By then the die was cast. Tracy says the revenues generated and projected for its DIFC office could not justify the high costs of running the operation.
“We had three major issues: volatility in the oil price that was exacerbated by the recent drops in sterling; a real difficulty in finding high-quality people in the UAE who were experienced in UK financial services; and the high cost of regulation in the DIFC.
“We will look after our Mena client book from our Geneva base.”
Target market
One office that is set to benefit in the wake of the firm’s departure from Dubai is the UK operation. Forth launched its London office last year to provide tax advice. The growth in the number of UK residents planning to live abroad made it a natural target market, Tracy says.
“There are a huge numbers of Britons moving abroad each year and we want to help them plan that move whether it is retiring to the Mediterranean area or joining the 25,000 who emigrated to Australia last year.
“There are also many expats that are working in the global financial centres of Hong Kong, Singapore or Frankfurt, who are now planning their retirement and want to understand their options, not only on lifestyle but the tax consequences and how best to hold their assets.
“British expats rarely want to return to the UK and usually seek sunnier climes for retirement, but reality can bite and ill health or family commitments often mean they return to the UK.
“For anybody leaving the UK or returning to Europe, we are here to help make their lifestyle vision a reality,” he says.
On Brexit, Tracy believes the decision to leave the European Union will have some potential upside for his business. “If you are going to be retiring to France or Portugal, you need the security of having your retirement income in euros. Do you really want to wait until sterling reaches parity with the euro or hope for a soft landing and the pound strengthening?
“We are here to reduce our clients’ risks and help them take control of their finances.
“Brexit also poses many questions that are as yet unanswered. As well as currency issues, we are worried the drawbridge on UK pensions may go up and that further changes to how pensions are treated in the UK may not be in our clients’ favour.
