Do we known for a FACT that Dubai doesn't report to your home country your properties and bank accounts with them if you have golden visa?

[Dandyline]

From my limited information so far, seems that if you become a resident in Dubai they will NOT report back to your home country whatever bank accounts and real estate you have in Dubai? Even if you don't spend 51% of the year there, not even 3 months?

Do we know that for a confirmed fact or is mostly speculation/hope at this point?

My plan is to get golden visa by buying 2m AED property there and not spend more than few weeks per year there. So need to make 100% sure that is true before dropping the 2m, thanks!

If you have UAE residency (Emirates ID), you will not be reported. Not matter if you stay 1 day per year. Thats the whole point.

On the ground, things are very relaxed. After all, this is middle east.

 

[backpacker]

https://mof.gov.ae/wp-content/uploa...tes-for-the-Common-Reporting-Standard-CRS.pdf

 

[PinkCat]

They usually report to the country on your passport. If you want to avoid Dubai reporting, get a passport from a 0% jurisdiction and use that for the golden visa. It's the safest option if you have the funds.

That is actually genius, do you have particular jurisdiction in mind that is easy to get passport from?

If you have UAE residency (Emirates ID), you will not be reported. Not matter if you stay 1 day per year. Thats the whole point.

On the ground, things are very relaxed. After all, this is middle east.

Are you 100% sure? According to CRS they should report it, does that mean that in practice they don't respect the CRS rules?

https://mof.gov.ae/wp-content/uploa...tes-for-the-Common-Reporting-Standard-CRS.pdf

That is very useful. It seems they report only bank accounts? Not ownership of properties? Or there is another agreement for that?
Also under excluded accounts, i saw that if the bank account is opened solely to buy a property they don't report it, did i get this right?

 

[Dandyline]

That is actually genius, do you have particular jurisdiction in mind that is easy to get passport from?

Are you 100% sure? According to CRS they should report it, does that mean that in practice they don't respect the CRS rules?

That is very useful. It seems they report only bank accounts? Not ownership of properties? Or there is another agreement for that?
Also under excluded accounts, i saw that if the bank account is opened solely to buy a property they don't report it, did i get this right?

100% sure yes. According to CRS, they should report to the country where you are tax residence. If you open an account with the EID, you are considered UAE resident.

 

[mon0sk]

I know cases where there has been reports going back to home country from UAE and if you live in high tax "welfare" country where you get prison time for tax fraud/avoidance, is it really worth it... Also the 90 days tax residency from UAE is domestic purposes only(confirmed from FTA). In my case my home country does not recognize this as valid for my purposes and demands for the 180days Tax residence certificate for international tax treaty purposes so be very careful and hire a lawyer to confirm because the money you spend on good tax lawyer always pays back and saves you from sleepless nights.

 

[Cloudbanck]

I know cases where there has been reports going back to home country from UAE and if you live in high tax "welfare" country where you get prison time for tax fraud/avoidance, is it really worth it... Also the 90 days tax residency from UAE is domestic purposes only(confirmed from FTA). In my case my home country does not recognize this as valid for my purposes and demands for the 180days Tax residence certificate for international tax treaty purposes so be very careful and hire a lawyer to confirm because the money you spend on good tax lawyer always pays back and saves you from sleepless nights.

Yeah, also maybe they dont report under CRS but there are other ways of reporting. Like under bilateral information sharing agreements.

 

[PinkCat]

100% sure yes. According to CRS, they should report to the country where you are tax residence. If you open an account with the EID, you are considered UAE resident.

UAE resident is not equal to UAE TAX resident.

You can be UAE resident and still tax resident in your home country.

 

[Mike Forman]

UAE resident is not equal to UAE TAX resident.

You can be UAE resident and still tax resident in your home country.

This is correct, but banks don't know nor have the ability or even interest to figure out where you are tax resident (which can be in multiple jurisdictions at the same time).

A bank relies on the information you provide to them and use the residence proof for crs exchange. If you don't have local or foreign residence proof (=temporary or permanent residence card, local TIN and address proof) , you will be reported to your country of citizenship.

If you are a UAE resident you should be safe from CRS reporting to your country of citizenship, I don't believe a bank ever asks for a tax residence certificate.

