UAE Offshore Banking

Offshore banking can simply be defined as banking activities carried out from any remote locations apart from the location where you live. Different individuals as well as corporate account holders have varied reasons to opt for offshore banking facilities and some of the common reasons are requirement of multi currency loans or for saving tax.

In recent times, offshore banking has gained significant importance because it allows flexible transactions which is a standard rule of these offshore bank accounts and facilitates in managing your worldwide financial commitments at ease. Dubai has very recently come up with a huge business scheme with the introduction of Dubai International Financial Centre or DIFC that allows free trade in Dubai. It is presumed that this will escalate the business heights of the city.

You are permitted offshore banking in Dubai only till the time you holds a valid residence visa. After opening a bank account here in Dubai, you can freely import as well as export funds. You need not make currency declarations while getting into the territories; that actually allow you to move your funds in your desired form.

These banks are experts in international bank transfers. Dubai has witnessed a very lucrative outflow of money recently. Some clients of these banks who have moved into this particular region have been exporting a major portion of their income to their native land. Many others have opened these bank accounts to escape heavy taxes to be paid in their own country.

Dubai has some of the leading banks of the world in their list of investors and these banks have marked their prominence here in the city of Dubai. Some of the major banks are HSBC offshore, Abbey National Offshore, ABN Amro, Dresdner and Barclays. All these banks have their offices in the emirate and with the completion of the Dubai International Financial Centre or DIFC; Dubai is expected to make room for some more offshore branches of some of the world’s leading banks.

Presently, all the banking activities of the emirate are under the regulation of the UAE Central Bank and they have too many restrictions implied on the foreign banks. However, there aren’t any restrictions in depositing or sending different currency denominations to and from the emirate. You are allowed to transfer money from any corner of the world in any currency denomination you want to. Most of the people find it easier to transfer money to their offshore banks from their very own bank, but you might also come across several organizations offering you that kind of service. You must be very careful while cracking a deal and you need to weigh the situation as well keeping in mind all the pros and cons of the deal. You must first ensure the exchange rate offered and the commission that is to be levied. These are the two determinant factors of a good organization. Though you might be offered good rates, you must also re evaluate the whole thing to understand what you would be charged in total; that would help you in finalizing your deal.

Several Tax Haven Services are also offered along with Offshore Banking service in Dubai, like:

A Few Points to Be Noted: