There is no difference between countries. UAE is not an exception.
It gets reported if you have tax residency somewhere else in all CRS signer countries.
A completely different topic is if you are willing to lie to your bank.
There is no difference between countries. UAE is not an exception.From people on the ground in Dubai, more than 1.
You sign the self certification form declaring you are a tax resident of what all countries. If you declare just UAE - the residence permit is a proof of that it very much might be possible you are doing correct declaration on certification form and bank takes you at your word. Unless, you have a high value account and there are indica that you might be resident in more than one country. SO yeah technically it is your responsibility to declare your tax residency.
Here is the complete guide by UAE Authorities on the subject:
https://mof.gov.ae/wp-content/uploa...tes-for-the-Common-Reporting-Standard-CRS.pdf
I'm wondering if you obtain that tax residency certificate from Dubai after spending just 3 months (there was some options to do that after just 3 months but don't remember the details, however this certificate will most likely not be recognized by your home country) if that will be enough to truthfully claim in front of your bank that you are Dubai tax resident.So basically you have to either :
A) spend more than 183 days per year in the UAE or
B) Just declare you spend more than 183 days per year in the UAE, while actually living somewhere else
perhaps its that simple, if the bank just takes you for your word. Not really groundbreaking or unique though, I imagine people have tried this in other countries too..
So basically you have to either :
A) spend more than 183 days per year in the UAE or
B) Just declare you spend more than 183 days per year in the UAE, while actually living somewhere else
perhaps its that simple, if the bank just takes you for your word. Not really groundbreaking or unique though, I imagine people have tried this in other countries too..
Do you have an actual source for this? If you read through the official CRS handbook, it's clear that for bank accounts, only the total interest earned and the balance at year end is reported.They report totals, not individual transactions.
It depends on a lot of factors, especially how well the tax authorities develop their systems. With AI, it should be a straightforward task to uncover all those "secret" zero-balance accounts.Whether tax authorities still look into zero balances is anyone's guess, but I'd wager they're more interested in someone with 1 million at year end compared to someone with a zero balance.
True, that's a scary thought. Imagine tax authorities don't develop their systems until years in the future.It depends on a lot of factors, especially how well the tax authorities develop their systems. With AI, it should be a straightforward task to uncover all those "secret" zero-balance accounts.
ai is no magic. It cant be with this amount of garbage data.True, that's a scary thought. Imagine tax authorities don't develop their systems until years in the future.
You think you're safe with a zero balance every year but once their AI systems are implemented, what if they use it to look into all the previous years of zero balance accounts, now you're on the hook for years of unpaid taxes, interest and penalties.
As long as it stays like it is now...ai is no magic. It cant be with this amount of garbage data.
its again a case bc these are bureaucrats (which are all tax exempt at oecd / eu level btw), and dont really understand what they try to regulate.As long as it stays like it is now...
To be fair, I do not understand why they haven't included the transaction data as reportable, it is stated on many bank statements already so it is not that hard to implement
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