British Expats - Non-Resident accounts in Dubai

British Expats (https://britishexpats.com/forum/)

- Middle East (https://britishexpats.com/forum/middle-east-60/)

- - Non-Resident accounts in Dubai (https://britishexpats.com/forum/middle-east-60/non-resident-accounts-dubai-914128/)

Livingthedream123

Jun 20th 2018 3:23 pm

Non-Resident accounts in Dubai

Hi

I am a UK resident and spend a lot of time in Dubai due to family, friends, work travel and vacation etc. I am interested in opening a non-residents account in Dubai to be able to use when over there but also some diversification from the UK and will be hopefully moving to the ME in the distance future.Currently the Emirates NDB non-resident account seems the easiest to open (2 months back statements and passport), but has a poor interest rate.

I will only initially keep a very small amount in there (above the £600 limit) but wondering if there are any other accounts with better rates or ways I can get open an account which allows stock market investments, even if it’s a basic Dubai index fund? Or can I only keep in cash as a non-resident?

Thanks for any advice.

Millhouse

Jun 21st 2018 5:32 am

Re: Non-Resident accounts in Dubai

I'm not 100% that buying stocks on the Dubai exchange is classed as investing - gambling or simple consumption maybe.

scrubbedexpat141

Jun 21st 2018 7:39 am

Re: Non-Resident accounts in Dubai

Quote:

Originally Posted by Livingthedream123 (Post 12519443)

Why not just invest through your UK accounts?

Livingthedream123

Jun 21st 2018 8:24 am

Re: Non-Resident accounts in Dubai

Quote:

Originally Posted by Scamp (Post 12519852)

Why not just invest through your UK accounts?

As mentioned i would like an account in Dubai for the purposes of visits/future stay. I do invest in the uk!

Livingthedream123

Jun 21st 2018 8:26 am

Re: Non-Resident accounts in Dubai

Quote:

Originally Posted by Millhouse (Post 12519789)

I'm not 100% that buying stocks on the Dubai exchange is classed as investing - gambling or simple consumption maybe.

I am more than happy with the risks and have been buying emerging market stuff for years. Sounds like such an account is not available then, similar to what you can get in the UK with a halifax current account whcih can then be used to buy stocks (sub-account)?

scrubbedexpat141

Jun 21st 2018 8:31 am

Re: Non-Resident accounts in Dubai

Quote:

Originally Posted by Livingthedream123 (Post 12519880)

As mentioned i would like an account in Dubai for the purposes of visits/future stay. I do invest in the uk!

Don't think it's really needed. Seems like a waste of time to me if I'm honest.

Livingthedream123

Jun 21st 2018 8:44 am

Re: Non-Resident accounts in Dubai

Quote:

Originally Posted by Scamp (Post 12519886)

Don't think it's really needed. Seems like a waste of time to me if I'm honest.

thanks!

anyone have any useful tips of accounts/services?

Millhouse

Jun 21st 2018 8:57 am

Re: Non-Resident accounts in Dubai

Quote:

Originally Posted by Livingthedream123 (Post 12519897)

thanks!

anyone have any useful tips of accounts/services?

You won't find a linked account like Halifax here (that I'm aware of).

You'll need a non-residence bank account. EBND will give you that (not sure any others do?)
You need someone to broker the gambling for you - Mabarsha to name one.
You won't get any interest.

Sabi Star

Jun 21st 2018 4:20 pm

Re: Non-Resident accounts in Dubai

NBAD does non resident accounts too. There's a branch in MOE.

All times are GMT. The time now is 2:34 pm.