To-Do List to Avoid CRS

rowena

Building Trust
Entrepreneur
I had a non-resident bank account in UAE(CRS reportable). I got UAE residency last month and I changed those:

- I converted my non-resident accounts to resident account by using my emirates id.
- I changed my address to a local address in the bank system(Real docs, I have a property in UAE).
- I replaced my phone number to a local number in the bank system.
- Filled CRS forms again and declared no other country other than UAE.

Am I missing something to avoid CRS ? Do I need to do anything else?

Thanks
 

7889

Building Trust
Entrepreneur
If i were you, i would close this account and open a new one (preferably in different bank) acting as UAE resident from the start.
Depending on account balance, i would avoid transferring money between old and new account and withdraw balance in cash, then deposit on the new account
 

andres33

Banned User
BANNED MEMBER
Entrepreneur
Depend from where you was resident before. In many countries in EU you need to apply to get to unsubscribe from the tax administration. Many countries request for this a tax certificate of the country where you say that you are a resident. This fiscal certificate is not easy to obtain in UEA. But the worst thing is that if you are going to live in a country considered a tax paradise, and UEA is, until after 5 years you will have to pay taxes in your country and some countries even after this time can claim taxes.
 

rowena

Building Trust
Entrepreneur
If i were you, i would close this account and open a new one (preferably in different bank) acting as UAE resident from the start.
Depending on account balance, i would avoid transferring money between old and new account and withdraw balance in cash, then deposit on the new account
Opening a new bank account and transferring money by cash is hard since it is 7 digit number and continuously cash depositing 6 digit money will definitely trigger lots of red flags in the bank system.

Depend from where you was resident before. In many countries in EU you need to apply to get to unsubscribe from the tax administration. Many countries request for this a tax certificate of the country where you say that you are a resident. This fiscal certificate is not easy to obtain in UEA. But the worst thing is that if you are going to live in a country considered a tax paradise, and UEA is, until after 5 years you will have to pay taxes in your country and some countries even after this time can claim taxes.
I live outside the EU/USA. No requirement for tax unsubscription in my country.
 

xzars

Trusted Member
Business Angel
Seems like you're covered.

For the first year (2019), also try to obtain a tax residency certificate by spending more than 6 months in UAE.

More tests to consider:
(These tests may or may not be applicable in your previous country of residence)

Test 1 - Availability of a permanent home: if you still own your previous dwelling (even if rented out), in your previous country residence, but no equivalent dwelling to "call home" in UAE, you are exposed to some tax risk.
Test 2 - Location of your personal assets (the majority of- ; not only real estate) - some countries are known to label you a tax resident if they believe the majority of your net worth is in their territory. As an example, Spain aggressively uses this test.
 

Admin

Forum Moderator
Staff member
I would not trust in this setup you have made here. This is an account you have hold for longer than just 2019 - the reporting kicked in for a few years, I believe your account and personal data has already been reported by now and I consider your task to be to late.
 

rowena

Building Trust
Entrepreneur
I would not trust in this setup you have made here. This is an account you have hold for longer than just 2019 - the reporting kicked in for a few years, I believe your account and personal data has already been reported by now and I consider your task to be to late.
Yes, reporting started before but it is not an issue for me because I paid taxes for last years. Future reporting is important for me. I am trying to ensure that this setup will work for 2019 and onwards.
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
The account will still be reported for the year of the account address and status change e.g 2019. I hope you are aware of this? i.e you don't change the account details last week and think the account won't be reported for 2019 - as it will sadly. Other than that what you have done sounds fine for no CRS reporting from 2020 onwards thu&¤# .

However as 7889 said - to start with a fresh account at a new bank was 100% the correct action to have taken...period.
 

rowena

Building Trust
Entrepreneur
Thanks, So far I paid my taxes. 2020 is also fine. I just want to ensure for accounts active right now.

Moving to another bank is also painful. Lots of KYC and transfer issues...
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
Moving to another bank is also painful. Lots of KYC and transfer issues...
I know citibank UAE closed my accounts. They no longer accept non-residents banking with them.

I'm pretty shocked you keep 7 figures in the UAE as an expat... I guess no one has warned you. If you have legal problems over there and have to run your screwed - coming from ex-UAE resident. Register yourself at your embassy there. UAE has zero tolerance and respect for human rights. I am just waiting for Iran to attack UAE then I will perhaps snap up some fire sale investment opportunities in the emirates from fleeing expats smi(&%.
 

rowena

Building Trust
Entrepreneur
I know citibank UAE closed my accounts. They no longer accept non-residents banking with them.

I'm pretty shocked you keep 7 figures in the UAE as an expat... I guess no one has warned you. If you have legal problems over there and have to run your screwed - coming from ex-UAE resident. Register yourself at your embassy there. UAE has zero tolerance and respect for human rights. I am just waiting for Iran to attack UAE then I will perhaps snap up some fire sale investment opportunities in the emirates from fleeing expats smi(&%.
No need to warn, UAE is one of the safest countries in the world. If you respect rules and don't try anything illegal you will not face a problem but otherwise yes, you will have lots of legal problems. They respect human rights but if you do anything illegal you will face lots of issues.

I lived in UAE for long years and I can say that holding 7 figures in UAE bank is not a big deal since I know people holding 8 figures for long times without issue. UAE banks generally have A rating with lots of benefits. For example, I can withdraw $40K from ATM machine in a single day.

