Are the "Tax Haven"'s Days Numbered?
The mounting impact of the Brexit is yet to fully materialize but the outcome has already been an outpour of pessimism and uncertainty.
The plunging Sterling against the US dollar and the Euro plus the fall and recovery of major stocks at the FTSE, equate to the devaluation of local and foreign investments in the country. Alternative options on securing assets aren't easily available. Are the days of “tax heaven” numbered?
We believe that the diversity of investment plays an important role to be able to overcome the challenges. A secured, stable and tax free jurisdiction will resolve fear of losing the value of funds. Banking in the UAE is a tangible alternative. There is an overwhelming increase in the formation of companies, special purpose vehicles and legal holding structures in the region for the sole purpose of being able to obtain a UAE bank account. Thanks to the reliability of the monetary system in the country, which now boasts an FDI of close to AED 34,966.67 Million. UAE-based clients are protected from unauthorised disclosure of confidential information relating to their bank accounts.
According to the analysis done by Tax Justice Network and Financial Secrecy Index experts, the country was rated as one of the most reliable, in terms of confidentiality, countries in the world. Here are some of the features of a UAE bank account:
- High quality and standard
- Security of funds
- Liquidity of cash
- Deposit Banking
- Wire and electronic transfers
- Online banking facility
- Credit facility
- Letters of credit and trade finance
- Possibility of obtaining a personal account
- Low maintenance
To know more about how to setup an offshore bank account in the UAE, please contact us on [email protected] directly for assistance.