Offshore bank accounts for crypto with UAE address?

[Verbatim]

If you live in the UAE is that a problem for e.g. European banks or Swiss banks or other - for doing your banking?

I have heard UAE is good for crypto but banking can become a problem. If you want to diversify your banking is a UAE address an impediment?

To give an example, I have heard that if you live in Malta hardly any Swiss bank wants to work with you, not sure if that's always the case though.

 

[Gediminas]

Verbatim said:
If you live in the UAE is that a problem for e.g. European banks or Swiss banks or other - for doing your banking?
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No problem with that.

Verbatim said:
If you want to diversify your banking is a UAE address an impediment?
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Personal accounts in local banks could be opened with no address (using your hotels' location), but if you want to have an account outside UAE, then the address will be mandatory (in order to achieve UAE resident status from the banking perspective).

Verbatim said:
I have heard that if you live in Malta hardly any Swiss bank wants to work with you, not sure if that's always the case though.
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Forget about Swiss, you don't need this jurisdiction. It's too much regulated and gives headaches these days. There are much better alternatives.

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[BlueMist]

There are plenty European and Swiss banks representative offices in Dubai DIFC. No issues in opening personal or even business accounts for freezone companies but both starts from minimum €500.000.

 

[John Spectre]

Gediminas said:
Forget about Swiss, you don't need this jurisdiction. It's too much regulated and gives headaches these days. There are much better alternatives.
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Could you name reputable banks/jurisdictions for hold money coming from crypto with size 1+ mil euro that accept uae residents?

 

[Gediminas]

John Spectre said:
Could you name reputable banks/jurisdictions for hold money coming from crypto with size 1+ mil euro that accept uae residents?
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Retail banks are not the best places to look for such accounts. Usually, they don't have enough risk appetite to serve crypto clients. Only a few of them are fine with crypto, but it's not worth the troubles.

You can find a reliable fintech located in Europe that is business-oriented and also crypto-friendly. Those financial institutions will be fine with large transactions.

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[Nasters]

Gediminas said:
Forget about Swiss, you don't need this jurisdiction. It's too much regulated and gives headaches these days. There are much better alternatives.
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which jurisdictions do you recommend, and fintech ?

 

[John Spectre]

Gediminas said:
Retail banks are not the best places to look for such accounts. Usually, they don't have enough risk appetite to serve crypto clients. Only a few of them are fine with crypto, but it's not worth the troubles.

You can find a reliable fintech located in Europe that is business-oriented and also crypto-friendly. Those financial institutions will be fine with large transactions.
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Sure retail banks are not suitable.
But you said you know someone who better that swiss private banks. So, who is them?
Emi and other fintech banks, like bankera? Sorry, but no, they are even not close to swiss private bank status.

 

[Silvio]

John Spectre said:
Sure retail banks are not suitable.
But you said you know someone who better that swiss private banks. So, who is them?
Emi and other fintech banks, like bankera? Sorry, but no, they are even not close to swiss private bank status.
Click to expand...

Each bank tier has its own use, some are less solid but more flexible, some are very safe but not flexible

A way to use both would be:
Crypto -> Crypto-friendly EMI with IBAN in your name -> UAE Retail Bank -> Swiss Private Bank

That way the private bank doesn't complain because money arrives from your personal account.

 

[Gediminas]

John Spectre said:
Emi and other fintech banks, like bankera? Sorry, but no, they are even not close to swiss private bank status.
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And what exactly will you do with that "status" in real life? What is the advantage?

John Spectre said:
But you said you know someone who better that swiss private banks. So, who is them?
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I was talking in general, because it's not worth banking for more expensive and in a slower environment. You can get everything pretty much the same but faster and cheaper when banking with fintech. It's important to find a reliable option. But if I would still need a BANK, then I would choose Liechtenstein (if I need EEA jurisdiction) or offshore bank.

