Moving to Qatar: 4 Tips for Preparing Your Finances

Qatar may be one of the world’s smaller countries by physical size, but it punches well above its weight in world economics. Thanks to its gigantic oil and natural gas resources, Qatar has the highest per capita GDP in the world. Their influence can be felt far and wide as they own controlling stakes in publicly traded businesses around the world. And with the World Cup coming up in 2022, the eyes of the entire world will be on this small nation. So if you plan on getting in on the action with a move to Qatar, here are a few tips for getting your finances in shape.
Start saving early
Whatever way you cut it, you’re going to need some money behind you if you’re moving. The best advice based on the experience of many expats is to start saving not only an emergency fund, but to save enough to cover unexpected eventualities for visas, licenses, legal fees, etc. If you are being transferred within your company to their Qatari office, then this mightn’t be as big an issue.
Open a bank account in advance
You don’t want to emigrate anywhere without having a bank account setup in advance. There are several international banks operating in Qatar who cater to expats including Citi, Barclays and HSBC, the latter of which have a popular premier level current account product offering free global transfers, a dedicated account manager and an account available in Qatari Riyal, Pound Sterling, US Dollars and Euro currencies.
Taxes
If you didn’t already know about Qatar’s generous taxation policy, then prepare to pack your bags. Personal income is tax-free, so whatever you earn while living and working in Qatar is all yours. There is one very important caveat to be aware of. If there is no Double Taxation Avoidance Agreement (DTAA) in place between your current country of residence and Qatar, tax will be levied on your Qatari earnings.
Cost of living
Expats are generally paid very well. And while Qatar may be at the top of the world in terms of per capita GDP, don’t expect everything to cost a fortune – not everyone is rich here. In fact, in comparison with the likes of Dubai, Qatar is reasonably affordable. Accommodation will make up the lion’s share of monthly expenses with rent coming in at anything from 5,000 – 18,000 QAR per month depending on the size of the property and its location. As you would expect from a country with such huge oil reserves, filling up your car won’t cost a fortune. However, food will cost more than at home as most of it is imported.
Rounding up…
As you can see, moving to Qatar does come with many benefits. For many, the cultural restrictions are more than offset by the booming economy, attractive salaries and low taxes. For a few more facts about Qatar check out wikipedia