How much money to hold in CIM Banque?

[no1d]

Hi everyone,

My business partner and I need to payout the dividends from our company.

My banking options are ENBD in Dubai and CIM Banque in Switzerland.

Where would you keep around 3M USD?

 

[TheCryptoAnt]

NBD will ask less questions in my experience

 

[Sols]

I'd put more money in NBD than in CIM.

 

[wellington]

CIM ask questions for everything (sais so as part of the signup process).

 

[no1d]

NBD will ask less questions in my experience

I had some issues with them regarding my source of funds which took some time.

CIM ask questions for everything (sais so as part of the signup process).

I just upload the invoice for whatever I am paying and they never asked anything.

I'd put more money in NBD than in CIM.

Isn't NBD and UAE more risky as a country compared to Swiss? I think that in UAE foreigners are seen as workers and if there a legal issue we might be in disadvantage.

 

[CyprusBusiness]

CIM banque worked fine for many of our clients. Account opening is easy and source of funds assessment is fairly straight forward

 

[rowena]

Hi everyone,

My business partner and I need to payout the dividends from our company.

My banking options are ENBD in Dubai and CIM Banque in Switzerland.

Where would you keep around 3M USD?

ENBD and CIM Banque are not even comparable. ENBD is obviously safer than CIM.

If you have $3M, you can go with almost any bank in Switzerland like UBS or CS but still Swiss banking doesn't make any sense because of fees. It can make sense if you have $10M+ because fees are significantly different for $3M and $10M. There are many safe destinations with better fees for $3M like Luxembourg, Singapore, UK...

 

[no1d]

Big Swiss and Luxembourg banks want to have the money invested but we don't want that, need it in cash.
Singapore is far to travel to try opening an account. I heard at UOB is easier to open.

Any recommendation for a UK bank that can onboard me as UAE resident?

 

[rowena]

Big Swiss and Luxembourg banks want to have the money invested but we don't want that, need it in cash.

Not correct. You can expect calls from RMs for "investment advices" but you can keep it in cash if you really want to lose 10% every year because of inflation. The bank will be happy.

Singapore is far to travel to try opening an account. I heard at UOB is easier to open.

No need to travel. Check DBS Treasuries Private and SC Priority Private. Both can be opened remotely from UAE.

SC easier to open if you open SC AE account in advance. This will make KYC process of SC SG easier. Don't go with SC Private(min $2M) because it has higher fees and only oriented to sell wealth management products.

DBS is another very safe option. You need to email DBS Treasuries Private and they will guide you about remote bank account opening. There is also DBS Private branch in Dubai but the minimum relationship balance is $3.5M.

Any recommendation for a UK bank that can onboard me as UAE resident?

Most UK banks will onboard you as long as you deposit the minimum relationship balance of the Private tier or one tier lower but the remote opening can be challenging.

 

[Sols]

Isn't NBD and UAE more risky as a country compared to Swiss? I think that in UAE foreigners are seen as workers and if there a legal issue we might be in disadvantage.

Switzerland is safer than UAE. NBD is safer than CIM. Probably, depends on how you perceive and measure risk.

3 million USD will stick out like a sore thumb for CIM but will be just another Tuesday morning at NBD. NBD probably transacts in a week what CIM does in a year (that might be a bit off, I haven't checked either bank's financials recently). But it will most likely be easier to receive the funds into NBD than into CIM.

I wouldn't keep money long-term in either. Go to places like Luxembourg, Switzerland, Liechtenstein, US, Singapore, Isle of Man, or UK for that.

Some UK banks such as Barclays and Lloyds will refer you to their branches in Isle of Man, Jersey, or Guernsey instead. You can start account opening process online with them.

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[no1d]

You can expect calls from RMs for "investment advices" but you can keep it in cash if you really want to lose 10% every year because of inflation.

I'm investing but in real estate not in stocks or other assets during this time. So I need access to cash anytime when there's something up for sell.