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[BlueMist]

Gediminas said:
I was talking in general, because it's not worth banking for more expensive and in a slower environment. You can get everything pretty much the same but faster and cheaper when banking with fintech. It's important to find a reliable option. But if I would still need a BANK, then I would choose Liechtenstein (if I need EEA jurisdiction) or offshore bank.
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As for Liechtenstein, last time I checked LLB LI is opening accounts for both personal and UAE companies (including freezones) but minimum for both is €1M.

 

[Gediminas]

BlueMist said:
but minimum for both is €1M.
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Yeh. And with Swiss is similar - if you don't have at least 1m to park, just forget about Swiss. You will save time and money.

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[John Spectre]

Gediminas said:
And what exactly will you do with that "status" in real life? What is the advantage?
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- How often emi from lt,lv, gb are closed or goes blacklisted?
- How often emi started to talk with clients loke a garbage?
- how often emi just go away with clients money?
- how long average period of life of one emi?

And compare answers for swiss banks.

Go to average bank/manager and say you will pay 1 mil from swiss private bank and say you will do same with 1 year old emi from russian-laundromat country. Compare reaction for both.

I was talking in general, because it's not worth banking for more expensive and in a slower environment. You can get everything pretty much the same but faster and cheaper when banking with fintech. It's important to find a reliable option. But if I would still need a BANK, then I would choose Liechtenstein (if I need EEA jurisdiction) or offshore bank.
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My original question was about HOLD 1+ mil. Not transfer, not fast open, just hold relatively big amount of money in account.
Liechtenstein is ok, but i dont know any private bank except bank frick who is crypto tolerance.
At same time a lot of swiss one available.

 

[John Spectre]

maxmmm said:
Each bank tier has its own use, some are less solid but more flexible, some are very safe but not flexible

A way to use both would be:
Crypto -> Crypto-friendly EMI with IBAN in your name -> UAE Retail Bank -> Swiss Private Bank

That way the private bank doesn't complain because money arrives from your personal account.
Click to expand...

Do you personally have this experience with similar amount?
I simply do not believe that UAE retail bank or swiss private bank will allow to receive 1+mil without any questions about SOF. So its better to just look to crypto tolerance bank from first hand.

 

[Gediminas]

John Spectre said:
- How often emi from lt,lv, gb are closed or goes blacklisted?
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There are too many EMI's in the market to answer your question. But the ones we are partnered with - they never get closed.

John Spectre said:
- How often emi started to talk with clients loke a garbage?
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That would be a very bad example of customer support. Usually, the ones are Wise or Revolut. You get generic support from those.

John Spectre said:
- how often emi just go away with clients money?
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If you happen to open an account with bad actors, so probably they will do a bank run. But there are very good financial institutions that are regulated and looked after by the central bank. Like any other financial institution (including retail banks).

John Spectre said:
- how long average period of life of one emi?
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You tell me. Revolut also started as EMI, and now it's a bank.

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[John Spectre]

Gediminas said:
There are too many EMI's in the market to answer your question. But the ones we are partnered with - they never get closed.
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Above questions was rthetorical, but if you would deep investigate..
Should we remember spectrocoin as a predecessor of bankera, who actually have problems itself(card issuer problems, legal fines, banking problems, etc)? I clearly remember it, in times when bankera was just in ico plan.
So, to be honest, they are absolutely not 'much better alternatives' to swiss private banks.

Lets see on bankera in period of 10 years, and if it will survive and get real banking licence - we could come back to this discuss. But i simply dont believe it could alive such long time🙂

 

[Gediminas]

John Spectre said:
Should we remember spectrocoin as a predecessor of bankera, who actually have problems itself(card issuer problems, legal fines, banking problems, etc)? I clearly remember it, in times when bankera was just in ico plan.
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They don't have any problems, neither with card issuer (they are their own card issuers now), neither with banking (they have their own banking license). I am not sure what kind of legal fines you have in mind, because I don't know any. I know a legal case with their license-holder company Pervesk that was about the fine issued by the central bank, but eventually, they won the case and the fine was removed.

