Bank account

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  • #5258

    The Lead is asking:
    He need to shield foreign income from taxes, and be anonymous.

    If he will have a new bank account in UAE, Bank account will be in the name of the company, however, He, the beneficiary has to furnish his US passport to open the account. Doesn’t the bank have an obligation to report the beneficiary in accordance with FATCA?

    #5260

    Without declaring the Ultimate Beneficial Owner(UBO) the banks will not open the bank account.
    Banks can report and reveal UBO details anytime to FATCA (if required)

    #5261

    The bank is obligated to report FATCA cases i.e. those holding income generating assets in US including stocks to the UAE central bank which is obligated to submit to US upon enquiry. There is supposed to be a mechanism for automatic sharing of data. We are not sure if that is operating.

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