I have to agree with you here. It's a shame but something that will hit all countries that don't comply to EU and the USA!
UAE is on European Commission blacklist
- Thread starter Konstanz
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Can't confirm this - Bank Accounts are getting opened in the same speed like always.
We keep the community posted in case something dramatically changes.
That's the real reason - UAE can't be put anylonger on the EU Tax Haven︁ Blacklist with 9% Corporate Tax so the EU needs to be creative and thinks about︂ something else.
We can confirm︇ received yesterday EUR from EU - please don't mislead the people here in the forum︈ with false information.
Yes - every bigger international Bank - no matter if Transactional Banks︉ like Citibank and HSBC or Private Banks like Pictet and Julius Baer - have either︊ a license / booking center in the DIFC/ADGM or at least a UAE Central Bank︋ regulated Representative Office.
US and UK headquartered Banks - not to mention Asian ones -︌ are just ignoring such EU decisions away - and EU headquartered Banks like BNP Paribas︍ are already booking through Switzerland or Channel Islands at least in the Private Banking.
That's not a surprise as at the end of they day these banks want to make︎ money and if they can onboard nowadays new wealthy clients then here in the UAE.️
From what we see all big major banks pushing all EUR through either the UK (Lloyds Bank) or Ireland (Citibank) - for EUR you have with the UK still very well workarounds like mentioned earlier here.
@Konstanz I know you are bashing UAE here already since forever but don't you think it's unfair to tell people here Bank Accounts are getting closed when they send to the UAE - which is obviously not the truth?
If you take a German Sparkasse or a British Barclays - they were for sure already before such an announcement more reluctant with sending to UAE compared to a Revolut︀ or Wise which does proper due dilligence or like Wise has local payout Accounts.
For everyone who actually has really so much fear about Bank Account getting blocked - get︁ yourself local collecting Accounts for the Dubai Company which is for all major Currency available︂ like SEPA Account for EUR Payments, Faster Account for GBP Payments and so on.
Last but not least I want to highlight that the decision was made almost 1 week︃ ago - how many user did complaint here about stuck payments since then? None.
That everyone gets a feeling about how EU is working and why so many people (for︄ a reason) claim that EU is coming to an end - just read this article︅ below which is not even 2 years old - yes EU are hypocrites :
https://www.eeas.europa.eu/united-arab-emirates/european-union-and-united-arab-emirates_en?s=210
We keep the community posted in case something dramatically changes.
That's the real reason - UAE can't be put anylonger on the EU Tax Haven︁ Blacklist with 9% Corporate Tax so the EU needs to be creative and thinks about︂ something else.
We can confirm︇ received yesterday EUR from EU - please don't mislead the people here in the forum︈ with false information.
Yes - every bigger international Bank - no matter if Transactional Banks︉ like Citibank and HSBC or Private Banks like Pictet and Julius Baer - have either︊ a license / booking center in the DIFC/ADGM or at least a UAE Central Bank︋ regulated Representative Office.
US and UK headquartered Banks - not to mention Asian ones -︌ are just ignoring such EU decisions away - and EU headquartered Banks like BNP Paribas︍ are already booking through Switzerland or Channel Islands at least in the Private Banking.
That's not a surprise as at the end of they day these banks want to make︎ money and if they can onboard nowadays new wealthy clients then here in the UAE.️
From what we see all big major banks pushing all EUR through either the UK (Lloyds Bank) or Ireland (Citibank) - for EUR you have with the UK still very well workarounds like mentioned earlier here.
@Konstanz I know you are bashing UAE here already since forever but don't you think it's unfair to tell people here Bank Accounts are getting closed when they send to the UAE - which is obviously not the truth?
If you take a German Sparkasse or a British Barclays - they were for sure already before such an announcement more reluctant with sending to UAE compared to a Revolut︀ or Wise which does proper due dilligence or like Wise has local payout Accounts.
For everyone who actually has really so much fear about Bank Account getting blocked - get︁ yourself local collecting Accounts for the Dubai Company which is for all major Currency available︂ like SEPA Account for EUR Payments, Faster Account for GBP Payments and so on.
Last but not least I want to highlight that the decision was made almost 1 week︃ ago - how many user did complaint here about stuck payments since then? None.
That everyone gets a feeling about how EU is working and why so many people (for︄ a reason) claim that EU is coming to an end - just read this article︅ below which is not even 2 years old - yes EU are hypocrites :
https://www.eeas.europa.eu/united-arab-emirates/european-union-and-united-arab-emirates_en?s=210
That's not necessarily what this means. It just means more scrutiny for transactions, applicants, and account holders related to UAE. If a bank was already debating whether to accept or keep you, moving to UAE might tip the scales. Otherwise, don't expect much difference except more frequent requests for information related to transactions.
