Konstanz said:
I think this will get even harder for UAE companies and UAE residents to open bank accounts
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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.
apres777 said:
The decision, in my opinion, has nothing to do with KYC or AML - it is all about politics and pressure, as the UAE does not participate in the sanctions against Russia. This is of course a thorn in the EU's side and a desperate attempt by the EU to achieve its goal.
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That's the real reason - UAE can't be put anylonger on the EU Tax Haven Blacklist with 9% Corporate Tax so the EU needs to be creative and thinks about something else.
algotrader said:
All these banks/brokerages have branches in UAE. I guess, they will still be able to serve their clients via their branches under UAE license but not from EU. And you won't be able to move funds between EU and UAE accounts anymore. The question is whether it will still be possible via Swiss or UK accounts or whether the EU will blackmail them as well.
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We can confirm received yesterday EUR from EU - please don't mislead the people here in the forum with false information.
Yes - every bigger international Bank - no matter if Transactional Banks like Citibank and HSBC or Private Banks like Pictet and Julius Baer - have either a license / booking center in the DIFC/ADGM or at least a UAE Central Bank 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 Paribas 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 make 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 Revolut 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 - get yourself local collecting Accounts for the Dubai Company which is for all major Currency available 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 week 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 (for a reason) claim that EU is coming to an end - just read this article 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
Last edited: Mar 21, 2023
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