Non AEOI broker for stocks/ETF's

[Educate]

Fred said:
They have on file your UAE resident mobile number, your UAE resident address as well as your UAE company. The IBKR account is under your UAE company name. Yes they have your passport you are citizen from but not any TIN.

So in case you are super ultra paranoid you can change your citizenship as well. Go and buy some St. Kits & Nevis passport an renounce your current citizenship.

I'm a guy from the practive of course you can always escalate a case in theory till the very very end. From my own experience the above mentioned is more then enough.
Click to expand...

Thanks, that is really good to know.

I must have tired you with all the questions right now.

Before I proceed this info would be crucial to know:
1) So you register as a resident and register a company in FreeZone. Does this grant you tax residency status as individual as well?
2) Is there a guarantee UAE won't join CRS after being pressured by other countries or change their laws to nationalize foreign assets?

How would this structure compare to an identical structure in a cheaper country like Georgia? They also haven't joined CRS.

 

[Fred]

Educate said:
Thanks, that is really good to know.

I must have tired you with all the questions right now.

Before I proceed this info would be crucial to know:
1) So you register as a resident and register a company in FreeZone. Does this grant you tax residency status as individual as well?
2) Is there a guarantee UAE won't join CRS after being pressured by other countries or change their laws to nationalize foreign assets?

How would this structure compare to an identical structure in a cheaper country like Georgia? They also haven't joined CRS.
Click to expand...

1.) For tax residence certificate you have to stay several times a year in the UAE beside of some other factors
2.) UAE already joined the CRS in 2018. The CRS reporting is shielded because you open the bank accounts with your visa residence therefore they will report within the UAE - as you are UAE resident and that's what the bank has on file.

As said before 2.) is the key. Georgia will join CRS in 2023 and beside of that it's a shithole that really can't be compared to the UAE at all. I mean did ever were to Georgia? I was and yes I have a bank account there as well but would never put their any significant amount of money. If you want to save on your offshore company structure - you save on the wrong thing.

Toggle signature

 

[Educate]

Fred said:
2.) UAE already joined the CRS in 2018. The CRS reporting is shielded because you open the bank accounts with your visa residence therefore they will report within the UAE - as you are UAE resident and that's what the bank has on file.
Click to expand...

You are right! I definitely am not a fan of banking in Georgia!

Here is an interesting moment:

So you indicate to Interactive Brokers that you have UAE company and are tax resident in UAE.

However, IB will still require Beneficiary Owner document like passport.

So they will KNOW that you have citizenship of particular EU country.

I've read many reports that institutions report to both jurisdictions in case of doubt.

So technically, what prevents IB from just reporting both to UAE and to that country?

And are there any ways around it? For example EU citizen registering as a resident in another EU country after staying there for 3 months and only THEN doing the UAE structure. But then again you would still have the original passport, so there is no way to convince Interactive Brokers or any other institution that you are not citizen of your main country (which you want to avoid reporting to).

Tricky...

 

[Fred]

Educate said:
You are right! I definitely am not a fan of banking in Georgia!

Here is an interesting moment:

So you indicate to Interactive Brokers that you have UAE company and are tax resident in UAE.

However, IB will still require Beneficiary Owner document like passport.

So they will KNOW that you have citizenship of particular EU country.

I've read many reports that institutions report to both jurisdictions in case of doubt.

So technically, what prevents IB from just reporting both to UAE and to that country?

And are there any ways around it? For example EU citizen registering as a resident in another EU country after staying there for 3 months and only THEN doing the UAE structure. But then again you would still have the original passport, so there is no way to convince Interactive Brokers or any other institution that you are not citizen of your main country (which you want to avoid reporting to).

Tricky...
Click to expand...

Yes that's right.

As already mentioned the only way around is to reanounce your citizenship and buy one from the caribbean for example.

Living 5 years offshore, had several hundred clients - never had the aboth mentioned issue.

Reading around on the internet is different from doing things in practice.
Most of the guys go to deep in theory and stay were they are. That's it.

Look you had already mentioned to me jurisdictions like Georgia and Serbia - basically s**t holes. I can't see the issue with a good and straight setup UAE company with UAE residence and UAE bank account. That's more then enough.

If you are super paranoid of course go and renounce your current citizenship and buy some 0% passport from St Kits Nevis.

It's not tricky it's just that you mix up the things. To which authority do you assume they will report you in your country of citizen? Just having your passport copy is by far not enough. Or do you think they report a German passport directly to Angela Merkel? Come one.

Go the citizenship by investment rout if you are feeling good with spending some extra $$$.

Toggle signature

 

[Educate]

Fred said:
Yes that's right.

As already mentioned the only way around is to reanounce your citizenship and buy one from the caribbean for example.

Living 5 years offshore, had several hundred clients - never had the aboth mentioned issue.

Reading around on the internet is different from doing things in practice.
Most of the guys go to deep in theory and stay were they are. That's it.

Look you had already mentioned to me jurisdictions like Georgia and Serbia - basically s**t holes. I can't see the issue with a good and straight setup UAE company with UAE residence and UAE bank account. That's more then enough.

If you are super paranoid of course go and renounce your current citizenship and buy some 0% passport from St Kits Nevis.

It's not tricky it's just that you mix up the things. To which authority do you assume they will report you in your country of citizen? Just having your passport copy is by far not enough. Or do you think they report a German passport directly to Angela Merkel? Come one.

Go the citizenship by investment rout if you are feeling good with spending some extra $$$.
Click to expand...

Ah, so that would be only 100% safe way?

I'm definitely not renouncing my citizenship, it's too valuable. I would rather suffer the consequences.

It would suck to establish a perfect UAE structure only for some bank to decide to report both to UAE AND your citizenship country.

Fred said:
Go the citizenship by investment rout if you are feeling good with spending some extra $$$.
Click to expand...

So getting a golden VISA in Portugal for example?

 

[Fred]

Educate said:
Ah, so that would be only 100% safe way?

I'm definitely not renouncing my citizenship, it's too valuable. I would rather suffer the consequences.

It would suck to establish a perfect UAE structure only for some bank to decide to report both to UAE AND your citizenship country.

So getting a golden VISA in Portugal for example?
Click to expand...

The golden visa in portugal is exactly the same as the residence in UAE.

Residence by investment.

There is no further need to discuss that. Everything is mentioned to you.

1. Residence by investment
2. Citizenship by investment
3. Keep everything like it is

Choose one.

Toggle signature

 

[heaven]

Hi @Fred , I don't see/have the option to PM you. Can you send me one?