SC easier to open if you open SC AE account in advance. This will make KYC process of SC SG easier. Don't go with SC Private(min $2M) because it has higher fees and only oriented to sell wealth management products.

I will go to SC next month when I'm in Dubai. Thanks!

Switzerland is safer than UAE. NBD is safer than CIM. Probably, depends on how you perceive and measure risk.

I won't hold funds in any of them for long term.

Some UK banks such as Barclays and Lloyds will refer you to their branches in Isle of Man, Jersey, or Guernsey instead. You can start account opening process online with them.

Just did that with on Barclays, video appointment is in one week. Thanks.

Go to places like Luxembourg, Switzerland, Liechtenstein, US, Singapore, Isle of Man, or UK for that.

Last year I wen to VP bank and LLB, both required investment account not cash. I assume with Luxembourg banks is the same. If I did that I'd have 20% less money now compared to 10% inflation.

What I must avoid is the CRS and I think big banks send reports to citizenship country too.

 

[nobel]

Einige britische Banken wie Barclays und Lloyds verweisen Sie stattdessen auf ihre Filialen auf der Isle of Man, Jersey oder Guernsey. Mit ihnen können Sie den Kontoeröffnungsprozess online starten.

Barclays are the best, but they do not open for EU and EEA residents!

 

[rowena]

I will go to SC next month when I'm in Dubai. Thanks!

SC AE + SC SG will probably be a very good setup for you. The required deposit for SC SG Priority Private is $1M and you can keep your money in Singapore while enjoying instant/free transfer between your AE and SG accounts.

 

[CyprusLawyer101]

It also depends on what is your obective thereafter. Keep it in cash ( not sure if it is wise nowadays) ? Invest it further snd where?

 

[no1d]

It also depends on what is your obective thereafter. Keep it in cash ( not sure if it is wise nowadays) ? Invest it further snd where?

Thereafter I want to invest in EU real estate, new developments, house refurbishment and flipping, rentals.
That's why I think an UK bank is a better fit for my purposes.

 

[Forester]

What I must avoid is the CRS and I think big banks send reports to citizenship country too.

Be advised that you would not avoid CRS, unless you bank in a non-AEOI/CRS country. All banks report to the country of tax residence, small or big. (I must admit I do not recall at this moment whether the citizenship country is informed too /if different from tax residence country/; I guess not.).

 

[I'mRobot]

What country would you want to bank in that is not CRS and where it is possible to apply for banking?

 

[CyprusLawyer101]

Thereafter I want to invest in EU real estate, new developments, house refurbishment and flipping, rentals.
That's why I think an UK bank is a better fit for my purposes.

Ok , so it may also be important to consider a bank which would be supportive to your future plans, both in understanding and processing transactions as well as potentially providing finance for your acquisitions

 

[Forester]

What country would you want to bank in that is not CRS and where it is possible to apply for banking?

I am afraid that it is OT for this thread; but you can find (IMO) a lot of useful information for example here Reliable banks in non-CRS countries that allow remote opening for foreign citizens

 

[liroyb]

Not correct. You can expect calls from RMs for "investment advices" but you can keep it in cash if you really want to lose 10% every year because of inflation. The bank will be happy.


No need to travel. Check DBS Treasuries Private and SC Priority Private. Both can be opened remotely from UAE.

SC easier to open if you open SC AE account in advance. This will make KYC process of SC SG easier. Don't go with SC Private(min $2M) because it has higher fees and only oriented to sell wealth management products.

DBS is another very safe option. You need to email DBS Treasuries Private and they will guide you about remote bank account opening. There is also DBS Private branch in Dubai but the minimum relationship balance is $3.5M.


Most UK banks will onboard you as long as you deposit the minimum relationship balance of the Private tier or one tier lower but the remote opening can be challenging.

Just to clarify - Does it must to be Treasures Private (1,500,000 SGD Deposit), or Treasures (350,000 SGD Deposit) can also be opened remotely?