John Spectre said:
Lets see on bankera in period of 10 years, and if it will survive and get real banking licence - we could come back to this discuss. But i simply dont believe it could alive such long time🙂
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In 10 years, Bankera will for sure transform into a bank. Keep in mind they are one of the first who got the license from the Lithuanian central bank and now there are hundreds with such a license. And many of them have been revoked already.

Anyway, I was not trying to offer you anyone instead than your beloved Swiss bank. In the end, you are your own decision-maker, so I hope you will find the best option. I just know it's not the optimal option, but you probably know better.

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[John Spectre]

Gediminas said:
They don't have any problems, neither with card issuer (they are their own card issuers now), neither with banking (they have their own banking license). I am not sure what kind of legal fines you have in mind, because I don't know any. I know a legal case with their license-holder company Pervesk that was about the fine issued by the central bank, but eventually, they won the case and the fine was removed.
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Sorry, it was a typo in my previous message. it should be "who actually *had* problems".
And yes, in period of few last years they had problems with card issuer wave crest, had fine by Central Bank of Lithuania, had problem with banking. It's a simple could be verified even on forum with 3 years old discussions when people talked about spectrocoin.
Also, saying that spectrocoin are card issuer is not truth too. they use contis, as well as many other emi for cards.
So small deception leads to great distrust. I do understand that you provide services together with bankera, but what you actually stated comparing this young emi to swiss banks - are definitely joke and do not correspond to the truth.

Gediminas said:
In 10 years, Bankera will for sure transform into a bank. Keep in mind they are one of the first who got the license from the Lithuanian central bank and now there are hundreds with such a license. And many of them have been revoked already.
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Let's just wait and watch on them. Don't need to declare things over which you are not subject to control.

Gediminas said:
Anyway, I was not trying to offer you anyone instead than your beloved Swiss bank. In the end, you are your own decision-maker, so I hope you will find the best option. I just know it's not the optimal option, but you probably know better.
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It's a actually problem. You declared loudly that swiss banks are not so good. I was hoping for a discussion of possible real alternatives to high end banks, but I received this unscrupulous advertisement for bankera, as you have been doing on this forum for several days. Unfortunately.
Still waiting for good reviews of bankera in this forum for probably year at least without any success 🙂
Rather opposite result.

 

[Gediminas]

John Spectre said:
Also, saying that spectrocoin are card issuer is not truth too. they use contis, as well as many other emi for cards.
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Do you know what means principal membership of Visa and Mastercard? Probably not.

John Spectre said:
but what you actually stated comparing this young emi to swiss banks - are definitely joke and do not correspond to the truth.
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This is you who stated their brand name. I was comparing in general, based on nowadays banking environment.

John Spectre said:
You declared loudly that swiss banks are not so good
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I declared that there is no real difference for you if you parked money with other reliable financial institution. Actually there is a difference - your balance won't get annual fee and transactions will be cheaper and faster.

Have a good day.

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[JohnLocke]

Okay fellows 🙂

Can we please get back to topic or you open a new thread, it's annoying for people to read such threads which get mixed up with stuff not relevant to the title.

As always, I'm getting so bored to give away warning points 😱

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[John Spectre]

Gediminas said:
Do you know what means principal membership of Visa and Mastercard? Probably not.
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Sure it differ a lot.
When card issuer collapsed and going to close all related emi card products, don't forget to tell that *someone* is principal member of visa/mc. it will help a lot, lol.

Gediminas said:
This is you who stated their brand name. I was comparing in general, based on nowadays banking environment.
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you could name another *reliable* emi who is respectable as same as swiss private banks. Not problem here. I didn't hear from you for another emi, so, I guess you are not advertise anyone except bankera.

Gediminas said:
I declared that there is no real difference for you if you parked money with other reliable financial institution. Actually there is a difference - your balance won't get annual fee and transactions will be cheaper and faster.
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I just hope your paid services are not the same as the advice above.
Tell it to epayments clients, that parking money with emi same as to other reliable FI. lol.