Unlock the Power of Digital Signature Licitness for Financial Services in UAE

How to eSign a document: digital signature licitness for Financial Services in UAE

hey it's rafael sinchon here the wealthy expat helping you lower your taxes to as close to zero as possible move abroad get a second citizenship improve the freedom in your life in this video i'm gonna talk about dubai priority banking i've been a dubai priority banking client for over a year now so you can see this card says priority banking there's going to be another card here to show clearer and this is emirates mbd this is dubais and the middle east best bank i've been a client for over a year now and i'm going to show my experience and just talk about do i recommend them for who do i recommend them and does it really stand out as a priority bank is it really good enough to be called priority banking so just to give you a little bit of a backstory why i got priority banking and why i got an emirates mbd account it was actually kind of unintentional me and my wife we started a company in dubai in order to lower our taxes down to zero i made multiple videos on how you can lower your taxes down to zero percent with a company in dubai and moving your assets over to dubai and we were trying to find a bank account obviously in order to have a business you need to have a bank account unless you're just doing crypto transactions and we try to go to multiple different banks and it turns out that a lot of banks want history in dubai a lot of banks would go and they would tell us oh you need the last six months bank statements of a bank account in dubai and we told them oh we don't have a bank account in dubai oh well you need this last six months bank statement from an account in dubai so we just had u.s bank accounts and ukrainian bank accounts and we tried to find different banks most of them would tell us oh you need another bank and then that one needs to refer you to us or you need to show a statement and ironically the only bank that took us was the best bank in dubai emirates mbd so it's a little bit funny that the only bank that actually accepted us was the best bank in the uae and we actually showed them our u.s bank statements they accepted them because they have multiple six figures in them in volume and in balance and we had to then transfer money to those accounts since i'm a us citizen if you're a us citizen watching this the banks that we use need to comply with fatca and all these laws that apply to u.s citizens only since i'm a u.s citizen they actually had to upgrade me automatically to priority banking and priority banking basically means that you keep a minimum of about 200 000 emirati deer hams which is about 55 000 us dollars in the account at all times you basically need to keep that amount there forever until you close down the account in order to keep the priority banking card or party banking level in the bank so in order for me to get a bank account if i wanted just one bank account i had to do priority banking because i'm a u.s citizen which i was okay with putting 55k in the bank at least i'm a little bit liquid there in case i need to for example maybe buy some crypto in a crash or buy some real estate or cheap real estate somewhere in europe so i was okay with putting that money there and then getting priority banking now some of the benefits to priority banking is the support that you get when you actually deal with this bank so in the bank for example you call them up and automatically they have your number matched to a party banking specialist and you get to talk to the priority banking support not to any other support unlike for example some banks in the u.s unless you're one of their high wealth clients of like 10 million plus you just talk to the regular support people i remember i had multiple six figures in that account just talked to the random support people that weren't really that helpful that were helping everybody else in dubai in emirates mbd you actually talk to a priority banking specialist they help you a lot they ask you if everything is okay if you need any help if you need any statements any balance for example when i was buying the sand kids passport my citizenship by investment program i actually had to get a balanced confirmation letter from dubai and they were extremely helpful getting that they were very quick at doing that because i have a priority banking account i priority banking personal and also priority banking business the business one it is a little bit more clumsy than the personal one the personal one for example the online banking very smooth their app works really well it works all over the world it doesn't lock you for example i've used that bank account in over 10 countries or i think 15 countries so far no problems no transactions got frozen they were okay with sending large amounts of money from different bank accounts all over the world so in terms of a bank account that you want to use to send money abroad to send money from another bank account in another country that's been very smooth in comparison to banks in the us that kind of flip out if you send money anywhere else or if somebody sends you money from another country so this bank has been pretty good in that sense the business bank account is actually a different id if you're going to have online banking you have personal online banking and business online banking the business online banking also business priority banking which you also need to have 55 000 minimum in that one so i have those two accounts that one is a little bit more clumsy the online banking doesn't work that well there's no app for it so you need to log in through the desktop in order to make transactions international transactions a little bit weird in comparison to the personal one which is very easy to use so the business one i don't like it as much as i would say for example mercury which is a u.s bank but their business bank account is extremely smooth you can use it with the desktop you can use it with the app very simple to use with mr10bd they should work a lot on that the support that you get from business is quite high quality when you go to the actual headquarters if you go to the branch for example you get like premium coffee you get premium treatment they give you like a towel to clean your hands and you sit in this nice lounge and then this person comes to you and says okay mr cintron come let's go to this conference center and you go to this fantasy conference center so they do treat you like priority like priority business banking they do treat you that way which is kind of fun it's pretty good in comparison to other banks that just make you wait randomly there so in terms of personal and business i would choose the personal one but obviously if you're creating a company in the ua you need to have that priority bank