I'm an EU citizen that left several years ago and now resides in the UAE where I own a freezone company (self-employed).
I have no ties with my home country and have no intention of returning. And I don't plan on staying long term in the UAE (perhaps another 1-2 years). I don't know what my next stop will be.
Given the above, without a home base, I'm not sure what to do when it comes to banking. Everything is transient.
I have bank accounts in the UK, US and the UAE (most of my fiat wealth is here divided between three banks that I'm unhappy with). I'm not wealthy enough where Swiss banking makes sense. This could change if I sell my company (potential $3M-5M).
The ideal scenario is to have a bank that I can trust (I know, you can't trust the bankers, but still...), is financially stable, and can grow a relationship with regardless of my location. But does it make sense to do so with a bank in the UAE, especially given how things can change overnight?
I'm eligible for priority banking (ADCB Excellency, FAB Elite, Masreq Gold, etc.). I can potentially set up such an account with two banks, or go up another level with one of them, instead of using the three banks I'm currently using.
But I don't know if it makes sense? If I go with one of these banks, I would most likely lock the funds in a term deposit. Do I want to lock AED 500K? Not really, but priority banking is better than normal banking when things go wrong, that's for sure...
Does it make more sense to open an IBKR account and buy a few ETFs ”“ if I move, I will most likely need to close the positions ”“ or hold cash with them and get a rate higher than the UAE banks can offer?
Or are there other options out there that I should consider?
TLDR: What should I do with banking?
ps. Please no "use crypto, bro" comments. I got this covered.
I have no ties with my home country and have no intention of returning. And I don't plan on staying long term in the UAE (perhaps another 1-2 years). I don't know what my next stop will be.
Given the above, without a home base, I'm not sure what to do when it comes to banking. Everything is transient.
I have bank accounts in the UK, US and the UAE (most of my fiat wealth is here divided between three banks that I'm unhappy with). I'm not wealthy enough where Swiss banking makes sense. This could change if I sell my company (potential $3M-5M).
The ideal scenario is to have a bank that I can trust (I know, you can't trust the bankers, but still...), is financially stable, and can grow a relationship with regardless of my location. But does it make sense to do so with a bank in the UAE, especially given how things can change overnight?
I'm eligible for priority banking (ADCB Excellency, FAB Elite, Masreq Gold, etc.). I can potentially set up such an account with two banks, or go up another level with one of them, instead of using the three banks I'm currently using.
But I don't know if it makes sense? If I go with one of these banks, I would most likely lock the funds in a term deposit. Do I want to lock AED 500K? Not really, but priority banking is better than normal banking when things go wrong, that's for sure...
Does it make more sense to open an IBKR account and buy a few ETFs ”“ if I move, I will most likely need to close the positions ”“ or hold cash with them and get a rate higher than the UAE banks can offer?
Or are there other options out there that I should consider?
TLDR: What should I do with banking?
ps. Please no "use crypto, bro" comments. I got this covered.
