Life in UAE advantages & disadvantages

[manukahoney]

However that's why you have us and we manage this but when it comes to Monaco you will face a Interview and need to have bullet proofed answers otherwise you simply fail.

I'm not a crypto boy actually
Have been in IT for more than 20 years, my experience with crypto started and ended in 2017 when I lost some money in "disrupting" ICOs, but I followed the technology and find it really fascinating.

And you are absolutely right - I've been reading this forum for a while before registering and the number of "Crypto exit strategy" topics is directly correlating with btc/usd rate and the mentality is very similar to people winning the lottery or inheriting an unexpected fortune.

 

[Konstanz]

Honestly speaking all the Crypto clients contacting us right now are really Cash poor and even for Dubai Solution we work on every case so intensive with the partnered bankers that's already crazy.

Now you mention Monaco that has all over much more bureaucracy and is much more regulated and strict compared to UAE.

Keep in mind even if you show up with 1m+ in bank account that is the official minimum you can still be rejected for residence if Monaco don't like how you spend your money or live your life and they fear that you don't control your finances right and you could go bankruptcy.

Additional if you don't have the business history that fits your wealth you will struggle big with Monaco.

Don't get me wrong guys but I see right now in reality how the Crypto Guys that became rich over night has the complete wrong mindset how to handle some hurdles in practice - it's sometimes like in the kindergarten.

However that's why you have us and we manage this but when it comes to Monaco you will face a Interview and need to have bullet proofed answers otherwise you simply fail.

It's for sure an option but especially with the wording you mentioned for your future venture keep in mind how big the gap is right now between the thinking of people that got rich over night with Crypto and the reality.

How is Monaco more regulated and strict comparing to UAE?

About the due diligence level I agree. Monaco is keen receiving quality residents. You also have to have proof of wealth and proof of funds. Monaco is not for those fake 2 day per year residents like in UAE.

"if Monaco don't like how you spend your money or live your life and they fear that you don't control your finances right and you could go bankruptcy" - I don't understand this. No one cares or checks how you spend you money. They only check how you earned money.

Monaco residence is very hard to get, but a very valuable residence. It's much more serious location than Dubai. You can rent an apartment in Monaco and have nice Villa in nearby France. I mean live like a normal person. Weather is perfect there. Not too hot and not too cold.

For crypto guys with couple hundred thousand euros UAE is the best option I agree. No due diligence, cheap and easy residence, no requirements of stay. A perfect place to have tax free pass. But it's not for a person who loves nature and european way of life. It's not a place for life, it's just a tax free pass. 99% residents don't live in UAE. They live in various other country and travel a lot. I know many people who have residence in Dubai - none of them live there.

 

[Fred]

How is Monaco more regulated and strict comparing to UAE?

About the due diligence level I agree. Monaco is keen receiving quality residents. You also have to have proof of wealth and proof of funds. Monaco is not for those fake 2 day per year residents like in UAE.

"if Monaco don't like how you spend your money or live your life and they fear that you don't control your finances right and you could go bankruptcy" - I don't understand this. No one cares or checks how you spend you money. They only check how you earned money.

Monaco residence is very hard to get, but a very valuable residence. It's much more serious location than Dubai. You can rent an apartment in Monaco and have nice Villa in nearby France. I mean live like a normal person. Weather is perfect there. Not too hot and not too cold.

For crypto guys with couple hundred thousand euros UAE is the best option I agree. No due diligence, cheap and easy residence, no requirements of stay. A perfect place to have tax free pass. But it's not for a person who loves nature and european way of life. It's not a place for life, it's just a tax free pass. 99% residents don't live in UAE. They live in various other country and travel a lot. I know many people who have residence in Dubai - none of them live there.

I agree with you 100% .

I didn't express myself clear enough we have 10m+ Crypto Clients counting every single € - that's why I say out of practical experience Monaco won't be the right thing for 99% of the people around here.

That was my main point.

 

[petal355]

You have with UAE residence one of the best Offshore Residence you can ever have.

And compared to non offshore juridiction for residence, is a Dubai residence making it harder to get Fidor, swissquote etc personnal bank accounts compared to a european residence ?

 

[Konstanz]

And compared to non offshore juridiction for residence, is a Dubai residence making it harder to get Fidor, swissquote etc personnal bank accounts compared to a european residence ?

Yes it will be harder to get bank accounts with UAE residence. They would require larger deposits etc
Remember if you change your residence from European to UAE, you can lose accounts at banks and at Fintech like transferwise.
There are still companies who open accounts for UAE residents, like Bankera

 

[Fred]

And compared to non offshore juridiction for residence, is a Dubai residence making it harder to get Fidor, swissquote etc personnal bank accounts compared to a european residence ?

It depends.

Like mentioned before moving from Europe to UAE will lead to the fact that you won't be target anymore by discount EMI's like Revolut, Bunq or Wise.

Swissquote, Saxo and Interactive Brokers are working in UAE - first both named even have rep. Offices in the DIFC in Dubai.

Everything you want to achieve when it comes to EMI or Banking in general you still can achieve but you need to know how and do more gymnastics - that's why you have us. At the end of comfortzone you can find opportunity.

I like the challenge and to not go with the mainstream - especially when it comes to banks, EMI and Brokers.

 

[glengoolie]

...
Definitely, but in that case why choose Dubai over Georgia or South East Asia or Portugal or the Balkans or wherever? Dubai can be optimal for saving on taxes and perhaps reducing bureaucracy but it's hardly where to go for cheap dining and alcohol.

you have answered your own question

 

[Russky]

I was curious about what it would take to live in Dubai, as I am quite interested in that option... until I found the following:

Public Decency UAE

A Discussion of Issues Related to Public Decency in the UAE

www.detainedindubai.org

Especially this one:

Visitors to Dubai at “great risk” of being jailed under “cybercrime laws” that affect whatsapp etc

In the UAE, before you say anything online, you should consider whether or not you would be comfortable saying it in front of the police; because in Dubai, you basically are.. British national Yaseen Killick discovered recently that angry texting can wind you up in jail in Dubai in an instant...

www.detainedindubai.org

Criticizing or disagreeing with someone is illegal? Wtf?
How are you guys surviving in that environment? It is a landmine of ridiculous laws. Four poppy seeds from bread is considered possession of illegal drugs, 4 years in prison? What the royal f**k!

This is like a real life version of one of those Star Trek episodes (the one where Wesley breaks some dumb s**t and is sentenced to death)

 

[glengoolie]

i think that if you keep to yourself and understand what you're getting yourself into, you'll be fine. a guy made a two part video on this if you are interested:

i am personally looking into dubai but i too am not that keen on it, especially when you consider it's truly a desert city in the heart of middle east with completely foreign culture.

 

[BlueMist]

Criticizing or disagreeing with someone is illegal? Wtf?
How are you guys surviving in that environment? It is a landmine of ridiculous laws. Four poppy seeds from bread is considered possession of illegal drugs, 4 years in prison? What the royal f**k!

This is like a real life version of one of those Star Trek episodes (the one where Wesley breaks some dumb s**t and is sentenced to death)

You definitely watched too many Star Trek movies Sir!
This website is like Daily Mail 2 and unfortunately the owner of the company doesn't have the best reputation.

I would not believe in every story I read about Dubai or UAE. I guess if you go to any prison anywhere in the world and do some questionnaire among prisoners, you will find that a significant majority of prisoners are not guilty

Truth is nobody should swear or defame anyone. The difference here is you can make such persons accountable for defaming you.

 

[Fred]

I was curious about what it would take to live in Dubai, as I am quite interested in that option... until I found the following:

Public Decency UAE

A Discussion of Issues Related to Public Decency in the UAE

www.detainedindubai.org

Especially this one:

Visitors to Dubai at “great risk” of being jailed under “cybercrime laws” that affect whatsapp etc

In the UAE, before you say anything online, you should consider whether or not you would be comfortable saying it in front of the police; because in Dubai, you basically are.. British national Yaseen Killick discovered recently that angry texting can wind you up in jail in Dubai in an instant...

www.detainedindubai.org

Criticizing or disagreeing with someone is illegal? Wtf?
How are you guys surviving in that environment? It is a landmine of ridiculous laws. Four poppy seeds from bread is considered possession of illegal drugs, 4 years in prison? What the royal f**k!

This is like a real life version of one of those Star Trek episodes (the one where Wesley breaks some dumb s**t and is sentenced to death)

Sorry but quoting from a BVI registered Personal Blog with 100% negative news about Dubai won't show you the reality how it's to live in Dubai.

That would be the same as posting from a "Querdenker" Personal Blog in Germany and thinking that you live in Germany in a 3rd World Country Dictatorship rightnow. Without any humanrights.

Germany’s Lateral Thinkers, Unite

The Querdenker protests against coronavirus prevention measures sweeping the country’s cities show that free speech is alive and well.

foreignpolicy.com

As always people see what they want to see and like every place on this earth Dubai has it good and bad sides.

 

[troubled soul]

You definitely watched too many Star Trek movies Sir!
This website is like Daily Mail 2 and unfortunately the owner of the company doesn't have the best reputation.

I would not believe in every story I read about Dubai or UAE. I guess if you go to any prison anywhere in the world and do some questionnaire among prisoners, you will find that a significant majority of prisoners are not guilty

Truth is nobody should swear or defame anyone. The difference here is you can make such persons accountable for defaming you.

True , some people have superiority complex ,they treat people lower to them badly , bad behaviour should no accept at any cost.
Sometime people do no know case in detail and jump to conclusions.

