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Q & A about opening an offshore bank account in Dubai (overseas)
At the financial center in the Middle East, Dubai, there are no restrictions on the amount of money that can be put in or taken out at home or abroad, and there are no legal taxes such as income tax, inheritance tax, corporate tax, or property tax.
Here, we will explain in a Q & A format the advantages of opening an offshore bank account in Dubai, a country with zero taxes, and points to be aware of.
Here, we will explain in a Q & A format the advantages of opening an offshore bank account in Dubai, a country with zero taxes, and points to be aware of.
Q & A for opening a Dubai (overseas / offshore) bank account
1. What are the benefits of opening a bank account (non-resident account) in Dubai?
There are many benefits, but the biggest one is that it is tax-free on profits. Especially when it comes to UAE, not only interest on bank accounts, but also taxes related to economic activities and real estate purchases by establishing a company, income tax, property tax, inheritance tax, etc. are all tax-free.
In addition, local banks can choose any currency to deposit, such as US dollars, UAE Dilaham, euros, Australian dollars, Swiss francs, British pounds, Canadian dollars, Japanese yen, Singapore dollars, Hong Kong dollars, and can operate at a more favorable interest rate. I will.
And UAE banks offer more attractive financial / investment products with higher interest rates than Japanese banks.
2. Can I open a bank account in Dubai while in Japan?
Unfortunately, you must come to the site at least once to verify your identity and sign the required documents.
However, it is important to meet and know what kind of country / place you want to deposit your valuable assets and what kind of person the local person in charge is, even if you do not understand English.
There are many benefits, but the biggest one is that it is tax-free on profits. Especially when it comes to UAE, not only interest on bank accounts, but also taxes related to economic activities and real estate purchases by establishing a company, income tax, property tax, inheritance tax, etc. are all tax-free.
In addition, local banks can choose any currency to deposit, such as US dollars, UAE Dilaham, euros, Australian dollars, Swiss francs, British pounds, Canadian dollars, Japanese yen, Singapore dollars, Hong Kong dollars, and can operate at a more favorable interest rate. I will.
And UAE banks offer more attractive financial / investment products with higher interest rates than Japanese banks.
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2. Can I open a bank account in Dubai while in Japan?
Unfortunately, you must come to the site at least once to verify your identity and sign the required documents.
However, it is important to meet and know what kind of country / place you want to deposit your valuable assets and what kind of person the local person in charge is, even if you do not understand English.
Above all, having a mediator do everything 100% while in Japan may cause troubles such as the commission of the mediator is very high and the power of attorney to the mediator was unknowingly signed. In some cases, you may be scammed, so be careful.
3. What are the conditions for opening an account and what are the required documents?
Currently, there are a limited number of banks in the UAE that can open non-resident accounts. In most cases, it is possible only by referral. However, the rules around here will change soon, so please contact us using the form at the bottom of the page for the latest information.
The required documents vary slightly from bank to bank, but usually;
Passport (with stamp when entering UAE)
Bank Statement (English or balance certificate) of the bank account you already have for the past 3 to 6 months
Documents certifying your address
Etc. are the main documents.
Currently, there are a limited number of banks in the UAE that can open non-resident accounts. In most cases, it is possible only by referral. However, the rules around here will change soon, so please contact us using the form at the bottom of the page for the latest information.
The required documents vary slightly from bank to bank, but usually;
Passport (with stamp when entering UAE)
Bank Statement (English or balance certificate) of the bank account you already have for the past 3 to 6 months
Documents certifying your address
Etc. are the main documents.
3. What are the conditions for opening an account and what are the required documents?
Currently, there are a limited number of banks in the UAE that can open non-resident accounts. In most cases, it is possible only by referral. However, the rules around here will change soon, so please contact us using the form at the bottom of the page for the latest information.
The required documents vary slightly from bank to bank, but usually;
Passport (with stamp when entering UAE)
Bank Statement (English or balance certificate) of the bank account you already have for the past 3 to 6 months
Documents certifying your address
Etc. are the main documents.
Currently, there are a limited number of banks in the UAE that can open non-resident accounts. In most cases, it is possible only by referral. However, the rules around here will change soon, so please contact us using the form at the bottom of the page for the latest information.
