensive planning in navigating their financial futures effectively.

Original Source: www.zawya.com