SQ and change on residence

[Bill D]

I would like to know if swissquote.CH risk to close the account of a EU resident is moving his residence from EU country(excl cyprus) to for example UAE, or Cyprus, or will be able to keep the account 100%? (for the CH version of SQ)

 

[Martin Everson]

Even if you open an account with Swissquote.ae (UAE) the account is held in Switzerland. Not sure what the concern is here. Speak to them if you have any concerns however.


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Located in the reputable Dubai International Financial Center (DIFC), Swissquote MEA Ltd, a subsidiary of the prestigious Swiss financial institution Swissquote Bank Ltd, is regulated by the Dubai Financial Services Authority (DFSA). It provides an array of banking, wealth and private banking services across the Middle East and Asia. Our clients are retail and professional individuals as well as asset managers and other financial institutions. Via Swissquote MEA Ltd., the Swissquote Group is paving the way for the future of online banking in the Middle East, offering multi-asset trading platforms, dedicated offshore banking and trading accounts for expatriates and company/institutional services ”“ please note that all client deposits and assets are held securely offshore in Switzerland.

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

 

[Bill D]

Martin Everson said:
Even if you open an account with Swissquote.ae (UAE) the account is held in Switzerland. Not sure what the concern is here. Speak to them if you have any concerns however.


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Located in the reputable Dubai International Financial Center (DIFC), Swissquote MEA Ltd, a subsidiary of the prestigious Swiss financial institution Swissquote Bank Ltd, is regulated by the Dubai Financial Services Authority (DFSA). It provides an array of banking, wealth and private banking services across the Middle East and Asia. Our clients are retail and professional individuals as well as asset managers and other financial institutions. Via Swissquote MEA Ltd., the Swissquote Group is paving the way for the future of online banking in the Middle East, offering multi-asset trading platforms, dedicated offshore banking and trading accounts for expatriates and company/institutional services ”“ please note that all client deposits and assets are held securely offshore in Switzerland.

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yes it's what I thought, thought swissquote. ch might be different entity, asked because I saw some people lost their bank account after moving their residence

 

[Fred]

Swissquote UAE under the DIFC can act as booking center for your assets starting 1m$ for an institutional account - this avoids swiss stamp duty taxes - still the IBAN is CH - not sure about the particular definition or legal aspects.

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[Bill D]

Fred said:
Swissquote UAE under the DIFC can act as booking center for your assets starting 1m$ for an institutional account - this avoids swiss stamp duty taxes - still the IBAN is CH - not sure about the particular definition or legal aspects.
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but can still hold swissquote . ch account as a uae resident?

 

[Fred]

Bill D said:
but can still hold swissquote . ch account as a uae resident?
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Yes - you can get onboarded directly with CH as well.

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[myself]

Fred said:
Yes - you can get onboarded directly with CH as well.
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What are the implications on tax reporting though? Local UAE banks won't report

Martin Everson said:
Even if you open an account with Swissquote.ae (UAE) the account is held in Switzerland. Not sure what the concern is here. Speak to them if you have any concerns however.


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Located in the reputable Dubai International Financial Center (DIFC), Swissquote MEA Ltd, a subsidiary of the prestigious Swiss financial institution Swissquote Bank Ltd, is regulated by the Dubai Financial Services Authority (DFSA). It provides an array of banking, wealth and private banking services across the Middle East and Asia. Our clients are retail and professional individuals as well as asset managers and other financial institutions. Via Swissquote MEA Ltd., the Swissquote Group is paving the way for the future of online banking in the Middle East, offering multi-asset trading platforms, dedicated offshore banking and trading accounts for expatriates and company/institutional services ”“ please note that all client deposits and assets are held securely offshore in Switzerland.

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How does tax reporting work in this case? We have a resident of Dubai, for example, who holds an account opened through the UAE subsidiary of swissquote, but the account itself is hosted in Switzerland. Is bank information reported to the holder's country of origin in this case because the customer is not resident of Switzerland? Or is the customer not reportable for being a Dubai resident?

 

[Martin Everson]

myself said:
Is bank information reported to the holder's country of origin in this case because the customer is not resident of Switzerland? Or is the customer not reportable for being a Dubai resident?
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CRS reporting is based upon country of tax residency which is often the same as residency. It has nothing to do with country of origin. The account if hosted in Switzerland will therefore be reported to UAE.

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