or at least business banking which is a little bit clumsy but at least you save zero percent tax it's a trade-off between having to pay really high taxes having a better experience better pet zero percent taxes and having a bad online banking experience so that's been my personal take on online banking in personal versus the business one now in terms of sending large transactions from other countries sending large transactions out of your bank account into other countries they've been absolutely very smooth if i had any problems for example we had a problem because i sent a lot of money from my u.s account over to my uae account in order to meet that balance of the 55k i actually sent a little bit more than that and they had a problem because they needed to actually confirm that particular transaction because of anti-money laundering laws and because of tax evasion and all of this they need to confirm that those transactions are real that if they come from the u.s you pay taxes on them or how your tax situation is so it did need to confirm that that took about a week to confirm those transactions but apart from that it's all been very smooth it's all been very fine and they also have really good security in their online banking let's say that somebody hacks your online banking account at emirates mbd and they try to send a bunch of transactions they can't because there's a 24-hour holding period on new additions to your contact list so let's say that you log into your emirates mpd priority banking and then you go and you add a new account of somebody in egypt or nigeria or whatever it's going to take 24 hours and it's gonna notify you multiple times that it's been added that it's there that you need to wait 24 hours and then you can send the money after 24 hours and then you need to confirm it again with your text and with a two-factor authenticator so in terms of security i think it's one of the best banks out there for example in mercury a bank that i love in the us if someone hacks your account they can send money anywhere really quickly without any confirmation without adding somebody to contact list so that i don't like that much about u.s banks but in terms of emirates and bd because they hold a lot of basically billions and trillions for people they are very safe and they are very secure so that i really loved and in terms of priority banking they do it even better so they have much more security making sure that you're well taken care of they send you text messages to make sure that everything is okay so in that sense very secure very well protected now in terms of the branches and the support that you get in person why i chose dubai i actually mentioned it on a video pretty recently on why i chose dubai as my tax saving hub but one of the reasons was because it's very easy to get to dubai with emirates airlines fly dubai and many different airlines so if you're in europe western europe eastern europe you're in africa you're in the us you're in asia very easy to access dubai from anywhere in the world apart from you know a couple of countries but in comparison to other countries like the seychelles like belize they're much harder to access and that's why i don't have my company there i don't have my banking there because i can't just go there on a whim and i need to go there next week so i need to take this crazy flight maybe there is no flight or i need a connection and somewhere weird so i don't want that i wanted it to be very simple in terms of the branch support that you get you need to go to the same branch in which you open the account so let's say you go to the dubai mall branch or you go to the sheikh syed road which is the main road in dubai you go to that branch every time you have a problem and you want to talk to a representative you want to talk to a person in person it needs to be at that branch so that is a little annoying but the great thing about it is that you talk to the same person again and again so they kind of trust you for example my agent there if you want to to get a really good agent somebody that opens your account always says hello always kind of gives me a hug when i go there so he's very friendly very good at that and he's very helpful with any problems that i have add that specific branch with my account or anything that i need so definitely in terms of priority banking i definitely feel like a priority customer even though i'm not putting millions in the bank account definitely feels great the card also feels great having that line that says priority banking pretty cool feeling when you're in dubai and you're paying for stuff and it just says priority banking it is a cool thing just to feel i don't really care about it i'm not a person that cares too much about status but admittedly it does feel pretty cool you can also get credit cards for example priority banking credit cards and those credit cards can give you miles for emirates airlines or just give you hotel booking points so you can go and book in marriott or other types of hotels so overall party banking in dubai absolutely love it would i recommend it yes but keep these things in mind online banking can be annoying going to the same branch all the time can be annoying some transactions might be frozen and you need to prove that they're legitimate the security some people don't like that where they need to for example send payments right away and they need to wait those 24 hours in order for it to clear so there are some things that could be really annoying overall my experience has been very positive highly recommend it and if you need help with that i can definitely connect you with the agents there thank you for watching this video about priority banking in dubai if you want help reducing your taxes getting a foreign company set up somewhere else like dubai or just increasing your freedom in your life with a different citizenship different residence permit click the first link in the description wealthyxpad.com apply and apply to work with me directly let's get on a call let's see if i can hold your hand and help you throughout all the process of setting up your company lowering your taxes just like i lowered mine to zero percent and all this i'm very happy to help you and this is my passion and my commitment if you want to watch more videos about how to lower your taxes how to pay zero percent tax how to actually get a zero percent tax rate check out the video that's going to pop up here there's going to be a square how to lower your taxes down to zero percent and how to never pay taxes again legally all absolutely legal of these accounts we're reporting them to the country where we're from and we're doing everything absolutely legal subscribe hit that notification bell so you don't miss any of my videos and hit the like button down below if you liked it i will see you on the next one