 

[Cavaliere]

That is actually genius, do you have particular jurisdiction in mind that is easy to get passport from?

There are many you can use, I have seen this structure utilized personally and if you ask around you can make it airtight. Yes, sometimes you will have to lie about your residency, but if all the UAE knows is you have a St. Kitts passport and you are a Kitian, they won't be able to tell your are originally from say Italy.

And like others mentioned, banks don't ask for a tax residence certificate.

However, keep in mind that UAE is a surveillance state. Your mileage may vary depending on your specific needs.

 

[uranium]

There are many you can use, I have seen this structure utilized personally and if you ask around you can make it airtight. Yes, sometimes you will have to lie about your residency, but if all the UAE knows is you have a St. Kitts passport and you are a Kitian, they won't be able to tell your are originally from say Italy.

And like others mentioned, banks don't ask for a tax residence certificate.

However, keep in mind that UAE is a surveillance state. Your mileage may vary depending on your specific needs.

You are mistaken
St Kitts passport has place of birth so they can know
I agree with the fact that banks don't ask for trc, however a member here said his bank did. I hope if others had similar experience would share it with us.

 

[Konstanz]

I am looking at samples of St Kitts passport.
I don't see place of birth: https://www.consilium.europa.eu/prado/en/prado-documents/KNA/A/docs-per-category.html

Maybe it's mentioned on other pages?

 

[JackAlabama]

I am looking at samples of St Kitts passport.
I don't see place of birth: https://www.consilium.europa.eu/prado/en/prado-documents/KNA/A/docs-per-category.html

Maybe it's mentioned on other pages?

i thought all passports of the americas have this field, but not sure.
A simple look at the person holding this passport and the case is very clear in an instant. The motive for the passport is the nice landscapes one can visit indefinitely.

 

[JackAlabama]

https://best-citizenships.com/2019/12/02/why-place-of-birth-matters-in-passports/https://www.timescaribbeanonline.com/wp-content/uploads/2017/10/Douglas-Dual-Passportg.jpg

its included, for dominica as well.

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[Konstanz]

https://best-citizenships.com/2019/12/02/why-place-of-birth-matters-in-passports/https://www.timescaribbeanonline.com/wp-content/uploads/2017/10/Douglas-Dual-Passportg.jpg

its included, for dominica as well.

This is Dominica passport

 

[TheCryptoAnt]

I am looking at samples of St Kitts passport.
I don't see place of birth: https://www.consilium.europa.eu/prado/en/prado-documents/KNA/A/docs-per-category.html

Maybe it's mentioned on other pages?

St Kitts passports didnt have POB until '15 I believe, but they do now.

 

[PinkCat]

ok if you get golden visa based on off-plan real estate investment, your residency address is not completed yet, so what address you will get in your emirates ID?
Or you have to rent something until your main property is finished?

 

[Mekan Gurbanov]

ok if you get golden visa based on off-plan real estate investment, your residency address is not completed yet, so what address you will get in your emirates ID?
Or you have to rent something until your main property is finished?

Even though the building construction is not yet completed, Immigration Department will use this address in their system. No address is mentioned on the EID itself.

 

[JackAlabama]

This is Dominica passport

Thats what I said, "for dominica as well" means Dominica and St. Kitts. Also you can read the article, its written they had to include it a few years back.

 

[JimBeam]

ok if you get golden visa based on off-plan real estate investment, your residency address is not completed yet, so what address you will get in your emirates ID?
Or you have to rent something until your main property is finished?

There's no need to register your address in any way.
You need to register your SIM card to your Emirates ID.
So governments will know where you are at any time and you're free to live wherever you want (hotel, airbnb, friends house). Nobody cares and you're free to live/stay wherever you want.
If you do long term rental you also register Ejari with your EID so then they have an address where you live but again - they don't care where you live.

 

[Cavaliere]

St Kitts passports didnt have POB until '15 I believe, but they do now.

My bad, I don't look at St. Kitts passports daily and went off memory. Anyways, I've never tried but I do wonder how hard it would be to be creative with your POB. Taxes are all about creativity in the end.