Multi currency bank account with stock trading in the UAE, what are the best options?

[Martin Everson]

Well glad you know the risks and in the end all that matters for you.‌

 

[Praetorian]

With all things considered the UAE is safer than︁ most banana republic tax havens, Malta or Cyprus when it comes to banking. The only︂ real issue is that the regulatory landscape can change very rapidly and affect your compliance/tax︃ implications. Democracy wise well, i couldn't give a rats a*s if it's a dictatorship so︄ long as the business climate is friendly enough and the banks are reliable. Don't commit︅ crimes and don't try to launder cash through UAE entities and you won't have to︆ worry about the government going dictatorship mode on you.

I dealt with many jurisdictions before,︇ never had a single issue with UAE banks other than maybe cryptocurrency-related deposits. It's hit︈ or miss depending on the bank. About the costs, if people are concerned about that︉ (to a reasonable extent), they don't need an offshore setup to begin with.

 

[reesek]

interactive brokers is a decent name and will work fine for a uae resident

 

[BlueMist]

Yes, they do. The major difference between SQ⁠ LU vs SQ CH, apart from jurisdiction, is that the latter allows to have cards⁤ and use the account in a normal operational way, e.g. by sending and receiving 3rd⁣ party payments, while Internaxx / SQ LU doesn't.

 

[JustAnotherNomad]

That sounds pretty interesting. What if you open a SwissQuote account as a UAE resident?‌ Would they always give you an account with their UAE branch? Can they accept third‍ party payments?
Can you open SwissQuote accounts as a US LLC?

 

[BlueMist]

BGL recommended by @Martin Everson is expensive option I recall to buy and hold. They‌ removed a possibility of applying online for UAE residents, one need to call them. Citibank‍ AE has probably the best "local" investment options offering access to multiple international markets. Also⁠ trading and custody fees are acceptable for smaller amounts (e.g. below €100k). Citibank AE custodian⁤ is UBS Switzerland. I wonder how does it work in practice and whether your investments⁣ could be frozen. Technically they are not held in the UAE but they are tied⁢ to your UAE investment account.

You can apply for SQ account in the UAE︃ or directly with their LU or CH office. There are some pricing differences between SQ︄ UAE and SQ CH although in both cases money are held in Switzerland. I see︅ no reason why SQ CH should not accept LLC if you commit to invest into︆ something. I had for instance a positive response from SQ CH regarding Cyprus holding companies.︇ Best to check with business department of SQ CH.

I opened Internaxx LU (now SQ︈ LU) as UAE resident without any issues.

 

[JustAnotherNomad]

So if you open a trading account for a US LLC, you can use that‌ to receive payments from customers? They won’t close your account for that?

 

[BlueMist]

It seems so. Provided you have some investments they shouldn't close your account‍ but I would be careful in using them as the main operational account, as too⁠ many transactions may ring some bells.

 

[jkl197]

If you are Italian︀ then a crucial part of your strategy (among other things) is to carefully choose in︁ which country to have your AIRE registration, which probably should not be in UAE. If︂ you have been out of Italy (on the AIRE register) for 9+ years and at︃ some point you wish to move back to Italy then you could have a great︄ opportunity with the so called "flat tax for HNWI" (pay €100k per year and you︅ are 100% legally "shielded"). Obviously there are pros and cons to be evaluated for your︆ specific case, so it is paramount to speak with a good tax advisor with knowledge︇ of the specific matters