AEOI enforcement & Belize Bank behaviour / Share with you
- Thread starter Brokenby2703
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i hope this muslims will still run the own race and not care so much about rest of the world pressure , they have not done it in 300 years so i think they will bee strong but who knows nobody knows only the rich arabs knows 🙂
Yeah I asked an agent just recently if the dormant account thing would work and he replied that there was almost no chance that it would. He was under the belief that the banks would rather disclose everything then risk the fines/license issues.
Anyway, take that for what it's worth. I suspect we may have to look at better ways of doing things in 2018 and not relying upon non disclosure etc.
Anyway, take that for what it's worth. I suspect we may have to look at better ways of doing things in 2018 and not relying upon non disclosure etc.
Thanks for your reply. My understanding is Belize will comply to info sharing by 2018. But why would they or any other tax haven.....puts the agents out of biz....everyone pulls money out of those havens... banks get hit...haven economy suffers. Or are they just going along with it but will "kind of comply". I don't see the economics.
Hi folks.
Back on track. Sorry for long silence I was busy... working ! ahaha
Okay just an update.
I finally made it to incorporate a RAK FZE (Free Zone Enterprise).
I used their own European agent very professional and superb service.
Much cheaper compared to many brokers adv in google etc.
I transit often in Dubai for my business trips so it wasn't that much hassle to stop there for the VISA process (*)
Now I have my own RAK FZE with my own "investor" VISA.
I rented a virtual address which is providing a mailing service (for urgent matters, otherwise I collect the︀ correspondence once every 2/3 months when I'm there for business).
I applied for personal bank︁ account (no need to say that for company account it was smooth like baby oil︂ because RAK government provide an introduction letter to a local bank. Got account opened in︃ 3 days and security token in other 3 days).
I changed my residence address to︄ all other banks account I have in EU and outside providing both, contract of virtual︅ residence address (of course contract is not mentioning virtual), and bank account statement together with︆ my EMIRATES ID cards.
Now although I'm not resident fully in UAE, all my banks︇ "believe" i'm resident there.
It did cost me quite a good amount of $$ but︈ if you wanna be safe..... and of course your business has enough income to justify︉ this operation, I would recommend it to everyone .
I'm not sure how long it︊ will last.... but for the moment it's same.
Just last thing.
While I was opening︋ the personal bank account, after get a good relation with the manager, I was dare︌ enough to ask about AEOI and CRS.
He answered me like this: "UAE money is︍ 70% foreigner. Do you believe that we are going to risk to see a country︎ to bankrupt simply because we have to report to somebody about somebody ? Until this️ person is not doing anything wrong in UAE, for us he deserve to be respected and have his privacy protected. Of course UAE may become a hell if we found out that he is doing something unacceptable for our country. We don't go to check our people what they do outside of UAE, so we don't accept outsiders government to come and check here in our homes.
We did sign the AEOI but there will be oceans before we will reply to any request, unless it's something serious.
First the government which is checking on somebody having residence and account here, but explain what he︀ did, and then we will evaluate what to say and IF reply. Unfortunately we don't︁ want to accept US born / US citizens / US resident"
This was by person︂ at a nearby Starbucks where I invited him for a drink.
(*) VISA process is︃ real a pain in the a*s.
Actually they are very strict: interview, blood test, medical︄ checkup, fingerprints taken, photos, etc.
And you have to stay in UAE for at least︅ one week from the moment of your arrival (with special entry permit) till the day︆ you get the VISA STAMP on your passport. EMIRATES ID you can collect another time︇ in RAK (2 hours by car from Dubai = EUR 200 both way just to︈ go to post office to collect).
So I arrived on Saturday night, on Sunday I︉ was at the RAK office at 8am, registered, paid for the EXPRESS ROYAL VISA application︊ (which is a speed up processing fees to reduce waiting time from 2weeks to 1︋ week), carried on the test in local hospital, and at 3pm back to my hotel︌ in Dubai. I spent 4 days waiting (and relaxing).
My passport was with them so︍ I can't leave the country.
On thursday afternoon back to RAK to collect the passport︎ and Friday morning I left UAE .
I have to visit UAE once every 179️ days or as "investor" I can extend up to once every 2 years.
If anybody need any info I'm here.
By the way.... I closed my BELIZE LLC and related Bank account because I'm scared.
One of my friend which has an excellent relationship with the bank manager (same bank) was confidentially informed to move his money somewhere (he has almost $1M) because Belize banks has agreed to automatically report those account which has at ANY TIME during 2017, passed US$ 150.000 overnight (you get a payment for US$ 151.000 this morning, you must transfer out on the same day to go below US$ 150.000︀ otherwise their system will track down and report).
I don't now how truth it is,︁ but if a bank manager push away a client to be safe, something truth must︂ be there.
Back on track. Sorry for long silence I was busy... working ! ahaha
Okay just an update.
I finally made it to incorporate a RAK FZE (Free Zone Enterprise).
I used their own European agent very professional and superb service.