Exactly. I don't say it will be closed for sure. But even without these blacklists I know people who moved to UAE and their accounts got closed. Of course if you have a lot of money you can always have good account in Switzerland for deposit of︀ 1m EUR.
Also please bear in mind you will no longer have access to Bunq︁ or similar neo banks who only accept EU/EEA customers.
Only one week has passed after︂ this blacklist. The real effect will be in 6 months, I think. Also, UAE will︃ have to improve their compliance much more to be removed from the list. So we︄ can except more compliance from UAE banks soon.
Yes, I am bashing UAE, I will︅ bash even more, because now they are shelter for russians. I had better image of︆ UAE before this war. Now there are too many russians there. I would not consider︇ living around too many of these people.
Also please bear in mind you will no longer have access to Bunq︁ or similar neo banks who only accept EU/EEA customers.
Only one week has passed after︂ this blacklist. The real effect will be in 6 months, I think. Also, UAE will︃ have to improve their compliance much more to be removed from the list. So we︄ can except more compliance from UAE banks soon.
Yes, I am bashing UAE, I will︅ bash even more, because now they are shelter for russians. I had better image of︆ UAE before this war. Now there are too many russians there. I would not consider︇ living around too many of these people.
That's your right and that's why we are in a public forum but still keep it objective and don't ruin other people opportunity because you personal didn't like it.
Yes - you would prefer Monaco or Cayman Islands over Dubai but not everyone is there yet to live in Monaco or is a rich Banana Island︀ lover.
This was︂ not possible since forever and is not even advisable - use some Barclays International in︃ Isle of Men instead you get it all there - AMEX, SEPA, Transactional Retail Banking︄ - no big deal.
Yes - you would prefer Monaco or Cayman Islands over Dubai but not everyone is there yet to live in Monaco or is a rich Banana Island︀ lover.
This was︂ not possible since forever and is not even advisable - use some Barclays International in︃ Isle of Men instead you get it all there - AMEX, SEPA, Transactional Retail Banking︄ - no big deal.
FYI
India’s Reliance Shifts Traders to Russian Commodities Hub Dubai
https://www.bloomberg.com/news/arti...ifts-traders-to-russian-commodities-hub-dubai
Richest person in india. Mukesh ambani bought two villa on palm and ready to move trading operation to Dubai from Mumbai....May be you can trust him......He must done R & D before taking any steps.....I am no expert but I feel People sometimes overthink about this type of stupid list......
India’s Reliance Shifts Traders to Russian Commodities Hub Dubai
https://www.bloomberg.com/news/arti...ifts-traders-to-russian-commodities-hub-dubai
Richest person in india. Mukesh ambani bought two villa on palm and ready to move trading operation to Dubai from Mumbai....May be you can trust him......He must done R & D before taking any steps.....I am no expert but I feel People sometimes overthink about this type of stupid list......
Nothing is perfect anywhere in this world - everything has it upside and downside.
If everything would be perfect in the UAE - we would be jobless.
So we get your point that your prefer Monaco or Cayman Island over UAE while Monaco comes with 500.000 EUR (at least can be way more) and Cayman Islands with at least 1.000.000 USD in investment to only get a Tax Free Residence - not talking about a︀ Tax Free Company and getting this Tax Free Company banked.
I'm really interested where you︁ did moved after you had your 2-3 months (years back) in Dubai and I'm sure︂ others are interested in it as well.
If everything would be perfect in the UAE - we would be jobless.
So we get your point that your prefer Monaco or Cayman Island over UAE while Monaco comes with 500.000 EUR (at least can be way more) and Cayman Islands with at least 1.000.000 USD in investment to only get a Tax Free Residence - not talking about a︀ Tax Free Company and getting this Tax Free Company banked.
I'm really interested where you︁ did moved after you had your 2-3 months (years back) in Dubai and I'm sure︂ others are interested in it as well.
Lol....come on now. It does not require 1m to operate from Cayman Islands. I covered moving their already some years ago in a thread with costings. Maybe inflation has gone out of control since....lol.
https://www.caymanenterprisecity.com
https://www.caymanenterprisecity.com
Wow, now we have two blacklists. Was not aware about that.