 

[JackAlabama]

I was curious about what it would take to live in Dubai, as I am quite interested in that option... until I found the following:

Public Decency UAE

A Discussion of Issues Related to Public Decency in the UAE

www.detainedindubai.org

Especially this one:

Visitors to Dubai at “great risk” of being jailed under “cybercrime laws” that affect whatsapp etc

In the UAE, before you say anything online, you should consider whether or not you would be comfortable saying it in front of the police; because in Dubai, you basically are.. British national Yaseen Killick discovered recently that angry texting can wind you up in jail in Dubai in an instant...

www.detainedindubai.org

Criticizing or disagreeing with someone is illegal? Wtf?
How are you guys surviving in that environment? It is a landmine of ridiculous laws. Four poppy seeds from bread is considered possession of illegal drugs, 4 years in prison? What the royal f**k!

This is like a real life version of one of those Star Trek episodes (the one where Wesley breaks some dumb s**t and is sentenced to death)

Familiarize yourself with Islam, read some interpretation of the Quran, browse through the Arabic language, even if just superficially it will help you.
Things will start to make sense and you will understand somewhat why the things are as they are there.

I ve been to 9 Muslim countries and studied Islam a little, so it clearly helps to understand.

 

[Konstanz]

Sorry but quoting from a BVI registered Personal Blog with 100% negative news about Dubai won't show you the reality how it's to live in Dubai.

That would be the same as posting from a "Querdenker" Personal Blog in Germany and thinking that you live in Germany in a 3rd World Country Dictatorship rightnow. Without any humanrights.

Germany’s Lateral Thinkers, Unite

The Querdenker protests against coronavirus prevention measures sweeping the country’s cities show that free speech is alive and well.

foreignpolicy.com

As always people see what they want to see and like every place on this earth Dubai has it good and bad sides.

I understand you are UAE fan and promoter, but the reality is you can get in trouble in UAE for basically nothing. Law (if such exist) is much different from those in Europe.
For some things you get a slap in Europe , you would be jailed for years in UAE
UAE is good until everything works fine

 

[JackAlabama]

I understand you are UAE fan and promoter, but the reality is you can get in trouble in UAE for basically nothing. Law (if such exist) is much different from those in Europe.
For some things you get a slap in Europe , you would be jailed for years in UAE
UAE is good until everything works fine

The "basically nothing" for Europe is not a "basically nothing" in Muslim countries.
Some study about Islam is recommended and it will greatly help understanding why things are as they are. And of course that region is clearly not for everyone nor should it be.

 

[CaptK]

Every country in the world has their own rules and customs, for example Thailand is one of the most liberal countries except for drugs and your opinion on the King.
So that would make it as bad as the UAE!!
UAE is a very simple place to understand, the law is the law, respect everyone and you are accountable for your actions.
In the west you can say what you want to anyone and its no big deal, in the UAE you can have an opinion but don't swear and make derogatory comments to people in public.
Nudity and public displays of affection are prohibited in public.

For example you don't go to someone else's house and behave the way you do at home, what might seem trivial to you is a big thing to them.

Its just common sense!!!!

 

[JackAlabama]

Every country in the world has their own rules and customs, for example Thailand is one of the most liberal countries except for drugs and your opinion on the King.
So that would make it as bad as the UAE!!
UAE is a very simple place to understand, the law is the law, respect everyone and you are accountable for your actions.
In the west you can say what you want to anyone and its no big deal, in the UAE you can have an opinion but don't swear and make derogatory comments to people in public.
Nudity and public displays of affection are prohibited in public.

For example you don't go to someone else's house and behave the way you do at home, what might seem trivial to you is a big thing to them.

Its just common sense!!!!

"In the west you can say what you want to anyone and its no big deal, in the UAE you can have an opinion but don't swear and make derogatory comments to people in public."

since 2020 you cannot even say what you want in the west without being shamed to be "right wing corona denier bio terrorist nazi" or whatever nice term is en vogue

 

[troubled soul]

Man fined £425 for 'farting at police' in Austria will pay £85

The culprit was fined for 'offending public decency' after breaking wind at police in Vienna, Austria on June 5. He challenged the fine saying his flatulence was protected by freedom of expression.

www.dailymail.co.uk

Well , Things Happen all over world.

 

[challenge]

just don't be this guy (the man behind the naked models shot)

Wealthy American 'behind naked Dubai photoshoot could be jailed for 18 months in UAE' as Ukrainian models 'remain in detention waiting to be deported' a week after stunt

Models arrested for posing naked in Dubai 'are still in detention'

The wealthy businessman behind the scandalous photoshoot Vitaliy Grechin, 41, is believed to be in custody despite earlier reports that he had left the United Arab Emirates.

www.dailymail.co.uk

 

[troubled soul]

Why people post this type of lifestyle on social media, it always get them into trouble. It always attract wrong people .

What is wrong with live life low-key?? And enjoy life without posting on social media.

Travel and tell no one, live a true love story and tell no one, live happily and tell no one, people ruin beautiful things.

Kahlil Gibran