Recent content by Thomas67

They're bank too now. Never had any issue with wires personally, with limited amounts though. Astonishing you had such issues, wouldn't investigations/questions come from the receiving bank usually? Which interest do you see in having more privacy, if you're AML and tax compliant? Sure for that...

Thanks for suggesting. May I ask the benefits of the bank(s) you've in mind compared to Swissquote (which has a local branch in UAE and is less/not constraining in terms of entry and minimum balance)? (Swissquote or any similar option)

This isn't what my accountant indicates. There might also be a difference between someone having a job and trading limited amounts and occasionally, and a full-time trader imo. I'm only interested in UAE sources (also for those who'll read this thread afterwards), if someone has one for...

Thanks for your view mate. May I ask how/where you did learn it? My accountant wrote me yesterday any business in UAE would require a trade license (company) or a freelance license. And since Federal Decree-Law No. 50 of 2022 considers any speculation works as a commercial business, it makes me...

Thanks for your view. I'm by default considering CIT will apply to individual traders based on the above sources. Will Reassess in 2025 (CIT registration and tax return filing). Though (kindly let me insist on this), this thread is only related to the legal aspects behind the activity, such as...

I never said the contrary. Though to me license means the business is de facto properly registered and regulated (by the department in charge of mainland businesses or by freezone authorities). See above, they don't know or contradict themselves. Will further investigate, unless someone has a...

Thanks for the nuances. Based on the sources I could read so far, and as summarized by @Tom85 : Cabinet Decision No. (49) of 2023 clarifies what is considered as 'Business' or 'Business Activity' by individual person. It states that wage, personal investment and real estate income are not...

Thanks for your view. The virtual asset law defined by VARA has the merit of making things much clearer for normal businesses involving virtual currencies. The entire list actually makes full sense for me, as each of these activities is a service as such. Though, in the case of trading this is...

Many factors could intervene indeed, those you're mentioning, and maybe 'badges' of trades (e.g. frequency, holding times, expertise, importance of revenue, etc...) to differentiate long term investment from short-term speculative trades as in other countries. Will search about this. If UAE...

Hi all, It seems trading stocks, cryptos, etc... (being day or swing trading) with personal funds could be seen as a speculative activity in UAE and hence be categorized as a commercial business (and to CIT). See thread and sources in: Tax on trading in the UAE It also seems any virtual works...

My question wasn't really about the taxation to be fair. Could have opened a specific thread on license requirements for trading though, but Tom85's summary was quite relevant if the activity is seen as a commercial business. Will see.

Back to this thread as it was a good summary (cheers to Tom85, changed name I guess). Aside the CIT related questions, if trading is seen as a commercial business as mentioned here above (Fed decree law 50 - 2022), I'm still wondering if a license shouldn't be needed for the activity. In...

It's not my view, even if it's not wealth management. But the all point of the thread is to know if someone would have a source about it, not an opinion.

Thanks for your view and proposal. Yes I know these prop firms, how they work, and the fact that demo accounts are being used. This thread is actually more about the regulations present in UAE (e.g. which decree), that could enforce traders to have a license for prop firms trading, given the...

Thank you for your view. Would you by any chance have a source about it, as a service is still provided