UAE accounts now require EID to be maintained

[Why]

Until recently, you could keep your UAE bank account after leaving the country (as long as you were able to keep your UAE mobile number). Well, not anymore.
UAE banks are now making it mandatory to have a valid unexpired Emirates ID if you want to keep your account. Looks like they are going full compliance with OECD, CRS and all that stuff.
I was hoping that since they joined the BRICS they would move away from the western requirements, but no, it's getting worse.

 

[uk29]

I see this as a positive step.

It helps to ensure that UAE banks stay off of any black/grey lists.

Simply maintain your Emirates ID, with valid UAE residency along with a UAE mobile number and this guarantees no CRS reporting as you are deemed to be a local.

 

[Clank]

I was recently told it was possible for me to keep my account in ENBD

 

[Martin Everson]

Why said:
Looks like they are going full compliance with OECD, CRS and all that stuff.
Click to expand...

Sadly they got shafted proper by US....sorry OECD and still have the KY jelly dripping from their hairy asses to prove it. However even long before OECD came in they closed my Citibank UAE account saying they no longer support non-residents and this was years ago.

Why said:
I was hoping that since they joined the BRICS they would move away from the western requirements, but no, it's getting worse.
Click to expand...

They got a long way to go to escape their dollar addiction and their pegged to the dollar currency setup.

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

 

[andorra]

you can keep your account with out eid if you deposit a bond for 200000 usd in adib, i can give you the contact if you need it

 

[uranium]

andorra said:
you can keep your account with out eid if you deposit a bond for 200000 usd in adib, i can give you the contact if you need it
Click to expand...

At least there is a solution. Become vip and they keep account open.

 

[andorra]

it dubai was always like that

 

[Dandyline]

Why said:
Until recently, you could keep your UAE bank account after leaving the country (as long as you were able to keep your UAE mobile number). Well, not anymore.
UAE banks are now making it mandatory to have a valid unexpired Emirates ID if you want to keep your account. Looks like they are going full compliance with OECD, CRS and all that stuff.
I was hoping that since they joined the BRICS they would move away from the western requirements, but no, it's getting worse.
Click to expand...

As far as i know, this is nothing new. And you can't keep the UAE number without EID.

 

[Why]

Dandyline said:
As far as i know, this is nothing new. And you can't keep the UAE number without EID.
Click to expand...

you were not required to maintain your EID to keep your account. Think people who invested in the UAE and then moved out. Now if you get your rent it will have to be transfered overseas.

 

[hnwm]

Has there been any updates or any official news on this?

I just spoke to ADIB and they didn't mention anything about such a requirement. In fact, they're OK with opening accounts for non-residents from North America without an EID.

 

[CrazyPanda]

There is no such requirement as long as the bank wants to maintain a relationship with you. If your account size doesn't meet their non-resident segment criteria, they will either ask for an Emirates ID or close your account.

 

[Why]

FYI:
https://www.cbd.ae/docs/default-source/default-document-library/eid-update-faqs-for-customers.pdf

 

[Berti]

May I capture this thread:
What happens if I close/cancel my residence visa and expiry on my EID is still 1 year later? Will I have any problems with my personal bank account in UAE until then?
In my opinion the bank does not know that I cancelled the visa and will only ask me in 1 year about my new EID, not earlier.

 

[wellington]

Surely bank in Oman or Qatar

 

[Why]

wellington said:
Surely bank in Oman or Qatar
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can open remotely?

 

[Davis123]

If you have properties in UAE you can get a bank account in UAE. I know several people who are not resident of UAE but have bank accounts in Dubai due to their properties.

 

[bountymounty]

What is the price for some property in Dubai, say 100 m2 and located in some of the better places? just some average price?

 

[Martin Everson]

Davis123 said:
If you have properties in UAE you can get a bank account in UAE. I know several people who are not resident of UAE but have bank accounts in Dubai due to their properties.
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Buying property for AED 750k ($205k) in Dubai gets you a 2 year renewable residency permit if you apply. With the permit in hand you can open a bank account in Dubai while being physically resident elsewhere at same time which is what many people do.

bountymounty said:
What is the price for some property in Dubai, say 100 m2 and located in some of the better places? just some average price?
Click to expand...

You can probably get a 2 bed of that size for around 250-300k USD in somewhere affordable like JVC etc.

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

 

[SCHLOSSFINANZ]

there are several banks Abu Dhabi offering private bank accounts for non-residents in ADGM (Abu Dhabi Global Market)

 

[Clank]

I said it in a previous message, I can confirm that you can keep ENBD account after you cancel your residency and EID.

You just need to fill this form.

Attachments​

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  Conversion of accounts Form.pdf
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