UAE TRC for Banking

[liroyb]

Hi guys, I hope that someone with personal experience can clarify this for me:
Does opening personal offshore account as UAE resident (property visa) in tier-1 banks (such as DBS, Citi, HSBC, Lloyds, etc) will require me to provide them with UAE tax residence certificate?

 

[Fred]

Hi guys, I hope that someone with personal experience can clarify this for me:
Does opening personal offshore account as UAE resident (property visa) in tier-1 banks (such as DBS, Citi, HSBC, Lloyds, etc) will require me to provide them with UAE tax residence certificate?

Hi liroyb,

speaking for CITI Premier Banking as well as HSBC Premier Banking in SG and Jersey they don't ask for Tax Residence Certificate - same for DBS.

Never seen a Switzerland or Liechtenstein Private Bank asking for it.

 

[liroyb]

Hi liroyb,

speaking for CITI Premier Banking as well as HSBC Premier Banking in SG and Jersey they don't ask for Tax Residence Certificate - same for DBS.

Never seen a Switzerland or Liechtenstein Private Bank asking for it.

Thank you for sharing. So basically valid Emirates ID + Utility bill/Bank statements should be sufficient to satisfy these banks as residence proof?

 

[CaptK]

Emirates ID will be all you need. Do take bank statements at least 6 months so they can understand your source of wealth.

 

[Fred]

Thank you for sharing. So basically valid Emirates ID + Utility bill/Bank statements should be sufficient to satisfy these banks as residence proof?

Passport is required as well.

Emirates ID will be all you need. Do take bank statements at least 6 months so they can understand your source of wealth.

Passport is required as well.

 

[liroyb]

Hi liroyb,

speaking for CITI Premier Banking as well as HSBC Premier Banking in SG and Jersey they don't ask for Tax Residence Certificate - same for DBS.

Never seen a Switzerland or Liechtenstein Private Bank asking for it.

From your experience with SG banks, how long it is expected to take for a PERSONAL account to get approved by a tier-1 bank compliance?

 

[Fred]

From your experience with SG banks, how long it is expected to take for a PERSONAL account to get approved by a tier-1 bank compliance?

Depends if you have already ties to a foreign Bank with ties in SG - Citibank Gold UAE takes 10-14 days to have SG up and running.

DBS, OCBC or UOB can take for sure 4 weeks for non-resident banking - private banking with high minimum balances is a must of course as well.

 

[Konstanz]

I had been asked to provide tax certificate, but just one time in european bank

 

[liroyb]

Passport is required as well.

Passport is required as well.

From your experience with tier-1 banks, Does bank statements are enough for them to verify source of wealth?

 

[Fred]

From your experience with tier-1 banks, Does bank statements are enough for them to verify source of wealth?

Yes - I have so far seen only one small Switzerland Private Bank which required Audits.

UBS, Pictet, Julius Baer are all fine with Bank Statements as Source of Wealth.

Most important is that the Bank does understand UAE as a jurisdiction itself.