AREAS OF FINANCIAL PLANNING INCLUDES: 1.Wealth management 2.Expatriate management 3.Corporate & Retail Investments 4.Life & protection covers 5.Retirement 6.Group Insurance

1. MANAGING YOUR FINANCES IN QATAR
A guide for recent arrivals or those planning to relocate to Qatar

2. Managing Your Finances in Qatar
Ahlan, so you are planning relocate to Qatar or have recently arrived? Nexus
welcomes you to Qatar!
At Nexus we plan to help you make your transition to Qatar a smooth one by
answering some important questions that you might have about your
finances and how to manage them in Qatar.
Whether it is which bank to choose, what kind of account you will need, how
to insure your vehicle, or how to buy property, you will find the answers for
these questions and many more right here. With a wealth of experience behind us, your Nexus
advisor can help steer you in the right direction so that you make the correct decisions for you and
your family from your very first day in Qatar.
Some financial matters may be straight forward like choosing and opening the correct type of
bank account. Some might need more planning such as setting up a pension fund or organising
your finances so that you can save for your future – it doesn’t matter to us what kind of financial
service you need, we are here to serve you.
Keep reading for more information and do not hesitate to contact us should you need clarification
or want to know more about our services.
We wish you all the best in your new life here in Qatar.
Gary
Gary Lunn
General Manager,
Nexus Financial Services.
About Nexus Financial Services
Nexus Financial Services is the largest IFA in the region, and is regulated by the QFC under licence
00099. Nexus Financial Services will provide a 394-page guidebook to anyone new to Qatar who
undertakes a financial review with one of our qualified and authorised advisors.
To book a meeting or ask any questions please feel free to
nexusqatar.hotline@nexusadvice.com
Tel: (+974) 4412 1479 Fax: (+974) 4410 9804
Postal: PO Box 200433, Doha, Qatar
Email : info@nexusadvice.com
Website: www.nexusadvice.com

3. BANK ACCOUNTS IN QATAR
Q. What do I need to open a bank account in Qatar?
In order to work in Qatar, you will need an active bank account. All you need to open a bank account
in any bank in Qatar is:
A letter of introduction from your employer confirming your position and salary.
A copy of your passport.
A copy of your Qatari ID
Q. Which bank do I choose?
A. The good news is, that Qatar has a relatively strong and secure banking network and you will be spoilt for
choice. There are two major international banks, three regional banks and ten local banks from which to
choose. Four of the local banks offer their banking services under Sharia compliant banking, the remainder
offer conventional banking services, so you can choose whichever bank suits your needs.
Q. Do I need to reside in Qatar to have a bank account?
A. If you are not a resident of Qatar but need a bank account here, you can open a deposit or savings account,
although you will not receive a cheque book or have any credit facilities.
Q. What if my company is registered with more than one bank?
A. In Qatar fees, charges and interest rates have maximum levels set by the Central Bank, therefore banks
will from time to time make other offers i.e. lower rates, cash back offers or give air miles with their credit
cards in order to market themselves to the public. These could play a part in influencing you to choose a
particular bank, if your company is registered with more than one bank.
Q. Which bank has the most convenient working hours?
A. If you cannot get to the bank during normal working hours, do not worry because:
ATM transactions in Qatar are free irrespective of who you bank with and which ATM machine you are
using. However if you use your own bank’s ATM you will be able to carry out a wider variety of transac-
tions.
All banks have internet banking and 24/7 call centres and a large number have now introduced mobile
banking through smart phones.
Nearly all banks offer some extended hours such as evening banking, Saturday mornings or they have
branches in shopping malls that are open everyday of the week during mall hours.
Nearly all banks offer priority banking to customers meeting specified criteria.
Q. What if I want to take advantage of offers from different banks?
A. There are no restrictions on the number of bank accounts you can have. If you have savings you can
deposit them in the bank that gives you the best interest rates. It does not necessarily need to be the bank
to which your salary is transferred. However, as mentioned above, there might be restrictions in facilities
when using different ATM machines.
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4. LOANS AND CREDIT CARDS
Q. Can I take a loan or credit card out when I arrive?
A. In Qatar, banking facilities i.e. credit cards, loans, vehicle finance can only be provided if you have your
salary transferred to that bank, although in some cases you may obtain a credit card from a bank by making a
security deposit for the value of the credit limit of the card you applied for. Most banks also have a list of
pre-approved companies whose employees get preference in banking procedures. It is therefore worth-
while checking with your HR department which banks have your employer on their pre-approved list.
