How to open an offshore non resident bank account in Dubai, Abu Dhabi and the rest of UAE?
The terms nonresident and offshore are interchangeable and are often used in place of each other, or confused with each other, they have essentially the same meaning when it comes to opening a bank account in a country that you do not live in.
A non-resident account is the type of account that banks are willing to open for customers that do not live in the country. To the banks allow when you open And I’ll count outside of the country that you reside in, this is known as offshore.
This means that to open personal account in UAE for visitors and foreigners, it is not necessary to obtain and hold a residency permit, also known as a visa or local form of identification known as Emirates ID, “EID”.
While it is true to an extent, when a bank may tell you that it is not possible to open an account without residency status, this is because the person that you are speaking with is not responsible for opening non resident accounts.
In most cases, they will not refer you to the correct team member to open the bank account as they simply are not all aware of who is responsible, nor will they check to see which department nor branch can assist you, they will simply ask you to send an email or contact the call center, which may not yield positive results.
Most banks in the UAE offers non resident accounts for businesses and individuals Looking to open a bank account in the country
To open an offshore bank account in Dubai, Abu Dhabi or any of the other Emirates including Sharjah, Ajman, Al Ain, Fujairah, Umm Al Quwain, Ras Al Khaimah, simply head to the branch and inform them of your interest.
Again, it is important to note that not all branches will open an offshore resident accounts in UAE for those without proper local residency, and therefore most clients find it beneficial to work with relationship managers who are responsible for opening resident accounts.
In some situations, it may be possible to assign a relationship banker to meet client in the their country of residence without the customer visiting UAE.
Requirements for opening an offshore bank account in UAE.
- Passport
- Home country address proof
- CV
- Minimum account balance*
*To open an offshore business or personal account in UAE, it is necessary to deposit a higher than normal minimum account balance compared to if the customer had a UAE residence visa and Emirates ID.
Customers with Emirates ID can usually open an account starting with a zero minimum balance, while customers without EID need to deposit a higher balance.
For individuals, looking to open a personal account in UAE without Emirates ID, the minimum balanced required to open a non-resident private account in UAE is usually between $30-150,000 USD or 100,000 AED to 500,000 AED.
To open a non resident account, it is necessary to obtain the assistance of private bankers who work in the wealth management department of each bank.
Private wealth bankers’ goal is to attract investment into the bank, which is exactly the reason why the private wealth department is willing to open an offshore, non resident account for those without UAE residency status, for the bank.
Which banks in UAE can open bank account for non residents?
Individuals and businesses without resident status in UAE can apply with all banks in UAE with open a non resident account
It is important to note that while the below banks will consider opening a non-resident account, the requirements and profile of the customer still have to match the business goals of the bank.
- Abu Dhabi Commercial Bank (ADCB)
- Abu Dhabi Islamic Bank (ADIB)
- Ajman Bank
- Al Hilal Bank
- Al Maryah Community Bank
- Bank Melli
- Bank of Baroda – Indian nationals only
- Bank of Sharjah (BOS)
- Bank Saderat
- Commercial Bank International (CBI)
- Commercial Bank of Dubai (CBD)
- Dubai Islamic Bank (DIB)
- Emirates NBD (ENBD)
- First Abu Dhabi Bank (FAB)
- Habib Bank A.G Zurich
- Invest Bank
- Mashreq
- National Bank of Fujairah (NBF)
- National Bank of Ras Al-Khaimah (RAKBANK)
- National Bank of Umm Al-Quwain (NBQ)
- Ruya Community Islamic Bank
- Sharjah Islamic Bank
- United Arab Bank
- United Bank Limited
- Wio Bank
- Zand Bank
How BUH Consulting can assist
Our banking team will send your profile to banks that are interested in the account for their immediate review and the relationship managers mentioned throughout this article, will screen the account application within minutes and the ones interested will proceed with onboarding.
With certain banks, it may be possible to open the account remotely without the customer’s physical presence in UAE.
Get in touch to learn more.
Contact information
For a tailored solution, contact us to discuss about your requirements.
Email: – sam@buh-consulting.com
Phone: +971585086656
Whatsapp: +971585086656
Telegram: BUHConsultingAE