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Best Home Loans UAE: Complete Guide

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Dubai is a place where you will find people from all around the world living there and sharing their cultures. You will find so many expatriates living in this city, making it expansive. If you have planned to make a real estate investment, you should go for a good property in a good location. And you will find some great options that align with your needs and financial preferences. One of the biggest steps in buying a property is getting a loan. Although there is no dearth of options for expatriates to get home loans UAE, they need to follow a procedure to avail the same.

Who Can Take Home Loans UAE?

Whether you are looking for a villa, townhouse, or apartment, you can get a home loan for your every need. If you fulfil the eligibility criteria, then you can apply for home loans UAE. The criteria include –

  • For a salaried individual, he/she should be between 21 and 65 years old and if the applicant is self-employed, the age limit extends to 75 years.
  • Having a monthly income of AED 12K is salaried, and AED 25K is self-employed.

As per the Dubai mortgage law, expats can avail of a home loan of up to 80% of the overall value of the property they want to purchase. This means 20% of the property value will be the initial deposit for a property below AED 5 million.

Moreover, off-plan property mortgages in Dubai have slightly different loan caps. The minimum cash you need to pay as a down payment is determined by the purchase value of the property and the resident status of the buyer.

  • The UAE Mortgage law requires expats to have a down payment 20% of the property value. For UAE nationals, they have to pay 15% down payment upfront, including associated purchase costs. for expat residents.
  • For property above AED 5 million, the down payment is 30% and 40% if it is your second or third property.

What Guidelines Expatriates Must Fulfill To Get Home Loans In Dubai?

Financial institutions must comply with certain criteria to offer home loans UAE. They follow a procedure; the following aspect of the expat is assessed –

  • Credit history
  • Time spent within the UAE (Generally 6 years)
  • Length of employment in the UAE
  • Business period spend in UAE (Ranging between 2 and 3 years)

Adhering To The Pre-Requisites

Home loans or mortgages are a popular and common phenomenon in every city, and Dubai is no different. There are different kinds of home loans UAE that are offered in certain conditions, along with the ones mentioned above. First, you should figure out the amount you would have to pay upfront. Secondly, based on the mortgage duration, you should consider whether to choose a fixed interest rate or variable interest rate. These are two important considerations that every expats should look into when buying a home loan UAE.

Upfront Cost

When buying a property, you have to pay a certain amount upfront. Along with the down payment for the property, you would also have to take care of registration fees, transfer fee, valuation fee, real estate commission. Here is a cost breakdown of all these things:

  • Down Payment – 20% of the purchase price for property under AED 5 million.
  • Transfer fee – 4%
  • Mortgage registration fee – 0.25% of the finance value
  • Real-estate commission – 2% but can vary
  • Valuation fee – between AED 2,500 and AED 3000.

Some banks in the UAE also allow expats to add three-quarters of the overall purchase fee for the mortgage loan they are taking.

Pre-Approval Of Mortgage

Before you set out for a house hunt, you should get pre-approval for a mortgage. This will help you to narrow down the search based on your specific budget. Additionally, when signing the sales agreement, you will need to give a cheque amounting to 10% of the overall purchase price. So if you do not get financial approval and the bank later refuses to finance you, then you will end up losing the deposit amount you have paid to the bank.

Valuation Clause Of Sales Agreement

Make sure to assess and check whether or not your property has a valuation clause. Before offering home loans UAE, banks perform a thorough assessment and of the steps in property evaluation. If, during this process, the property value comes as overpriced, the bank may adjust the finance amount as pee the valuation of the property. This is where the valuation clause will protect the deposit you have put up with the bank. The valuation clause is basically a provision in the sales agreement that highlights the amount you will receive from the bank in case a hazardous event occurs.

Repayment Value

Generally, the repayment value of the bank depends on the monthly income. In normal circumstances, the repayment value is not more than 50% of the monthly income. Furthermore, if you also have other loans, the overall amount is deducted from your calculations. Each bank has a unique formula to calculate an applicant’s borrowing capacity.

Duration Of The Home Loans Dubai

Whether you are a resident or expat, you need to be under a specific age threshold to acquire home loans in UAE. Home loans are offered for a maximum of 25 years in the UAE, wherein for salaried individuals the age limit is 65 years, and for a self-employed individual, the age limit is 70 years. When you increase the duration of the loan, you will have to pay lower EMIs, but it increases the interest amount. Moreover, your borrowing capacity also increases when you choose a long-term mortgage in Dubai.

Another option is to choose the longer-term loan and reduce the duration by paying an extra amount every year. Without a penalty, you can repay 10% extra of the principal amount every year. Make sure you get professional assistance so that you can be more informed about your options and make well-informed choices.

 How Are Home Loan Rates In Dubai?

Interest on home loan UAE can vary between 2.10 and 5%. Presently, the rates are lowering and reported to lower even further in the coming times. However, these rates are extremely volatile. If you choose a fixed rate, then it will remain the same for two years. Post this period, banks will apply for a revision payment. If you have paid a lower upfront payment, the revision rate could be higher. Although you can get a fixed rate for five years, you will have to pay a higher rate of interest. The interest rate could come between 2.99% and 3.25%.

Furthermore, variable interest rate home loans are another option that expats should be looking at. However, it can be a trick to predict the overall money you will be paying through the course of the loan tenure. When we are dealing with a variable interest rate mortgage, it becomes impossible to perform accurate budgeting.

But if you have a good market understanding and feel that in the future, the interest rate will go down, then choosing variable interest means that you will be paying less. But you cannot base the decision merely on your intuition, as things can go south anytime. Your predictions may turn out to be wrong, and the interest rate could increase. And if that happens, you may or may not be prepared for financials. So, these are critical choices that you need carefully after doing thorough research on your part.

 Switching Between Mortgage Providers

In recent times, the process of switching between lenders has become easier. The penalty for this is capped at AED 10,000. However, earlier, you had to pay 5% of the overall amount. If you have good negotiation skills, then you can convince banks to provide you with more profitable terms based on the market conditions. When it comes to assessing home loans UAE and taking the best decisions, you have to be proactive and well informed. With smart research and decision making, you can get a great deal on your home loan.

What Are The Types Of Home Loans UAE?

Banks have come up with different kinds of home loans UAE with distinctive features, benefits and interest rates. You will find a home loan for a wide range of finance requirements:

Fixed-Rate Mortgage

It is a popular and traditional type of mortgage available in the UAE. As the name suggests, the interest rate of the loan remains the same across the loan tenure. And this rate will be predetermined during the loan approval process, which will be adhered throughout the period of the loan.

At home financial institutions, the fixed rate will not stay the same throughout the tenure of the loan. Lenders may charge you with a fixed rate for a particular period then charge a variable interest rate based on the Emirates Interbank Offered Rate (Eibor).

