What happens to your bank accounts if you loose your job in Dubai? |

What happens to your bank accounts if you loose your job in Dubai?

Say I get a work permit and residents visa through an employer in Dubai. I then go and open 5 current accounts at 5 different banks in Dubai. After 8 months I loose my job.

Obviously I will have to leave the country because my visa will be cancelled.

But what happens to my current accounts in Dubai if all 5 accounts are in credit by large amounts?

Will the banks close my accounts and ask me to transfer all my funds abroad or will i still be able to keep my accounts as long as i’m in credit?

Thanks.

Check with the bank about the rules. They are in the best position to give you advice. Besides that, as long as you have an ATM card that could be used anywhere, you should be okay withdrawing money. However, you should check with a tax consultant in your home country, if you’re returning home, you may be required to report the income when you return.

This entry was posted on Friday, July 3rd, 2009 at 4:14 am and is filed under bank accounts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “What happens to your bank accounts if you loose your job in Dubai?”

h on July 3rd, 2009 at 9:19 am

Most banks allow non-UAE residents to open saving accounts as OPPOSED to current accounts on the recommendation of a current UAE resident account holder. The purpose of this is to enable the bank to maintain a contact for the non-resident in Dubai.

Please be aware that holding saving accounts you will not be entilted to have a cheque book, credit card and you can’t make payment debiting a savings account.

Btw. 5 current accounts which large amounts???

@cemnyc: non UAE Nationals are not suppose to have current accounts in the UAE, with the right of a cheque book and a credit card. OFPG in UK has issued orders which require firms to give details of UK residents who use offshore credit or debit cards, or money held overseas, to settle their bills in the UK.

It is not illegal for a UK-domiciled person to hold money in an offshore account, but the interest earned must be declared.
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cemnyc on July 3rd, 2009 at 10:01 am

Check with the bank about the rules. They are in the best position to give you advice. Besides that, as long as you have an ATM card that could be used anywhere, you should be okay withdrawing money. However, you should check with a tax consultant in your home country, if you’re returning home, you may be required to report the income when you return.
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ghaloob on July 3rd, 2009 at 10:25 am

Once you opened the account you are safe, the banks dont know if you left your job or if you cancelled your visa, I have few accounts and the only time I needed to proove my residency was when I opened the account so many years ago.

So you can leave and your current accounts will always be there.
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The Invisibleman on July 3rd, 2009 at 11:05 am

if u have a current account, it will notice everything related to ur job.

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http://www.uaeforums.org
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