Offshore bank account for GCC Resident

[GrumpyMess]

As a bonus, you can enjoy zero tax

It's not a bonus, money is the main reason why people are living there

 

[Martin Everson]

I bet you had a bad story in UAE

What bad experience could I possibly have had in UAE.

Do you believe is there any country with a real democracy?

Yes there is no true democracy. But Dubai is a dictatorship remember which you are living under . Never thought I would find someone happy to live under a dictatorship.

I love the UAE because people are kind, you can see lots of smiling people outside, no road rages, no safety issues and you can have a high standard of living if you have money also it is mixed country you can have friends from 10 different nationalities.

That speech sounded scripted like someone held a gun to your head..lol . But hey I aint trying to get you two years in a Dubai jail for defamation over a public forum.

As a bonus, you can enjoy zero tax

And that my friend is the real and only reason you are there....lol.

Anyway my point was just be careful mate. No malice to the subjects of Dubai's ruler

 

[rowena]

Most probably but it is not going to happen before 50-100 years. The whole world needs oil and oil resources should be stable.

https://www.independent.co.uk/news/...-crash-us-base-trump-war-latest-a9274601.html

 

[Martin Everson]

https://www.independent.co.uk/news/...-crash-us-base-trump-war-latest-a9274601.html

lol....so you really were concerned and watching like a hawk .

Good news so at least Dubai Expo 2020 will have visitors now....lol.

 

[rowena]

@Martin Everson
Actually I was sleeping No need to watch, I already wrote my comment a week ago Nothing going to happen before 50-100 years and stop wasting time with clickbait news

 

[JohnSeed]

ahhh guys where is this going? Trump and Iran or will the discussion continue with OP's question

 

[Martin Everson]

Locally one of the best option is ADCB Jersey, this way you have both UAE and Jersey account with immediate transfers between them. They used to open it from $25,000, I am not sure now.

ADCB Jersey is closing down now. Interesting you talked about their merger well that is the reason they are leaving Jersey now.

ADCB to exit its operations in Jersey to focus on home market

 

[BlueMist]

ADCB Jersey is closing down now. Interesting you talked about their merger well that is the reason they are leaving Jersey now.

ADCB to exit its operations in Jersey to focus on home market

Yep, I saw it. I was expecting it. Last year they sent out questionnaire to their offshore clients which questions were clearly related to reevaluating their offshore banking services. I think the decision was already made to quit Jersey but they did it just to have an excuse for pissed off clients, as I don't believe clients using it would vote otherwise. Also the reason stated in this article is bulls**t. They are simply having a hell with Jersey compliance.

Sad because I don't think there is any other local bank offshore alternative, especially at such a low requirements. FAB for instance is asking for $1 million in Switzerland.

 

[bobek]

Hi!

Thanks a lot for a great reply

Among the banks, I mentioned in option A, which one is more or less the most reliable one to keep money in?

Lloyds so far has the best options for deposit, with their "Bonus savings account", but is it reliable?

Thanks!

friend im on same position you are !! can you send me pm msg we talk or more details im olso on dubai

 

[troubled soul]

I lived in Dubai for years and witnessed shocking stuff firsthand during the original property boom. Have you even read the laws? Are you fluent in Arabic my friend? Otherwise ignorance is bliss I can tell you....lol.

I think you will have a different view of UAE if conflict deepens with Iran which I hope it won't. UAE is a very very soft and easy target. Remain vigilant and avoid crowded areas...that's not my advice but the Foreign & Commonwealth Office...lol.

One second @Martin Everson Do you live in Dubai in Past ?
Really curious why you left Dubai ?
If It is not attack on your privacy

 

[Martin Everson]

One second @Martin Everson Do you live in Dubai in Past ?

Yes

Really curious why you left Dubai ?

Dispute with landlord leading to bounced cheque...nuff said. I left Dubai so quickly I was half naked.

 

[troubled soul]

Yes



Dispute with landlord leading to bounced cheque...nuff said. I left Dubai so quickly I was half naked.

Very true, Avoid Any dispute with Local at any cost .
Local Vs Expat There is no chance of Expat winning . Government (sheikh) Will always take side of Local .

 

[Martin Everson]

Local Vs Expat There is no chance of Expat winning . Government (sheikh) Will always take side of Local .

Yup that's what my lawyer hinted and I later found to be true. There is a real reason people dropped everything and ran from Dubai .

https://www.buzznicked.com/abandoned-luxury-cars-in-dubai/

 

[Fred]

back to topic.

