Offshore Banking Dubai

Offshore Banking Dubai | Where To Keep Your Money Safely

Offshore banking Dubai: The banking services, advantages, disadvantages and typical banks in the jurisdiction

Offshore banking Dubai is becoming increasingly scrutinized as they fight to protect your wealth from the prying eyes of aggressive governments.

An offshore bank is generally in a country with low or no government levies on income, wealth or death, and which provides financial and legal advantages.

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Offshore banking Dubai: Services offered

It is possible to obtain the full spectrum of financial services from these banks, including:

  • Deposit-taking
  • Credit
  • Wire – and electronic funds transfers
  • Foreign exchange
  • Letters of credit and trade finance
  • Investment management and investment
  • Custody
  • Fund management
  • Trustee services
  • Corporate administration

Not every bank provides each service.

Banks tend to specialize in retail services and private banking services.

Retail services tend to be low cost and undifferentiated, whereas private banking services tend to bring a personalized suite of services to the client.

Offshore Banking Dubai | Where To Keep Your Money Safely

Varal Team Member

Offshore banking Dubai: Get a free quote now by filling in the box on the right and discover where to keep your money safely

Offshore banking Dubai: Advantages

  • Such entities offer access to politically and economically stable jurisdictions. This is an advantage for those residents in areas where there is a high risk of political turmoil, who fear their assets may be frozen, seized or disappeared.

However, developed countries with regulated banking systems offer the same advantages in terms of stability but not of taxation

  • Some of the banks may operate with a lower cost base but can provide higher interest rates than the legal rate in the home country due to lower overheads and a lack of government intervention
  • Advocates of offshore banking Dubai often rightly characterize government regulation as a form of tax on domestic banks, reducing interest rates on deposits
  • Offshore finance is one of the few industries, along with tourism, in which geographically remote island nations can competitively engage. It helps developing countries source investment and creates growth in their economies, and can help redistribute world finance from the developed to the developing world. They rely heavily on this income
  • Some offer banking services that may not be available from domestic banks such as anonymous bank accounts, higher or lower rate loans based on risk and investment opportunities not available elsewhere
  • Offshore banking Dubai is often linked to other structures, such as offshore companies, trusts or foundations, which may have specific tax advantages for some individuals
  • Many advocates of offshore banking also assert that the creation of tax and banking competition is an advantage of the industry, arguing that tax competition allows people to choose an appropriate balance of services and taxes

Offshore banking Dubai: Get a free quote now by filling in the box on the right to have your UAE offshore company registered

Offshore banking Dubai: Disadvantages 

  • Offshore banking Dubai has been associated in the past with the underground economy and organized crime, through money laundering
  • Following September 11, 2001, tax havens and their banks, along with clearing houses, have been accused of helping various organized crime gangs, terrorist groups, and other state or non-state actors. However, offshore banking in Dubai is a legitimate financial exercise undertaken by many expatriate and international workers
  • Offshore jurisdictions are often remote, so physical access and access to information can be difficult. Yet in a world with global telecommunications, this is rarely a problem for customers. Accounts can be set up online, by phone or by mail
  • Offshore private banking is usually more beneficial to those on higher incomes, because of the costs of establishing and maintaining offshore accounts. However, simple savings accounts can be opened by anyone and maintained with scale fees equivalent to their onshore counterparts. The tax burden in developed countries thus falls disproportionately on middle-income groups

Historically, tax cuts have resulted in a higher proportion of the tax being paid by high-income groups, as previously sheltered income is brought back into the mainstream economy.

Offshore Banking Dubai | Where To Keep Your Money Safely

Varal Team Member

Offshore banking Dubai: Get a free quote now by filling in the box on the right to have your UAE offshore company registered

Offshore banking Dubai: Typical banks in different jurisdictions

(The information given below may change as per the policies changes of the UAE Central Bank or of the individual banks)

1. Noor Bank

  • Bank description: Renowned international bank, global presence
  • Type of account: Corporate account with internet banking
  • Type of usage: Regular trading, accumulation, asset holding, investment
  • Minimum Avg balance: USD 120,000 or equivalent
  • Opening procedure: Need physical presence in UAE
  • Due diligence: Detailed due diligence on all principals and signatories
  • Currencies: AED, USD, EURO, others

2. Emirates Islamic Bank

  • Bank description: Renowned Sharia bank in Dubai, global transfers
  • Type of account: Corporate account with internet banking
  • Type of usage: Regular trading, accumulation, asset holding, investment
  • Minimum Avg balance: USD 200,000 or equivalent
  • Opening procedure: Need physical presence in the UAE
  • Due diligence: Detailed due diligence on all principals and signatories
  • Currencies: AED, USD, EURO (multi-currency account allowed)

3. Emirates NBD

  • Bank description: Renowned international bank, global presence
  • Type of account: Corporate account with internet banking
  • Type of usage: Regular trading, accumulation, asset holding, investment
  • Minimum Avg balance: USD 200,000 or equivalent
  • Operational costs: Average (wire transfer charges 0.15%, min $20 – max $65)
  • Opening procedure: Need to be physical presence in UAE
  • Due diligence: Detailed due diligence on all principals and signatories
  • Currencies: AED, USD, EURO (multi-currency account allowed)

4.  Commercial Bank International (CBI)

  • Bank description: Renowned Middle East bank, global transfers
  • Type of account: Corporate account with internet banking
  • Type of usage: Regular trading, accumulation, asset holding, investment
  • Minimum Avg balance: USD 50,000 or equivalent
  • Operational costs: Average
  • Opening procedure: Need physical presence in UAE
  • Due diligence: Detailed due diligence on all principals and signatories
  • Currencies: AED, USD, EURO (multi-currency account allowed)

5. RAK Bank

  • Bank description: Renowned international bank, global transfers
  • Type of account: Corporate account with internet banking
  • Type of usage: Regular trading, accumulation, asset holding, investment
  • Minimum Avg balance: USD 200,000 but success rate of opening is low
  • Operational costs: Average (wire transfer charges 0.15%, min $20 – max $65)
  • Opening procedure: Need to be physical presence in UAE
  • Due diligence: Detailed due diligence on all principals and signatories
  • Currencies: AED, USD, EURO, others

6. Abu Dhabi Islamic Bank (ADIB)

  • Bank description: Renowned international bank, global transfers
  • Type of account: Corporate account with internet banking
  • Type of usage: Regular trading, accumulation, asset holding, investment
  • Minimum Avg balance: USD 150,000 
  • Operational costs: Average (wire transfer charges 0.15%, min $20 – max $65)
  • Opening procedure: Need physical presence in UAE
  • Due diligence: Detailed due diligence on all principals and signatories
  • Currencies: AED, USD, EURO, others
Offshore Banking Dubai | Where To Keep Your Money Safely

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Offshore banking Dubai: Get a free quote now by filling in the box on the right to have your UAE offshore company registered

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Disclaimer: Varal doesn’t create tax shelters, it only registers companies. Nor does it offer tax shelter advice. Consult your tax attorney for such advice

Offshore Banking Dubai was last modified: May 3rd, 2020 by Ramapati Singhania

Ramapati Singhania

He strives for excellence in all he does and brings out the best in his people through guidance, a strong vision and support. He is exceptionally open-minded, flexible, dependable, understanding and straightforward in all words and actions and encourages personal as well as professional growth.

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