An offshore banking destination you can rely on.
From tax benefits to more reliable banking, individuals all over the world are opening bank accounts in offshore destinations. There are so many to choose from. It can be quite overwhelming. For this reason, Alpen Partners is passing on its knowledge of offshore banking to you.
People from all over the world have the ability to choose a country that has historically had higher regulations, transparent jurisdictions, and an all-around more secure banking system. This is also beneficial for those who have chosen to expatriate. While some expat destinations have a lower cost of living and overall better quality of life, some don’t have the safest banks, so individuals hold their money in an offshore location.
Finding the right bank can be hard. With the help of Alpen Partners, you can find the perfect destination. Is Dubai the offshore banking jurisdiction for you? Read on to find out.
Offshore Banking for Beginners
Before choosing Dubai as your offshore banking destination, let us cover why many individuals are choosing to open an offshore bank account.
The first advantage of drawing many offshore is security. Many individuals live in jurisdictions in which they do not feel comfortable trusting a bank to handle their money. Countries that are ideal for offshore banking offer heightened security so account holders can rest assured their money is in good hands.
When looking to go offshore, individuals get to choose the country that offers the best regulations to meet their needs. Luckily, there is a wide range of countries that have historically had higher regulations, transparent jurisdictions, and an all-around more secure banking systems. This is an advantage for those looking to expatriate. Many expat destinations don’t have the safest banks, so some choose a different jurisdiction to hold their bank account.
Another benefit of an offshore bank account is the investment opportunities that aren’t available in their country of origin. Offshore banks offer a wide choice of funds and investments that aren’t available globally. It’s an easy and great way to diversify your portfolio. Banking offshore can help diversify your portfolio, protect your assets, and is the first step in moving your assets out of your country.
Opening a bank account offshore also plays a crucial role in forming an offshore corporation, offshore SD IRA, or international trust. Many offshore banks offer investment opportunities, managed investment accounts, and foreign exchange services.
Other individuals are looking for more privacy and confidentiality with their bank account. Many countries have laws that hold banks to strict confidentiality with severe consequences if broken. Some countries have regulations that do not allow banks to disclose if an individual holds an account with that individual bank.
Holding money in an offshore account has also proven to be a smart asset protection technique, a key role in conducting international business, and a significant part of tax planning.
Why Choose Dubai?
Let us dive into why exactly Dubai would make the perfect country for your offshore banking. Dubai often gets scrutinized because the banking system works hard to protect the wealth of account holders.
Once a barren landscape, Dubai is now a thriving city, drawing in expatriates from all over the globe in large numbers. 85% of the population in Dubai is expat workers. Those living in Dubai experience exceptional healthcare and a lifestyle consisting of shopping, entertainment, and safe transportation infrastructure.
Many Europeans are choosing to open a bank account in the United Arab Emirates because the tax levied in many European jurisdictions are relatively high.
Services that are offered by banks in Dubai include:
- Wire – and electronic funds transfers
- Foreign exchange
- Letters of credit and trade finance
- Investment management and investment
- Fund management
- Trustee services
- Corporate administration
Dubai is a politically and economically stable jurisdiction, which is a significant advantage for those living in areas of the world that are not as safe for themselves or their wealth.
How to Open a Bank Account in Dubai
The process to obtain a bank account in Dubai will vary depending on whether you are living in the UAE as an employee, a business owner, or as a non resident. The basic requirements to apply include the following.
- The original passport document as well as a copy.
- Proof of visa page showing you are a resident of the UAE.
- A certificate of salary.
- Certain banks may ask for your Emirates ID card, but since getting an Emirates ID takes time, many don’t insist on this. They will ask you for a copy of your Emirates ID registration form that you filled in when applying for it.
As a non-resident, applicants clearly won’t be able to prove residency. They will only need to provide a passport. A non-resident can only obtain a savings account and an international debit card. They will not get full services provided by the banks.
Get the guidance you need from Alpen Partners
Alpen Partners Wealth Management International AG, the sister company of Alpen Partners Wealth Management AG, is now a registered investment advisor with the U.S. Securities and Exchange Commission (SEC). Together with our partner Swiss private banks, our company can now offer the full Swiss private banking experience to American clients, both resident, and non-resident.
If you would like to seek out other asset protection plans, Alpen Partners has gained a large number of clients who had the right asset protection structures but the wrong manager to invest these assets and protect the capital from bad investments. Our investment strategy is well suited to achieve the objective of capital protection as we want to achieve positive absolute returns in all circumstances. For example, we have set up investment portfolios that are 100% capital protected for our most conservative clients.