# Opening Offshore Bank Account



## tsurte (Apr 21, 2010)

What are the most popular offshore banks for keeping US Dollars?

Any difficulty opening them from your home country before you leave, or opening them once you arrive in UAE?

Any difficulty transferring bulk cash once in the UAE?

I am thinking HKG, ZUR or Jersey.


----------



## sabfrance (Sep 9, 2010)

tsurte said:


> What are the most popular offshore banks for keeping US Dollars?
> 
> Any difficulty opening them from your home country before you leave, or opening them once you arrive in UAE?
> 
> ...



Try the Caymans, recommend HSBC (HSBC Bank (Cayman) Limited - Home). Very reliable and good internet banking facilities.

While Cayman banking is not the cheapest off-shore acccount you could get - the Caymans are the most secure and private. Also, local laws provide a lot of protection against your home country attempting to locate your off-shore cash.


----------



## hubbly_bubbly (Oct 17, 2010)

tsurte said:


> What are the most popular offshore banks for keeping US Dollars?
> 
> Any difficulty opening them from your home country before you leave, or opening them once you arrive in UAE?
> 
> ...


Check with your accountant (and therefore the ATO) about sending out and brining money back in from/to Oz and non-res tax. As far as I am aware, Aussie dollars actually have one of the best interest rates for saving - up to 4.6%, depending on the amount, so check around with that too, especially while it has parity with the US dollar. Or nearly. :ranger: HSBC Jersey has some good options.

https://www.offshore.hsbc.com/1/2/!...0TPUyMDf0MPMwMjHzdzIxz3AwD3EgIDugtzQUAAdkVnt/

Good luck.


----------



## sabfrance (Sep 9, 2010)

What is your main reason for wanting to bank off-shore, (generate income, hide money or have it stored safely away from UAE)?

For me, making money invisible has been the prime motivator - thus avoiding any potential double taxing by a government and avoiding a grab from any partner, (busines or otherwise).

By making money invisible there can be no interference with your hard earned...


----------



## Elphaba (Jan 24, 2008)

Let's not suggest potentially illegal action, eh?

The prime reasons for having offshore accounts are to avoid the potential effects of Sharia Law, security and tax planning. Not avoiding paying tax when it is legally due.
-


----------



## hubbly_bubbly (Oct 17, 2010)

Elphaba said:


> Let's not suggest potentially illegal action, eh?
> 
> The prime reasons for having offshore accounts are to avoid the potential effects of Sharia Law, security and tax planning. Not avoiding paying tax when it is legally due.
> -


That's why the powers that be (!?), gave us accountants :clap2::clap2::clap2:


----------



## tsurte (Apr 21, 2010)

Thank you all for replies.

Nothing sinister here as far as reasons go.

Sharia law is a consideration - of course. Only intend to keep day to day transaction money in the UAE. I don't think anyone would disagree with that concept?

Taxation - not an issue. My income in UAE is not an issue as an Australian who is non-resident (that I am aware of?).

USD/AUD - this is the issue. At parity or better, current exchange rates are not favourable for transfer of funds back to AUS, in spite of the good interest rates in AUS.

Whilst some funds will be dollar cost averaged over the medium term, the larger parcels will be kept in USD awaiting a favourable fluctuation in the exchange rate - but offshore from UAE/AUS.

Bear in mind it has been over 20 years since the AUD was so strong against the greenback.

Perhaps I am thinking about this the wrong way? In any case, I do not wish to keep large sums within the UAE banking system.


----------



## sabfrance (Sep 9, 2010)

Elphaba said:


> Let's not suggest potentially illegal action, eh?
> 
> The prime reasons for having offshore accounts are to avoid the potential effects of Sharia Law, security and tax planning. Not avoiding paying tax when it is legally due.
> -



Heaven forbid... I would never do such a thing


----------



## Tropic (Mar 15, 2011)

I need to open an account in the UAE. I am currently residing in the UK and plan to move over to Dubai soon. However, can I open an offshore account in Dubai (without actually visiting the branch) so I can transfer funds from the UK and then eventually when I do move across close the offshore account and move the money into a current account?
Any good banks which you can recommend?


----------



## neilrock (May 7, 2011)

Barclays and HSBC allow you to open offshore accounts. HSBC do offer an offshore (to the UK) AED account but only if youre a Premier Customer.

Barclays will open a USD account in Jersey.

Hope that helps.

Sent from my iPhone using ExpatForum


----------



## Tropic (Mar 15, 2011)

Is there a restriction on how much you can put in your offshore account? I anticipate putting a large lump sum in and thereafter only outgoings. Would anyone recommend opening an offshore account in Dubai or would you suggest opening one in UK? 
I have read that people avoid opening an offshore account in Dubai due to the sharia law. Can one elaborate what they mean by this?


----------



## Maz25 (Jul 6, 2008)

Tropic said:


> Is there a restriction on how much you can put in your offshore account? I anticipate putting a large lump sum in and thereafter only outgoings. Would anyone recommend opening an offshore account in Dubai or would you suggest opening one in UK?
> I have read that people avoid opening an offshore account in Dubai due to the sharia law. Can one elaborate what they mean by this?


Under Sharia Law, if you were unfortunate enough to lose your life, unless you had a will drafted that conformed to Shariah Law, the following things would happen:

1. As a norm, accounts are frozen upon the bank being notified or being aware that the account holder has passed away

2. Without a will, all your worldly belongings are passed to the head male of the family. Hence, even if you had specified, for e.g. that your sister inherit your belongings in a UK will, this will be completely ignored and your belongings would be passed to your father or husband or brother (whoever is more senior basically!).

By having your money offshore, you can avoid all this extra grief for your family in the event that something were to happen to you.

You should keep the bare minimum in your Dubai account and keep all your money offshore.


----------



## ash_ak (Jan 22, 2011)

to open a HSBC premier a/c in Dubai, you need to maintain a min. balance of AED 350,000 ($95-100k USD) at all times. Check in Oz, what is the min. balance, if its lesser there, maybe you can open one before you leave Oz and then once you have a HSBC Premier bank a/c in any country, you will be considered premier in any HSBC bank operating country in the world. For eg., you can then open a HSBC a/c in Hongkong, coz of your prior premier status from Oz and you can keep your funds there in HSBC HK.


----------



## canuck2010 (Jan 13, 2010)

Santander Private Bank in Jersey treats us fine.


----------