I can agree with @Martin Everson suggestion regarding Barclays International for UAE residence.

Already helped many clients getting the account there - they are a bit slow initially but once open works like a charm.

However for whatever reason they onboard you with UAE residence lately with the Barclays International Banking Center in Isle of Man.

Couldn't see any difference from the banking side of view between Jersey and Isle of Man.

However Barclays International Banking Center - no matter if IoM or Jersey - is a very good start to have a long lasting relationship starting from 25.000GBP. Depending on the amount of funds you bank with them they provide you even starting from 250.000GBP some nice features for asset management.
Later on you even get much easier access to Barclays Private Bank in Switzerland through the already existing banking relationship via Barclays International Baning Center. Important to mention that Barclays IoM and Jersey are the only one that provides bot SEPA and SWIFT - most banks in the Channel Islands and IoM only have SWIFT.

 

[rowena]

You can find lots of abandoned cars in Dubai but it is not about laws and problems in Dubai. Salaries in Dubai high from western countries that's why people spend more but the problem is once people suddenly start to earn $10-50K per month they think they're rich and buy expensive stuff like supersport cars, expensive watches, designer clothes etc... They buy those stuff with loans or credit cards. Once they lost their job everything collapses and banks chase them. This is the main reason people left their(actually bank's) stuff in Dubai and run away to their home country.

Very true, Avoid Any dispute with Local at any cost .
Local Vs Expat There is no chance of Expat winning . Government (sheikh) Will always take side of Local .

A landlord does not mean a local and yes locals have "waste". It is better to not conflict with them.


I don't recommend Barclays. It is better to deal with HSBC Expat or Citi IPB because they have a real presence in UAE and they're bigger.

 

[Fred]

I don't recommend Barclays. It is better to deal with HSBC Expat or Citi IPB because they have a real presence in UAE and they're bigger.

You are right but especially Citi has high fees.

They charge you with 150,- / month for having 200k+ Euro with them and custody is 0.5%.

Nedbank Private Wealth could be worth a look as well they have rep. office in Dubai and providing interesting one-stop shop solutions with good fees like 0.1% custody fees for 1m+GBP and they even allow to buy with IBKR and transfer to them so you don't face the fees they have for trading.

 

[rowena]

You are right but especially Citi has high fees.

They charge you with 150,- / month for having 200k+ Euro with them and custody is 0.5%.

Nedbank Private Wealth could be worth a look as well they have rep. office in Dubai and providing interesting one-stop shop solutions with good fees like 0.1% custody fees for 1m+GBP and they even allow to buy with IBKR and transfer to them so you don't face the fees they have for trading.

Yes, there are negative interest rates for EUR currency but this is almost the same for all top-tier banks in good jurisdictions. The best thing about Citi IBP is it is a UK-based account not an island jurisdiction like IoM or Jersey. You can also enjoy the benefits of the UAE Citigold lounge in Jumeriah and ATMs/branches.

I think Nedbank Private is a different segment because it requires $1M. Citigold is better for people looking good banking solution but can't afford private banking yet.

 

[Fred]

Yes, there are negative interest rates for EUR currency but this is almost the same for all top-tier banks in good jurisdictions. The best thing about Citi IBP is it is a UK-based account not an island jurisdiction like IoM or Jersey. You can also enjoy the benefits of the UAE Citigold lounge in Jumeriah and ATMs/branches.

I think Nedbank Private is a different segment because it requires $1M. Citigold is better for people looking good banking solution but can't afford private banking yet.

You are right.

Just wanted to bring Nedbank Private on the map in this thread for other readers on future.

They are based in UK/IoM/Jersey and require at least 250kGBP or currency equivalent to start with them.

 

[BlueMist]

Nedbank Private doesn’t have access to SEPA though. I agree about Citi IPB UK being expensive to held any significant EUR amount. However Nedbank also has -0.5% negative rates on EUR deposits.

 

[Fred]

Nedbank Private doesn’t have access to SEPA though. I agree about Citi IPB UK being expensive to held any significant EUR amount. However Nedbank also has -0.5% negative rates on EUR deposits.

Yes that's why the combination of Barclays IoM/Jersey and Nedbank Private Wealth makes sense.

Barclays for day to day banking and Nedbank got your portfolio.

By the way did you checked with the London Branch of Nedbank Private Wealth - they also don't have SEPA?