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Multi currency bank account with stock trading in the UAE, what are the best options?

Well glad you know the risks and in the end all that matters for you.
 
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And to be clear I totally understand what you are saying, UAE is not a democracy, they are under pressure with falling oil prices, they introduced VAT, anything could happen. But there are countries in Europe where there is democracy, but something like Cyprus might happen soon, as there is no more money and they will need to get money from savings inn the banks. So I understand I'm taking risks, but I don't think my money will disappear overnight entirely in the UAE, and I can survive a Cyprus like thing in exchange for no tax. Of course I might be wrong, time will tell :)

With all things considered the UAE is safer than most banana republic tax havens, Malta or Cyprus when it comes to banking. The only real issue is that the regulatory landscape can change very rapidly and affect your compliance/tax implications. Democracy wise well, i couldn't give a rats a*s if it's a dictatorship so long as the business climate is friendly enough and the banks are reliable. Don't commit crimes and don't try to launder cash through UAE entities and you won't have to worry about the government going dictatorship mode on you.

I dealt with many jurisdictions before, never had a single issue with UAE banks other than maybe cryptocurrency-related deposits. It's hit or miss depending on the bank. About the costs, if people are concerned about that (to a reasonable extent), they don't need an offshore setup to begin with.
 
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KJK beat me to it. I was gonna suggest internaxx in Luxembourg now known as swissquote.lu. They offered multiple currency accounts with individual iban's but don't know if they still do.
Yes, they do. The major difference between SQ LU vs SQ CH, apart from jurisdiction, is that the latter allows to have cards and use the account in a normal operational way, e.g. by sending and receiving 3rd party payments, while Internaxx / SQ LU doesn't.
 
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BGL recommended by @Martin Everson is expensive option I recall to buy and hold. They removed a possibility of applying online for UAE residents, one need to call them. Citibank AE has probably the best "local" investment options offering access to multiple international markets. Also trading and custody fees are acceptable for smaller amounts (e.g. below €100k). Citibank AE custodian is UBS Switzerland. I wonder how does it work in practice and whether your investments could be frozen. Technically they are not held in the UAE but they are tied to your UAE investment account.

That sounds pretty interesting. What if you open a SwissQuote account as a UAE resident? Would they always give you an account with their UAE branch? Can they accept third party payments?
Can you open SwissQuote accounts as a US LLC?
You can apply for SQ account in the UAE or directly with their LU or CH office. There are some pricing differences between SQ UAE and SQ CH although in both cases money are held in Switzerland. I see no reason why SQ CH should not accept LLC if you commit to invest into something. I had for instance a positive response from SQ CH regarding Cyprus holding companies. Best to check with business department of SQ CH.

I opened Internaxx LU (now SQ LU) as UAE resident without any issues.
 
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So if you open a trading account for a US LLC, you can use that to receive payments from customers? They won’t close your account for that?
It seems so. Provided you have some investments they shouldn't close your account but I would be careful in using them as the main operational account, as too many transactions may ring some bells.
 
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That's why I would want to get some clients in the UAE, which would not hurt my bottom line either. I mean, they need websites too, and from what I know they pay the market rates. Once I have 1-2 clients in the UAE, I have substance, and I also have a reason for having a residency visa. My understanding is that bank in the UAE are ok with PO Boxes, but I can rent a flat for 500 USD for 3-4 months if needed at the beginning, then I will just drop off the contract.

If you are Italian then a crucial part of your strategy (among other things) is to carefully choose in which country to have your AIRE registration, which probably should not be in UAE. If you have been out of Italy (on the AIRE register) for 9+ years and at some point you wish to move back to Italy then you could have a great opportunity with the so called "flat tax for HNWI" (pay €100k per year and you are 100% legally "shielded"). Obviously there are pros and cons to be evaluated for your specific case, so it is paramount to speak with a good tax advisor with knowledge of the specific matters
 

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