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Offshore Bank Account

Offshore Bank Account

Old Dec 10th 2016, 12:37 pm
  #31  
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Default Re: Offshore Bank Account

Originally Posted by The OneEyedMan
Do you and your colleagues still recommend UAE National Bonds?
My colleagues? How would I know?

I don't make recommendations without knowing specific circumstances. Besides you don't seem to want to listen to sensible advice so I'm disinclined to be of further help.
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Old Dec 10th 2016, 5:52 pm
  #32  
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Default Re: Offshore Bank Account

As the forum's best poster (IMHO) will no longer comment, it's time to summarise this discussion.

Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
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Old Dec 11th 2016, 4:17 am
  #33  
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Default Re: Offshore Bank Account

Originally Posted by The OneEyedMan
As the forum's best poster (IMHO) will no longer comment, it's time to summarise this discussion.

Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
Well I don't care about what happens to my stuff when I die. So that's not a concern.

I get 0.75pct on UK offshore sterling. I get nothing on dirhams here. Even if I got something on dirhams 2pct is not enough of a differential for me as I view the risk higher than a 2pct spread.

I've seen it in become increasingly harder to repatriate money. There is talk of remittance taxes (6pct in Kuwait and ksa) and as dollars are overvalued right now it's not worth holding them. It's quite possible that your interest rate gains are easily lost in FX movements. Nothing wrong with holding dollars - in fact my pension is 100pct dollar based - just do it offshore.
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Old Dec 11th 2016, 4:59 am
  #34  
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Default Re: Offshore Bank Account

Originally Posted by The OneEyedMan
As the forum's best poster (IMHO) will no longer comment, it's time to summarise this discussion.

Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
If you crave interest rates why not put it in Egypt or Pakistan?
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Old Dec 12th 2016, 8:41 am
  #35  
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Default Re: Offshore Bank Account

Seems nobody is happy with their bank. But everyone here transfers money so it can't be all bad.

I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
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Old Dec 12th 2016, 8:46 am
  #36  
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Default Re: Offshore Bank Account

This article reccomends Barclays. Anyone use them? Five of the best offshore current accounts | This is Money
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Old Dec 12th 2016, 9:23 am
  #37  
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Default Re: Offshore Bank Account

Originally Posted by dominoman
Seems nobody is happy with their bank. But everyone here transfers money so it can't be all bad.

I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
Can your current UK bank not offer you a USD account so you can do AED/USD transfers when the exchange rate is shite, and do AED/GBP when it is good (like right now).

HSBC should let you open a AED account here and also a GBP/USD one in the UK (although I would suggest getting the UK ones sorted whilst still in the UK). You should be able to transfer between them without paying any fees, however use someone like GCEN for the actual exchange - the banks commercial rates tend to be pish.


Is there any huge need for you to be banking offshore?
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Old Dec 12th 2016, 10:33 am
  #38  
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Default Re: Offshore Bank Account

Originally Posted by dominoman
Seems nobody is happy with their bank. But everyone here transfers money so it can't be all bad.

I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
I bank with Standard Chartered. I think they are great. No issues at all.

I use UAE Exchange for the money transfers. - tight spreads and low fees
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Old Dec 12th 2016, 10:47 am
  #39  
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Default Re: Offshore Bank Account

Originally Posted by Millhouse
I bank with Standard Chartered. I think they are great. No issues at all.
+1 for Standard Chartered, decent bank not too much fannying about with them
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Old Dec 12th 2016, 10:51 am
  #40  
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Default Re: Offshore Bank Account

Originally Posted by The OneEyedMan
As the forum's best poster (IMHO) will no longer comment, it's time to summarise this discussion.

Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
So what we are after is a guaranteed high rate of return, with no risk and located in a legally sound region.
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Old Dec 12th 2016, 11:27 am
  #41  
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Default Re: Offshore Bank Account

Originally Posted by dominoman
Seems nobody is happy with their bank. But everyone here transfers money so it can't be all bad.

I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
Happy to provide information and details of the services I use personally and recommend to my clients if you want to drop me a PM.
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Old Jan 13th 2017, 9:32 pm
  #42  
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Default Re: Offshore Bank Account

Please excuse my ignorance, do you not have to pay tax in the UK if you are sending money back to a UK bank even if you are resident in the Middle East. Or have I got it all wrong??
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Old Jan 14th 2017, 6:18 pm
  #43  
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Default Re: Offshore Bank Account

I would give Gibraltar a wide berth. The apes are at the top of the rock, the monkeys are below. It's a tiny place, without much talent outside the gambling industry. A main local law firm there had a massive fraud case a few years back and the regulator is a paper tiger which offers minimal protection to consumers.

if you are unsure about your next destination, want decent service and have a decent amount to handle, look at Singapore.
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Old Jan 15th 2017, 4:20 am
  #44  
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Default Re: Offshore Bank Account

I have a bank account in Lux and I got a letter that they will start reporting to HMRC account balances and other information under CSR rules - does this mean I have to declare my interest as a self assessment ?
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Old Jan 15th 2017, 5:07 am
  #45  
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Default Re: Offshore Bank Account

Originally Posted by UKCityGent
I have a bank account in Lux and I got a letter that they will start reporting to HMRC account balances and other information under CSR rules - does this mean I have to declare my interest as a self assessment ?
If you are a UK citizen, tax resident in the UK and can't claim non-domicile, which bit of worldwide income are do you think you are allowed to exclude in your tax return?

If you are non resident and only paying taxes on local income (eg a property being rented out) you only pay tax on what you earn in the UK.
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