Foreign citizens owning various assets can effectively use a foreign company. These assets include real estate assets in the UAE and abroad, financial assets (bank accounts) in different countries, securities, shares of other companies, ownership rights, trademarks, etc., in summary, every asset a foreigner can possibly owe. See below on how to Transfer Assets Abroad for a foreigner.
The purpose of such holding over a foreign company can be as follows:
- To ensure the assets protection for a foreigner;
- To ensure the possibility of more effective work with foreign partners;
- Addressing the issues of inheritance for a foreigner;
- Tax optimization at the various levels of business for foreigners;
- The consolidation of cash flow and its optimal usage for foreigners.
In regards to assess protection, there are different jurisdictions with its own advantages and disadvantages. The UAE offers great options for asset protection; there is the possibility of registering companies with the 100% foreign participation for owning of the various assets – both in the UAE and abroad. Most importantly, the company in the UAE may be both offshore and local. And as such, they are both exempted from taxes.
How to transfer assets abroad for a foreigner
Currently, the transferring of financial assets between two groups companies or abroad is a normal thing, and foreigners are in charge of conducting such operations not to “launder” assets or hide income, they do not contradict tax legislation. The unstable economic situation, currency fluctuations and the instability of banks in developing countries force foreigners to look for ways to protect their corporate assets. Some of the possible options for transferring financial assets abroad are considered, the guidance for foreigners.
One of the ways for a foreigner to protect assets is to transfer assets to a reliable jurisdiction abroad. Foreign clients are recommended by many experts to cooperate with the banks in the UAE, as one of the best and most reliable in the world – a great option to asset protection. However, make sure you do not forget about policy control when making transactions to any of the countries. This is usually carried out by government agencies about its citizens.
For assets transferring, foreigners can also use the increasingly popular SWIFT system. However, you can send no more than 5 thousand dollars a day without actually specifying the purpose of payment. The amount of the transfer fee will be 1-2% of the transferred assets.
The physical import of cash is the cheapest way for a foreigner to transfer assets into the country. In this case, no fee is required; the only inconvenience is a limit on the number of imported assets – up to 10 thousand euros or equivalent.
Transfer of assets from one company to another
This is done with the use of corporate account as well as with transferring assets to qualify for Medicaid. In the UAE, there are no limitations on financial assets operations and currency control.
You can also see what a foreign student can do while studying in the US.