Discount Rate

In this type of mortgage, finance offers depend on the standard variable rate. Lenders offer a specific percentage of discount on the particular interest rate – for instance, 0.5% off for the first three years. Moreover, this discount is offering a welcome or introductory offer. Looking at the feature, this may look like an attractive mortgage, but it is expensive, and the discount remains active for a specific time period.

 Variable Rate Mortgage

It is the exact opposite of a fixed-rate mortgage. It continues to fluctuate on a regular basis. The rate can rise or fall as per the Eibor. However, some lenders have a standard variable rate which is lower than the fixed rate. And, the calculation of the interest rate can differ as per the type of mortgage. If you are considering going for a variable rate mortgage for your property, then you have to be prepared to deal with fluctuations as it will definitely influence your monthly expenses.

 Capped Mortgage

The rates of variable mortgage are lower as opposed to its counterpart, fixed-rate mortgage. However, variable rates can be highly volatile as they tend to increase or decrease at any time. It can put you in a stressful situation time and again.

To make things more efficient, financial institutions offer an option known as a capped mortgage. The maximum cap is predetermined, and if the rates of Eibor increase, your monthly instalment you are paying will not exceed a predefined cap. However, this type of mortgage is only valid for a specific time period as a welcome offer.

Offset Mortgage

This is a rather new home loan concept in the UAE, and not many lenders offer this kind of loan. In an offset mortgage allows the loan holders to link their loan account with a credit card account, current account, and savings account. Whenever funds are added to any of the linked accounts, the overall value of the loan amount gets reduced by that amount.

Remortgage

A remortgage is basically acquiring a mortgage loan on the current mortgage or transferring your existing mortgage to a new lender. This is also known as balance transfer in the UAE. The loan can be acquired from the same lender or a different lender. The phenomenon of remortgage is only beneficial if the new loan you are getting is offered at a lower interest rate or you are getting additional funds.

What Are The Documents Needed To Acquire A Home Loan UAE?

To apply for a home loan in the UAE, you have to first fill the application form. Subsequently, you will need to submit certain paperwork required by the bank. The kind of documents you will need to submit will differ from one bank to another. However, generally, banks require you to apply for a home loan with the following documents:

  • A copy of your Emirates ID
  • A copy of your passport and visa
  • A salary certificate verifying employment
  • Proof of residence like DEWA bill, tenancy contract
  • The latest credit card statements
  • Bank statement and payslips for the past six months.

Final Thoughts

To avail of the home loan, you must apply with a bank that is registered with the Dubai Land Department to be valid. You can either direct liaise with the bank or go through a broker.

There are various types of mortgages in Dubai, and largely they fall under the categories of fixed or variable rate mortgages. To choose the right mortgage, you should consider the following factors the amount of loan you require, your lifestyle, the property type you want to purchase, and the cash deposit you can afford. And once you have gotten the pre-approval for your loan, you can look for a property that is perfect for you and your family.

 

Best Investment Options In Dubai For Expats

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Dubai is an excellent place for real estate investment for many reasons. Per square foot, property prices are lower than many other cities around the world. Moreover, it provides a higher rental yield; you can expect to achieve yields between 5% and 9%. Even if you are an expat, you can get a higher level of returns that you would not find in any other prime locations. The greater ROI is coupled with convenient and flexible regulations, making Dubai a great prospect for real estate investment. It is a big city, and there are a lot of things to consider when choosing investment options in Dubai. And in the article, we will help you make an informed decision.

What Are The Types Of Properties Available In Dubai?

Following are real investment options in Dubai you will come across

Freehold Properties

Freehold properties are highly sought out by expats for residential purposes. The freeholder owns the property outright that includes the land it is built on. With these properties, you do not have to worry about the lease running out, dealing with the landlord, or paying rent services charges or landlord charges, etc.

Commonhold Properties

They are basically condominiums in different parts. Investing in a commonhold property offers you the right to buying, renting or selling the property for inheritance purposes. These properties share a lot of similarities with apartments. So you will have to bear property maintenance fees of the building and common areas. These buildings are generally owned by property developers of a real estate developer. If you want to invest in a commonhold property, you will have to buy it through a UAE government approved real estate developer.

 Usufruct Properties

 This is another type of property, which is common in Dubai. This type of property focuses on offering a lease for a long time period. After purchasing the property, you can do whatever you want with it and have a life of up to 100 years. When buying usufruct properties, it depends on whether or not you want to invest in commercial or residential property. Additionally, your negotiation skills will also play an important role here.

Factors To Consider When Buying Real Estate In Dubai

  1. Market ResearchDubai encompasses a lot of interesting investment options in Dubai, and this could make it confusing for you to make a definite decision. This is why the first step should be to do thorough research on your market. To start with, read about the existing trends, patterns and predictions of the real estate market and financial investment. The more comprehensive your research, the better deal you are likely to get.
  2. LocationAfter researching how the market is performing and its trend, you need to direct your research to be more specific. Location is one of the prominent factors that will help you make the right investment decision. For instance, if you are looking for a premium location, then you should know prime locations in the city. Looking for a good location will allow you to improve your lifestyle.
  3. TenurePrior to making a real estate decision, you should consider the overall tenure till which you plan to be in Dubai. This duration will assist in evaluating the overall value that you can obtain from potential return on investment. However, if you are not sure about your long-term plans, then renting the property is a smarter decision.
  4. Rental YieldsBuying a property or flat in Dubai means you can offer it for rent and gain further monetary benefits. So, the rent can help you cover the mortgage as well as maintenance expenses. Therefore, you should consider the rental yields that a property offers. Buying a property in a good location can allow you to gain higher rental yields.
  5. AffordabilityWhen buying a home, your housing expenses should not exceed over 25% of the total income. Therefore, affordability is another factor that you should consider when buying a property. Consider the upfront fees that you have to pay for the property; it would account for around 6%-7% of the overall purchase price. It is imperative to closely monitor the maintenance fees and annual services charges. When your finances are organized, you are likely to be dealing with financial complications in the later stages.
  6. Residence VisaResidency visa is not compulsory to buy a property in Dubai irrespective of the value, but it can fasten the process. Residential visas come in two types in UAE. The first is a six-month, multi-entry visa, and the other is a two-year visa for residency. Moreover, if you were buying a property for AED 5 million or above without a certain mortgage value and retained the property for at least 36 months can help in getting a residence visa for five years or more. But there are certain specific eligibility conditions that need to be fulfilled.How Much Does It Cost To Buy A Property in Dubai?

