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Brit expats in the Gulf advised to keep sending money home
| Published: | 12 Jul at 6 PM |
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As a result of continuing uncertainty over the value of sterling, British expats working in Gulf states are being advised to keep sending money home.
The dramatic fall in the sterling exchange rate following the shock Brexit result prompted an eight-fold increase in remittances from the region to UK banks. Given the continuing political and economic bad news, it’s no surprise financial experts are recommending that expats continue to transfer capital back to their home countries.
Gulf Research Center’s director of economic research John Sfakianakis believes that now is the time to remit funds back to the UK and use them for home repayments, other financial purposes or simply to deposit However, other experts suggest hanging on to a reasonable amount against the possibility that sterling will fall even further.
Meanwhile, a Facebook post from Doha’s Ministry of the Interior insists that the newly issued Residence Permit Card must be carried at all times by expats living and working in Qatar. The card must be produced as and when demanded by local authorities and is especially required when leaving or entering the country.
Expats who enter the country from overseas without the card will still be permitted entry as long as a return visa issued at the port of entry is provided. If it’s found that expats have stayed for less than six months overseas, their residence cards will be marked as having been lost and, if the stay abroad has been for more than six months, they will need an employer/sponsor processed card in order to re-enter.
In addition, Kuwait is bringing in its new DNA testing law, applicable to expats and visitors as well as to citizens of the emirate. The new law is a world first, and is intended to help trace criminals and those who pose threats to the country. American assistance in studying the USA’s DNA testing systems was requested and granted.
The dramatic fall in the sterling exchange rate following the shock Brexit result prompted an eight-fold increase in remittances from the region to UK banks. Given the continuing political and economic bad news, it’s no surprise financial experts are recommending that expats continue to transfer capital back to their home countries.
Gulf Research Center’s director of economic research John Sfakianakis believes that now is the time to remit funds back to the UK and use them for home repayments, other financial purposes or simply to deposit However, other experts suggest hanging on to a reasonable amount against the possibility that sterling will fall even further.
Meanwhile, a Facebook post from Doha’s Ministry of the Interior insists that the newly issued Residence Permit Card must be carried at all times by expats living and working in Qatar. The card must be produced as and when demanded by local authorities and is especially required when leaving or entering the country.
Expats who enter the country from overseas without the card will still be permitted entry as long as a return visa issued at the port of entry is provided. If it’s found that expats have stayed for less than six months overseas, their residence cards will be marked as having been lost and, if the stay abroad has been for more than six months, they will need an employer/sponsor processed card in order to re-enter.
In addition, Kuwait is bringing in its new DNA testing law, applicable to expats and visitors as well as to citizens of the emirate. The new law is a world first, and is intended to help trace criminals and those who pose threats to the country. American assistance in studying the USA’s DNA testing systems was requested and granted.
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