Does Dubai report your bank accounts and real estate to your home country?

[PinkCat]

I believe they participate in the agreement to share tax information but do they actually do it in practice?
For example you are EU citizen with real estate and bank accounts in Dubai, will they actually automatically report that to your home country?
Please note I know how it is in theory, but I'm asking how it actually is in practice.

 

[Martin Everson]

PinkCat said:
I believe they participate in the agreement to share tax information but do they actually do it in practice?
Click to expand...

Yes

PinkCat said:
For example you are EU citizen with real estate and bank accounts in Dubai, will they actually automatically report that to your home country?
Click to expand...

If you live in a CRS country then your bank account will be reported. But real estate will not unless its held in a UAE corporate structure that has no economic substance in UAE. Then the company will be reported in which case the property can be discovered.

Keep in mind also that Dubai property data from 2020 has been leaked already...lol.

https://e24.no/internasjonal-oekono...liticians-poured-money-into-dubai-real-estate

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[clemens]

So there is no escape even in Dubai any longer if you don't live there!

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One of my favorit articles in Mentor Group ~ Sending money anonymously archieve Financial Anonymity

 

[Martin Everson]

clemens said:
So there is no escape even in Dubai any longer if you don't live there!
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Yup.

I said all this 3 years on here and people laughed at me 🙄.

P.S As always I let people find out the hard way how things work.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Konstanz]

Martin Everson said:
Yes



If you live in a CRS country then your bank account will be reported. But real estate will not unless its held in a UAE corporate structure that has no economic substance in UAE. Then the company will be reported in which case the property can be discovered.

Keep in mind also that Dubai property data from 2020 has been leaked already...lol.

https://e24.no/internasjonal-oekono...liticians-poured-money-into-dubai-real-estate
Click to expand...

Is there somewhere possible to search this database?

 

[PinkCat]

clemens said:
So there is no escape even in Dubai any longer if you don't live there!
Click to expand...

Well seems that if you don't hold cash but real estate there, there is.

 

[Martin Everson]

Konstanz said:
Is there somewhere possible to search this database?
Click to expand...

Not seen anywhere 🙁. But independent report gives a breakdown by country on numbers (page 42).

https://www.taxobservatory.eu/wp-content/uploads/2022/05/APZO2022-2.pdf

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[lowprofiler]

You dont get reported if you have an Emirates ID (Residence VISA)

 

[myself]

Martin Everson said:
Yup.

I said all this 3 years on here and people laughed at me 🙄.

P.S As always I let people find out the hard way how things work.
Click to expand...

Does it mean that there's no reporting for somebody who lives in Dubai? If so then what criteria is used to tell whether somebody lives in Dubai or not?

 

[bamboozlethemall]

lowprofiler said:
You dont get reported if you have an Emirates ID (Residence VISA)
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ya thats the good part.

 

[PinkCat]

lowprofiler said:
You dont get reported if you have an Emirates ID (Residence VISA)
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your bank accounts or real estate owned?
do yo have to stay 50%+ of the year there to keep the residence VISA or just being employed there or owning a property is enough?

 

[lowprofiler]

Bank accounts and real estate as well.
My personal experience though.

I do visit Dubai atleast once in a 6month period. I have heard other people visit only once in a year and it still work out

 

[Martin Everson]

myself said:
Does it mean that there's no reporting for somebody who lives in Dubai?
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Reporting of what?

myself said:
If so then what criteria is used to tell whether somebody lives in Dubai or not?
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Are you talking Tax residency? If so see below.

https://www.offshorecorptalk.com/threads/uae-unveils-tax-residency-criteria.39364/
Otherwise a residency permit is enough to give you right to live in Dubai.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[myself]

Martin Everson said:
Reporting of what?
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Say I own bank accounts and/or real estate in Dubai. Are these accounts and/or real estates reported to my country of origin even if I'm officially a resident of Dubai (resident visa/EID) and spend most of the year in Dubai?

 

[Martin Everson]

myself said:
Say I own bank accounts and/or real estate in Dubai. Are these accounts and/or real estates reported to my country of origin even if I'm officially a resident of Dubai (resident visa/EID) and spend most of the year in Dubai?
Click to expand...

No. Unless your bank account contains indicia to show you reside also somewhere else.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Konstanz]

who cares about reporting if your residency is compliant with laws and regulations.
Maybe only because of secrecy. But these days is difficult to be 100% secret, when we use smartphones who are listening and recording everything 🙂

 

[Mike Forman]

Konstanz said:
who cares about reporting if your residency is compliant with laws and regulations.
Maybe only because of secrecy. But these days is difficult to be 100% secret, when we use smartphones who are listening and recording everything 🙂
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Because you still want maximum privacy and even when your residence abroad is 100pct compliant, if your citizenship country receives your financial info from UAE (which is a red flag country), they might want to look into it and this might end up being challenged finally in court, which costs you legal fees (300-500 eur per hour) , time and frustration.

 

[Konstanz]

Mike Forman said:
Because you still want maximum privacy and even when your residence abroad is 100pct compliant, if your citizenship country receives your financial info from UAE (which is a red flag country), they might want to look into it and this might end up being challenged finally in court, which costs you legal fees (300-500 eur per hour) , time and frustration.
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Agree. But for good privacy you have to structure everything very smart.
Through trusts etc. If you own real estate in your own name with your western passport, it's not private.

 

[zzzzzz]

PinkCat said:
I believe they participate in the agreement to share tax information but do they actually do it in practice?
For example you are EU citizen with real estate and bank accounts in Dubai, will they actually automatically report that to your home country?
Please note I know how it is in theory, but I'm asking how it actually is in practice.
Click to expand...

Residents of any country with local indicia (not only UAE), are not reported abroad via CRS as they are considered locals.

 

[backpacker]

Martin Everson said:
No. Unless your bank account contains indicia to show you reside also somewhere else.
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Assuming this person's bank account includes indicia that he/she also resides in a non-CRS country, will his data go anywhere?

Example: A Portuguese national lived in Dubai from 2019 till 2021. He was considered a local resident. In 2022 he moves from Dubai to Vietnam (non-CRS) and informs the Emirati bank about his new residency (provides all necessary documents incl. VN tax ID + Vietnam phone number). His bank amends data on record with new residency Vietnam and deletes his Emirati address.
Will he be reported? If yes, where to (Portugal does not seem to be applicable)??

Last edited: Jan 19, 2023