Tax advantages, international trade, discretion and access to international markets are among the advantages of an offshore bank account, but also the geographical diversification by not accumulating your wealth in just your home country. Dubai is one of the world’s most important financial centers and offers a variety of first-class banks. In addition to local banks, almost all international banks are represented in the United Arab Emirates; in addition to CITI Bank, HSBC, Standard Chartered and Barclays Bank, Deutsche Bank and the Swiss UBS are also establishing their presence in Dubai.

Opening a RAK offshore bank account implies far simpler steps than opening an offshore account in any other low-tax jurisdiction. All you need is a letter of recommendation from your current bank. Your passport must also be attached to the documents, as well as a business plan and as many receipts as possible, such as invoices and supplier information.