    Along with the cost of the property, expats will have to bear other costs as well that include –

     

    • NOC fees generally range between AED 500 and AED 5000. You can directly pay it to the property or real estate developer.
    • You have to pay for the registration of the property, which accounts for 4% of the overall purchase price of the property.
    • You have to pay a commission to the real estate agent. This cost could be approximately 2% of the price of the property you have purchased.
    • Expatriates who want to buy a real estate property that is worth below AED 5 million can borrow approximately 80% of the overall property value. On the other hand, UAE citizens can borrow about 85% of the property value.
    • Expatriates who are buying a real estate property valued at AED 5 million or above for the first time, then you may be able to borrow 65% of the property value. On the other hand, UAE citizens who are the first-time buyer can borrow around 70% of the property value.
    • For second purchase, expats have the option of borrowing approximately 60% of the property value.
    • Buyers who are off-plan properties need to make a 50% deposit.
    • A buyer must not have a debt-to-income ratio of over 50%.
    • The mortgage period should not increase by over 25 years and there is a certain age limit which is 60 for salaried and 75 years for self-employed.
    • Expats have options to make an application for a certain loan amount that should not go over the annual income of revenue by seven times.

    How To Get Mortgage In The UAE?

    Buying a property requires you to make a significant investment. And it is not possible to always have that kind of money. This is where a mortgage loan proves to be helpful. You can liaise with a reputed financial institution to get reliable advice regarding financing the property. By leveraging expert advice, you will be making a more informed decision. The professionals will also provide you with all the investment options in Dubai based on your circumstances.

    What Documents You Need To Purchase Property In Dubai?

    Following are the documentation you need to fulfil before you can own property –

    1. A Buyer And Seller Agreement

After you have decided on the property you want to purchase, you need to negotiate and layout the sales term with the seller. Your negotiation skills can help you get a better deal on the purchase of the property. Once the contract is made, make sure you read it through so that there is no ambiguity.

  2. The No Objection Certificate

You need to make an appointment with the developer’s office to get the NOC. Without this document, you will not be able to get ownership of the property. Moreover, you will have to pay certain fees to get the No Objection Certificate.

    3. Affecting The Transfer Process

After getting the NOC, that final step is to meet the seller to affect the transfer. For this process, you should submit the following documents –

  • The identification documents of seller and buyer such as passport, visa, and Emirates ID.
  • A Cheque from the manager for the property value that the buyer needs to pay to the seller.
  • The No Objection Certificate provided by the developer.
  • Signed Contract of MOU (Memorandum of Understanding)

What Are The Property Taxes In Dubai?

There are no property taxes in Dubai, making it an ideal destination for buying a property. While you do not have to pay for taxes, the government levies certain monthly housing fees known as the municipality tax. Additionally, house owners also need to pay a transfer fee of 4%. You will need to pay 5% of the average rental value in a particular area to the Dubai Land Department.

Final Thoughts

Buying property in Dubai can be highly profitable as there are tons of options, the process is extremely simple, and there is no heavy taxation. The way you make use of investment options in Dubai will determine the kind of yield you will get from the same. And above, we have included all the necessary information that you can refer to when buying a property in Dubai.

Debt Consolidation Loans UAE – December Deals | Compare4Benefit

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Here’s everything you need to know about debt consolidation loans in UAE.

A Debt Consolidation Loan allows you to combine all existing credit card debts and personal loans into a single loan with a lower interest rate.

What is Debt Management Plan?

A debt management plan (DMP) is a debt strategy that helps individuals to settle their loans at a manageable cost.

The main advantage of getting a debt consolidation loan is debt management. You pay off all your credit cards and personal loans at once, in exchange for just one monthly payment to your bank at a lower interest rate.

You also have the option to make smaller monthly payments by stretching out the loan tenor up to 7-10 years.

Types of debt that you can consolidate under a debt consolidation plan

The following types of debts can be consolidated :

  1. Credit Card Debt
  2. Personal Loans
  3. Credit Lines

Banks offering Debt Consolidation Loans in UAE

Consolidation is one of the most powerful tools for debt elimination.

  1. Abu Dhabi Islamic Bank [ADIB] Debt Consolidation Loan

adib debt settlement loan

 

Features of Abu Dhabi Islamic Bank Debt Consolidated Loan

    • Flexible repayment option.
    • It is possible to postpone installments twice in a year for free.
    • Avail a grace period of 90 days for the first installment.
    • Easy processing and huge finance amount
    • Get pre-approved ADIB Visa Cashback Card (Free for 1 year).
    • Attractive profit rates.
    • Zero processing fee.

2. Mashreq Bank Debt Consolidation Loan

 

Features :

  • Salary transfer is required.
  • Huge loan amount (Up to 1 million AED for expats and 5 million for UAE nationals)
  • Flexible loan repayment tenure (48 months).
  • Reduced interest rates.
  • Avail a grace period of 120 days for the first installment.

 

3.FAB Debt Consolidation Loan

debt consolidation Loan Fab

 

Features of FAB Debt Consolidated Loan

  • DBR above 50% is considered. (Exclusively for UAE Nationals)
  • Competitive interest rates.
  • Salary transfer is mandatory.
  • Most Flexible payment option – Up to 12 years.

Who Qualifies for a Debt Consolidation Loan in UAE?

  • To qualify, you must be a salaried employee with an annual income of more than 7000 AED. Depending on the bank, you may need to meet a higher minimum income requirement.
  • DBR [Debt to burden ratio ] should be less than 50%.
  • Applicant must be a resident of the UAE.
  • Should have unsecured debts to consolidate.
  • You can only have 1 DCL active at any one time.

It’s important to note that once you are enrolled in an active Debt consolidated loan, you cannot apply for a new credit card or loan in UAE for some period of time.

Documents Required for debt consolidation loan in UAE

  • Salary transfer letter as per bank format.
  • Residence visa and passport copy.
  • Latest income statements. (3-6 months).
  • Valid Emirates Id.
  • Latest credit card and unsecured loan statements.

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Frequently Asked Questions :

  1. Who can apply for a debt consolidation plan?

  Only UAE citizens and expats with a valid visa and passport are eligible for a debt     consolidation plan. On top of these, the bank offering debt consolidated loan may have     further requirements while assessing your eligibility.

2. How much will you owe the bank under a debt consolidation plan?

 After calculating your outstanding bills and interest, banks will add up some more interest charges for your first debt consolidation loan.

3. What kinds of debt can’t be consolidated under DCP?

   Secured loans like car loans and housing loans cannot be consolidated under DCP.

4. What else should you be aware of?

  If your outstanding bills are very high, there’s a chance that your approved DCP loan amount is not enough to cover all your debts.

5. Do consolidation loans hurt your credit score?

Debt consolidation loan can hurt your credit score in several ways, depending on which method you use. Debt consolidation loans normally  do not appear on your credit reports but sometimes banks may ask you to close your credit accounts which may impact your credit scores.

Lowering your debt may help your credit score over time.

