UAE: opening a bank account becomes simpler for residents

Opening a bank account in the UAE requires a valid residence permit and the resident identity card that comes with it. This document is the prerequisite for almost all administrative and commercial procedures.

The sequence is therefore fixed: residence permit, then identity card, then bank account. An applicant who reversed these steps would be refused, however strong their file.

The permit itself can result from sponsorship by an employer, or from an independent route such as real estate investment from from AED 2,000,000¹, or approximately about €520,000², which gives access to a 10 years³ permit.

Banks also require proof of an address in the UAE, a letter from an employer or proof of income, and documents on the source of funds.

One practical point should be anticipated: banks in the UAE draw a clear distinction between local institutions and subsidiaries of international groups, whose requirements and processing times differ significantly. An application refused by one may be accepted by the other, and it is common practice to approach several banks in parallel.

The simplification observed concerns digitisation: online submission, electronic signature, remote identity verification for certain steps. It reduces trips and processing times.

It does not concern the substantive requirements. Compliance obligations on banks in the UAE have been tightened with the adoption of international standards and the introduction of corporate tax.

We do not publish average account opening times, lists of documents or minimum deposit thresholds: they vary from one bank to another and we have not been able to verify them in an up-to-date official source.

One point is constant, however: business accounts are harder to obtain than personal accounts, and a recently incorporated free zone entity with no demonstrable activity is frequently refused.

This difficulty is consistent with the new tax framework. A company must now register with the Federal Tax Authority and file an annual return, even when no tax is due — tax being levied at 9%⁴ above AED 375,000⁵ of taxable profit.

Holding a UAE account does not move tax residency. The Emirates require presence of from 183 days⁶ over twelve months, and the tax residency certificate is a separate procedure from the residence permit.

Without this certificate, the tax treaty concluded with France cannot be invoked. A long-standing resident who has never applied for it is, from a treaty standpoint, in the same situation as a visitor.

An account held abroad by a French tax resident must also be declared every year to the French tax authorities, regardless of any income, and failure to declare is penalised by a fine per account.

Finally, the Emirates take part in the automatic exchange of information. Opening an account there is therefore a transparent operation, which makes it simple for those whose affairs are in order and pointless for those whose affairs are not.

1. Obtain the residence permit, then the resident identity card: the sequence cannot be bypassed.
2. Prepare proof of the source of funds, which is the most frequent sticking point.
3. For a company, be able to demonstrate real activity and substance.
4. Register with the Federal Tax Authority, even if no tax is due.
5. Apply for the tax residency certificate if a genuine move is planned, and declare the account in France for as long as you remain domiciled there.

The practical conclusion is that banking in the UAE is genuinely easy for a resident whose affairs are in order and out of reach for a non-resident. This is the direct result of the country's alignment with international standards, and it will not ease.