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alexi2013

Member

Member since 05 February 2014

alexi2013

05 February 2014 18:23:39

alexi2013

05 February 2014 18:23:39

Hi all,

To introduce myself, I am from India currently working in a bank (Corporate Banking) in India. I am an engineer and an MBA from one of the premier B-Schools of India with approx 8 years of work ex (of which 1 years related to credit and 5.5 years in banking). I am in advanced discussions for a role in Corporate Banking in Bahrain (Manama). The salary offered is 2000 bhd / month, 800/bhd for housing is separate and paid directly to house owner; others - life and medical insurance, and family air tickets once a year. Additionally, performance bonus could be around 6000 bhd annually. Request if someone themselves in the financial services / banking domain in Bahrain could guide me if the salary offered is fair and in line with the current market scenario considering my experience?

Secondly, I will move with my wife and a small kid. From the blog, I could gauge that the salary is reasonable but compared to an existing Indian salary of approx 13000 bhd (post tax), does it make sense to shift? Is the salary offered good enough?

How is the schooling for Indian kids in Bahrain? decent schools and availability? cost?

Lastly, just confirming, is there any taxation apart from the 1% for social fund... does India have a DTAA with Bahrain, not sure if the income in Bahrain will be taxed in India? any thoughts..

Any help will be appreciated..

Best Regards

Farhaz

Bahrain Expert

Member since 19 May 2013

Manama

Farhaz

06 February 2014 13:37:21

2081

Farhaz

06 February 2014 13:37:21

2081

Manama

Hi Alexi

Thanks for your message.

Answers to your questions below:
1) Salary and benefits sound reasonable for someone with your profile.
2) Bankers are good employers. Bahrain is a capitalist economy. Whilst employment in banks is stable, you can get fired for bad performance and due to bad economic conditions.
3) Banking sector is a bit sluggish now. Used to be boom time a few years back.
4) Yes you can move around after spending reasonable time with current employer. You also should not unreasonable and try to move within a short period of time if you find another employer. I know lots of Indians do this.
5) Increments of 1 to 3% are the norm. And it is adequate since the cost of living in Bahrain is reasonable for those in high income brackets and inflation is low.
6) Only you will be able to assess if making the move makes sense financially and emotionally. If you earn enough back home and are happy with your job then think very carefully before moving.
7) A number of Indian schools operate here in Bahrain. You can also think of other international schools. - by the way, also ask for school fees for your kids. This is usually paid by banks.
8) No taxation other than the 1%. There may be indirect taxes in goods and services but these will be part of the purchase price any way and you will not feel it.
9) By DTAA I assume you are talking of double taxation avoidance agreements. I am not aware of Indian and Bahrain agreements to this effect. I am also not aware of the tax laws in India. I come from Sri Lanka and according to the Sri Lanka tax law only income earned or derived from or in Sri Lanka is taxed. So we Sri Lankans do not pay tax on our non-Sri Lankan income. I am sure India also follows a similar line of thinking. Please do re-confrm with a CA from India.

Trust the above answers your questions briefly and to the point. Please feel free to shoot us another message if you need any elaborations or have more questions.

Best wishes in your job search, negotiations and decision.