 

 

 

 

 

 

Best Cashback Credit cards in UAE 2021 (Updated)

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Cashback credit cards uae

Looking for Cashback Credit cards in UAE? Then you are in the right place.

Cashback credit cards is one of the most popular kind of credit card in UAE. Cashback credit cards normally reward you for your spending. There are different types of cashback offers available in the UAE market.

You can use this guide to compare cashback credit card options and discover how you can get the most value out of this type of credit card.

              Related: Compare Cashback Credit cards in UAE.

 

Summary of Best Cashback Credit Cards in UAE 

No time to read? Here are our picks for some of the best cashback credit cards in UAE.

Credit CardsCard FeaturesMinimum Salary Apply Now
Citibank Cashback Credit Card Unlimited and Automatic cashback on all spend.
Complementary access to over 850 airport lounges.
Free for 1st Year.
8000 AEDApply Now
CBD Now Visa Signature Card50% discount on 4 VOX tickets per month across UAE.
Free Valet Parking.
10,000 AEDApply Now
CBD AL Islamic Visa Infinite Card50% discount on VOX cinema tickets across the UAE.
Complimentary Airport Lounge Access.
10,000 AEDApply Now
ADIB Cashback Visa Platinum Card1% Cashback on All Purchases5000 AEDApply Now
CITIBANK City Prestige CardEnjoy Up to 4 "Buy 1 Get 1" complimentary tickets at Vox Cinemas.
24/7 concierge service.
30,000 AEDApply Now
ADIB Spice Card Up to 9% Cashback on restaurant bills.
7% cashback on supermarket and grocery spends.
Get Dining discounts of up to 25% at selected restaurants.
12000 AED Apply Now

 

Popular Cashback Credit Cards in UAE 2020

1. Citi Cashback Card:

Cashback Credit card uae

This card needs minimum salary level of AED 8000 but does not need a salary transfer or adhere to Islamic finance.

It has zero annual fees for the first year and from year 2 the card is free unless a minimum annual spend of AED 9,000 is not met .

 

Benefits of Citi Cashback Credit Card

  •  Unlimited and Automatic cashback on all spend.
  •  Complimentary Travel Insurance.
  •  2% on grocery spending.
  •  1% cashback on all other expenditure.
  •  Complementary access to over 850 airport lounges.
  •  No earn caps on cashback.
  •  No redemption and no minimum spend.

Documents required include copies of valid visa and passport, Emirates ID copy, salary certificate and 3 months statement of salary in the bank.

               Apply for Citi Bank Cashback Credit Card


2.  FAB Cashback Credit Card

The FAB Cashback Credit Card has one of the most generous cash back programs available in UAE and is ideal for anyone who spends significant amounts of money on groceries. With this card, you’ll earn a whopping 5%  cashback on supermarket spends.

 

Benefits of FAB Cashback Credit Card

  • Minimum salary required is 5000 AED
  • 5% cashback on supermarket spends.
  • 5% cashback on utility payments and fuel.
  • 2% cashback on all non AED spends.
  • Unlimited Complimentary Airport Lounge Access to over 10 Airport Lounge in UAE, KSA, Jordan, Kuwait and Egypt.
  • Get 20% off when you book a ride with Careem.
  •  Movie ticket Offers.

Apply for FAB Cashback Credit Card      


2. CBD Now Visa Signature Card

Cbd Cashback credit card

This card needs minimum salary level of AED 10,000. It neither needs salary transfer nor offers Islamic finance.

It has zero annual fees, but a monthly interest rate of 2.99% after a 52-day interest-free period.

Transaction rate of foreign currency is 2% per month. It is applicable only to overseas transactions. Repayment must be done within 52 days.

Benefits of CBD Now Visa Signature Card

  • Easy 12-month installment plan.
  • Unlimited access to over 550 airport lounges worldwide.
  • 50% discount on 4 VOX tickets per month across UAE.
  • Valet Parking.
  • Attijari Loyalty Program can be redeemed into Skyward Miles or Cashback.

Documents required are Emirates ID, a copy of passport, and residence visa and salary certificate. Self-employed must also provide valid trade license.

For minimum annual spend of AED 5000, perks like movie tickets, and valet parking are available without extra charge.

                       Apply for CBD Now Visa Signature Credit Card                            


 

3. CBD AL Islamic Visa Infinite Card

When you apply for this card, you will be awarded a guaranteed Travel voucher worth AED 750.Minimum salary requirement is AED 10,000.

There will be no Annual Charges for the first year and one can get loyalty points for one’s complete expenses which can be redeemed as Cashback.

 

Main Features of CBD AL Islamic Visa Infinite Card

  • Islamic Credit Card.
  • There is balance transfer, and no foreign exchange fee is applicable when you spend overseas.
  • Complimentary Airport Lounge Access.
  • 50% discount on VOX cinema tickets across the UAE.
  • Free Valet Parking.
  • Earn points for every AED 1 spent which can be redeemed as cashback or airline travel miles.

           Click here to apply for the CBD AL Islamic Visa Infinite Credit Card


 

4. ADIB Cashback Visa Platinum Card

The card features a profit rate of 2.99% and stipulates a minimum salary requirement of AED 5000. The card offers 1% unlimited cashback on all retail expenditure.

 

 

Main Benefits of ADIB Cashback Visa Platinum Card

  • Islamic Credit Card.
  • Offers facilities like roadside assistance and 4 supplementary cards.
  • 1% Cashback on All Purchases.
  • No Minimum Spend Required to avail cashback.
  • Valet Parking( only at selected places in UAE)
  • Complimentary Access to Airport Lounges worldwide via Veloce Lounge.

     Click here to apply for the ADIB CashBack Visa Platinum Credit Card


 

5. CITIBANK City Prestige Card

citi prestige cashback card

This is a cashback credit card with an annual fee of AED 1500 and a minimum salary of AED 30,000.

Citi Prestige Card offers 10,000 bonus thank you points when the card is renewed annually.

 

Main Features of City Prestige Credit Card

  • Complementary unlimited access to over 750 airport lounges worldwide.
  • Enjoy Up to 4 “Buy 1 Get 1” complimentary tickets at Vox Cinemas.
  • 24/7 concierge service.
  • Free golf services once a month for both supplementary and basic card members in leading golf courses across the UAE.
  • Unlimited supplementary cards for free.
  • Earn ThankYou® Points on your Citi Prestige card and redeem them for free flights or Air Miles.

Get 10,000 Thank you points on yearly renewal.

                Click Here to Apply for the CITIBANK Prestige Credit Card


 

6. ADIB Spice Card (for Expats)

Adib Cashback credit card

ADIB Spice Card offers one of the best rewards program in UAE. It is an Islamic Credit Card.

