The Benefits Of Financial Advice In Saudi Arabia

Posted on: 30th December 2024 in Financial Planning

Saudi Arabia is one of the world’s fastest growing economies. Coupled with Vision 2030 which is set to further diversify the country’s economic potential, Saudi Arabia is a top global location for those in search of opportunity. 

With tax-free salaries and generous pay packages, living and working in Saudi Arabia makes it possible to save, invest and ultimately enjoy a higher standard of living. 

However, while all of the foundations are in place to prosper from life in this corner of The Gulf, financial advice remains critical to ensuring your financial goals are truly reached. This includes over the longer term when you may have returned to your home country. 

Learn from the experts here at Holborn Assets about the importance of financial advice, whether you currently live in or plan on relocating to Saudi Arabia. 

Saudi Arabia: At A Glance 

Average salary: Data from TalentUp reveals that salaries for executive roles range between SAR 70,000 to SAR 100,000 per month for CEOs and SAR 50,000 to SAR 80,000 per month for CEOs. 

Economy: As with the rest of The Persian Gulf, Saudi Arabia’s economy is primarily commodities-based. However, diversification is in progress due to Vision 2030, with targets to generate $320bn in non-oil contributions. Key industries will include aerospace and defence, agriculture, automotive, construction, consumer goods and retail, entertainment, healthcare and real estate. 

Tax in Saudi Arabia: There is no personal income tax in Saudi Arabia. However, non-residents who engage in business activity are subject to a 20% corporation tax on net profits. The UK also has a double taxation agreement with Saudi Arabia. 

Cost of living: According to research by Numbeo, the cost of living in Saudi Arabia averages 31.7% cheaper than in the United Kingdom. Combined with the excellent tax benefits, Saudi Arabia can make it easier to reach your financial goals. 

Making The Best Financial Decisions In Unfamiliar Territory 

When you decide to move to a new country, the laws and customs will naturally differ from those in your home territory. That’s why any financial advice needs to be specific to the country you plan on living or working in, so that your wealth can best be protected and ultimately flourish over the longer term. 

As we’ve just established, Saudi Arabia offers some fantastic potential for your wealth portfolio, especially with the tax-free salaries on offer. But as with living in any new country, there are also cross-border rules and regulations to know about. 

Expat financial planning can take a broad look at wealth management to include aspects such as: 

• Local investments
• International investments
• International property
• Retirement planning

As a leading financial advisory group here in Saudi Arabia, some of the other common challenges we help our clients overcome include cross-border rules and regulations. In particular, navigating currency fluctuations which can affect income and savings. 

Keen to learn more?: Get financial advice if you are based in Saudi Arabia. 

Optimising Your Tax-Free Income 

Unsurprisingly, the various income and tax incentives make Saudi Arabia an attractive place to live and work. However, having a financial plan is key to maximising the true potential of these benefits. 

Depending on your lifestyle and the stage of your career, you may need to factor in things such as:

• Rent or mortgage expenses
• Healthcare costs 
• General living expenses
• Savings and investments
• Children’s education
• Retirement planning 

Without a doubt, a financial adviser is best placed to guide your decisions on any of these aspects plus others which may apply to your personal situation. Specifically, a financial adviser in Saudi Arabia will have an acute understanding of the country you are living and working in as an expat. 

Learn more about managing your finances while living in Saudi Arabia on the Holborn Assets blog. 

Long-Term Foresight Even for Short-Term Stays

Whether you plan on working in Saudi Arabia for a fixed duration, or if you remain undecided about how long you’ll stay, it’s essential to factor in your wealth management when making any financial decisions. 

Retirement planning is one such example, and can be an area that’s easy to overlook when living abroad. Building a strong retirement plan while living in Saudi Arabia requires you to consider your future needs carefully so that you can plan accordingly. Without financial advice, this can be difficult to do, let alone implement. 

When you meet with one of our financial advisers in Saudi Arabia, you’ll have the opportunity to explain your current position in relation to your goals. In response, you will receive tailored advice to ensure you are not only on track, but are not missing out on the best strategies and techniques to get you there. 

Conclusion

Moving to Saudi Arabia can offer an abundance of potential for your financial health, including your long-term financial goals. Acting as your personal sounding board, a financial adviser can help ensure your broader financial health doesn’t get overlooked in these crucial years when your income is maximised. 

Speak To Our Financial Advisers In Saudi Arabia

Are you currently living or working in Saudi Arabia? Ensure your financial portfolio is heading in the right direction by consulting with our financial financial advisers.

Holborn Assets is currently the only Western advisory company to be granted a full investment licence from the Ministry of Investment in Saudi Arabia.

Our advisers can offer a full suite of services to help you make the most insightful financial decision. 

Get in touch with our Riyadh office today by calling us on +971 4 457 3800 by or sending an enquiry through to our advisers.