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Where to open remote bank account?

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Digits

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Nov 15, 2020
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I am new here but have been surfing this community for long time. I am‌ from Lebnon, PayPal and TW are not available.

I am interested in opening a personal‍ bank account in a country that is safe and have little to zero tax on⁠ my monthly earnings (Not BTC or Gambling).

I've had a look at:
- UAE: Is⁤ there any bank that allows Non-Residents to open personal bank accounts?
- Georgia: The insurance⁣ is around 15K GEL which is around $4.5K, is it safe?

Any other countries? What⁢ do you recommend?
 
UAE: No bank will allow you to open Account online remotely,Physical Presence is mandatory.
Georgia: Possible

With "zero tax on my monthly earnings" and Personal Account it is very complicated‌ .
You should Register Company to achieve Your target.
It can be done very Easily.‍
But with personal account it is very difficult (legal Way).

Thnaks
 
Thanks hirenshukla2007 for answering.

Regarding UAE, are you sure it is possible to travel⁣ there and open a personal bank account? Can you suggest a bank? I believe being⁢ a resident is required.
Can you explain why it is very complicated to open a︀ personal account?
Last, regarding registering a company, what is the cost and which countries are︁ best? I read UAE company formation is expensive and a bit complicated.
 
Why not take a look at the Estonian E-residency.

with it you can open‌ an account with transferwise, payoneer and lots of other EMIs. You can also have lots‍ of other options with this e-residency.

Eventually, you will have to move my man. If⁠ you have the means, great. Buy a 2d passport, look for a Caribbean one as⁤ they are faster and cheaper than the other schemes. If you don't have the means⁣ but have some sort of freelance income that you could prove to immigration authorities, then⁢ look for portogual D7 Visa and after 5 years, you will become a Portuguese/European citizen.︀

There other options as well, but all of that depends on you and what are︁ you trying to achieve.

Cheers
 
Yes I am sure , it is central bank rule that physical presence required.⁢ Emirate nbd and emirate islamic bank are good one.
Personal account opening is easy but︀ with 'tax free' status that is complicated. There are lots of offshore company jurisdiction depend︁ on your requirements.
Bvi is easy and cheap. In uae , rak is cheap compare︂ to dubai.
 
Estonian E-residency is not a︂ residency, it's just a way to submit tax reports etc to the Estonian authorities so︃ you can manage your Estonian company yourself. It's not a tax residency.
 
I know it's not a tax residency. It's⁠ just that he is from Lebanon and reside in Lebanon. and there are a lot⁤ of banks/EMIs that won't accept him as a Lebanese without workarounds. but if he have⁣ an Estonian E-residency, he can get around this easily. as his main request is⁢ that he doesn't want to travel abroad but he wants to do everything online.
 
I need to contact them, as I read they⁣ require resident visa. Aren't banks in UAE tax free?

I do have Payoneer, but is it safe to︄ reach like $30K and above?
Estonian E-Residency status cannot be used as leverage to open︅ a personal bank account in Estonia. I believe, they require a company formation. Can I︆ apply for E-Residency as an individual and use Transferwise along with Payoneer?
 
Yes payoneer is safe, I've⁠ used them (and still do) for a business account with more than 100k a month.⁤ But keep in mind though that eventually you will need a real bank account, you⁣ want your money to be insured. if I were you @Digits (without knowing anymore info⁢ about you) I would consider these options in the near future

1- UAE freelance visa︀ (about 2000 USD a year) and this visa will help you live in the UAE︁ and open bank accounts there easily.
2- Portougal D7 visa. If you could prove to︂ the Portuguese immigration authority that you receive regular income through investments or freelance work. You'll︃ have a visa and you can live there on it as much as you like︄ and after 5 years you'll become a Portuguese/EU citizen. Also There are certain tax schemes︅ like the NHR scheme that you could benefit from under this visa.
3- Estonian E-residency︆ as far as I heard would require you to have a company but this company︇ could be tax exempt if you decided to reinvest the profits. and If you wanted︈ to cash out, There are certain schemes where you could receive this "reinvested" money through︉ another entity without paying taxes. But I would advice you to contact an Estonian lawyer︊ or tax consultant First to understand your situation better.

