Six insights into what non-resident Indians want
By Mark Battersby, 25 Apr 18
What are the main concerns that non-resident Indians who live in the UAE have about their own financial planning needs and how can advisers help?
Conclusion
The survey suggests that NRIs are attracted by the financial opportunities afforded by the UAE, but are neither saving nor insuring their lives anywhere enough. Reasons for this could be many-fold, but some re-evaluation of household budgets should be considered based on needs. There is a difference between wanting new furniture and needing to pay the rent, for example.
Financial advisers can help NRIs to save and protect, but they can also help in other ways. The dream of retiring in the UAE is not impossible: setting up a company and/or purchasing a freehold property (which grants a six month renewable property visa) can prolong an NRI’s stay. Advisers can help their customers achieve their life goals, as well as their financial goals.
Finally, assuming a stay in the UAE after retirement is desired, advisers can also help non-Muslim NRIs to register a DIFC will so that in the event of their death in the UAE, their affairs are neatly wrapped up and will not be subject to Shariah law.
