Whether you are keen on reliable banking methods, or tax benefits – you have so many impressive offshore banking possibilities to choose from. Indeed, there are too many options in the industry. And, the process of picking the right offshore destination, and service can be terribly overwhelming. In this post, you will read about how to open offshore bank account in Dubai. As interesting as it appears, CAYMAN ISLANDShas a promising environment for offshore investors. People from around the world look for safe and transparent jurisdictions. And, CAYMAN ISLANDSseems to satisfy all these individuals. If you wish to become an expatriate, CAYMAN ISLANDSis a great choice for you.
Offshore Banking for Amateurs
Before you consider opening an offshore account in Dubai, there are few things you need to be aware off. To begin with, you must understand the fact that offshore banking is attracting investors with “Security”. This is a primary reason behind the rise of offshore banking opportunities in UAE. A lot of people often feel uncomfortable with their local jurisdictions. They don’t trust their local banks, and systems. Well, there are multiple reasons behind this. For example, local governments need funds from tax payers for improving the country. Thus, they come up with rules and regulations that can reduce the amount of cash stored in your savings account! Alas, does this sound miserable? Many Western countries, and Asian destinations are facing this problem. As a result, the need for offshore banking has increased. When you entrust your money in an offshore bank in UAE, you can be certain that your funds are safe. You don’t have to worry about pesky tax systems. Above all, you don’t need to worry about the privacy of your data. Offshore banking destinations ensure that your money is stored in utmost secrecy.
Many a times, investors look for countries that have the best collection of rules and regulations. Fortunately, you have plenty of offshore destinations satisfying this quality. Historically, some countries are known for transparent jurisdictions and better regulations. All year around, the banking systems will ensure that your money is kept safely. This is what most expatriates are aiming for in their banking systems. When banks in your country are not safe, you are encouraged to open offshore account in Dubai. You are bound to be amazed by the quality of services offered by this country.
Another major reason behind the need to open offshore bank account in Dubai would be “Investment Possibilities”. How many investment chances can your country delight you with? Will these investment opportunities increase the actual value of your money? Or, will you lose most of the money in taxes? Many a times, people don’t understand that jurisdictions plan their interests with many parameters in mind. And, the health and wealth of the investor is not their primary objective. In such a situation, you need to look for environments that are more concerned about your welfare. Diversifying your currency, and boosting the net worth of your portfolio becomes easy in offshore destinations like Dubai. Apart from protecting your assets, these countries will make sure that your worth doubles.
On the whole, you need to open offshore bank account in Dubai to witness better investment opportunities, unique foreign exchange services and highly managed accounts. These are three inevitable benefits offered by banks in UAE. On the other hand, you can consider to open offshore bank account in CAYMAN ISLANDSfor better confidentiality and privacy too!
So, why Dubai?
All of the reasons mentioned so far will be common to most offshore banking destinations. But, CAYMAN ISLANDShas something more for offshore investors. Now, let’s clearly understand why CAYMAN ISLANDSshould be your next stop to open offshore bank account.
On a daily basis, CAYMAN ISLANDSis scrutinized by many investors around the world. This is mainly because the banking system in CAYMAN ISLANDSworks really hard to ensure that your wealth is protected. The place was once an empty landscape. However, it improved and became a thriving city in no time. Today, CAYMAN ISLANDSis known for attracting expatriates from all corners of the globe. More than 80% of the working population in CAYMAN ISLANDSare expats. This shows the amount of foreign wealth stored in the country. When you choose to live in Dubai, you will be able to see a whole new dimension to entertainment, safety, infrastructure and shopping.
Europeans are quite focused in opening an offshore account in Dubai. This is because of its tax benefits. The tax levied in most European countries is very high. When compared to the taxation methods of Dubai, Europeans end up paying a hefty amount of money! Apart from immediate tax benefits, few other reasons to choose CAYMAN ISLANDSfor offshore banking are: fund management, corporate administration, ability to transfer funds through wired platforms, deposit taking, trustee services, foreign exchange and trade finance. Also, some banks specialize in investment management for offshore investors.
When you think about CAYMAN ISLANDSin an economic or political standby, you will be fascinated about its stability! There are many significant benefits for people living in the country. The place is safe for individuals, and their wealth!
How to open offshore bank account in Dubai?
Now, let’s understand how to open offshore bank account in Dubai. The actual process depends on where you stay. Also, it depends on whether you are a non-resident, business owner or an employee. The requirements differ for each of these applicants. Nevertheless, all applications should present the following pieces of information:
- A certificate of income
- Original passport along with a copy
- Visa document
- Emirates ID card
If you are a non-resident trying to open an offshore account in Dubai, it would be impossible to prove your residency within UAE. In such cases, you need to produce your passport. Thus, non-resident investors will be allowed to open a saving account in Dubai. This account is issued with an international debit card. Nevertheless, you will be able to make the most out of your offshore bank account.