Since Monday, 5 June 2016, the Gulf countries with Egypt have ceased all diplomatic relations and have applied various sanctions to Qatar. The Qatari government is officially accused of funding and encouraging several terrorist groups in the Middle East region. The real reasons for this crisis seem much more unofficial, but whatever the real motive, the people who have placed their assets in this offshore jurisdiction have cause for concern!
A terrible diplomatic crisis
At the beginning of the week, Saudi Arabia, Bahrain, the UAE, Egypt and Yemen have, one after the other, ceased all relations with Qatar, even going so far as to close their borders (Land, air and sea) for some of them. Naturally, the impact is heavy for the small emirate of the Persian Gulf, with since Tuesday 6 June, several airlines that interrupt their flight to or from the country. This crisis directly affects Qatari citizens who have only 2 weeks left to leave Saudi Arabia, the United Arab Emirates and Bahrain. The Saudi government and the rest, leave 48 hours to the ambassadors. Several political scientists claim that the main reasons are primarily political and point to an attempt by Saudi Arabia to destabilize its Qatari rival. In any case, all agree that this crisis will seem long and lasting, a risk far from negligible for the investors and businesses of the region.
Always learn your lessons !
There are many lessons to be learned from this political and diplomatic crisis. First of all, it seems very important to choose its jurisdiction for its advantageous tax system, but especially for its political stability. A country with an unstable policy could forever condemn your offshore assets. Always keep in mind this, and do not succumb to the sirens songs through openings of accounts or offshores companies too easy via dubious intermediaries or online platforms. Opening an offshore account is not simple, quite the contrary, which is why in many cases it is necessary to go through an offshore professional recognized as FBS Banking. The offshore world is a complex world requiring expertise from professionals if you do not want to bite your fingers afterwards and take full advantage of your income. Moreover, for the wealthiest, we do not advocate putting “all your eggs in the same basket”, and to have as “relief” account in a different jurisdiction. Thus, the risk is limited if the worst was to happen (such as the bankruptcy of the FBME in Cyprus), another part of your assets in offshore remains available for the immediate future. It is then necessary to be strategic and far-sighted in order to avoid unpleasant surprises, if one wants to profit blithely of his offshore assets. If you want more advice on managing your assets or assets, CALAY is here to advise you!
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