Is there an accountant in the house?
I am moving to Dubai next month and will be opening a Dubai bank account for my wages to go in to. I will be hoping to put a lot of my earnings in to a savings account but not sure of the best way to do it. I have been advised recently to open an account in Luxembourg in whatever currency is weakest against the dirham. Firstly, why would somebody think that this is the best option? Secondly, is this easy to do? And finally, is there a better option?
Other - Taxes - 1 Answers
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Answer 1 :
Most financial consultants will advise you to open an offshore account in addition to a current account in Dubai. HSBC seems to be popular amongst expats : http://dubai.angloinfo.com/forum/ccdetail.asp?CCID=36249 You should do this in order to protect your assets from being frozen in case you lose your job or another reason. That way you have access to cash immediately to pay your rent, food, gas, bills, etc. And here's information about opening up a bank account in Dubai: http://dubai.angloinfo.com/countries/uae/dubai/banking.asp
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