Thousands of American expats are to have their bank account details shared with the US government as part of efforts to crack down on tax evasion.
The Ministry of Finance has signed an agreement with the US that will make it compulsory for all banks in the UAE to provide account numbers, balances, names and addresses on their American clients through an annual report.
The move is part of efforts to enforce the Foreign Account Tax Compliance Act (FATCA), which was passed by the US congress in 2010. Unlike many expats, US citizens must pay tax on their income, ranging from 10 to 40 per cent, regardless of where they live. Read more
A Dubai bank account is a requirement for most residents and each bank has specific prerequisites. General banking hours are from Sunday to Thursday 8:00 to 15:30 and Saturday 8:00-14:00 but they do vary bank to bank. Most banks set a minimum account balance limit normally 5000 AED for a savings or checking account. If the balance falls below the minimum set by the bank a fee of 30-100 AED is charged per month depending on the bank and account type. Please note that all banks have different procedures.
Thousands of American expats are to have their bank account details shared with the US government as part of efforts to crack down on tax evasion.
