Do Search top Listed Company in UAE and find their Share holding pattern, Calculate the money they invested
Goodbye to Dubai and all UAE Banks friendliness?
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Not common.
I had years ago in mind that it doesn't make sense to keep a lot of cash parked under Sharia law and talked to some private banks in DIFC but they all mentioned that they are not aware of any problems with the local banks.
They did of course understand the thoughts and mentioned diversification make always sense but only for this prupose they didn't recommend to go with them.
All mentioned that you should register a will for holding bigger︀ amounts with local banks and this is what we recommend clients as well.
I had years ago in mind that it doesn't make sense to keep a lot of cash parked under Sharia law and talked to some private banks in DIFC but they all mentioned that they are not aware of any problems with the local banks.
They did of course understand the thoughts and mentioned diversification make always sense but only for this prupose they didn't recommend to go with them.
All mentioned that you should register a will for holding bigger︀ amounts with local banks and this is what we recommend clients as well.
@CaptK named it.
Technically there is no issue holding 5m+ in the local banks and it's even not uncommon.
Starting from this point you simply get banking that better serves your needs in terms of private banking and wealth management outside the UAE. UAE banks are retail banks without any really good private banking options. That's why you have the DIFC with Julius Baer, UBS and Bank of Singapore.
Technically there is no issue holding 5m+ in the local banks and it's even not uncommon.
Starting from this point you simply get banking that better serves your needs in terms of private banking and wealth management outside the UAE. UAE banks are retail banks without any really good private banking options. That's why you have the DIFC with Julius Baer, UBS and Bank of Singapore.
You have to have big balls to keep 5m$ in a Sharia law country bank account. I understand to keep maybe up to 1m.
If they decide to freeze funds in UAE, I don't think you can win any legal battle, because there is no such︀ legal system there as we understand in western europe
If they decide to freeze funds in UAE, I don't think you can win any legal battle, because there is no such︀ legal system there as we understand in western europe
Am I really curious if I buy stock/mutual fund using bank service , is it ok ?
Or you have to open account in Switzerland or Singapore??
Sorry for my ignorance in advance
Or you have to open account in Switzerland or Singapore??
Sorry for my ignorance in advance
UAE banks are safe(high CET1 ratios, high credit ratings etc...) still it doesn't make sense to keep a high(7 figures) amount in UAE banks because of the service standards. Every bank in UAE has a "Wealth Management" or "Private Bank" segment but their service standard is low, I mean very low.
If you open a private bank account in Switzerland they will assign you 10 years of wealth management experienced relationship manager who knows investing better and understand your needs + exclusive bank services. If you open a private bank account in UAE you will deal with amateur relationship managers(2-year retail banking experienced "Wealth Specialist")︀ and low service standards.
If you open a private bank account in Switzerland they will assign you 10 years of wealth management experienced relationship manager who knows investing better and understand your needs + exclusive bank services. If you open a private bank account in UAE you will deal with amateur relationship managers(2-year retail banking experienced "Wealth Specialist")︀ and low service standards.
I thought this back in the days as well but as already mentioned no private banker in the DIFC ever noticed such a case like random asset freezing.
All funds that were really seized in the past had some illegal source.
Like @rowena mentioned it︀ simply makes no sense to keep high balances with them not because they are not︁ safe but you can get much better wealth management / private banking solutions in the︂ DIFC.
All funds that were really seized in the past had some illegal source.
Like @rowena mentioned it︀ simply makes no sense to keep high balances with them not because they are not︁ safe but you can get much better wealth management / private banking solutions in the︂ DIFC.
Can't agree with this.
We have daily experience with the local banks and especially the bank account opening needs to be planned well. Bank policies changing frequently in terms of the onboarding conditions so what was working with one bank one year ago might not work nowadays.
When it comes to account closure we are not aware of any big waves of account closures lately by any bank and we still see many clients mention us that they are impressed how transactional the UAE banks are even if they do︀ some type of transactions that doesn't make any sense for the business trade license they︁ have in file with the bank and then still again we never seen a bank︂ that closed the bank account from one day to another only because the transaction profile︃ doesn't fit the company trade license. They are always asking for adding or changing the︄ business activity within a timeframe before finally close the account.
In the past we have︅ only seen two big waves of account closures - one was for all the offshore︆ non-resident companies and the other for physical Gold trading business.
Beside of that there are︇ two high risk activities we don't incorporate for our clients:
General Trading and Management Consultancy.︈
There is no official black listing like with the non resident offshore companies and physical︉ Gold trading activity but to get any bank account open you need to bring several︊ millions with you and even small banks without any prober mobile banking asking for 1m$︋ initial deposit.