This EU blacklist (tax haven blacklist):
https://www.consilium.europa.eu/en/policies/eu-list-of-non-cooperative-jurisdictions/
is something different than this Anti Money Laundering (AML) deficiencies black list
https://finance.ec.europa.eu/financ...ntent-anti-money-laundering-and-countering_en
This EU blacklist (tax haven blacklist):
https://www.consilium.europa.eu/en/policies/eu-list-of-non-cooperative-jurisdictions/
is something different than this Anti Money Laundering (AML) deficiencies black list
https://finance.ec.europa.eu/financ...ntent-anti-money-laundering-and-countering_en
Deposit $1M to have a good account in Switzerland? No thanks. Their second biggest bank collapsed just a week ago. There are lots of safer alternatives with less fees.
https://fortune.com/2023/03/20/how-did-credit-suisse-collapse-so-fast/
https://fortune.com/2023/03/20/how-did-credit-suisse-collapse-so-fast/
Cayman Islands Vs UAE: Choosing the Right Location for Your Business
Indeed they are trying hard to get some of the UAE traffic.
Guys don't worry we are happy to help you getting a WORKING Tax Free Company with Tax Free Residence done while you are failing with one Cayman Island Bank after another or ending up banking on EMI's.
Had the pleasure dealing︀ several times with Cayman National Bank in the DIFC here in Dubai - well long︁ sorty short - there rent contract expires in 2023 and they don't renew it.
Indeed they are trying hard to get some of the UAE traffic.
Guys don't worry we are happy to help you getting a WORKING Tax Free Company with Tax Free Residence done while you are failing with one Cayman Island Bank after another or ending up banking on EMI's.
Had the pleasure dealing︀ several times with Cayman National Bank in the DIFC here in Dubai - well long︁ sorty short - there rent contract expires in 2023 and they don't renew it.
https://www.reuters.com/world/middle-east/fatf-adds-uae-grey-money-laundering-watchlist-2022-03-04/
Being on the EU list is of course a little different, but a year later being on the FATF grey list and UAE hasn't exactly crumbled into the ocean. It has led to more scrutiny, but nothing particularly outrageous.
Being on the EU list is of course a little different, but a year later being on the FATF grey list and UAE hasn't exactly crumbled into the ocean. It has led to more scrutiny, but nothing particularly outrageous.
Yes they are 😀.
Again that's OTT...lol.
Many people have had︁ problems opening accounts for their UAE businesses. It's more an industry issue. There are bad︂ banks and banking credibility issues everywhere.
https://www.khaleejtimes.com/uae/banker-steals-dh600-million-in-uae-caught-on-plane
Anyway lets︄ see how this UAE listing plays out. Might be a lot of fuss over nothing.︅ The EU actions are irrelevant for peoples relationship with UAE that live outside the EU︆ anyway.
Again that's OTT...lol.
Many people have had︁ problems opening accounts for their UAE businesses. It's more an industry issue. There are bad︂ banks and banking credibility issues everywhere.
Banker steals Dh600 million in UAE, caught on plane︃
https://www.khaleejtimes.com/uae/banker-steals-dh600-million-in-uae-caught-on-plane
The playboy who got away with $242m – using ‘black magic’
https://www.bbc.com/news/stories-42878021Anyway lets︄ see how this UAE listing plays out. Might be a lot of fuss over nothing.︅ The EU actions are irrelevant for peoples relationship with UAE that live outside the EU︆ anyway.
He is the hero we need, but don't deserve
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@Martin Everson I love it when you quote a story from 1995 in the UAE.
Just to get a feeling about it:
A bit has changed since︀ then 😀
Just to get a feeling about it:
A bit has changed since︀ then 😀
Beduins built a Luna park in the desert and replaced human jockeys with robots thu&¤#
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Was the other link 1995 as well?
I get that it's your business to sell UAE as a destination for business but I will not in good faith let wrong information fly if I know it to be wrong.
Look you have to accept that UAE is not for everyone. In same way Cayman is certainly not also. Some people don't like island life and some people don't like UAE life, sharia law, lack of freedom of speech, lack of free press, lack of free expression, poor human rights record, having to use a VPN to use whatsapp chat etc︀ and living under a dictatorship that they will soon have to pay corporate taxes to︁ with no representation...lol.
But in end people make their own choices 😀.
I get that it's your business to sell UAE as a destination for business but I will not in good faith let wrong information fly if I know it to be wrong.
Look you have to accept that UAE is not for everyone. In same way Cayman is certainly not also. Some people don't like island life and some people don't like UAE life, sharia law, lack of freedom of speech, lack of free press, lack of free expression, poor human rights record, having to use a VPN to use whatsapp chat etc︀ and living under a dictatorship that they will soon have to pay corporate taxes to︁ with no representation...lol.
But in end people make their own choices 😀.
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