Cash withdrawals are available for up to 100% of finance limit. Minimum Salary Requirement is 12000 AED.

 

Major Features of ADIB Spice Credit Card

  • Up to 9% Cashback on restaurant bills.
  • 7% cashback on supermarket and grocery spends.
  • 4% cashback on fuel.
  • 1% cashback on utility payments.
  • Get Dining discounts of up to 25% at selected restaurants.
  • ADIB Reward Points can be redeemed for airline tickets.

Note: Minimum monthly spend of  3,000  AED is required to avail cashback. 

                          Click here to apply for the ADIB Spice Credit Card

Best Credit Cards for Movie Tickets in UAE 2020 | Compare4Benefit

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Are you a movie buff? Then, how it would be if you can get exciting movie ticket offers on your credit card? Really awesome! Isn’t it?

While it comes to the fast life of UAE, it’s considered as a luxury to find out time for watching movies. But, with the passage of time, movie theaters have started providing a full-fledged movie experience to people.

And thus more and more individuals are getting interested to enjoy a lavish cinema watching experience while in the UAE. But, the ticket costs have been also increased in keeping pace with that.

The good news is that banks and other financial organizations in the UAE have started offering discounts, rewards, or cash backs while making different purchases with the credit card. It’s obvious that different credit cards have come with different movie ticket offers. So, let’s take a look at some of the best credit cards’ movie ticket offers:

Compare Movie Credit Cards in UAE 2020

1. Citi Bank Rewards Card

You’ll be glad to know that the Citi Bank Rewards Card offers four “buy one, get one” complimentary movie tickets while it comes to watching movies at VOX cinemas on any of the days of a week.

The Citi Bank Rewards Card holders also receive dining benefits, as it’s associated with the 500+ dining outlets throughout the UAE to offer Fine Dining program.  Moreover, with the Citi Bank Rewards Card, you’ll also get exclusive offer on different aspects, Free Citibank alerting, and many other facilities.

2. Dunia Finance Platinum Credit Card:

Dunia finance offers its services in 30+ languages backed with an unmatched customer-centric approach to better understand the financial needs of each and every customer. Dunia Finance always takes care of the excellent quality of their services, commitment to the customers, customer value, ethics and honesty, and providing top-notch services to the community.

As a credit card holder of the Dunia Finance Platinum Credit Card, you will get 50% cashback that means up to AED 70 on your per-month movie tickets. Moreover, you’ll get various other benefits like Dining Privileges with which you can access to a lot of Buy 1 Get 1 offers from that of MasterCard while you’re in Middle East as well as Africa in your entertainment, leisure time, or etc. Moreover, you can also experience up to 15% off on the next rental while you’ll be booking with Avis.

Owners of Dunia Finance Platinum Credit Card will also receive 5% cashback on groceries or supermarkets that means up to AED 300 per month for the initial three months. Moreover, 2% unlimited cashback is also there on all other expenditures without any limit. There’s no minimum expenditure needed to receive cashback. Besides, up to four free supplementary cards are there for the credit cardholders’ family members. Moreover, you’ll also receive dining discounts as well as travel shopping discounts.

There is up to 30% of savings on the credit cardholders’ traveling with Cleartrip. You’ll also get various other services. To know about all terms and conditions, you need to contact them.

3. Citi Bank Rewards Card (Repeated)

You’ll be glad to know that the Citi Bank Rewards Card offers four “buy one, get one” complimentary movie tickets while it comes to watching movies at VOX cinemas on any of the days of a week.

The Citi Bank Rewards Card holders also receive dining benefits, as it’s associated with the 500+ dining outlets throughout the UAE to offer Fine Dining program.  Moreover, with the Citi Bank Rewards Card, you’ll also get exclusive offer on different aspects, Free Citibank alerting, and many other facilities.

4. CBD NOW Visa Signature Card

Commercial Bank of Dubai or CBD had started its journey in 1969. Being considered among the topmost banks of the UAE, CBD has come with a lot of different retail and commercial products as well as services. With the passage of time, the Commercial Bank of Dubai has made transformations towards a great improvement and to become a contemporary banking organization. However, CBD features a solid financial base along with powerful management.

You’ll get various benefits after becoming an owner of the CBD NOW Visa Signature Card. When it comes to entertainment-related benefits, the CBD NOW Visa Signature Cardholders can receive 50% discount on total four VOX tickets per month throughout the UAE. Nonetheless, the particular card also provides a lot of discounts on various golf clubs throughout the Middle-East and North Africa or MENA region.

As you already know the CBD VISA Signature card provides the facility of 50% discount to the users on the VOX cinema tickets throughout the United Arab Emirates or UAE. While it comes to availing Valtrans as well as VOX facility, you (as a customer) ought to have a monthly retail expenditure of the minimum of AED 5,000 on the VISA signature card. But, if the expenditure on the CBD VISA Signature credit card becomes less than AED 5,000 in times of the month, your card account would be charged at the actual rate of VOX and Valtrans.

With the CBD NOW Visa Signature Card, you’d get the facility of free valet parking for only Valtrans two times a month at Dubai International Airport, City Walk, Mirdif City Centre, and different other locations.

The VISA Signature credit card from the Commercial Bank of Dubai also provides the facility of multi-trip travel insurance for the card members along with their family. These card members also enjoy eight maximum complimentary visits within the calendar year at 1,000+ airport lounges throughout the world and it’s valid for card members only. You should properly read each and every aspect of the facilities of the VISA Signature credit card to avail it correctly.

Moreover, the cardholders also receive an appreciative meet and greet service at the YQ. Moreover, they can also take a discount benefit of up to 30% on the retail prices at 450+ destinations throughout the world by booking with the respective card.

5. Citi Bank Prestige Credit Card

After becoming an owner of the Citi Bank Prestige Credit Card, you can avail at the maximum of four ‘buy-one, get-one’ appreciative movie tickets with VOX cinemas per month on any of the days of a week with the respective Citi Credit Card.

In order to book your tickets, you need to visit www.voxcinemas.com or download and then open the specific mobile application.

It’s time for logging in as a VOX member. But, in case you haven’t already registered as a VOX member, you can do the same for absolutely free.

Registration completed? It’s time to log in with your username as well as password. Now, you need to choose your cinema, movie and show time. Then, choose the Citi “buy 1, get 1” offer and don’t forget to validate your card. And then it’s time for selecting the seats and paying by making use of the Citi Credit Card. Don’t forget that it’s an upfront offer- not cash back. And the expense of the free ticket shouldn’t be a segment of the payment amount

6. Citi Bank Premier Credit Card

Once you become a member of the Citi Bank Premier Credit Card, you can experience up to four ‘buy-one, get-one’ appreciative movie tickets with VOX cinemas per month on any day in a week through your Citi Credit Card.

