Flip through the latest issue of Gulf Weekly.
Expats beware … don’t be taken for a ride by a smooth-talking salesman probably wearing a watch worth the price of your family car and several flights back home.
Around 22 years ago I left a blue chip company in the UK to try my hand in Bahrain.
Quickly I had sales reps knocking on my door telling me I would need a pension and to trust my money with them.
I paid two different companies, both with familiar names in the investment sector, one a lump sum, the other a monthly amount for 20 years.
On my part I stuck to my commitment and paid every month in full and on time after insisting on low risk policies. Now 20 years on, both policies have matured with a payback amount well under the amount paid out.
There is nothing I can do now other than tell new expats arriving in the kingdom who are planning their future about my experience.
You need to do something about retirement but be very wary of all these so-called financial advisors who will no doubt come calling.
In hindsight, I should have set aside the same amount in a normal bank account which may have offered little interest, if any, but at least the capital would have been guaranteed. The only person to benefit from my policies was the salesman who pocketed all the commission.
Name and address supplied.
