Avoiding Common Financial Pitfalls When Moving To The UAE From The UK: St. James's Place Middle East

(MENAFN- Khaleej Times) As record numbers of wealthy Britons relocate to the UAE, St. James's Place Middle East outlines the key financial steps expats should take before and after arrival to protect and grow their wealth

Published: Wed 25 Feb 2026, 2:33 PM

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Each year, an increasing number of global expats move to the UAE, attracted by the country's economic opportunities, lifestyle, climate, and favourable tax environment. With nearly 10,000 high-net-worth individuals arriving last year, destinations such as Dubai and Abu Dhabi have become undeniable global hotspots for wealth.

However, despite these opportunities, many new arrivals make critical financial mistakes that can affect their long-term wealth.

St. James's Place Middle East (SJPME), part of the wealth-management giant St. James's Place Group, advises internationally mobile clients relocating to the UAE - supporting individuals with everything from tax-led investment planning to retirement strategies designed to maximise returns in a tax-efficient manner. As a UK-headquartered FTSE 100 group, SJPME has seen first-hand how important it is for expats to plan ahead in order to make the most of life in a new country.

“For every expat success story in the UAE, there is a case of someone who has mismanaged their finances, spent their earnings, and failed to plan properly for the future,” says Daniel George, head of business at St James's Place Middle East, based in the Dubai International Financial Centre (DIFC).“Moving to the UAE from Europe or further afield is a huge change, and financial planning can help people adapt and make the most of the significant opportunities in this region.”

Moving overseas requires a holistic approach to financial planning. Whether you are planning to move to the UAE or have just arrived, here are some key steps to help organise your finances and maximise your chances of long-term success. From banking and pensions to wills and savings, this is St. James's Place's essential UK expat guide to moving to the UAE:

Before you leave the UK

1. Simplify your UK bank accounts
Simplify your finances by consolidating your UK bank accounts. Keep one UK account open for essentials such as direct debits. This helps you stay organised and avoid unnecessary administration once you have moved abroad.

2. Get your tax position in order
Engage a qualified tax adviser early. They can guide you through the requirements of informing HMRC that you are leaving the UK, whether by completing Form P85 or through self-assessment. This confirms the availability of split year treatment which is used to establish non-residency for tax purposes, preventing unexpected tax issues later. This may also help you claim any tax refund due

3. Understand the Statutory Residence Test
This determines your UK tax-residency status. Maintain accurate records of travel dates and ties to the UK to avoid unexpected tax liabilities. Understanding the rules helps prevent accidental UK tax exposure.

4. Evaluate UK pension plans
Understand the implications of leaving pensions in the UK. You may benefit from consolidating them or transferring to suitable international structures. Seek regulated pension advice, as reviewing options early can improve long-term flexibility and tax efficiency.

5. Consider inheritance-tax planning
British expats generally remain subject to UK inheritance tax on global assets, and the IHT net has widened in recent years. Explore estate-planning tools, trusts, or other strategies to mitigate exposure and protect wealth for future generations.

6. Create a currency-exchange plan
Moving a lump sum to the UAE? Work with a currency specialist to avoid poor exchange rates or hidden transfer fees. A planned approach ensures more of your money reaches you when you relocate.

7. Plan your property strategy
Will you rent out or sell your UK property? Each option has tax and mortgage implications. Consider appointing a letting agent if you plan to retain the property as an investment. A clear strategy can maximise returns and reduce financial stress.

Once you arrive in the UAE: Five financial priorities

1. Secure regulated financial advice
Avoid unregulated advisers. Use appropriately authorised firms that are transparent about fees and offer long-term planning aligned with your goals. Regulated advice reduces the risk of unsuitable or high-cost financial products.

2. Build a UAE-based emergency fund
Open a local bank account and save at least three to six months of expenses. Maintaining liquidity ensures preparedness for unforeseen events.

3. Invest tax-efficiently for the long term
With no income or capital-gains tax in the UAE, it is an opportune time to build wealth. Options may include:

• Offshore investment platforms

• Global managed portfolios

• Regular savings plans tailored to expats

Avoid high-commission products and seek transparent, regulated advice.

4. Review and update your will
If you live in or hold assets in multiple countries, your will(s) should reflect this. Inheritance and guardianship laws vary by jurisdiction and different rules may apply in the UAE without a locally recognised will. Many expats therefore put a UAE-recognised will in place so their wishes regarding UAE assets and family are clear. Assets in other jurisdictions will also need to be covered by an appropriate will.

5. Maintain UK financial links wisely
Retain UK National Insurance contributions where appropriate to preserve State Pension eligibility. Continue contributing to UK pensions if possible, or consider portable international solutions with advice.

“Whether you're considering a move to the UAE or have lived here for years, careful financial planning can strengthen your long-term position and help you achieve your goals,” says Daniel.“Getting the basics right at the start can make a significant difference as you build wealth in the UAE.”

To learn more about St. James's Place, please visit

The 'St. James's Place Partnership' and the titles 'Partner', 'Adviser', 'Partner Practice', or any variations thereof, are marketing terms used to describe representatives of the St. James's Place Group (SJP Group). St. James's Place (Middle East) Limited (SJPME) is regulated by the Dubai Financial Services Authority (DFSA) and is authorised to conduct the financial services of advising on financial products and arranging deals in investments in and from the Dubai International Financial Centre (DIFC). DFSA Firm Reference Number F003486. Registered address: Gate District, Precinct Building 03, Units 706–708, Level 7, DIFC, United Arab Emirates. SJPME is part of the SJP Group. Members of the St. James's Place Partnership in the DIFC are appointed by and represent SJPME and may facilitate business with other companies within the SJP Group. St. James's Place (Middle East) Limited is not licensed to provide legal advice; this content is for general information only and does not constitute legal advice. Matters relating to wills, guardianship, or probate will be handled by qualified legal professionals. Investment values may fall as well as rise, and you may receive less than the amount invested. Past performance is not indicative of future results. Tax rules and reliefs may change, and their value depends on individual circumstances. Seek independent tax advice from suitably qualified professionals before making investment decisions.

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