Posted by Neil King
The majority of British expats living in the UAE have an offshore savings account, new research shows.
A survey by Lloyds TSB International found that while 92 per cent of British expats have a current account and 53 per cent have a savings account in the UAE, nearly 60 per cent also maintain an offshore savings account.
According to Lloyds, the findings show that British expats living in the UAE are aware of the importance of maintaining a varied financial portfolio by keeping their savings in both their current country of residence as well as offshore.
Richard Musty, managing director of Lloyds TSB Middle East, commented: "This indicates that British expats have a good understanding of their finances. They are making the most of the positive options living abroad presents such as exchange rates and appreciate the importance of maintaining a combination of financial options on and off shore."
Lloyds TSB has been a major bank in Dubai for over 30 years, having been awarded its banking licence by the UAE Central Bank in 1977.