Some banks require a minimum period during which your salary is credited to the account before granting
loan or credit card facilities. Bank loans and credit cards cannot be granted until your Residency Permit has
been processed and this can take a few weeks after your initial date of arrival.
REMITTANCES
Q. Can I send money home to my family and how long does it take?
A. There are no rules in Qatar that impose maximum limits on the transfer of funds out of the country. If you
are making a transfer to a major city anywhere in the world,(in the currency of that country), it usually takes
no more than one day. Qatar is a signatory to international agreements that aim to prevent money laundering
and financing criminal activities. Therefore, to avoid enquiries into your transfers, if your transaction is
unusual in size in relation to your salary or other savings, it’s always best to advise the bank on what is going
on just as you would do in your home country. Some banks offer free international transfers if conducted
over their internet banking site.
PROPERTY
Q. Can I buy a house or land in Qatar?
A. Qatar has made the purchase of property by expatriates possible in 13 designated areas. You can also get
long-term mortgages (up to 20 years) and can rent the property out. Normally the bank will require you to
put down 30% of the purchase price. Financing for property under construction is also possible with
approved developers.
QROPS
Q. What is a QROPS – Qualifying Recognised Overseas Pension Scheme?
A. QROPS is a Qualifying Recognised Overseas Pension Scheme which has been approved by Her Majesty´s
Revenue & Customs to accept a pension transfer from a UK pension scheme. It offers enormous financial
benefits to the thousands upon thousands of expats now living or planning to live out their retirement
abroad.
This ability to transfer a pension from the UK to another country was brought into action on 6th April 2006,
dubbed 'A-Day', when massive reforms swept through personal and work pensions in the UK. Under these
changes people who were no longer resident in the UK, but had UK pensions, were allowed to transfer their
pensions across to a QROPS, provided they met certain conditions. If you wish to learn a little more about
QROPS please give us a call and will be happy to provide you with the latest HMRC updates and guides.
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5. INSURANCES
Q. How do I make sure I am covered for car insurance in Qatar?
A. Car Insurance is handled slightly differently in Qatar. It‘s the car that is insured and not the named driver.
Comprehensive insurance is available at all insurance companies. You must, by law, have a minimum cover
of 3rd party insurance. You also have to insure the number of potential passengers because in the event of a
fatality you may be required to compensate the relatives of the deceased.
Q. What is the difference between insuring a new or used car?
A. The ‘no claims bonus’ does not exist, here in Qatar. Premiums are calculated based on the value of the car.
As the car gets older the value reduces and so do your premiums. If it’s a new car the insurer will permit
repairs to be undertaken by the dealer. As the car gets older repairs are undertaken by their approved
garages unless you have paid a premium to ensure dealer repairs only.
Q. What if I have a car accident?
A. Even if you have full comprehensive insurance, in the event of an accident you might still be required to
make a payment if you insist on brand new parts replacing the damaged parts. This is because the insurance
coverage is not ‘new for old’ but ‘old for old’. You will be advised on the costs at the outset when the repairs
are evaluated and you can make your decision then.
Q. What kind of health insurance is available in Qatar?
A. Qatar has a good government-supported health service, and your employer may arrange a health card for
you. Some employers will also provide private medical insurance for their employees, while others may not.
It is best to check this when scrutinising your contract. If your employer does not provide medical insurance,
we at Nexus can arrange this for you and your family.
Q. What is a Takaful Plan?
A. Briefly, Takaful describes an insurance structure which is compatible with Islamic law. Every participant
contributes a sum of money to a common Takaful fund and agrees to mutually help each other should any of
the participants suffer a loss as covered under the Takaful contract. The operational framework of Takaful is
free from elements of Riba (interest or usury), Gharar (unknown or ambiguity in the contract) and Maysir
(gambling).
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6. Do’s and Don’ts of Banking and Insurance in Qatar
DO:
Make sure your bank sends you free SMS messages each time a transaction in your account takes place.
You will then be aware of any fraudulent usage of your account or credit card. Debit and credit cards
issued in the state of Qatar contain a CHIP for added security. If your card is lost or stolen your liability
ceases as soon as you have reported the loss to the bank.
Make sure you take advantage of the free ATM usage as banks do not charge for withdrawals made
through their machines.
