Living in Abu Dhabi

Offshore Accounts

Offshore accounts work in much the same way as a conventional account, but it can be adjusted specifically for you. Money can be moved to where it will produce the best rewards, and cash can be accessed whenever and wherever you need it, in your desired currency. Offshore accounts allow for management through the internet and over the phone, in a range of currencies (most commonly in US dollars, euros or pounds sterling).

If you are travelling outside the UAE, try to make sure that your account comes with 24 hour banking, internationally recognised debit cards, and the ability to write cheques in your preferred currency. To open an account, there is usually a minimum balance of at least $10,000 and you may have to produce certain reports or documents from your chosen country. HSBC is a good starting point but do your research, and check the potential tax implications in your home country.

One of the main reasons for expats setting up an offshore account is to avoid their money being frozen in a UAE bank as can be the case when they learn you are leaving your current employment, cancelling your visa or, a more unlikely situation, if you find yourself in prison.

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