7. Standard Chartered Visa Infinite Card

If you’re a movie buff (repetition movie buff word), then you’d be glad to know that the Standard Chartered Visa Infinite Card provides the cardholders with “Buy 1 Get 1 Free” facility at VOX Cinemas along with 50% off at VOX Cinemas only on Saturdays.

Moreover, the card members will also get Standard Chartered Privileges that offer maximum 50% off at various restaurants and cafes. Nonetheless, golf benefits are also there so that cardholders can experience a round of golf per month at UAE’s leading clubs.

8. CBD Visa Infinite Card

After becoming a member of the CBD Credit Card, you’ll experience 50% off on the tickets while you make use of the CBD Credit Card. But, it’s necessary to check your card type before availing the benefits.

While it comes to the members of the Visa Infinite and Visa Infinite Islamic card, the discount is of 50% on 2D and 3D tickets for Standard as well as MAX. It won’t include balcony seats as well as Premium View at MAX 1 screen at the City Centre Deira.

Are you a Visa Signature card holder? You’d receive 50% off on 2D tickets for MAX as well as Standard. As previous, it also excludes Balcony seats as well as Premium View at MAX 1 screen at only City Centre Deira.

The members of the CBD Visa Infinite Private Banking Metal Card can avail 50% off on GOLD, 4DX, THEATRE, and IMAX Sapphire by Rhodes tickets. 

9. CBD Visa Platinum

After becoming a member of the CBD Visa Platinum, you can avail the discount at VOX Cinemas, UAE. Just buy your movie tickets only by visiting the website and then select the VISA offer to avail 50% discount, but it will be applicable on Sunday shows up to 4 tickets per bookings and 10 tickets each month. You can avail this exciting offer till 30 September 2019. You’ll also get various other benefits with the CBD Visa Platinum.

Conclusion

So, if you’re a movie buff, then it’s the high time to become a member of cinema credit cards. And that’s how great entertainment and big savings are ensured. You could avail various other exciting benefits as well. But, it’s very important to check all the terms and conditions before thinking about availing any offer through your credit card.

Russia set to register world’s first COVID-19 vaccine | Compare4Benefit

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Russia covid vaccine

Russia’s Covid -19 vaccine to be foreseen as ‘the bright end of a tunnel’

Amidst this panicogenic situation of increasing corona virus cases, Russia has come up avowedly with Russia’s first Covid-19 vaccine. The vaccine jointly developed by the Gamaleya Research Institute and the Russian Defense Ministry is currently expected to be registered on August 12.

After completion of the third stage trial of  the vaccine, hopefully it would be available to the general public by mid september.

The trials have reportedly turned positive for the corona positive people and are said to have developed immunity against the contagious virus.

Taking into concern the severity of the present situation, the World Health Organization (WHO) has emphasized that before launching any covid -19 vaccine it should get through all the stages of trial.

To quote, the WHO spokesman Christian Lindmeier “Any vaccine for this purpose should be, of course, going through all the various trials and tests before being licensed for roll-out,”

Generally the vaccine trials follow a four phase trial system.

Phase One Trials – Introduction of the drug into the human population.

Phase Two Trials – Monitoring more diverse set of healthy volunteers based on the immunogenic results from the phase one trial.

Phase Three Trials – Continue to monitor a larger scale so that the vaccine is proved to be safe and effective in natural disease conditions before being submitted for approval and then general production.

Phase Four Trials – Typically monitor to collect information continuously on vaccine usage, adverse effects, and long-term immunity.

Other vaccines proceeded to the final stage trials are the Pfizer-BioNTech’s formulated mRNA vaccine which is said to have approbative result on pre-clinical trials; then UK-based Oxford University in partnership with pharma maker AstraZeneca and Novavax Inc are bellying up with the covid -19 vaccines.

This Positive news is now gladdening the people a bit by alleviating the fear of the disease.

 

Best No Annual Fee Credit Cards in UAE 2021 (Updated) | C4B

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Credit cards free for life

Looking for No Annual Fee Credit Cards in UAE ?

Then you’re in the right place.

While plethora of  luxury credit cards in UAE charge an annual fee, there is a vast array of top tier credit cards that offer ample rewards without an annual fee.

In fact, these include some of the best credit cards around.

 

No annual fee titanium

Summary of No Annual Fee Credit cards in UAE

The table shows a basic summary and comparison of different credit cards in UAE.

Credit cards

Card Feature

Minimum Salary Requirement

Apply Credit card

Citi Bank Simplicity Credit cardNo late fee and over limit fee.
No cash advance fee.
20% offers on selected restaurants.
Unlimited access to selected airport lounges in the Middle East
5000 AEDApply Now
CBD Visa Infinite CardUnlimited Airport Lounge Access.
Free Travel Insurance
50% discounts on VOX tickets online.
30,000 AEDApply Now
CBD Visa Platinum Credit CardRedeem points for Skywards miles.
Discounts on movie tickets.
Discounts on AVIS car rentals.
8000 AEDApply Now
CBD eTijari Web Card Used only for internet transactions.
Facility to set your own credit limit.
8000 AEDApply Now
ADIB Value Plus CardUp to 25% discount on dining.
Get rewards on your domestic & international spends.
Enjoy up to 25% discount on dining across the UAE.
5000 AEDApply Now
Noor Bank Priority World Credit cardEach 2 points (2% of spend) for every AED 1 you spend on your credit card.
Airport pick up & drop off 12 times a year.
Free golf for 2 people at Arabian Ranches Golf Club Dubai.
35,000 AEDApply Now
Najm Platinum Cashback Credit CardExclusive offers and dedicated checkout counters at Carrefour.
Monthly cashback savings up to AED 200.
30% discount on dining.
7,000 AEDApply Now

List of No Annual Fee Credit Cards In UAE

Here are some of the best collection of credit cards that offers maximum benefits for their customers with no annual fee.

1. Citibank Simplicity Credit Card:

No Annual Fee Citibank

Card Description :

CitiCashback Credit cardThe Citibank Simplicity Credit Card has proven to be the stand-out all round no annual fee credit card in UAE 2017, and is maintaining it’s popularity in 2018.

It is basically a free for life & low interest credit card which offers an interest rate of 3.5 % of the outstanding amount with up to a 51 day interest free period.

If you are that forgetful type who tends to run late on payments, then don’t worry..

There is no late time fee ever for this simplicity card.

Main Features of Citibank Simplicity Credit Card

✔  No Late Time Fee   – Ever

✔  No Over Limit Fee  – Ever

✔  No Annual Fee – Ever

✔   No Cash Advance Fee – Ever

✔   Minimum Salary Required is 5000 AED.