Have a will in place before moving overseas. In Qatar, in the event of your death, the authorities will freeze
your bank accounts until it’s clear who the beneficiaries are. This applies even if you have a joint account.
A will can considerably reduce the time taken, and processes involved in releasing these funds.
Nexus financial services works in conjuction with other professionals who can assist you in preaparing a
"Will" we will delighted to help facilitate this introduction.
Take out sufficient insurance for all your precious belongings. Crime does exist in Qatar, although on a
small scale, therefore you should always insure the contents of your home and personal possessions at
least, just as you would back home. Fire is always a risk wherever you are, so household insurance would
cover you in this respect.
Look into Nexus travel insurance, as you will find that most people travel a bit more when living in the
Middle East.
DON”T:
Issue a cheque to someone without having sufficient funds in your account when the cheque is
presented. This is a criminal offence and you will be fined. You cannot stop a cheque issued to someone
unless it has been lost or stolen.
Default on a loan or credit card payment. The Qatar Central Bank and the Credit Bureau monitor all unpaid
cheque and default events.
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7. FINANCIAL ADVISORS
Q. What do I need to know to make an informed choice about a financial advisor?
A. Qatar wishes to establish itself as a centre of excellence for Financial Services in the Middle East,. In 2005
it set up the QFC, The Qatar Financial Centre. The QFC is responsible for the regulation of the markets and
financial organizations in Qatar, ensuring firms that are members of the QFC act in accordance with strict
guidelines and rules. (Banks in Qatar that look after personal customers are regulated by Qatar Central
Bank.)
In 2000, Qatar revoked all licences for financial advisory firms operating in the state because it did not have
the regulatory structure to protect investors. With the establishment of the QFC and the QFCRA (Qatar
Financial Centre Regulatory Authority), there are now mechanisms to ensure that QFC- regulated independ-
ent advisors abide by the regulator’s rules and provide clients a level of protection while accessing global
markets and sourcing the best solutions from well known, financially strong providers.
The QFCRA(Qatar Financial Centre Regulatory Authority) operates to protect clients through regulation of
member firms and individuals. The QFCRA regularly advises those seeking advice not to conduct business
with firms that are unregulated. These could be businesses based outside of Qatar, with sales representa-
tives, flying in and out to avoid regulation or have been declined licences. These could be businesses or
individual's who base themselves in Qatar but operate without licence or QFC Authority.
For more information on the QFC visit www.qfc.com.qa or contact the QFCRA to see which firms and
individuals are regulated.
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8. RELOCATING TO QATAR
Q. What general matters should I consider before arriving in Qatar?
Make sure you inform your bank at home that you will be moving to Qatar. This is to allow continuous use
of your existing banking arrangements and credit cards.
Check with your current service providers which protection/insurance policies you will still need when
working permanently overseas and specifically in Qatar.
Check your new employment contract and make sure the medical, life and critical illness covers provided
are sufficient for your needs.
Check that your will is up to date.
Q. What should I make sure I do as soon as I can in Qatar?
Set up a local bank account to facilitate free ATM use while in Qatar.
Set up a budget plan, allowing for short, medium and long term savings.
Set up internet banking to keep a track of your accounts on a regular basis.
Purchase annual general insurance for such things as contents insurance, medical cover, vehicle insurance
and dental cover. Despite Qatar being a relatively safe place to live, accidents happen and general
insurances are designed to get you back up and running as quickly as possible whatever the cause.
Build up an emergency fund to cater for the unknown and unforeseen. An Individual Savings Plan (ISP)
can do just that. Planning for your future can be both exciting and daunting and it needs careful
consideration.Whether saving for a wedding or planning for your retirement, an ISP offers tax-efficient,
simple and flexible savings programs that can evolve as your personal circumstances change. Personal
financial planning is the responsible approach to saving and Nexus can help with saving for all occasions.
Contact Nexus to get an advisor allocated to you. You will get lots of advice from people when you arrive
which though well-intended might still be inaccurate. Nexus independent financial advisors will make
sure the advice you receive is tailor-made for you.
Undertake a financial review to explore options for protection, savings and investments and collect your
free guidebook to Qatar from Nexus.
Protect your family with Nexus Protection Plans against unforeseen circumstances as you never know
what the future holds. Whether it’s protecting against premature death, providing for dependents or
protecting against the loss of earnings due to serious illness, Nexus offers a comprehensive range of
personal insurance options from term insurance to a whole of life solution.
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