Offshore bank account for GCC Resident

GearedUp said:

B) Interactive Brokers, Swissquote, Saxo Bank accounts for trading.

In the case of option B, I can't quite understand if I can use Swissquote, for example, as a savings account as well? (assuming they provide debit card as well)? Is it safe to keep my money there on a constant basis?

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Swissquote and Saxobank are banks and have deposit protection. IB has as much deposit protection with FDIC as a busted condom and FDIC almost went bust during last financial crisis .

I would stick with option "A" before I look at option "B". Option "A" exists exactly for the reason you mention. Barclays even calls some of their accounts "Reserve Accounts".

GearedUp said:

Among the banks, I mentioned in option A, which one is more or less the most reliable one to keep money in?

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Barclays bank in Jersey.

GearedUp said:

Lloyds so far has the best options for deposit, with their "Bonus savings account", but is it reliable?

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Remember the financial crisis and how it affected Lloyds. High deposit rate equals desperate bank. Yes they are reliable I banked with them offshore once upon a time literally decades ago but be careful.

Lloyds bank bailout repaid in full, says Philip Hammond

Swissquote specifically advertise their services in UAE as multi currency expat account with debit card. It doesn't require trading and it seems it can be used as a regular bank account. Not sure about Saxo.

Locally one of the best option is ADCB Jersey, this way you have both UAE and Jersey account with immediate transfers between them. They used to open it from $25,000, I am not sure now. Citibank IPB London / Singapore would also work in a similar way but the requirements are much higher than ADCB Jersey.

Check banks in Ukraine neighboring countries to the west. 100k euro government insurance. Websites in Ukrainian language, free, geat service.

daxbr said:

Check banks in Ukraine neighboring countries to the west. 100k euro government insurance. Websites in Ukrainian language, free, geat service.

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True. Especially banks in Poland have been very accommodating to Ukrainian citizens lately, some of them having website translated to UA. However I don't think remote opening is possible.

BlueMist said:

Locally one of the best option is ADCB Jersey, this way you have both UAE and Jersey account with immediate transfers between them.

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ADCB Jersey operation is fairly new if I remember. I would really move money beyond clutch of UAE spear of influence. The regime in UAE is no joke my friend it is an oppresive authoritarian regime with opaque laws founded in the Sharia it is not a democracy out there. Get in trouble with authorities on some trumped up charge and you wish you had your money a million miles from anything UAE.

Martin Everson said:

ADCB Jersey operation is fairly new if I remember. I would really move money beyond clutch of UAE spear of influence. The regime in UAE is no joke my friend it is an oppresive authoritarian regime with opaque laws founded in the Sharia it is not a democracy out there. Get in trouble with authorities on some trumped up charge and you wish you had your money a million miles from anything UAE.

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Yes, ADCB Jersey is a fairly new setup, they are not part of SEPA unfortunately. The convenience is that you have the same RM for both jurisdictions and the same online banking. They also issue foreign currency debit cards.

I agree about not keeping all assets in UAE, however much of the stories you read have been made up to look more sensational than there is truth in it. Lots of expats are taking UAE banks "for a credit card ride" (e.g. by not paying them and leaving "permanently"), just to find themselves locked up while even transiting via UAE or when the next job opportunity arrives many years later and they already forgot about those debts.

Emiratis are the most powerful minority here and they are far from causing troubles. But if you are working for government or are a chef at the top luxury hotel seafood restaurant that is owned by the government and you are doing literally "fishy" business by taking bribes from fishermen just to get whatever they give you (true story), instead of caring about the quality, then you are basically asking for troubles...

I am sure we could talk ages about fairness of UAE or its laws, which probably has many flaws. Some of them are being gradually fixed, e.g. bounced cheques. During the last financial crisis, UAE has also guaranteed unlimited cash deposits in all local and core international banks operating in the UAE for 3 years, providing people with piece of mind. I also don't believe the government would allow any top local banks to fail anyway.

