Multi currency bank account with stock trading in the UAE, what are the best options?

#41
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Well glad you know the risks and in the end all that matters for you.
 
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#42

With all things considered the UAE is safer than most banana republic tax havens, Malta or Cyprus when it comes to banking. The only real issue is that the regulatory landscape can change very rapidly and affect your compliance/tax implications. Democracy wise well, i couldn't give a rats a*s if it's a dictatorship so long as the business climate is friendly enough and the banks are reliable. Don't commit crimes and don't try to launder cash through UAE entities and you won't have to worry about the government going dictatorship mode on you.

I dealt with many jurisdictions before, never had a single issue with UAE banks other than maybe cryptocurrency-related deposits. It's hit or miss depending on the bank. About the costs, if people are concerned about that (to a reasonable extent), they don't need an offshore setup to begin with.
 
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#44
Martin Everson said:
KJK beat me to it. I was gonna suggest internaxx in Luxembourg now known as swissquote.lu. They offered multiple currency accounts with individual iban's but don't know if they still do.
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Yes, they do. The major difference between SQ LU vs SQ CH, apart from jurisdiction, is that the latter allows to have cards and use the account in a normal operational way, e.g. by sending and receiving 3rd party payments, while Internaxx / SQ LU doesn't.
 
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#45
That sounds pretty interesting. What if you open a SwissQuote account as a UAE resident? Would they always give you an account with their UAE branch? Can they accept third party payments?
Can you open SwissQuote accounts as a US LLC?
 
#46
BGL recommended by @Martin Everson is expensive option I recall to buy and hold. They removed a possibility of applying online for UAE residents, one need to call them. Citibank AE has probably the best "local" investment options offering access to multiple international markets. Also trading and custody fees are acceptable for smaller amounts (e.g. below €100k). Citibank AE custodian is UBS Switzerland. I wonder how does it work in practice and whether your investments could be frozen. Technically they are not held in the UAE but they are tied to your UAE investment account.

JustAnotherNomad said:
That sounds pretty interesting. What if you open a SwissQuote account as a UAE resident? Would they always give you an account with their UAE branch? Can they accept third party payments?
Can you open SwissQuote accounts as a US LLC?
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You can apply for SQ account in the UAE or directly with their LU or CH office. There are some pricing differences between SQ UAE and SQ CH although in both cases money are held in Switzerland. I see no reason why SQ CH should not accept LLC if you commit to invest into something. I had for instance a positive response from SQ CH regarding Cyprus holding companies. Best to check with business department of SQ CH.

I opened Internaxx LU (now SQ LU) as UAE resident without any issues.
 
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#49

If you are Italian then a crucial part of your strategy (among other things) is to carefully choose in which country to have your AIRE registration, which probably should not be in UAE. If you have been out of Italy (on the AIRE register) for 9+ years and at some point you wish to move back to Italy then you could have a great opportunity with the so called "flat tax for HNWI" (pay €100k per year and you are 100% legally "shielded"). Obviously there are pros and cons to be evaluated for your specific case, so it is paramount to speak with a good tax advisor with knowledge of the specific matters
 
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