“Alexis, I’m relocating to Riyadh for a senior management role. I’m told there’s no income tax, but how do I manage my assets in France without being heavily taxed? And what about passing on my assets here should the unexpected happen?”
By 2026, Saudi Arabia has become the epicentre of international mobility for French-speaking executives and entrepreneurs. While the Kingdom’s appeal is undeniable, its tax regulations and legal framework (heavily influenced by Sharia law) call for a bespoke wealth strategy. Leaving without a comprehensive wealth audit exposes you to major legal friction upon a return to Europe or in the event of a succession.
At Balmont Conseil, we act as your AI-Augmented Wealth Engineer. Our mission is to secure your wealth management in Saudi Arabia by aligning your local interests with your international obligations.
The specifics of Saudi wealth management
Saudi Arabia is no longer a passive “tax haven” but an economy in the midst of profound transformation, driven by Vision 2030. For expatriates, three factors change everything:
Tax and regulatory challenges for expatriates in the Middle East
The Kingdom’s appeal, driven by Vision 2030, must not obscure the complexity of the legal interplay between France and Saudi Arabia.
The main challenge for expatriates is often not the Saudi rules, but the persistence of French obligations, as France applies particularly strict tax-residency criteria.
The Bilateral Tax Treaty: a double-edged shield
There is a France–Saudi Arabia tax treaty designed to avoid double taxation. However, its practical application requires deep expertise in international wealth advice to avoid errors of interpretation.
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French real estate: Despite your residence in Riyadh or Jeddah, income from real estate located in France remains taxable in France.
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Capital gains: While capital saved from your income is not taxed upon repatriation, capital gains realised during your stay may be subject to the bilateral treaties depending on the investment vehicle chosen.
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Zakat: As a non-Muslim expatriate, you are not directly liable for this religious levy, but your investments in local companies may be indirectly affected by it.
Analysing the tax implications and neutrality
The absence of income tax for expatriate employees in Saudi Arabia encourages a rapid build-up of cash. However, without rigorous international tax optimisation, these sums are exposed to harsh taxation when they are reinvested or repatriated in the future.
The Balmont recommendation: We advocate the use of neutral capitalisation structures, such as Luxembourg life assurance. This type of vehicle keeps investments secure while offering the geographic flexibility essential to international mobility.
Legal risks and the impact of Sharia law
The Saudi legal framework is heavily shaped by Sharia law, which calls for a bespoke strategy, particularly to protect your loved ones.
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Account freezing: Upon the account holder’s death, local bank accounts can be frozen instantly. It is therefore advisable to keep local holdings to the strict operational minimum and to favour "offshore" or joint accounts to safeguard your assets.
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Default succession: In the absence of specific provisions, local rules apply to assets located in the Kingdom, creating major disparities with French law, notably regarding forced heirship and the protection of the surviving spouse.
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An indispensable audit: Leaving without a comprehensive wealth audit exposes you to severe legal friction in the event of a succession or a return to Europe.
Real estate investment: opportunities and limits
The reform of the Saudi property market offers unprecedented prospects, but with safeguards in place.
Balmont Conseil solutions and support
Our firm offers a bespoke wealth strategy that factors in the wealth risks specific to the Middle East.
Why choose a private wealth professional in Saudi Arabia?
Expatriation to the Kingdom, however lucrative, places the investor at the meeting point of two radically different legal and tax systems. Relying on French-speaking private wealth professionals is essential to overcome the language barrier and navigate a growing administrative complexity.
Multinational, simultaneous expertise
Managing your wealth cannot be done in silos. An expert must understand both legal systems simultaneously in order to reconcile your interests:
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Command of the treaties: Correctly interpreting the bilateral tax treaty to prevent your Saudi gains from being heavily taxed upon a future return to Europe.
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Anticipating local law: Factoring in the specifics of Sharia law and Saudi civil law that apply by default to your local assets.
Personalised, context-specific support
Your situation in Riyadh is unique and cannot be modelled on that of an expatriate in Dubai or London:
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Vision 2030: The professional tailors your strategy to an economy in the midst of transformation (15% VAT, Dependent Fees, property reforms).
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Bespoke solutions: Whether through Premium Residency for real estate or local Private Equity funds, the expert selects the levers that match your profile as an executive or entrepreneur.
Securing your wealth and protecting your family
The key challenge remains protecting your loved ones against the uncertainties of international mobility:
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Financial continuity: Putting in place strategies to avoid the instant freezing of your local bank accounts in the event of death, favouring "offshore" solutions or joint accounts.
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Succession engineering: Using tools such as international wills or "Trust"-type structures to ensure your wealth is passed on in accordance with your wishes, rather than being subject to local succession rules by default.
The Balmont Conseil view:
Leaving without a comprehensive wealth audit carried out by an expert exposes you to major legal friction in the event of a succession or a return to France.
FAQ : Your questions about expatriation to Saudi Arabia
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See moreAnticipate to stay ahead
Wealth management in Saudi Arabia is an exceptional growth opportunity when it is steered with rigour. Vision 2030 is creating investment momentum without equal, but protecting your wealth value hinges on your ability to anticipate the rules of tomorrow.
Your project in the Middle East deserves borderless expertise.
Alexis Sagnier
With over 17 years of expertise in financial engineering, Alexis Sagnier supports company directors and expatriates in securing their cross-border challenges.