Much cheaper compared to many brokers adv in google etc.
I transit often in Dubai for my business trips so it wasn't that much hassle to stop there for the VISA process (*)
Now I have my own RAK FZE with my own "investor" VISA.
I rented a virtual address which is providing a mailing service (for urgent matters, otherwise I collect the︀ correspondence once every 2/3 months when I'm there for business).
I applied for personal bank︁ account (no need to say that for company account it was smooth like baby oil︂ because RAK government provide an introduction letter to a local bank. Got account opened in︃ 3 days and security token in other 3 days).
I changed my residence address to︄ all other banks account I have in EU and outside providing both, contract of virtual︅ residence address (of course contract is not mentioning virtual), and bank account statement together with︆ my EMIRATES ID cards.
Now although I'm not resident fully in UAE, all my banks︇ "believe" i'm resident there.
It did cost me quite a good amount of $$ but︈ if you wanna be safe..... and of course your business has enough income to justify︉ this operation, I would recommend it to everyone .
I'm not sure how long it︊ will last.... but for the moment it's same.
Just last thing.
While I was opening︋ the personal bank account, after get a good relation with the manager, I was dare︌ enough to ask about AEOI and CRS.
He answered me like this: "UAE money is︍ 70% foreigner. Do you believe that we are going to risk to see a country︎ to bankrupt simply because we have to report to somebody about somebody ? Until this️ person is not doing anything wrong in UAE, for us he deserve to be respected and have his privacy protected. Of course UAE may become a hell if we found out that he is doing something unacceptable for our country. We don't go to check our people what they do outside of UAE, so we don't accept outsiders government to come and check here in our homes.
We did sign the AEOI but there will be oceans before we will reply to any request, unless it's something serious.
First the government which is checking on somebody having residence and account here, but explain what he︀ did, and then we will evaluate what to say and IF reply. Unfortunately we don't︁ want to accept US born / US citizens / US resident"
This was by person︂ at a nearby Starbucks where I invited him for a drink.
(*) VISA process is︃ real a pain in the a*s.
Actually they are very strict: interview, blood test, medical︄ checkup, fingerprints taken, photos, etc.
And you have to stay in UAE for at least︅ one week from the moment of your arrival (with special entry permit) till the day︆ you get the VISA STAMP on your passport. EMIRATES ID you can collect another time︇ in RAK (2 hours by car from Dubai = EUR 200 both way just to︈ go to post office to collect).
So I arrived on Saturday night, on Sunday I︉ was at the RAK office at 8am, registered, paid for the EXPRESS ROYAL VISA application︊ (which is a speed up processing fees to reduce waiting time from 2weeks to 1︋ week), carried on the test in local hospital, and at 3pm back to my hotel︌ in Dubai. I spent 4 days waiting (and relaxing).
My passport was with them so︍ I can't leave the country.
On thursday afternoon back to RAK to collect the passport︎ and Friday morning I left UAE .
I have to visit UAE once every 179️ days or as "investor" I can extend up to once every 2 years.
If anybody need any info I'm here.
By the way.... I closed my BELIZE LLC and related Bank account because I'm scared.
One of my friend which has an excellent relationship with the bank manager (same bank) was confidentially informed to move his money somewhere (he has almost $1M) because Belize banks has agreed to automatically report those account which has at ANY TIME during 2017, passed US$ 150.000 overnight (you get a payment for US$ 151.000 this morning, you must transfer out on the same day to go below US$ 150.000︀ otherwise their system will track down and report).
I don't now how truth it is,︁ but if a bank manager push away a client to be safe, something truth must︂ be there.
@Brokenby2703
I am interested with UAE setup too but looking for reliable UAE agency. Can you share agency name ?
I am interested with UAE setup too but looking for reliable UAE agency. Can you share agency name ?
Hi.
If you want to setup a RAK FREEZONE (FZE as single proprietor) I have done everything with their agent in Germany (*)
As I don't know where you live, you can visit their website here
Contact Ras Al Khaimah Economic Zone (RAKEZ) (right hand side)
Let me know if you are based in Europe BEFORE YOU CONTACT THEM.
I will give you the person in charge name (via PM). She is extremely helpful and clear.
As you are a︀ software developer they may suggest you to open a "software consultancy company".
Different type of︁ license, different price, different requirement for incorporation, different renewal fees and mostly.... subject / not︂ subject to submit audited account.
(*) there are many agents available. Most of them are︃ simply "reseller" of RAK service.
While I was in RAK for the medical checkup (blood︄ test, etc), I was talking to another westerner just to have the time move a︅ bit faster....
I came to know that he was opening a RAK FZE like me︆ but he was complaining that the broker (an international well known name) did promise to︇ assist him but in truth he disappeared after fetched him to RAKFZ building.
He end︈ up to pay almost 30% more for nothing.
He couldn't speed up the processing fees︉ because he coudln't pay directly to RAKFZ government (he broker was allowed as introducer, etc).︊
The introduction letter I got from RAKFZ government to open bank account was like a︋ magic key.
