CRS Reporting Question with UAE residency and banking

[OTROTG]

Hi,

I just wanted to ask if I am a Canadian passport holder but have obtained UAE residency (with Emirates ID) and I apply to the bank and use my Emirates ID and provide a local UAE address will the bank still report my accounts to Canada?

Thanks in advance.

 

[Sols]

Unless you give the bank reason to doubt that your residence in UAE is genuine, they would not ordinarily report you under CRS.

 

[OTROTG]

Unless you give the bank reason to doubt that your residence in UAE is genuine, they would not ordinarily report you under CRS.

Thank you for your reply.

Extending this a bit here: if my company is registered in UAE Freezone and I use that company to open a business bank account outside of UAE and use my UAE residency information, then in that case the bank will report to UAE and not Canada, correct?

 

[Sols]

Correct, unless the bank has a reason to doubt your personal residence and the company's economic substance/presence in UAE, a UAE bank would not mark your bank account as subject to CRS.

The only exception I can think of would be if you for some reason open a bank account in Canada for your UAE business.

 

[hanoib]

They always ask for:

1. Permanent address
2. Residence address

Even if you put a hotel address for the residence address (Personal bank account), they don't care. But I don't know what the permanent address is. Perhaps someone else can tell you/me what that is.

 

[OTROTG]

Correct, unless the bank has a reason to doubt your personal residence and the company's economic substance/presence in UAE, a UAE bank would not mark your bank account as subject to CRS.

The only exception I can think of would be if you for some reason open a bank account in Canada for your UAE business.

They always ask for:

1. Permanent address
2. Residence address

Even if you put a hotel address for the residence address (Personal bank account), they don't care. But I don't know what the permanent address is. Perhaps someone else can tell you/me what that is.

Thank you both for your replies. I have used a UAE ejari for address on bank applications. I was just concerned since they also asked for my passport copy.

 

[hanoib]

They always ask for your passport, and it's completely normal. We all have a passport from a country. But it doesn't mean we have to live in that country

 

[Forester]

They always ask for:

1. Permanent address
2. Residence address

Even if you put a hotel address for the residence address (Personal bank account), they don't care. But I don't know what the permanent address is. Perhaps someone else can tell you/me what that is.

There might be some exception with some particular bank but generally, if they ask for both, then “Permanent address” means the address that you have recorded in official (governmental) documents and databases, “Residence address” means the address where you can be currently reached. (It implies, i.a., that a hotel address can perfectly be used as the residence address.)

 

[hanoib]

So what does the OP needs to add in the “permanent address” so CRS will not be reported?

His Ejari address right?

 

[Forester]

So what does the OP needs to add in the “permanent address” so CRS will not be reported?

Any address in UAE (=> not being reported) that is written in some official document (because it is to be presented as “permanent address”).

His Ejari address right?

I'm not so familiar with UAE system to be able to judge whether Ejari certificate is considered to be official document or not (AFAIK, Ejari is the system that regulates contracts between landlords and tenants in Dubai) – I guess that it is. Anyway, e.g. if an Emirates ID bears the address of the holder (I do not know this), this is the right one.

 

[OTROTG]

Hi,

Thanks for the replies and confirmation.

Based on my understanding the Ejari is used to provide an official tenancy/lease agreement that lists the tenant, their passport number, and their Emirates ID number as well as the address of the lease property, payment amount, and duration of lease.

When applying for the banks, they have asked for either a bank statement, utility or phone bill, or some type of Ejari as proof of residence address in UAE.

Also, Emirates ID contains no address information and AFAIK the Emirates Driver's license also will not contain any address information. On my Emirates ID contains some information such as: Name, DOB, Nationality (and Passport number), Employer name, Visa type

I can rest easier now knowing that using the Ejari could at least help mitigate the chances of being reported under CRS although not 100%.

 

[hanoib]

@cdoan1992 off-topic, but how did you get an ejari? I can’t PM you. Can you maybe PM me?

 

[OTROTG]

Hi, sure I'd be more than happy to assist. Basically, I met a contact in UAE that can issue you an Ejari in a very undesirable address/area but it's a legit document. I haven't had any issues with it yet.

Prior to that, I was exploring just paying for the cheapest rental apartment I could find -- had no intention of living there at all.

If you are interested you can add me on Telegram and I can put you in touch with the contact.


side note: if you are looking for something that may work for businesses, I ended up using a service such as Regus which will issue you a Business Package Agreement that clearly states the start and end dates of your rental term and the amount you will be paying. This document is also stamped using their company seal.

 

[hanoib]

Thanks @OTROTG! But I don’t use telegram. Do you perhaps have Threema?

I also can’t message you privately. Can you message me maybe on the forum?

What is the price of the ejari?

 

[OTROTG]

Thanks @OTROTG! But I don’t use telegram. Do you perhaps have Threema?

I also can’t message you privately. Can you message me maybe on the forum?

What is the price of the ejari?

DM sent!

 

[zzzzzz]

There might be some exception with some particular bank but generally, if they ask for both, then “Permanent address” means the address that you have recorded in official (governmental) documents and databases, “Residence address” means the address where you can be currently reached. (It implies, i.a., that a hotel address can perfectly be used as the residence address.)

Do they ask for "permanent address" or "permanent residence"? In my passport is a section called "permanent residence" with my residential address. When you relocate you're obligated to change this address to current one (which can be pain in the a*s if you relocate often). To make things even more complicated, "permanent residence" can also be legal status / permit in a country.