The Gulf crisis and the Qatar : a great offshore lesson !

October 5, 2017
the-Gulf-crisis-and-the-Qatar

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!
Choosing CALAY Banking ™ means choosing a professional quality service and experts who will be there to guide you and advise you whatever your situation. CALAY is today, 20 years of experience in the world of Offshore Banking, and valuable partnerships with renowned banks all over the world. So do not hesitate to tell us your situation via hello@calay.com or through our online contact form.

CALAY Banking ™, the choice of prosperity in all legality!

RELATED POSTS

Banking anonymity: myth or reality?

The fight against tax evasion and money laundering makes banking anonymity increasingly complex and even impossible in some jurisdictions. The automatic exchange of information put in place by the OECD in 2014 is one of the main reason. This agreement forces the banks...

Banking agreement between Switzerland and the United Kingdom

Following the agreements signed between Germany and Switzerland, the Swiss tax authorities have agreed to tax the bank accounts held by British citizens in Swiss banks. On the other hand, if the Swiss government has agreed to pay a comfortable advance of 500 million...

RECENT POSTS

NEW YEAR, NEW NAME, CONTINUED COMMITMENT

Our historical ‘FBS Banking’ trademark was recently acquired by Tradestone Limited, a leading Cyprus based online forex broker (see FBS). Starting 01/01/2021,  our new name is- CALAY Banking™.  Did you know that our previous identity, FBS Banking, was actually made...

Automatic Exchange of Informations – Offshore Taxation

It is in February 2014 that the G20 nations sign the NCEA: Common standard for automatic exchange, premises of a new fiscal exchange agreement. Two years later, almost more than 100 countries are adopting the automatic exchange of information, initially promoted by...

Open a professional bank account in the UK

Bank account in the UK Despite what we you can read on internet, the opening of a bank account in the United Kingdom is no longer possible for non-residents, and professional accounts is not an exception! But why this refusal from the British banks? The problems of...

Banking anonymity: myth or reality?

The fight against tax evasion and money laundering makes banking anonymity increasingly complex and even impossible in some jurisdictions. The automatic exchange of information put in place by the OECD in 2014 is one of the main reason. This agreement forces the banks...

Need a Bank Account?

Get in touch with us today!

Make an appointment with us

Fill out this form to make an appointment with us!

You have Successfully Subscribed!