Following on from my last two articles, which covered some alternative investment strategies to consider in the current economic climate, I think now is the appropriate time to look at the financial implications of leaving the GCC. As the effects of the current situation become more widespread here, one of the most significant impacts on the population is the loss of their jobs.

For most people, their jobs are their primary source of income. And,along with their employment, there is often a range of other benefits that they rely on to sustain their lives here.

Most employees are provided a work permit and residency visa from their employer that allows them to live and work legally in the GCC. Therefore, the first and most immediate issue if you lose your job is to find out how long the company will allow you to stay on their visa before they cancel it. Some companies have been more accommodating than others regarding the length of time they allow, with the shortest being 30 days.

That doesn’t leave much time to start planning what you want to do. Would you like to find a new job here, or do you need to think about heading back to your home country or to a new location? If you are looking here, 30 days is not very long to find and secure a new position. If things do not work out here, or if you would rather move back to your home country, there are many things to consider.

There is a possibility that the bank account your salary was being paid into will be frozen if your former employer informs your bank of the loss of your employment. There is more chance of this happening if you have an outstanding loan with the bank, as they will want the loan settled before they release the account.

Do you have any outstanding loans? If you have a car or a personal loan, then these should be repaid before you leave. Various reports have suggested that you can simply leave and your debts will stay here without any recourse. However, many banks are now employing international debt collectors to track people down and recoup any outstanding loans, so you may not be able to escape that easily. Also, by leaving your debts behind, it will mean that you will probably never be able to return. That may not be a problem now, but it could be one in the future.

There are many other issues that need to be considered as well. If you are renting property, your landlord needs to be contacted and arrangements need to be made. If you own your property, what are you going to do with it? Can it be sold before you leave, or would you prefer to rent the property out?

Are you going to pack up your property and arrange shipping of your belongings, or can you sell your furniture here? If you have a maid, her visa will be cancelled when yours is, so she needs to be informed and suitable arrangements need to be made. If you have any pets, provision should also be made for them.

There is never a convenient time for redundancy to happen, but it may be possible to negotiate a suitable exit strategy so that you leave at a better time. For example, if you have children, it would be best to leave after the end of the school year, or at the very least at the end of the term, to avoid interfering with their education too much.

Also, it could be potentially advantageous for certain nationalities to head home at the beginning of the tax year (which is April in the UK, for example), as it can allow you to maximise your allowances and tax efficiency. If you have decided to head home before the end of the previous tax year, but will actually return in the new tax year, there are various tax planning decisions to be made.

For example, if you hold certain offshore investments, their structures should be checked to make sure that they are arranged in the most efficient manner. If you have made any investments such as property and they are still showing a profit, it would be better to sell them before you go back if possible.

Having all of these issues sorted will hopefully mean that one area of stress and concern has been removed from your life.

It will also mean that you can leave with a clear conscience and the ability to return in the future.