Benefits of Citibank Simplicity Credit Card:

  • Shopping and Dining Credit Card.
  • Unlimited lounge access in selected airport lounges across the Middle East.
  • Complimentary Travel Insurance and Purchase Protection.
  • Get hundreds of Buy 1 Get 1 free offers across hotels, dining, spas, leisure & entertainment in cities throughout the Middle East & Africa.

 Click here to Apply for Citibank Simplicity Credit Card.


 

2. CBD Visa Infinite Card:

cbd infinite no annual fee card

CBD Visa infinite credit card

Card Description :

The CBD Visa Infinite Credit Card is a great option for those who want to take advantage of balance transfer and are averse of paying an annual fee.

The main advantage of this credit card is that it can act  both as a low balance transfer card and as a cashback rewards card all in one. This Credit card is great to redeem reward points for skyward air miles.

Major Features of  CBD Visa Infinite Credit Card

✔  Conventional Balance Transfer Credit Card.

✔  Interest rate on this card is 2.99%.

✔  Earn Attijari Points for all your purchases and you can redeem for cashback.

✔  Attijari points can be converted for Skywards Miles.

✔   Minimum Salary Required is 30,000 AED.

Benefits of  CBD Visa Infinite Credit Card

  • Unlimited access to VIP lounges globally.
  • Concierge service available at airports with this card.
  • Avail airport dining discount program with dragon pass.
  • Free Valtrans valet parking at different locations in UAE.
  • Earn 2.5 Attijari points on international spends , 2 points on local spends, 1 point for groceries and supermarkets.
  • 50% discount on VOX Cinema tickets. (T&C Apply).
  • Get discounts on dining, shopping and travel.

Click Here to Apply for CBD Visa Infinite Credit card


3. CBD Visa Platinum card

visa platinum no annual fee

Card Description:

credit card - cbd visa platinum

The CBD Visa Platinum Card ticks off all the boxes of a great balance transfer credit card.

Plus, the card has no annual fee, a low interest rate of 2.99% as well as cashback on purchases.

 

Major Features of  CBD Visa Platinum Credit Card

✔  Zero Balance Transfer offers.

✔  Interest rate on this card is 2.99 %.

✔  Discounts with Agoda.

✔  Redeem points for Skywards miles or cashback.

✔   Minimum Salary Required is 8000 AED.

Benefits of CBD Visa Platinum Credit Card

  • Attijari points can be converted for Emirates Skywards or Etihad Guest Miles.
  • Repayment period of 52 days.
  • Attijari Points Rewards Program – earn up to 2.5 points for every Dirham spent.
  • Get Airport Dining Discount Program with Dragon Pass.
  • Offers free multi-trip travel insurance

Click here to Apply for CBD Visa Platinum Credit Card. 


4. ADIB value plus card

 

adib no fee annual

 

ADIB Visa Credit Card

Card Description :

The ADIB Value Plus Card could be the one worth considering , if you’re looking for a card that will give you valuable cash rewards on every purchase.

Earn reward points while you spend and enjoy the flexibility of converting them into shopping or dining vouchers, airline tickets and more.

Main Features of ADIB Value Plus Card

✔  An Islamic Credit Card with low salary requirement.

✔  Interest rate on this card is 3.09%.

✔  Get rewarded for local and international spend

✔   Minimum Salary Required is 5000 AED.

 Benefits of ADIB Value Plus Card:

  • Access to airport lounges across GCC/MENA Region.
  • Get up to 25% discount on select dining outlets across the UAE.
  • ADIB Reward Points can be redeemed for airline tickets.
  • Earn 1 reward point for 1 AED on domestic spend & 2 reward points for every 1 AED on international spend.
  • Facilities like Road side assistance.
  • You can redeem points for shopping vouchers.

    Click Here to Apply For ADIB Value Plus Credit Card


 

5. Noor Bank Priority World Credit Card

 

Noor Card

Noor Credit Card

Card Description:

The Noor Bank Priority World Credit Card has been designed with UAE golfers in mind.

If you’re a frequent golfer, you may be able to reap some rewards for doing what you love.

Main Features of Noor Bank Priority World Credit Card

✔ This card is an Islamic Card.

✔ Free Access to Premium Gyms (T&C Apply).

✔ Free Golf for two people (T&C Apply).

 Balance Transfer and Credit shield facilities.

✔ Minimum Salary Requirement is 35,000 AED.

Benefits of Noor Bank Priority World Credit Card

  • Free access to selected gyms in Dubai and Abu Dhabi.
  • Get 6 free valet parking services per month at selected locations.
  • Unlimited Airport lounges access around the world.
  • Airport pick up and drop off (6 times a year).
  • Marhaba meet and greet services.
  • For every Dirham you spend on your credit card, you earn 1.5% cashback on domestic spends and 2% cashback on International Spends

Click Here to Apply for Noor Bank Priority World Credit card


 

6. Najm Platinum Cashback Credit Card

 

NAJM ANNUAL FEE NO

Najm Platinum Credit card uae

 Card Description  :

The Najm Platinum Cashback Credit Card is designed for saving money on groceries.

You can maximize your savings with this card and get exclusive category discounts and offers at Carrefour.

Main Features of Najm Platinum Cashback Credit Card

✔ Free for Life Credit Card.

✔ Balance Transfer Facility.

✔ Monthly cashback savings of up to AED 200.

✔ Dedicated check-out counters at Carrefour.

✔ Visa Platinum Extended Warranty.

✔ Minimum Salary Requirement is 7000 AED.

Benefits of Najm Platinum Cashback Credit Card

  • 3% Cashback every Tuesday and 1.5 % everyday at Carrefour.
  • Free unlimited Valet Trolley at Carrefour.
  • Visa Platinum discounts on dining,shopping, travel & cinemas.
  • Visa Platinum Purchase Protection.
  • Weekly category discounts & exclusive offers at Carrefour.

Click here to Apply for Najm Platinum Cashback Credit card


How to Choose No Annual Fee Credit cards in UAE

There is no single best  “no annual fee credit card” as the cardholders have different expectations and requirements, here are some of the factors you can prefer while choosing them.

Fees: Consider other fees like foreign transaction, balance transfer fees, and more in a No annual fee credit card.

Rewards Rate: Choose the credit card that provides the higher value for each purchase and look for cashback offers.

Staying Power: Go with a credit card that favors long-term utility over short-term rewards, this is suitable if the cardholders prefer to hold the credit card for several years.

Sign up Bonus: Prefer no annual fee credit card that offers sign up bonus so that you can avail set of benefits with them.

Other Perks: Also check whether the no annual fee credit card has some other unique benefits like airport lounge access, discount on movie tickets etc.

