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Posts Tagged ‘banks in dubai’

debtDebt accumulating amongst expats in the UAE seems to be, yet again on the increase.

Moving to a new location can be an expensive process and it can be all too easy to start spending beyond your means. All too often expats live like they are on a constant holiday. Be warned – if you aren’t wary the bubble will burst, leaving you borrowing into a vicious debt trap.

The debt owed by expats in the UAE is for a whole manner of things from car loans, to boat purchases, to credit card debt and the banks seem quite happy to grant relatively large loans and credit cards to customers with limited income. This coupled with a high level of consumerism and often poor financial literacy can be a recipe for disaster. Read more

Passport not enough: No bank loans for UAE residents without Emirates ID card

The Emirates Identity Card could soon be one of the must-have documents when applying for a loan or to get other bank services and facilities as well.

According to a report in Emarat Al Youm, citing, a UAE Central Bank circular, all banks and finance companies and houses operating in the country are to request the Emiartes ID of a customer applying for banking facilities. Read more

When you move to Dubai, one of the major steps of settling down is setting-up a bank account. Whether this comes hand in hand with setting up your business or as a result of a new job, it is important to know a bit about the banking market, and understand how lawyers can assist you with defining your rights or maintaining your obligations.

In order to open a bank account in Dubai, the law says that you will need to have a residence permit through your business or employer. Alternatively, you can open an offshore account. Read more

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