In many developed countries banks are obliged to reveal information about their customers to tax authorities.
For example in EU Savings Directive obliges financial institutions in all EU member states to either disclose tax and bank information to the relevant tax authority, or charge clients a hefty withholding tax. Some banks in “tax havens” have agreed to disclose their customers details. These places include Jersey, Guernsey, the Isle of Man, the British Virgin Islands, the Cayman Islands, Switzerland, Liechtenstein, Monaco and San Marino.
UAE has long enjoyed a reputation of a secure, tax-free jurisdiction for international banking and company incorporation. UAE banks do not open any information about their customers and keep privacy as their highest priority. UAE is one of the fastest growing countries in the world with one of the highest standards of living.
UAE is not a “tax haven” or overseas territory of some country. It is an independent country with one of the fastest growing economies in the world, which offers all the benefits of a tax haven not being such, and far beyond. UAE is not a member of European Union or OECD, thus it doesn’t have to follow EU regulations. In the days of unstable global economy UAE becomes one of the best places for investment and protection of your assets.