BlueMist said:

Yes, ADCB Jersey is a fairly new setup, they are not part of SEPA unfortunately. The convenience is that you have the same RM for both jurisdictions and the same online banking. They also issue foreign currency debit cards.

I agree about not keeping all assets in UAE, however much of the stories you read have been made up to look more sensational than there is truth in it. Lots of expats are taking UAE banks "for a credit card ride" (e.g. by not paying them and leaving "permanently"), just to find themselves locked up while even transiting via UAE or when the next job opportunity arrives many years later and they already forgot about those debts.

Emiratis are the most powerful minority here and they are far from causing troubles. But if you are working for government or are a chef at the top luxury hotel seafood restaurant that is owned by the government and you are doing literally "fishy" business by taking bribes from fishermen just to get whatever they give you (true story), instead of caring about the quality, then you are basically asking for troubles...

I am sure we could talk ages about fairness of UAE or its laws, which probably has many flaws. Some of them are being gradually fixed, e.g. bounced cheques. During the last financial crisis, UAE has also guaranteed unlimited cash deposits in all local and core international banks operating in the UAE for 3 years, providing people with piece of mind. I also don't believe the government would allow any top local banks to fail anyway.

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The ME is a powerkeg ready to be blown. Make sure most of you networth is outside it. UAE and all those small Emirates/fiefdums will be nothing when expats/staff leaves.

Milky Moon said:

The ME is a powerkeg ready to be blown. Make sure most of you networth is outside it. UAE and all those small Emirates/fiefdums will be nothing when expats/staff leaves.

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Most probably but it is not going to happen before 50-100 years. The whole world needs oil and oil resources should be stable.

BlueMist said:

however much of the stories you read have been made up to look more sensational than there is truth in it.

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I lived in Dubai for years and witnessed shocking stuff firsthand during the original property boom. Have you even read the laws? Are you fluent in Arabic my friend? Otherwise ignorance is bliss I can tell you....lol.

I think you will have a different view of UAE if conflict deepens with Iran which I hope it won't. UAE is a very very soft and easy target. Remain vigilant and avoid crowded areas...that's not my advice but the Foreign & Commonwealth Office...lol.

Milky Moon said:

The ME is a powerkeg ready to be blown. Make sure most of you networth is outside it. UAE and all those small Emirates/fiefdums will be nothing when expats/staff leaves.

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It is possible but it is just a prediction, like with financial analytics predicting financial crash since few years but the markets are all time high. Everyone was complaining in 2018 that markets are too high now to buy anything and yet some ETFs yielded +30% in 2019 lol

There are too many banks in the UAE, which I can agree about, hence some of them are now merging. ADCB has merged with UNB and Al Hilal bank, while NBAD has merged with FGB creating Bank FAB. It is in fact the biggest by assets bank in GCC and top 50 safest banks in the world...

Martin Everson said:

I lived in Dubai for years and witnessed shocking stuff firsthand during the original property boom. Have you even read the laws? Are you fluent in Arabic my friend? Otherwise ignorance is bliss I can tell you....lol.

I think you will have a different view of UAE if conflict deepens with Iran which I hope it won't. UAE is a very very soft and easy target. Remain vigilant and avoid crowded areas...that's not my advice but the Foreign & Commonwealth Office...lol.

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I don't ignore things, but as you may be aware (or not) there is plenty of made up stuff in foreign press with added "sensation" that doesn't correlate to the reality. Also since first property boom, so we are talking here 15 years at least I think, a lot has changed since then. I lived in few countries already and have seen shocking things everywhere, it is not the UAE that is specific. There are shocking things everywhere you go, I am sure it is no different to where are you from or currently reside. We could probably count on one hand countries close to perfection, otherwise it's the wild west.