Lots of Iranian people and big investors live in UAE, also you can find the biggest Iran banks in UAE. Sorry but there will be no war between UAE and Iran, just politics.
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
If you respect rules and don't try anything illegal you will not face a problem but otherwise yes, you will have lots of legal problems. They respect human rights but if you do anything illegal you will face lots of issues.
Are you fluent in Arabic? How do you understand their laws...lol. The country has ZERO respect I mean ZERO respect for human rights. They jail people every day for having unmarried sex. They can accuse you of being a spy and jail you. They would even jail you for criticizing the government or using a VPN..lol. They also have zero freedom of expression or freedom of speech. But as an expat ignorance is bliss in the glitz and glamor till ignorance is rules catches up with you. So register at your embassy and keep their number on speed dial

Woman pregnant Jailed:

Student accused of spying jailed:

Jail or Fine for using a VPN

Cheque bounce they jail you (very common)

The law is based on elements of the Sharia.

(peace) سلام
 

rowena

Building Trust
Entrepreneur
I lived together with my girlfriend for 3 years in UAE and zero issues. You don't need to Know the Arabic language. Let me give answers to your "newspaper" driven ideas:

Woman pregnant Jailed:
Yes there are rules for pregnancy but no one is going to jail you: Foreign couple arrested in UAE for unwed sex is released
Some pics of one of the beaches in Dubai Zero Gravity Dubai on Instagram • Photos and Videos

Student accused of spying jailed:
You will face jail for spying or spying possibility in any country in the world.

Jail or Fine for using a VPN:
False information. Did you read the law? VPN usage is not illegal. Using a VPN for illegal activities is. I use VPN always in UAE for 3 years.

Cheque bounce they jail you (very common):
Another false information. There are amount levels, no one is going to jail you for $50K cheque :) But if your bounced cheque is a $1M cheque and your bank balance is something $50K then yes you can expect troubles unless you fix the situation 2-3 days.

This is last my last message regarding this. I can write you lots of things but it is not our topic and I don't have time. I visited 30+ countries and I can say that UAE/Dubai is top rated for me also for business.
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
lol...Have you read the laws? It's like getting your car impounded and saying "I have always parked in that spot for years" but then never read the no parking sign on the wall...lol. When your in court and your interpreter turns to you and says "ok we did good you only got 6 months in jail sign here" you will cry. I lived longer in UAE and understand the culture and mentality well. 99% of people will never have an issue but when you do the legal system is third world and not based on anything resembling fairness period. I have witnessed it first hand!!!!. Even the DIFC has to have its own independent court system based on English common law because local law is unworkable for civil and commercial disputes..lol. No one is gonna do business in UAE under real UAE law hence they set up those zones....lol.

The UAE is NOT a democracy it is a totalitarian regime where criticism is not tolerated and free speech does not exist. Sorry but I like to speak my mind as you can tell so to UAE fin4774".
 

GrumpyMess

Trusted Member
Business Angel
The UAE is NOT a democracy it is a totalitarian regime where criticism is not tolerated and free speech does not exist. Sorry but I like to speak my mind as you can tell so to UAE fin4774".
I am watching for your posts, you don't like the EU, you don't like USA and UAE. It seems you don't like all the developed countries generally:D

But what remains? The same countries, but with a lower standard of living, higher corruption and the same lack of personal freedom.
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
I am watching for your posts, you don't like the EU, you don't like USA and UAE. It seems you don't like all the developed countries generally
Your absolutely right..lol. I don't even like developing countries. I think the problem is the world and not me...lol. Madness is going on I mean look whats happening in Georgia with Anti-Russian protests. They are about to throw everything away including their tourism industry as Russia is banning flights to Georgia and worse.


But what remains? The same countries, but with a lower standard of living, higher corruption and the same lack of personal freedom.
Your right. Think I will move into Amazon jungle and be done with it.
 

KJK

Building Trust
Entrepreneur
I am watching for your posts, you don't like the EU, you don't like USA and UAE. It seems you don't like all the developed countries generally:D

But what remains? The same countries, but with a lower standard of living, higher corruption and the same lack of personal freedom.
Maybe Martin is a secret Saudi agent spreading instability across the forum, the region and the world!!!

Martin Everson said:
Your right. Think I will move into Amazon jungle and be done with it.
I remember you mentioned you were born in the Bahamas, okay...

Let's say two g-a-y guys have loud s-e-x on the beach in the Bahamas, maybe nothing will happen. :D
In a conservative/Christian country you may get a fine. In an Arabic country you may get arrested or expelled.

If you do it discreetly in your house or in a hotel room, no will give a f-u-c-k.
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
Maybe Martin is a secret Saudi agent spreading instability across the forum, the region and the world!!!
Yes or a Russian bot.

In an Arabic country you may get arrested or expelled.
In UAE you have s-e-x outside marriage you go jail....Its against the LAW PERIOD!!! Unmarried Johnny Westerner might screw his bird every night or visit a prostitute but sweet Jesus if they decide not to turn a blind eye in every situation for morality reasons you go to jail make no mistake. Just because you don't read about it in the press does not show the full extent of people jailed in UAE for what in the west we call BS reasons.



Judge: You had s-e-x with this woman and you are not married!
You: No I didn't
Judge: You call me liar? Ok then 60 days in jail for you
 
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