The required documents vary slightly from bank to bank, but usually;
Passport (with stamp when entering UAE)
Bank Statement (English or balance certificate) of the bank account you already have for the past 3 to 6 months
Documents certifying your address
Etc. are the main documents.
4. How much money do I need to put in my account?
There is a minimum amount you should put in to maintain your account for free, which varies depending on the type of account, and below that amount you will be charged a monthly fee. However, in general, you can start by depositing about 100,000 to 300,000 yen in Japanese yen. Choose the type of account that suits your needs.
If you have a priority account (a deposit amount equivalent to about 10 million yen or more in Japanese yen is required), you can receive more detailed services such as having a person in charge and introducing investment products such as investment trusts and bonds. At the same time, it is recommended because it has various benefits such as advantageous deposit interest rates and exchange rates.
We also accept the opening of bank accounts that combine the purchase of overseas funded insurance, which is said to be a relatively safe investment product.
By the way, there are no restrictions on the deposit and withdrawal of foreigners' money in the UAE.
5. How can I remit money from Japan after opening an account?
Please fill in the account name, account / IBAN number, offshore bank Swift Code, and IBAN code at a Japanese bank to complete the remittance procedure. Remittance will be completed in 1-2 days.
6. Can I withdraw money from my account from Japan?
After opening an account, an ATM card (bank card) will be issued and a debit function will be provided, so you can withdraw from the ATM and shop as a debit card.
Depending on the bank, it is possible to hold a credit card depending on the conditions.
There is a minimum amount you should put in to maintain your account for free, which varies depending on the type of account, and below that amount you will be charged a monthly fee. However, in general, you can start by depositing about 100,000 to 300,000 yen in Japanese yen. Choose the type of account that suits your needs.
If you have a priority account (a deposit amount equivalent to about 10 million yen or more in Japanese yen is required), you can receive more detailed services such as having a person in charge and introducing investment products such as investment trusts and bonds. At the same time, it is recommended because it has various benefits such as advantageous deposit interest rates and exchange rates.
We also accept the opening of bank accounts that combine the purchase of overseas funded insurance, which is said to be a relatively safe investment product.
By the way, there are no restrictions on the deposit and withdrawal of foreigners' money in the UAE.
5. How can I remit money from Japan after opening an account?
Please fill in the account name, account / IBAN number, offshore bank Swift Code, and IBAN code at a Japanese bank to complete the remittance procedure. Remittance will be completed in 1-2 days.
6. Can I withdraw money from my account from Japan?
After opening an account, an ATM card (bank card) will be issued and a debit function will be provided, so you can withdraw from the ATM and shop as a debit card.
Depending on the bank, it is possible to hold a credit card depending on the conditions.
7. How do I get in touch with the bank after opening an account?
Basically, internet banking allows you to do most of your work online. You can also contact us by phone, fax or email.
Banks that offer priority accounts, etc. will have a person in charge dedicated to you. (However, it is in English.) Although it will be charged, we will support you in the future.
8. Can I buy Dubai Abu Dhabi shares without an account in the UAE?
Basically, internet banking allows you to do most of your work online. You can also contact us by phone, fax or email.
Banks that offer priority accounts, etc. will have a person in charge dedicated to you. (However, it is in English.) Although it will be charged, we will support you in the future.
8. Can I buy Dubai Abu Dhabi shares without an account in the UAE?
It depends on the securities company, but basically you can invest in stocks even if you do not have a local account. However, investing in Dubai Abu Dhabi shares through a Japanese brokerage firm will charge you more fees than a local brokerage firm. Also, the combination of Emirates NBD / Emirates NBD Securities, ADIB / ADIB Securities, etc. is convenient because you can buy stocks directly from your bank account.
9. Is there any difference from opening an offshore bank account in Hong Kong or Singapore?
In Hong Kong and Singapore, although the rate is lower than in Japan, there are income tax and corporate tax, so depending on the method of asset management, it may be taxable. The UAE is tax-free, including income tax, corporate tax, property tax and inheritance tax.
Also, in Hong Kong, bank priority account managers are prohibited from giving asset advice to Japanese residents. Therefore, you will not be able to consult about asset management, but it is possible in Dubai.
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