Why Dubai stand out compare to another Jurisdiction in offshore world ??

[troubled soul]

Dubai.

I'm an offshore nerd and considering worldwide options however I can't see anything.

Caribbean banks are dead beside of CIBC, RBC Royal and Cayman National - forget all the small local island banks and even forget more about the offshore banks which are only allowed to bank non-residents so inc ase they fail the real natives on each island are not effective.

Getting onboarded with CIBC, RBC Royal is impossible without having super strong ties to the Caribbean - I mean @Martin Everson has a personal account with CIBC being a Bahamian - so forget about turning up at this bank with your new bought Nevis, St Lucia or Dominica passport. Camyn National is so crazy overregulated that they don't extend there DIFC office in Dubai once the contract expires 2023 because if there is a guy showing up in person like me - there Cayman compliance just kills it.
Puerto Rico is no exception - Euro Pacific Bank is some collapsing pnzi scheme were we have seen already several clients simply not getting any money out and the new turning up banks like Zenus and Arival just give you shared account details and horrible compliance.

While you could 2019/2020 open in Miami branches of CITI, Wells and BoA by walk-in they all meanwhile show you the door as non-resident.

Then you have the 300$ US LLC disgregarded pass-through entity setup with either unicorn banking by Wise with SEPA and SWIFT EUR (in case they didn't blocked you as client) or Mercury type style of institutions with either local ACH bank details dedicated in your company name or wire transfers with shared account details.

I don't think it's necessary to talk about Malta and Cyprus in terms of banking, costs etc. - already discussed so many times here and for me personal - being burned almost 5 years ago with Malta Satabank - someone in 2022 asking for Malta Bank Account opening is just mental ill.

What else is there? Asia?

Let's look at at Singapore, Malaysia and Hong Kong.

Singapore requires local resident nominee director, accounting and bookkeeping, 17% tax and a bunch of more "bureaucrazy" - office rent etc.

Malaysia is moving back and forth with there famous Labuan, one year it's 3% tax next year Labuan isn't recognized at all, the year after you need 2 resident directors or or or.

To be fair - when you are willing to deal with this headache - at least with OCBC SG and MY - banking is a breeze. But then again we are talking about easily 30k$+ yearly.

Hong Kong is in this regards much better no matter if 8.25% tax or accounting - you have at least good fintechs for low risk business like Statrys, Currenxie and Airwallex but again forget local banking and have fun with this low risk EMI's and the here discussed Crypto cashout.

Then we have Mauritius Banking industry who is banking at least - even when less and less - some offshore companies in Seychelles and usually RAK offshore - however last year missing success stories here as well and then again what do we talk about here? Personal Skype Interviiews by ABC Banking Corp for 10.000$+ transactions etc.

Well that's it - everything else is medicore offshore stuff or dark grey/black area.

 

[JohnDones]

This is a really good post @Fred appreciate it.

To get proper substance in Dubai on a personal level you'd probably need an apartment/ejari so that could raise the price of the setup, right?

But more importantly, how long do you see Dubai resisting the oecd pressure? It's on the gray list now, what happens when it goes on the black list?

Thanks

 

[ih8socialism]

Sadly living in dubai sucks a*s lmao other than that its prolly the best option to optimize your taxation

 

[Rick Ross 305]

But since this debate started with crypto cash out, what are the banks/ institutions which would be workable in DXB for this purpose? Since all main street banks in town don't pay or receive from exchanges.. I know the city has a colorful P2P scene but with sooo many bad actors I hear.

 

[Fred]

But since this debate started with crypto cash out, what are the banks/ institutions which would be workable in DXB for this purpose? Since all main street banks in town don't pay or receive from exchanges.. I know the city has a colorful P2P scene but with sooo many bad actors I hear.

All major banks with a streamlined compliance are working - you just need to know how.

This is a really good post @Fred appreciate it.

To get proper substance in Dubai on a personal level you'd probably need an apartment/ejari so that could raise the price of the setup, right?

But more importantly, how long do you see Dubai resisting the oecd pressure? It's on the gray list now, what happens when it goes on the black list?

Thanks

Blacklist would mean next to Iran and North Korea which of course won't happen.

So far after almost 6 months being on the Grey List Dubai is still doing very well.

We by ourselves haven't seen any changes - some clients reporting sometimes Correspondence Bank questions but that's all the time when the Wire Sender Country is either on the FATF Grey List itself like Turkey or they are flagged with a huge Russian exposure like Georgia.

Yes you need proper substance which we provide to you as part of the setup that's how we can guarantee the Business Bank Account opening beside of having structured everything in the right way - some people are disappointed how ignorant we are sometimes on several things but well we have to be with ignorant compliance in 2022.