Has anyone tried opening one? How difficult is it? Will it be a full-fledged account or one with some limitations?
@daren – You do not say in the above if you are resident.
Life in these parts and with the banks particularly, is becoming very, very difficult.
UAE is diving headlong into an economic crisis (if not already in one) although they will never ever admit it. The ‘market’ has crashed and Expats are leaving in droves, many leaving full up credit cards, unpaid loans and/or overdrafts, even cars on HP at the airport, so the Banks are very, very twitchy here.
Furthermore, although it used to be relatively easy, Non Resident accounts are being closed down (happened to an Italian friend of mine) without reason. They just decide to close down your account, and say you do not fit our clientele image or some other bullshit expressions.
Its all the cause of Christine LeGuarde as she has regularly been here telling them what to do (including raising taxes/fees), and enabling them to lose their original status as a Tax Paradise on the European bank’s black lists. The good days are most definitely long, long gone here.
I’m not a resident.
Got it. Then I won’t try to open one when I’m there.
First time to hear this breaking news. Appreciate it. Won’t try much directly there, then. Perhaps this means becoming tight with senior bank managers, not being just a number, a stranger is more important than ever.
@duncanm – Its hardly ‘Breaking’ news its been around for about 3 years now.
Dubai especially has a huge ‘black hole’ - The Sunday Times reported and covered it in December 2016 I think it was, and was immediately banned here, still is today. Actually of late, all UK newspapers are not brought anymore here. Only the Financial Times. So there are no salacious stories or backdrop and certainly no investigative journalism printed/imported here. The TRUTH is not allowed here.