UAE bank requesting CRS declaration form

[random000]

I was trying to find solution around, but no success.

Today I recieved email from bank with personal account to update my info, including filled out CRS declaration form.
I am resident for 2 years, but just now finally moved to UAE in January longterm. (I dont have TRC just yet).
Mostly used bank account for binance p2p crypto. Not huge amounts, but maybe enough for potential problems with my home country.

I would need advice how to proceed from here and why the hell they ask for crs declaration all of the sudden?

 

[Martin Everson]

random1389 said:
I am resident for 2 years, but just now finally moved to UAE in January longterm. (I dont have TRC just yet).
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Just to be clear are you saying you never lived in UAE but had residency visa but have moved this month now to live there?

random1389 said:
I would need advice how to proceed from here and why the hell they ask for crs declaration all of the sudden?
Click to expand...

Banks can ask annually to re certify your CRS status. I have received several already.

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

 

[JohnLocke]

random1389 said:
I would need advice how to proceed from here and why the hell they ask for crs declaration all of the sudden?
Click to expand...

As @Martin Everson n already mentioned, the banks can ask about it every year. Now that you live in UAE / Dubai - how long do you intend to stay there, maybe forever, and will you return to your home country?

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[random000]

Martin Everson said:
Just to be clear are you saying you never lived in UAE but had residency visa but have moved this month now to live there?



Banks can ask annually to re certify your CRS status. I have received several already.
Click to expand...

Thats right, I have residency visa since early 2022 only visited UAE every 6 months to maintain it. I moved in January this year, rented apartment for 1 year (have ejari and utility bill for internet).

Regarding crs status, this is first time they asked. Since I am newbie, got me worried.

JohnLocke said:
As @Martin Everson n already mentioned, the banks can ask about it every year. Now that you live in UAE / Dubai - how long do you intend to stay there, maybe forever, and will you return to your home country?
Click to expand...

Hard to say forever, but I like it as financial center. For sure couple of years at least. I would like to go back to my home country one/two months per year. But mostly flexible and looking whats the best for crypto taxes and investments in next couple of years.

Last edited: Feb 2, 2024

 

[JohnLocke]

random1389 said:
Thats right, I have residency visa since early 2022 only visited UAE every 6 months to maintain it. I moved in January this year, rented apartment for 1 year (have ejari and utility bill for internet).

Regarding crs status, this is first time they asked. Since I am newbie, got me worried.


Hard to say forever, but I like it as financial center. For sure couple of years at least.
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It's mostly in case you don't want to go back again, then you don't need to worry so much about that sort of thing, they can't charge or bother you further in Dubai, unless we talk hundred of thousands.

Which country are you from (if you wish to disclose this)?

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[jafo]

random000 said:
moved to UAE in January longterm
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Print the email out and just walk into the bank and play stupid. Pretend you have NO idea what they are talking about. Don't mention CRS, don't mention crypto. Only speak on a subject you dwarf them...if they ask and insist! For everything else, let them explain everything to you (here you'll gauge their knowledge on such subjects).

When you show up with the email in hand, it will confuse the living bejesus out of them. 😉

 

[EliasIT]

If the amount is not that large, I would follow the advice you have received here, and should it be discovered that you have earned money that has not been declared, whether in crypto or otherwise, then pay the tax they believe you owe.

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[random000]

jafo said:
Print the email out and just walk into the bank and play stupid. Pretend you have NO idea what they are talking about. Don't mention CRS, don't mention crypto. Only speak on a subject you dwarf them...if they ask and insist! For everything else, let them explain everything to you (here you'll gauge their knowledge on such subjects).

When you show up with the email in hand, it will confuse the living bejesus out of them. 😉
Click to expand...

I went to bank this morning with ejari, bill and email copy. They checked ejari and said only address update is enough without anything else. All good. Thank you for help.