Things to know about Offshore Banking in UAE

The UAE is considered to be among the most popular offshore banking detestations for individuals and entrepreneurs alike. There are plenty of benefits to derive here ranging from reliable banking to tax benefits, etc. Â

About OFFSHORE BANK

These days, people across the globe have the opportunity to choose any country to open a bank account. Generally, they prefer a country with a history of transparent jurisdictions, higher regulations along with a comprehensive and secure banking system. Those who wish to expatriate can find it favorable. Some expat destinations do boast of lower living cost and better life quality but may lack in bank safety. This is why most individuals prefer to park their hard-earned money in a reliable offshore location. There are offered two types of bank accounts to offshore clients, namely:

• Offshore bank account exclusively for corporate
• Offshore bank account exclusively for individuals

Offshore Bank In UAE Dubai for Beginners

You may be interested to open an offshore account in Dubai. As a beginner, you need to know the reasons why Dubai is a favorable offshore banking destination.

• Security is one of the major concerns for any individual. Most individuals reside in jurisdictions that do not allow them to trust banks to manage their money. Some countries like Dubai are found to be ideal to open up a bank account as it offers heightened security. This way, your money is completely safe and secure.
• You need to select a country, which offers the top regulations to meet client needs. Dubai is known to have higher regulations, secure banking systems and transparent jurisdictions.
• This country also boasts of providing investment opportunities. It is easy to Open offshore bank account in United Arab Emirates. They also offer a wide range of investments and funds, something not available globally. This way, you can diversify your portfolio, safeguard your assets, etc. effortlessly. it is considered to be the initial step to move your assets away from your country.
• Offshore accounts will be crucial to form an offshore SD-IRA, offshore corporation or international trust. The reputed banks provide clients with foreign exchange services, managed investment accounts and investment opportunities.
• It is quite natural for people to seek more confidentiality and privacy when opening bank accounts in foreign countries. Most countries have introduced laws to protect account holders. If confidentiality is broken, then banks have to face severe consequences. Some countries have introduced regulations not allowing banks to disclose account holder details
• Opening up an offshore account allows you to hold Anonymous Offshore Credit Card that you can use to make a purchase. Holding money in such banks is considered to be a wise decision. It helps conduct international business as well as tax planning.

Why choose Offshore Bank In UAE Dubai?

Although there are many countries across the globe offering offshore accounts, why should you choose Dubai? The banking system here is said to work quite hard to safeguard account holders’ wealth. Dubai once was considered to be a barren landscape. However, now it is a flourishing city, welcoming expatriates to come here from all over the world. Dubai’s 85% population is stated to be expat workers. Residing in Dubai, the expats can enjoy an amazing lifestyle, safe transportation infrastructure, entertainment, shopping including exceptional healthcare.

What financial services are offered with offshore accounts?

Offshore accounts provide different types of exciting financial services including very large services. Many people prefer to Open offshore bank account in United Arab Emirates just to escape high taxes in their countries. Dubai-based banks offer the following services:

• Corporate administration
• Trustee services
• Fund management
• Investment & Investment management
• Trade finance & Letters of Credit
• Foreign Exchange
• Electronic Funds Transfer, Wire
• Credit
• Deposit Taking
• Savings account
• Loans – both personal and commercial
• Trade finance
• ATM cards, Global Debit

It is without a doubt that Dubai is an economically and politically stable jurisdiction. It offers safe living to people coming from countries that are not safe for their residing or wealth.

An offshore bank account offers its customer privacy, however, this basic information is required to safeguard the customer’s funds and avoid impersonation. Therefore, a customer has to provide basic information such as a photograph passport, an authenticated light bill, reference letters, and other requested information. This document is to confirm the applicant’s identity and avoid any sort of impersonation. With the high alert of fraud ongoing, the ability to safeguard customers’ funds depends on the ability to authenticate their identity during funds withdrawal.

What features are offered with offshore accounts?

There is no difference between opening a local bank account, to opening an offshore bank account. They both require the same information. This information includes:

• Absolute confidentiality
• Convenience
• Flexibility to use different types of currencies
• Easy international payment transfer
• Quick money management
• Wealth management services
• Speedy transactions
• Quick service
• Available at client’s fingertips
• Available 24/7

Steps to open an account Offshore Bank In UAE Dubai

You can open up a bank account in the UAE by following some steps. But the process is likely to vary depending on your living in the country as a business owner, employee or non-resident. Some basic requirements include the following:

• Visa page proof showcasing your status as a UAE resident.
• Salary certificate
• Original passport document including a copy
• Some banks may require Emirates ID card. However, it takes time to obtain an Emirates ID. Hence, a few banks might not insist on it. However, they will ask for the Emirates-ID registration form which you had filled up at the time of application.

It is quite likely that non-resident applicants cannot prove their residency status. In such a case, your passport will be sufficient. As a non-resident, you will be able to get hold of an international debit card and savings account. You can also apply for Anonymous Offshore Credit Card. However, you will not be able to derive full services offered by banks.

What benefits to derive from the OFFSHORE BANK account?

There exist over 14,000 offshore banks spread across the world offering various types of banking facilities to global clients. Entrepreneurs prefer to hold an offshore account for various reasons, some of which are given below:

• Currency diversification flexibility
• Greater privacy
• Asset protection
• No or negligible tax
• Protection of savings
• Easy money transfer
• Benefits and privileges from foreign exchange
• Higher returns
• Diversifying investment portfolio
• Political risk dilution

In short, opening up an offshore account with a reputed bank in Dubai can help you to gain international profits.