Just few weeks ago i was the one to recommend TW for Seychelle Ltd account opening (one of the very few if not the only EMI's who would even consider it). Well, not anymore.
Everything was OK with the account for a couple of months, until we decided to open account with TW for the same Seychelle...
Company is 5yo but never had any business or bank account before. It's just a holding company for another entity in Europe
I posted some questions about this very topic not too far ago and followed advise to the letter, you can check it
What do you think will happen after your bank (in CRS country) reports to your fake residence country? What is the reaction of tax man is supposed to be? Is he going to wonder why he received CRS report on this person who is not supposed to be tax resident there according to tax man's own data?
It's something like this
There are so many of these plans and they seem so unnecessary complicated that i never bothered to explore in-depth
There is one upside to these insurace things though. Basically...
Oh, and i forgot to mention they started pushing their life insurance deposit thing right away (thing where they freeze your money for minimum 3 years but you ge tlike 5% usd annual return, many older Chinese customers looove it)
Here is very recent experience one of my clients had you may find interesting
Customer - citizen and resident of CIS (former USSR) country. Not russian.
Documents provided: passport, ID, bank statement from home country bank as address proof. Bank statement printed from internet.
It's always a...
If i were you, i would close this account and open a new one (preferably in different bank) acting as UAE resident from the start.
Depending on account balance, i would avoid transferring money between old and new account and withdraw balance in cash, then deposit on the new account
That's actually less than average time. And you'll never know what obscure money institution your money will come from (if they do come after all). Better yet, more often than not after few weeks they can tell you your withdrawal can not be processed. Seriously, this drives me mad, given how big...