We have daily experience with the local banks and especially the bank account opening needs to be planned well. Bank policies changing frequently in terms of the onboarding conditions so what was working with one bank one year ago might not work nowadays.
When it comes to account closure we are not aware of any big waves of account closures lately by any bank and we still see many clients mention us that they are impressed how transactional the UAE banks are even if they do︀ some type of transactions that doesn't make any sense for the business trade license they︁ have in file with the bank and then still again we never seen a bank︂ that closed the bank account from one day to another only because the transaction profile︃ doesn't fit the company trade license. They are always asking for adding or changing the︄ business activity within a timeframe before finally close the account.
In the past we have︅ only seen two big waves of account closures - one was for all the offshore︆ non-resident companies and the other for physical Gold trading business.
Beside of that there are︇ two high risk activities we don't incorporate for our clients:
General Trading and Management Consultancy.︈
There is no official black listing like with the non resident offshore companies and physical︉ Gold trading activity but to get any bank account open you need to bring several︊ millions with you and even small banks without any prober mobile banking asking for 1m$︋ initial deposit.
@Fred Can you shed light on how friendly the banks in Dubai are towards direct crypto transactions.
Specifically, what I mean is, suppose you set up a personal bank account for the sole purpose of crypto trading. And let's say you were moving in large sums of money direct to your personal bank account from a local crypto exchange.
Would this raise any red flags and possibly lead to account closure or suspension?
I understand that the service you offer is a more layered approach, but suppose one wanted to take more of a direct approach--would that create any problems vis-a-vis the bank?
Thanks
Specifically, what I mean is, suppose you set up a personal bank account for the sole purpose of crypto trading. And let's say you were moving in large sums of money direct to your personal bank account from a local crypto exchange.
Would this raise any red flags and possibly lead to account closure or suspension?
I understand that the service you offer is a more layered approach, but suppose one wanted to take more of a direct approach--would that create any problems vis-a-vis the bank?
Thanks
I doubt that you want to use local provider BitOasis that︁ charges all in all around 10% fees.
However beside of Mashreq and Arab Bank no︂ bank is official claiming to be crypto unfriendly.
See attached the confirmation of Kraken as︃ well.
First of all we and many clients have good experience when it comes to︄ using the personal account organic that means you pay yourself a salary from the Business︅ Bank Account of your own company and invest this money in Cryptocurrency via Kraken and︆ withdraw this funds at a later stage from Kraken to the same Personal Bank Account.︇
In your thinking is a mistake - you need a reason to open the personal︈ bank account in the UAE as well. You need to show either your own company︉ or a salary certificate or you need 7 figures and want to invest in UAE︊ in lets say real estate. Only mentioning you want to open the Personal Bank Account︋ for unspecified investments won't satisfy the bank to open the Personal Account for you as︌ well as for Crypto Trading only. This is like with all major high street bank︍ - go and mention Crypto Trading only to HSBC, Barclays or Standart Chartered and they︎ even open the account because they know they need to close it down sooner then️ later.
That's why we say use our innovative methods to go the route over the business earnings to have a Fiat On/Off ramp to avoid any problems at all.
However beside of Mashreq and Arab Bank no︂ bank is official claiming to be crypto unfriendly.
See attached the confirmation of Kraken as︃ well.
First of all we and many clients have good experience when it comes to︄ using the personal account organic that means you pay yourself a salary from the Business︅ Bank Account of your own company and invest this money in Cryptocurrency via Kraken and︆ withdraw this funds at a later stage from Kraken to the same Personal Bank Account.︇
In your thinking is a mistake - you need a reason to open the personal︈ bank account in the UAE as well. You need to show either your own company︉ or a salary certificate or you need 7 figures and want to invest in UAE︊ in lets say real estate. Only mentioning you want to open the Personal Bank Account︋ for unspecified investments won't satisfy the bank to open the Personal Account for you as︌ well as for Crypto Trading only. This is like with all major high street bank︍ - go and mention Crypto Trading only to HSBC, Barclays or Standart Chartered and they︎ even open the account because they know they need to close it down sooner then️ later.
That's why we say use our innovative methods to go the route over the business earnings to have a Fiat On/Off ramp to avoid any problems at all.
https://support.kraken.com/hc/en-us...that-don-t-work-with-cryptocurrency-exchanges
Official statement by Kraken.
Official statement by Kraken.
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