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UAE alternatives for trader/investor.

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El Raton

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Dec 10, 2020
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Hi guys,

Any input on my situation is much appreciated!


I'm currently employed in Dubai, but my employment is ending shortly.
EU citizen, but have not lived there for 15+ years and have no obligations there nor ties to any EU country.
Spending less time in Dubai lately and currently my bank "residence address" is at a friends house.
I have 3 bank accounts (1 retail banking and 2 online brokers), that are all tied to my UAE residence.

At the moment my plan would be to live off of my trading and savings, but I would consider to start working again if a suitable opportunity came up.

I'm very happy with my bank situation, so keeping my UAE residence and current setup would be my preferred option. However, if there is any solid alternative arrangement, I'd definitely consider it.


Some options I have considered.

UAE "Investor visa" through real estate.
+ Legit visa and proof of address
- Major hassle to have a property where I don't intend to live
- Downside risk in property prices
- If I'd start working again, I have to cancel the investor visa (and not sure if I could revive it later again?)

UAE Freezone company with visa
+ Easy and cheap setup
- Potential issue with current banks

UAE Freelance visa
+ Even easier/cheaper
- I don't have any actual activity that technically qualifies for freelancing
- Potential bank issues


Other options I have considered; Andorra, Malta, Swedish ISK.
 
I would go with this option.

As regards‍ banks, what potential issues do you see?
 
Investor Visa with mainland company gives you all you require.
Banking stays the same and‌ if you get a job your not dependent on your sponsor.
 
My concern was that the KYC renewal could be an‍ issue if my "employer" has changed to "XYZ Trading" in some Freezone.

Earlier this year⁠ one of my banks asked me for additional Employer and Occupation details. But that might⁤ have been because it was my first year with that broker and I was moving⁣ a bit more money to fund that account.

Is it correct that ESR only applies⁢ to certain sectors and having little, or no revenue would generally not be a problem︀ in a FZ company?
 
You can do business in the GCC also.
Banking is easy and less questions.
 
There is︊ a new option of Freelance introduced by abudhabi recently and since it's the capital of︋ UAE that could be a big leverage for bank accounts. Google it and I read︌ it's the most cost effective out of all.
 
Property prices︊ are in the sink now. Don't think it could fall anymore but with Covid still︋ in the horizon no one can give you surety. Right now there is a lot︌ of purchasing going on by big buyers on multi units as they are buying bulk︍ in cheap (for those people who are reducing their risk from cryptos). Some sellers are︎ desperate for cash and they will sell for any good offers. If you have the️ time to wait out best is to buy hard assets like properties in most countries‌ of the world. Gold might fly too but you need a good storage unit for‍ it.
 
Well for those with‌ purchasing power and diversifying their portfolios it's a good thing. Govts are now scrambling to‍ save their fiat currencies. Who knows what power would they yield over cryptos in near⁠ future ? We never thought in 2007 also that they would get FATCA/CRS enforced but⁤ as soon as FATCA was passed, CRS started to trickle down. Swiss banking privacy was⁣ destroyed completely within a few years. Now tax havens are being dismantled one by one⁢ by Economic substance rules, etc. I am sure cryptos is on their horizons in near︀ future as soon as Covid vaccine matter gets over with. They will want their own︁ digital currency or control cryptos.
 
The domestic market should be enough for my zero-revenue business. 😉

Has the 100% foreign ownership been implemented for mainland companies now? (I saw it was supposed‍ to come into effect this month)

I imagine less questions from the bank, but possibly⁠ a bit more complicated to set up and more questions about my company not having⁤ any revenue, right?
 
I had a quick look and it might be an option.

I don't have any⁤ experience in any of the 48 activities that are specified, but I guess I could⁣ take up "Pest control" or "Flower arrangements".😎

How much do they actually check your background⁢ to match these activities for freelance visas?
 
I'm always a bit skeptical about the︁ data, but from what I can see the m2 prices in the Marina have held︂ up slightly better than some other areas and are down about 25-30% from the top︃ in 2017.

https://propertytrends.ae/dubai-property-price-index-2020
The Marina/JBR would be my preferred area if I'd buy, but I'm︄ still not so sure about the prices having bottomed out yet.
 
Sounds gloomy but I to some extent I tend to agree.

However, there is some hope.︁
However, the world is not nearly the same as it was in 2007 with the︂ us on the brink of civil war and more and more people being aware of︃ this mess.
CRS even as of now is not even working as well as intended.︄
Tax havens, Swiss banking privacy etc. have one very weak link as they are very︅ easy to blackmail by banning them from the swift network which just lets them sit︆ dry.
Due to cryptos p2p nature, cracking down on that is probably similar to prohibiting︇ alcohol or other drugs.
 
Trust me if US govt︁ wants cryptos banned then they will do it overnight. Alcohol, drugs are different category and︂ they are not financial instruments. Where will you trade your cryptos ? Underground in local︃ coins hand to hand exchanges? Yes everything is workable as every country is afraid of︄ their fiat currencies loosing their values. I remember in 2012-2013 UAE govt was facilitating cryptos︅ by having bitcoin ATMs installed and you could trade locally too but suddenly in 2014︆ it made an announcement to ban them from being traded in UAE and had bitcoin︇ ATMs removed. I supposed a threat to their fiat currencies was realized by the govt︈ early on as they knew no one would keep money in their banks anymore. US︉ govt is the big elephant in this world if it wants to do it they︊ will do it overnight. I studied prohibition of alcohol etc in us history in schools︋ and university and how cannibis control was unsuccessful. We all learnt in history that CIA︌ was using drug money to supply Nicaraguan rebels as well as sold weapons to Iran︍ in so called Iran Contra affair. FATCA is a very big success but not sure︎ whether CRS has the right tooth as they don't have the might of US govt.️ Don't underestimate the US govt, always stay ahead of their game. That's the correct approach.‌
 
US is not the on︁ the brink of civil war now that Joe Biden has been elected. It will simmer︂ down soon. Some trouble makers of Trump will calm down too
 
Top was 2014 I was here⁣ back then and from my personal experience living over here for more than a decade⁢ highest I have ever seen the property prices in Dubai was in 2014. There were︀ lots of people selling it out at that time as they wanted to cash out︁ before it goes low again and it did. By 2017, JLT apts we were selling︂ were 750,000 AED down from 1 million AED in 2014. Now the same are around︃ 550,000 and lower. Marina is the same way but it depends on the building (construction︄ )and views too.
 
Actually I am in real estate business myself in Dubai so I am stating⁠ facts as to what we are seeing. I don't need to see any reports. Ask⁤ any professional real estate company (don't ask one who wants to sell you a property⁣ ).
 
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