You may think the biggest risk to your finances is credit card debt or a beyond-your-means lifestyle preference. However, if you are a UAE expat, there is a far greater risk to your (and your family’s) financial well-being and security. What is it? Many are surprised to discover it’s your own bank account.
UAE expats who are new, inexperienced or have been lucky enough to avoid the pitfalls of being an expat in the UAE don’t realise that their money faces certain risks if held in an onshore account, as oppose to offshore banking. Here are three reasons why you should bank offshore if you’re an expat in the UAE:
Did you know that under certain circumstances, your bank account in the UAE can be frozen without notice? It could be frozen for the following reasons:
- You were involved in a car accident;
- You forgot to pay household bills;
- You change jobs or leave the UAE with outstanding loans;
- Upon death, until the probate period (which could take years) is finished.
You’re most likely in the UAE temporarily – most expats are. Expats often move countries frequently as a means to advance their careers or to live and explore in new countries. Moving your money from one country to the next is always a hassle. Even if you are simply leaving the UAE to return home in a few years, we recommend you start offshore banking so you can get all your assets in-order in one convenient place.
If you die without an officially registered foreign Will with a local court, all money held in the UAE may be subject to Sharia law. If this happens, chances are your money will bypass your spouse and children, and instead be awarded to your closest male relative. There are many unregistered foreign Wills which are now recognised by local courts, but the system is highly untried, with astounding costs and a cumbersome drawn-out process. Even if your family is successful in stating their claim, there is no legal guarantee they will be given access to your money. So what are your options? It’s simple. Opening an offshore bank account will protect you from such disastrous happenings and will assist you in organizing your assets for your, and your family’s, security.
You can avert risk and guarantee financial security by opening an offshore bank account. It is a simple and quick process. Some firms, like Zola Group, can open an offshore bank account within 48 hours provided that all the requirements are met. To start offshore banking, click here to contact us.
Zola Group offers holistic corporate services to local and global business clients. Our most popular comprehensive services include company setup, incorporation, residency and banking services. Contact our professional corporate services consultants via phone or email to inquire about how we can help you achieve success in this region's most rewarding emerging market.