A specialist advisory service has been launched for expat workers moving back to the UK from countries in the Middle East and Far East.
Research suggests the number of people returning to the UK is rising as Gulf nations tighten their belts and scale back expansion plans.
Financial services firm Shalchi & Partners has launched Expat-Repat to help British workers negotiate the financial challenges involved in repatriating to the UK, including tax compliance, repatriation of foreign currency, mortgage broking and pension contributions.
Chief executive Hamzah Shalchi, who previously ran Dubai-based Guardian Wealth Management before moving back to the UK last year, said returning to the UK after time working overseas can be a big decision which is filled with mixed emotions and financial unknowns.
“Having been through it ourselves, we are perfectly positioned to address concerns over cross-border taxation liability, holdings in multiple currencies, the validity of insurance contracts, and much more,” he stated.
The most recent figures published by the Office for National Statistics suggest that 784,900 British citizens live in EU countries, excluding Ireland and the UK itself. Millions more earn a living in Asia, Africa and the Americas, often enjoying tax free status.
In the United Arab Emirates, Britons represent the largest of any western community. “The UK is a fantastic country to live in and a lot of people want to come back,” said Shalchi. “Half of all British expats will repatriate at some point, typically after about six years living overseas. This gives us a huge potential market and we’re very excited for the future of our service.”