# Banking & taxes in the UAE?



## Lonely (Aug 11, 2012)

Hello

could please anyone tell me or point me to where to find all fees and taxes that both residents and non residents have to pay on bank accounts and deposit money in:

1) a local bank of the UAE

2) a foreign bank (such as UBS) with a branch in the UAE

I have found conflicting information so far, some stating:



> The tax of Foreign Banks is not enforced in all the emirates. Branches of foreign banks are taxed at 20% of their taxable income in the Emirates of Abu Dhabi, Dubai, Sharjah and Fujairah. The basis of taxation does not differ significantly between the various Emirates. Dubai, Sharjah and Fujairah have issued specific tax legislation for branches of foreign banks, while Abu Dhabi does not have a specific decree.





> There is no income or capital gain tax in Dubai with the exception of oil industry and local banking. The jurisdiction has signed Double Taxation Agreements with many onshore jurisdictions. The most popular form to register a company in the Free Zone is a Free Zone Establishment.



Thank you


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## nisabellat98 (Mar 30, 2013)

Are you asking whether a capital gains tax from your home country can be applied to money in a UAE account? 
I was under the impression that the UAE doesn't have any obligation to report to foreign entities. Your home country will only have access to records you provide.


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## Lonely (Aug 11, 2012)

nisabellat98 said:


> Are you asking whether a capital gains tax from your home country can be applied to money in a UAE account?
> I was under the impression that the UAE doesn't have any obligation to report to foreign entities. Your home country will only have access to records you provide.


Hello

I am not trying to hide money, just bring it to a safer place given what's happening in Cyprus.

I am asking if a Swiss Bank (or a local bank) in the UAE will apply some taxes to the deposit / saving account , as they do in Switzerland or not.

Thank you


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## rsinner (Feb 3, 2009)

Lonely said:


> I am asking if a Swiss Bank (or a local bank) in the UAE will apply some taxes to the deposit / saving account , as they do in Switzerland or not.



No, there are generally no fees or anything on deposits with banks here. The text you are quoting applies to banks as corporates here (as in, the bank needs to pay X% as corporate income tax or whatever). So unless you are trying to open a bank yourself (instead of just a deposit), you can ignore that information.

While the deposits are free, you pay in terms of enduring appalling customer service 

Also, I dont think UBS or other swiss banks take ordinary deposits here (they may have a private banking presence - not sure). Most international banks here are from the UK (HSBC, Barclays etc) but a separate entity from the UK entity. So, for example, HSBC UAE is actually a Jersey incorporated entity.


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