Job Discussion Forums

[kuberkat]

Just to prove that I do not suffer from delusions of knowing it all, a question to all current and past expats in Oman.

Although as a junior-ish English teacher I am obviously small fry compared to the executives of Muscat, I do have some money to put out of reach of my grubby little paws. What amazes me is that nobody seems to want it. I have approached several brokerages and insurers in Muscat and none of them have gotten back to me.

So who will take my money? And more importantly, who will make it grow well?

The services I am looking for are:

1. International medical insurance for when abroad.
2. Loss of income insurance (international).
3. Life insurance (international).
4. Stock brokerage for MSM, LSE and BSE/MSE (Mumbai).
5. Unit trusts

Since the financial gains are a very important part of my being here, I would like to make the most of what my money can do, rather than just let it sit there on a paltry 4% interest rate. Your insights are most welcome and greatly appreciated.

[veiledsentiments]

Kuberkat,

I handled my own investing, and don't really know of anyone who went through a local company in Oman. Personally I would look into someone back home...

Have you checked with the international banks - Muscat branches? They used to try to sell their services to expats at SQU, but perhaps teachers are now considered small fry, and there are lots fewer western expats now than there was back then.

I can't recall your nationality, but have you looked into the offshore banks on the islands around England? At least they are a safe haven for your cash and they pay a good interest rate. And many of them offer the ability to save in different currencies so that you can hedge exchange rate fluctuations.

I have never bothered with life insurance since I have no children and I have never heard of international loss of income insurance. I normally bought a short medical insurance scheme through the travel agency that I dealt with for my home ticket. The company's name escapes me, but it was always through one of the large British insurers.

VS

[thrifty]

They don't pay a good interest rate. 4-5%.

[kuberkat]

Thanks for the insights, VS and Thrifty.

My international bank does offer offshore accounts, so there I'm sorted, but yes, it is worth mentioning. Thanks. (A minimum deposit of GBP5 000 is required, btw.)

I am aware that many expats have their finances handled "back home", but as a patriotic economic exile from a kleptocracry that has the highest violent crime rate in the world this is not only unsafe and imprudent in my case but also forbidden by my government. Expatriates are not permitted to open new bank accounts and any account that is "inactive" for six months (deposits don't count, mind) is closed and the funds confiscated. Delightful system nobody tells you about before you leave the country. Any wonder my little clan is known to be brutally hardworking and cooperative no matter what gets thrown at us?

Which is why I am particularly keen on having things handled in the Gulf or possibly the EU. I am keeping my eyes open in the regional media and online and will report back. Meanwhile, thanks again for the input.

[Tarka_littleotter]

I'm in Oman and I'd be more than happy to handle your money for you

[kuberkat]

Tarka_littleotter,

What's your interest rate?

If the rumours I hear are true, us good Ministry folks might have a little more money to handle as from next semester. But then this has been "in the pipeline" just about forever. Any forecasts?

[veiledsentiments]

[kuberkat]

VS, I'm afraid that despite all this I am too much of a patriot to admit my nationality online to prevent bad publicity! Mine is a beautiful country with soulful people who often do not know how to respond to the dreams of modernity that have sprouted in their minds- hence all that crime. My biggest sadness in Oman is when I see the parallells of rapid development gone rancid at times. A "developing" country may have many things working against it, but at least it can learn from the mistakes of the developed world. So why don't we?

On the positive front, exapts are allowed to buy real estate, and that may be my only investment back home for some time.

[Stephen Jones]

4-5% interest is the best you are going to get in a risk-free dollar account. If you want higher interest you'll have to take greater risks (that is to say be prepared to watch your income freeze or even contract in the short or mid-term).

HSBC Bahrain has offshore banking facilities; whether you need to deposit $5000 or GBP 5000 I don't know.

[Duffy]

KK,

The buzz down here is that the Ministry have set up a "committee" to re-assess teachers pay with a view to awarding rises all round, above the annual increment. Have you heard 'owt about this??

Duffy

[veiledsentiments]

From years of experience listening the various rumors of raises around the Gulf, they only materialize about 10% of time. Be pessimistic... that way you avoid disappointment. And if it arrives, you can be pleasantly surprised.

[kuberkat]

The grapevine has it that this raise has been discussed for a very long time. What makes me think it may be on the near horizon is the fact that my HOD informed me that the monthly salary for new recruits will be OR1 600, but they only receive their package of accommodation and OR800 in cash. (The rest goes to the shrewd recruiters discussed in other threads, and apparently direct hires are no longer accepted!) Now as far as I know, the highest salary in my department is OR1 500 at present. What does all this mean? Mainly that the ministry moves in mysterious ways. I am very happy with what I get. More would be nice, too!

[Duffy]

Well, despite VH's pessimism, I have heard that the lady at the top , but not, has convened a meeting during which evidence of all present teachers academic qualifications will be reviewed with a view to upgrading the salary to reflect the true worth of individual teacher. Sounds interesting huh!!!

Duffy

[veiledsentiments]

It sounds promising... but I remember the year we all got 15% raises. But, it went into a special line item so that it didn't affect the gratuity. Then a couple years later, they took half of the raise back. That was at SQU...

insha'Allah it will come...

VS