Let's take EU for example. Bought properly in Central Europe (country's capital city) 5 years back, which was handed to me 4yrs back. The developer has broken the laws by doing something illegal with the property I bought (AFTER HANDING IT OVER FOR USE) and it is something I have neither been informed about during the purchase agreement, nor I have been informed about this WHILE it has been done, nor I have been asked about it BEFORE it has been done... Case in court since 3 years. Was called to the court to give my statements. Once I gave my statements, the developer has closed the company in the meantime without informing anyone about it, including the court! The liabilities of the company has been taken over by another company but WAIT, my statements given to the court are invalid, because they were against the company which is not existing anymore! So I have to come to the court again (which is fcked up if you don't live there) and give my statements again (even if the same) against the company that has taken over the liabilities.

And STILL NO RESOLUTION. 4 YEARS CASE IN COURT. EUROPEAN UNION. 21st century EU LAWS

LOL

Now I wonder who will pay for my time, flights, the lawyer I hired to file and lead the case and how knows if the other company won't decide to shut down before the drama is over... EU is some one big theater of dramas, courts and lawyers. Some of these countries really need this "oppressive regime" as you called it, with extreme fines otherwise people and companies will always cheat and play on time WITH your money

Well my feelings about EU are well known so I won't be an advocate for them at all .

However one the ruler of Dubai's wives is seeking asylum from him in London after fleeing. The guy is the devil where even his own daughter ran away and was re-captured and never seen since. No one speaks out in UAE of gulf states..lol. The reason I left is because of lack of freedom of speech and free press that does not exist in Dubai and I don't hold my tongue for nobody when it comes to criticizing authoritarian regimes. Your a damn guest in the house of Sheik Mohammed where he makes rules up as he goes along...lol. These ISIL funding gulf states are gonna get blow back so be careful. You never wondered why ISIL never attacks a easy nice pool of expats in UAE...lol . I guess they never bite the hand that feeds them do your research even US knows they fund them...lol.

Anyway each to his own . Just make sure like every expat you keep nothing in Dubai in case you have to flee. Dubai is the crosshairs in any regional conflict as the sponsors of ISIL there are playing a dangerous game of proxy war.

Martin Everson said:

Just make sure like every expat you keep nothing in Dubai in case you have to flee. Dubai is the crosshairs in any regional conflict as the sponsors of ISIL there are playing a dangerous game of proxy war.

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@rowena Lol...keep your eyes open like I said and get ready to follow any foreign office advice.....


P.S I hope for peace and no escalation and importantly for airspace in gulf region to stay open.

"The Islamic Revolutionary Guard Corps said in its Telegram channel that, in the event Iranian soil is bombed, it will target the cities of Dubai, United Arab Emirates, and Haifa, Israel, in the third wave of operations."

@Martin Everson
Telegram sourced news, really ? I believe WhatsApp and Viber sources Those are clickbait news.

UAE & Iran have very deep economic relationships. I am not expecting any attack but in case of any attack to UAE or Israel everyone should prepare for a world war. Iran can even hit EU from Tehran.

rowena said:

Telegram sourced news, really ? I believe WhatsApp and Viber sources Those are clickbait news.

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Mate you live in Dubai that is how real estate and business people communicate via whatsapp for business app.... But I get your point...lol.

rowena said:

UAE & Iran have very deep economic relationships. I am not expecting any attack but in case of any attack to UAE or Israel everyone should prepare for a world war. Iran can even hit EU from Tehran.

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They don't need to conduct an actual strike the threat is enough to cause economic damage to UAE. You just have one plane drop out of the sky over there (btw no reference to Tehran plane incident) and I would be adios Sheik Mohammed .

I don't know why you hate from UAE or what UAE did to you but don't believe all news especially click baits.

Hate is a strong word. I am no fan of the Dubai's ruler, the zero democracy and an opaque non-independent judicial system.

Maybe you can share with us why you love UAE?

I bet you had a bad story in UAE Do you believe is there any country with a real democracy?

I love the UAE because people are kind, you can see lots of smiling people outside, no road rages, no safety issues and you can have a high standard of living if you have money also it is mixed country you can have friends from 10 different nationalities. As a bonus, you can enjoy zero tax