Non AEOI broker for stocks/ETF's

[Educate]

Thanks, that is really good to know.

I must have tired you with︀ 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 this︂ grant you tax residency status as individual as well?
2) Is there a guarantee UAE︃ won't join CRS after being pressured by other countries or change their laws to nationalize︄ foreign assets?

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

 

[Fred]

1.) For tax residence certificate︀ you have to stay several times a year in the UAE beside of some other︁ factors
2.) UAE already joined the CRS in 2018. The CRS reporting is shielded because︂ you open the bank accounts with your visa residence therefore they will report within the︃ 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 beside︅ 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 bank︇ account there as well but would never put their any significant amount of money. If︈ you want to save on your offshore company structure - you save on the wrong︉ thing.

 

[Educate]

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 EU︀ 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 resident︃ in another EU country after staying there for 3 months and only THEN doing the︄ UAE structure. But then again you would still have the original passport, so there is︅ no way to convince Interactive Brokers or any other institution that you are not citizen︆ of your main country (which you want to avoid reporting to).

Tricky...

 

[Fred]

Yes that's︃ right.

As already mentioned the only way around is to reanounce your citizenship and buy︄ 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 doing︆ things in practice.
Most of the guys go to deep in theory and stay were︇ they are. That's it.

Look you had already mentioned to me jurisdictions like Georgia and︈ Serbia - basically s**t holes. I can't see the issue with a good and straight︉ 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 some︊ 0% passport from St Kits Nevis.

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

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

 

[Educate]

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 to︇ report both to UAE AND your citizenship country.
So getting a golden VISA in Portugal for example?

 

[Fred]

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.

 

[heaven]

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