Will my bank account automatically be closed once my Iqama runs out?

Member since 20 July 2012

twonnyMember23 August 2014 16:05:57

Hey all!

Please help, I trade forex and am a massive fan on the lack of tax on investments here in Saudi Arabia (of course ;-). I am soon wanting to make my way elsewhere, however i'd like to keep my bank account open to use as a sort of "offshore" account in which to deposit my earnings on investments and not get taxed.

Does anyone know if it is possible to keep the account open once I have left the country?

Thanks

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lorenzo d'arabia Member

Member since 13 October 2012

lorenzo d'arabiaMember23 August 2014 16:13:17

unfortunately when your iqama will runs out your account will be closed automtically!!

riazcdki Serial expat

Member since 01 May 2014

riazcdkiSerial expat23 August 2014 19:59:58

900

Twonny,

The answer to your question is yes and no.

Legally speaking an expat may only operate his account while he has a valid Iqama, but my experience I that bank will still continue to offer its services after your Iqama expires ie if you are between two jobs.

Your idea of using a Saudi bank account to be used as an offshore tax free facility will definitely land you into trouble.

Funds transferred from and to Saudi Arabia are under close scrutiny following post 9/11 anti money laundering regulations.

https://www.expat.com/forum/viewtopic.php?id=376095

For the purpose you have in your mind I suggest you consider channels Islands UK ( Isle of white, Isle of man).

saimans Guest

saimansGuest24 August 2014 04:33:17

twonny wrote:
Hey all!

Does anyone know if it is possible to keep the account open once I have left the country?

Thanks

Your bank account will be automatically frozen as soon as ur Iqama runs out !!

TheLegendLeads ViP

Member since 06 April 2010

"The cure for boredom is curiosity. There is no cure for curiosity." -- Dorothy Parker

TheLegendLeadsViP24 August 2014 06:52:38

5763

Your bank account will be automatically frozen as soon as ur Iqama runs out !!

Actually.... in order to leave the country for good, you've to get a 'Final Exit Visa'. And to get this permit, you need to close ALL your bank accounts.

saimans Guest

saimansGuest24 August 2014 07:00:20

TheLegendLeads wrote:
Actually.... in order to leave the country for good, you've to get a 'Final Exit Visa'. And to get this permit, you need to close ALL your bank accounts.

TLL - Good to see you after a long time

Its not necessary/mandatory to close all the bank accounts to get the final exit visa !

TheLegendLeads ViP

Member since 06 April 2010

"The cure for boredom is curiosity. There is no cure for curiosity." -- Dorothy Parker

TheLegendLeadsViP24 August 2014 07:38:49

5763

saimans wrote:
TheLegendLeads wrote:
Actually.... in order to leave the country for good, you've to get a 'Final Exit Visa'. And to get this permit, you need to close ALL your bank accounts.

TLL - Good to see you after a long time

Its not necessary/mandatory to close all the bank accounts to get the final exit visa !

Good to see you around buddy

riyadh123098 Member

Member since 04 October 2014

riyadh123098Member04 October 2014 13:25:08

hi.

you have a different job listed on your Iqama?
you don't pay taxes on your trades right?
you trade from home in Saudi?
is this legal to trade in Saudi and have a different job too?
where do you originate from?
can you take your tax free trading money back to your country at tax free?

thanks buddy. please advise.