Related: Best Cashback Credit cards in UAE 2020

Offshore Bank Accounts UAE | Offshore Banking Dubai – C4B

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Offshore bank accounts dubai

 

An account held in a foreign offshore bank, is often described as an offshore account. Typically, an individual or company will maintain an offshore account for the financial and legal advantages it provides, including:

  • Greater privacy 
  • Little or no taxation (i.e., tax havens)
  • Easy access to deposits (at least in terms of regulation).
  • Protection against local, political, or financial instability.

 Legally, offshore banking does not prevent assets from being subject to personal income   tax on interest

Offshore banks can sometimes provide access to politically and economically stable jurisdictions. This will be an advantage for residents of areas where there is a risk of political turmoil, who fear their assets may be frozen, seized or disappear.

Offshore banking is often linked to other structures, such as offshore companies, trusts or foundations, which may have specific tax advantages and first security bank solutions incorporated in particular jurisdictions.

Offshore banking Dubai: Typical banks in different jurisdictions

(The information given below may change as per the policy changes of the UAE Central Bank or of the individual banks)

BankAccount Type
Type of usageMinimum Average balanceCurrencies
Noor BankCorporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 120,000 or equivalentAED, USD, EURO, others
Emirates Islamic BankCorporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 200,000 or equivalentAED, USD, EURO (multi-currency account allowed)
Emirates NBDCorporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 200,000 or equivalentAED, USD, EURO (multi-currency account allowed)
Commercial Bank International (CBI)Corporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 50,000 or equivalentAED, USD, EURO (multi-currency account allowed)
RAK BankCorporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 200,000 but success rate of opening is lowAED, USD, EURO, others
Abu Dhabi Islamic Bank (ADIB)Corporate account with internet bankingRegular trading, accumulation, asset holding, investment
USD 150,000 AED, USD, EURO, others

 

Offshore Bank Accounts Dubai

Dubai has introduced DIFC (Dubai International Financial Centre) and this business scheme particularly allows free trade in Dubai, which aims at the exponential business growth of the city.

Prongs to keep notice of, about offshore business in UAE are;

  • You need to hold a valid residence visa to proceed with offshore banking in Dubai.
  • An offshore account holder can freely import and export funds from the UAE, without making currency declarations.
  • Offshore banks are experts in international bank transfers which has made it a money-spinning venture for UAE.
  • Major leading offshore banks of the world like HSBC offshore, Abbey National Offshore, ABN Amro, Dresdner and Barclays have marked their eminence in UAE. Keeping this in instance there are greater chances of more offshore accounts in the UAE.
  • Though, all the banking activities of the emirate are under the regulation of the UAE Central Bank you will not find any difficulty transferring or depositing money in different currency denominations if you have an offshore account.
  • Offshore banking in Dubai is increasingly secure, reliable and stable.
  • Opening an Offshore bank account in Dubai is very easy and it takes only about one week after incorporating your company.
  •  Investors who have undertaken Dubai offshore banking can easily track all their worldwide transactions through Internet banking. This facility is available with almost every offshore bank account in Dubai.
  • Dubai offshore bank accounts do not have facilities of ATM, credit and debit cards.

Offshore company jurisdictions in UAE

In UAE there are three offshore jurisdictions – Dubai (Jebel Ali Offshore Company) Ras Al Khaimah and Ajman. They offer similar services but serve different strategic goals of offshore company registration.

The Jebel Ali Offshore Company is an International Business Crown/holds the only offshore vehicle that is permitted to own / hold real estate in the Emirate of Dubai. JAFZA Offshore operated under JAFZA Free zone.

The RAK Offshore and the RAK International Company (RAKICC) are international business companies. They provide a flexible and credible option for foreign investors to register an offshore company in UAE without the need to establish a physical presence in the UAE.

RAKICC is also allowed to hold the freehold property in Dubai.

Documents required to open an offshore account in UAE

  1. Shareholder’s passport copy with the stamp of entry in the United Arab Emirates.

2. Copy of main pages of MD passport, in case he/she is not a shareholder.

3. Company License

Some banks may also require additional documents such as CV of a shareholder, existing contracts, reference letter from business partners, business plan, Memorandum and Articles, the disclosure of the source of funds, Company structure tree diagram on Company Letterhead, Certificate of good standing etc.

If the account is to be opened in a Shareholder’s Company name, then the shareholding company’s documents notarized by court and MOFA are also required.

For offshore accounts, you will need to share a whole lot of information about your business like your primary business area, a total number of deposits, revenues, main suppliers, customers etc.

Banks adhere to strict and international rules and regulations to identify money of criminal origin. But if you have a correctly filled application form and provided all the documents that were required by the bank your offshore account is safe and guaranteed.

The process of opening an account may take from few days to three weeks usually but for offshore accounts, it may take more time due to bank’s financial compliance and management approval.

The fees will be competitive and interest rates will be high. Bank account holders have the option to utilize online banking. This is beneficial for those who cannot go to the bank for every single transaction.

Off shore Banking services in Dubai and UAE

Offshore banking provides a range of business products like;

  • Deposit-taking.
  • Credit
  •  Wire and electronic funds transfers
  • Foreign exchange
  • Letters of credit and trade finance
  • Investment management and investment
  •  Custody
  •  Fund management
  •  Trustee services and corporate administration.

Services may vary depending on the bank you choose. 

Benefits of offshore accounts in Dubai

The major benefits can be classified to seven, which are as follows:

1) Security

By using an offshore bank, in a highly regulated and transparent jurisdiction in UAE , you can feel secure that your money is safe.

2) Service

Offshore bank accounts in UAE usually provide a highly personalized service, giving you round-the-clock access to your money through online and telephone banking, seven days a week, 365 days of the year.

A relationship manager may also be assigned to your account, so you will always have a personal point of contact.

The best banks offer the highest service levels, which can be appealing for expats who have international financial obligations and opportunities.

3) Convenience

As an expatriate, being able to keep your bank account in one place, no matter how many times you move countries, is a major benefit. In fact, this reason alone is enough for you to open an offshore bank account in UAE.

4) Tax

Tax benefits can range from keeping your money outside of the tax jurisdiction of your home country, to protecting it from taxes in the country in which you are currently living.

5) Investing

A good offshore bank will provide you with a wide choice of funds and investments.

Investing through an offshore bank is straightforward, and there may be advice or tools on hand to help you create an investment portfolio appropriate to your risk profile and the outcomes you want to achieve.

6) Foreign exchange services

With multi-currency accounts usually coming as standard, transferring money between accounts will be fast and free.

And, if you need to transfer money between currencies, some offshore banks provide a competitive foreign exchange rate, compared to a regular banking service.

This is one of the biggest advantages of offshore banking facilities for expats with international financial obligations.

7) Lending and credit

Depending on the bank you choose, some offshore accounts are basically a private banking service – a benefit of which is that lending and credit facilities are often much more flexible and tailored to your needs.

Frequently Asked Questions (FAQ)