Conclusion. Short term, payoneer and most︋ EMIs are fine, but for long term you will want a real bank account that︌ will give you some sort of insurance on your money.
 
"Aren't banks in UAE tax free?"

Dear, Yes they are ,But your home country will‌ impose tax on your foreign Bank account.

Why do not you move to UAE with‍ Freelance visa.
That will be the best option.
No Personal tax , No worry.
 
This is very interesting⁠ man..I didn't know this trick exists in Portugal. So I have to declare my income⁤ in my country to be able to approve it to immigration authorities for D7 Visa⁣ right?
 
No, you don't need to⁠ tell your country anything. If you have a bank account that is able to generate⁤ bank statements and shows these to the Portuguese immigration authorities, then you will be fine.⁣

Additionally you'll need to have about 10,000 Euros in a Portuguese bank account to Show⁢ the authorities that you have the sufficient funds to cover your expenses there. Basically, you'll︀ have to prove that you will not become a liability to them. That's it.
 
Wow it seems so easy to⁢ get the D7..I was always looking for a way to live in europe (spain) but︀ portugal is also fine for me.

I read that i have to contact the portuguese︁ embassy here (I live in Canada), and it's the consul here who approves or disapproves︂ the D7 Visa. So all the documents of my bank statement should be presented here..it︃ isn't risky a bit?
 
no, it's not. if anything the embassy may contact the bank to make sure that⁣ the documents you provided to them are legitimate. And if you're in Canada, the visa⁢ will be easier because you came from a "western" country, So don't stress it man︀ and you'll be fine!
 
Thanks a lot man to clarify⁤ this out for me..I will definitely begin to see how it works and to do⁣ some paperwork to go live in Portugal 🙂
 
Let's make some clarifications about the D7 Visa.

1. You need to have a solid‌ business plan, and experience and/or diplomas in the field you are working.
2. You need‍ to apply at the Portuguese consulate in your jurisdiction, I have heard of cases that⁠ it took 1 year just to process the D7 (depends on the queue on your⁤ jurisdiction).
3. Taxes in Portugal (except NHR) are stratospheric. Expect to lose 40% of profits⁣ in average even running a small business.
4. In 5 years you will ABSOLUTELY NOT⁢ become a Portuguese citizen. After 5 years of continuous residence, if you have all your︀ documents in order and you prove you can speak Portuguese you will be able to︁ apply for citizenship. You can put another year around this at least, if everything goes︂ right.
 
Unfortunately you are right. I just talked with immigration︂ service provider in portugal and with my situation she suggests that i open a portuguese︃ incorporate company with bank account and from the company i can pay myself the minimum︄ wage and i can prove to the consulate the source of income because right now︅ i don't have a company as i work as freelancer and i have no contracts︆ with my clients so it's a bit tricky
 
@Peacemaker what he is referring to with e-residency is that you can register estonian ltd‌ company and then open business bank account for that estonian company remotely with transferwise and‍ similar. That is an expensive way to open bank account because you have to register⁠ company and have virtual office and accounting in Estonia. Still you would need personal account⁤ to transfer money out of company as either salary or dividends. As a Serbian you⁣ can open personal account at transferwise and almost get the same results (Serbia doesn't get⁢ USD ACH account, Estonia does). If you want to do this legally you would have︀ to inform Serbian tax office of your accounts and business in Estonia. Estonia doesn't grant︁ any privacy. But Serbia isn't a part of CRS so you might be able to︂ run it illegally. Legally running Estonian company remotely from Serbia doesn't help you because of︃ CFC rules, you would probably be taxed liked DOO in Serbia (you have to check︄ double tax treaty agreement with Serbian and Estonia). Legal and best option is to pack︅ your bags and go somewhere that works for you.
 
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