Opening a bank account in the UAE banks

Compared to the classical banking jurisdictions (Switzerland, Austria, Liechtenstein and Latvia), which for a long time have been under a considerable pressure from a variety of countries and regulatory authorities, the banking system of the United Arab Emirates remained uninfluenced. The same applies to the protection of the confidentiality of information about the shareholders of the bank accounts in the UAE.

In addition, it should be noted another world trend, followed by the United Arab Emirates – exchange of tax, banking or financial information. Without well-functioning of exchange of information, including banking information, it is impossible to collect taxes from the tax residents. And the main sources of information are banks and financial institutions. The UAE announced its readiness to start the automatic exchange of tax, banking and financial information from 2018.

How does the automatic exchange of bank information work? Put simply, if the person is a citizen of the state “A” and gives the documents proving his residency in the UAE to the bank of the state “B”, the bank of the state “B” will identify this person as a tax resident of the United Arab Emirates. Respectively, during the automatic exchange of information, it will be directed to the UAE, and not to the State of nationality of the person. In other words, the automatic exchange of tax information between states “A” and “B”. It should be noted that in fact taxation in the UAE is null.

CONFIDERI actively helps to open both personal and corporate accounts in the UAE, and has the exclusive banking partner in the field of private banking, proven to be the most successful and reliable asset and wealth manager - the maximum profit-making capacity have 100 % of our clients!

During the one-day visit you will be able to sign all necessary bank forms, to provide the bank with a copy of the passport with the stamp of entry into the United Arab Emirates (necessary for opening an account) and start the procedure. At your request, all documents for signature can bring straight to the airport. Client is provided with remote access to account management.

In order to open an account with our bank partner a visit to the UAE is not required.

According to the analysis of Tax Justice Network and Financial Secrecy Index 2015, the UAE was rated as one of the most reliable countries in the world from the confidentiality and security of assets point of view. In many cases it was called the new Switzerland of the Persian Gulf.

Like many other financial centers before them, the UAE also have to keep up with modern time and one of the indicators of the country following international standards of transparency is the signing in June 2014 of interstate agreements on the recognition of FATCA (United States' Foreign Account Tax Compliance Act).

FATCA was adopted by US Congress in 2010 and entered into force on 1 July 2014. The main purpose of the law is to ensure receipt of the United States government of the information on foreign bank accounts of its citizens. Instances where the credit institution do not disclose information about the accounts of its American clients lead to penalties.