UAE TRC for Banking

[liroyb]

Hi guys, I hope that someone with personal experience can clarify this for me:
Does opening personal offshore account as UAE resident (property visa) in tier-1 banks (such as DBS, Citi, HSBC, Lloyds, etc) will require me to provide them with UAE tax residence certificate?

 

[Fred]

Hi liroyb,

speaking for CITI Premier Banking as well as⁤ HSBC Premier Banking in SG and Jersey they don't ask for Tax Residence Certificate -⁣ same for DBS.

Never seen a Switzerland or Liechtenstein Private Bank asking for it.

 

[liroyb]

Thank you for sharing. So basically valid Emirates ID + Utility bill/Bank statements should be sufficient⁠ to satisfy these banks as residence proof?

 

[CaptK]

Emirates ID will be all you need. Do take bank statements at least 6 months‌ so they can understand your source of wealth.

 

[Fred]

Passport is‍ required as well.
Passport is required as well.

 

[liroyb]

From your experience with SG banks, how long it is expected to take for a PERSONAL⁠ account to get approved by a tier-1 bank compliance?

 

[Fred]

Depends if you have already ties to a foreign Bank with ties in SG -⁠ Citibank Gold UAE takes 10-14 days to have SG up and running.

DBS, OCBC or⁤ UOB can take for sure 4 weeks for non-resident banking - private banking with high⁣ minimum balances is a must of course as well.

 

[Konstanz]

I had been asked to provide tax certificate, but just one time in european bank‌

 

[liroyb]

From your experience with tier-1 banks, Does bank statements are enough for them to verify‍ source of wealth?

 

[Fred]

Yes - I have so far seen‍ only one small Switzerland Private Bank which required Audits.

UBS, Pictet, Julius Baer are all⁠ fine with Bank Statements as Source of Wealth.

Most important is that the Bank does⁤ understand UAE as a jurisdiction itself.