Help! What's the most cost effective way of taking rent & can I transfer money to UK?

[helenc]

Hi, any help or advice - would be great!

I'm about to let my property in International City and am after some advice about being taxed on it in the UK & is it best to set up a bank account in Dubai and have the rent paid straight into a bank account over there or is there no difference cost wise - if I get it transferred straight into my British account?

What's everyone else doing?

I'm with a bank that has branches in Dubai - so would I be best to set up another account with them there? If people do have it put straight into accounts in the UK - do you get it transferred in AED's or pounds?

Many thanks,
Helen

[Roshan]

Originally Posted by helenc

Hi, any help or advice - would be great!

I'm about to let my property in International City and am after some advice about being taxed on it in the UK & is it best to set up a bank account in Dubai and have the rent paid straight into a bank account over there or is there no difference cost wise - if I get it transferred straight into my British account?

What's everyone else doing?

I'm with a bank that has branches in Dubai - so would I be best to set up another account with them there? If people do have it put straight into accounts in the UK - do you get it transferred in AED's or pounds?

Many thanks,
Helen

Have you thought of an off shore account ?.

Regards

Roshan

[anil]

I have had my rent transferred to a UK account. It was converted to GBP by my bank here. The agent in Dubai just needed an IBAN number to do the transfer.

It would be useful to have a AED account Dubai just so that payments can be made easily if needed. But I have found it difficult to open an account over there. Barclays have been particularly unhelpful !

I think HSBC are better but you need to have an account in the UK with them and they also need it to be active for a few months.

NBD look like they will be do a Savings Account for non-residents. I am inquiring with them now.

[Roshan]

Originally Posted by anil

I have had my rent transferred to a UK account. It was converted to GBP by my bank here. The agent in Dubai just needed an IBAN number to do the transfer.

It would be useful to have a AED account Dubai just so that payments can be made easily if needed. But I have found it difficult to open an account over there. Barclays have been particularly unhelpful !

I think HSBC are better but you need to have an account in the UK with them and they also need it to be active for a few months.

NBD look like they will be do a Savings Account for non-residents. I am inquiring with them now.

NBD are good but how flexible I don't know. You could try Mashreq bank.

REgards

Roshan

[bonnecoste]

Originally Posted by helenc

Hi, any help or advice - would be great!

I'm about to let my property in International City and am after some advice about being taxed on it in the UK & is it best to set up a bank account in Dubai and have the rent paid straight into a bank account over there or is there no difference cost wise - if I get it transferred straight into my British account?

What's everyone else doing?

I'm with a bank that has branches in Dubai - so would I be best to set up another account with them there? If people do have it put straight into accounts in the UK - do you get it transferred in AED's or pounds?

Many thanks,
Helen

I opened an account with Emirates Bank without any problem. You can have a VISA Electron card and internet banking which allows you to transfer your money to any other bank account. Highly recommended!

Mike

[Roshan]

Originally Posted by bonnecoste

I opened an account with Emirates Bank without any problem. You can have a VISA Electron card and internet banking which allows you to transfer your money to any other bank account. Highly recommended!

Mike

There we go. We now have answers. This was bothering a lot of members.

Thanks for the info.

REgards

Roshan