I was at EMIRATES NBD @ The Dubai Mall trying to open the︌ bank account.
They were reluctant till I show the the invitation letter.
The bank manager︍ eyes start blinking, a smile of his face appeared and he just said "why you︎ wasted so much time.... if you told me about this invitation letter earlier, we could️ have already signed the papers".
I was very happy to have done everything by my own, using their agents: I save money and I felt to have RAKFZE support behind me.
If you want to setup a RAK FREEZONE (FZE as single proprietor) I have done everything with their agent in Germany (*)
As I don't know where you live, you can visit their website here
Contact Ras Al Khaimah Economic Zone (RAKEZ) (right hand side)
Let me know if you are based in Europe BEFORE YOU CONTACT THEM.
I will give you the person in charge name (via PM). She is extremely helpful and clear.
As you are a︀ software developer they may suggest you to open a "software consultancy company".
Different type of︁ license, different price, different requirement for incorporation, different renewal fees and mostly.... subject / not︂ subject to submit audited account.
(*) there are many agents available. Most of them are︃ simply "reseller" of RAK service.
While I was in RAK for the medical checkup (blood︄ test, etc), I was talking to another westerner just to have the time move a︅ bit faster....
I came to know that he was opening a RAK FZE like me︆ but he was complaining that the broker (an international well known name) did promise to︇ assist him but in truth he disappeared after fetched him to RAKFZ building.
He end︈ up to pay almost 30% more for nothing.
He couldn't speed up the processing fees︉ because he coudln't pay directly to RAKFZ government (he broker was allowed as introducer, etc).︊
The introduction letter I got from RAKFZ government to open bank account was like a︋ magic key.
I was at EMIRATES NBD @ The Dubai Mall trying to open the︌ bank account.
They were reluctant till I show the the invitation letter.
The bank manager︍ eyes start blinking, a smile of his face appeared and he just said "why you︎ wasted so much time.... if you told me about this invitation letter earlier, we could️ have already signed the papers".
I was very happy to have done everything by my own, using their agents: I save money and I felt to have RAKFZE support behind me.
@Brokenby2703
Thank you very much for the information! These are very important for me. Yes I am in Europe now I just came back from UAE. If you share details with me it will be very nice(my e-mail [email protected]).
I am ENBD personal acc customer and it is important for me to open a bank account at ENBD.
Thank you very much for the information! These are very important for me. Yes I am in Europe now I just came back from UAE. If you share details with me it will be very nice(my e-mail [email protected]).
I am ENBD personal acc customer and it is important for me to open a bank account at ENBD.
You have email.
The person I indicate is the RAK FZ official international office (Germany)
By the way...
(a) if you wanna a secured solution go for RAK FREE ZONE (sole proprietor): it will cost EUR 8.000 to setup all inclusive︀ and around EUR 4.000/year for renewal (including VISA / EMIRATES ID etc)
For RAK FREEZONE︁ local banks will welcome you with arms opened as they consider you as LOCAL (so︂ no AEOI / no CRS etc)
(b) If you wanna go for something much cheaper︃ you can go for RAK OFFSHORE (sole proprietor) : it can be done only with︄ 3rd party registered agents/brokers (indicated in the RAKICC website) and setup can vary from EUR︅ 2000 to EUR 2500 (based on the agent). Renewal fees are only EUR 1000/year but.︆ It is considered an offshore company (= no local UAE bank / no VISA /︇ no EMIRAES ID / no possibility to transfer your residency there / no virtual address︈ to use with your current bank to escape AEOI/CRS).
For RAK OFFSHORE no one bank︉ will accept you (don't believe what agents will tell you.... they promise to ASSIST YOU︊ but they won't guarantee approval, which will never comes) so you have to find a︋ bank in any other jurisdiction...
Any help I'm here.
The person I indicate is the RAK FZ official international office (Germany)
By the way...
(a) if you wanna a secured solution go for RAK FREE ZONE (sole proprietor): it will cost EUR 8.000 to setup all inclusive︀ and around EUR 4.000/year for renewal (including VISA / EMIRATES ID etc)
For RAK FREEZONE︁ local banks will welcome you with arms opened as they consider you as LOCAL (so︂ no AEOI / no CRS etc)
(b) If you wanna go for something much cheaper︃ you can go for RAK OFFSHORE (sole proprietor) : it can be done only with︄ 3rd party registered agents/brokers (indicated in the RAKICC website) and setup can vary from EUR︅ 2000 to EUR 2500 (based on the agent). Renewal fees are only EUR 1000/year but.︆ It is considered an offshore company (= no local UAE bank / no VISA /︇ no EMIRAES ID / no possibility to transfer your residency there / no virtual address︈ to use with your current bank to escape AEOI/CRS).
For RAK OFFSHORE no one bank︉ will accept you (don't believe what agents will tell you.... they promise to ASSIST YOU︊ but they won't guarantee approval, which will never comes) so you have to find a︋ bank in any other jurisdiction...
Any help I'm here.
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