Deposit from 3rd country (UAE) on hold, IB Ireland

L

luisHK

Hi

I sent a wire transfer to my IB personal account from my personal UAE bank account, and received the following message

"We received a USD ****** deposit for account U******. This deposit appears to originate from a country that has no association with your account. If you now reside in this country, please log in to Portal to update your account profile by clicking the User Menu ("Head and Shoulders" icon in the top right corner) > Secure Message Center to reply to our message. If you have a connection with this country, such as owning property or maintaining an office, follow the above steps to respond to our message. Please include a brief summary of your connection to the country and attach a recent utility bill or other proof of address to your response. We will automatically return the deposit to the originating account if we do not receive a response within days. Interactive Brokers"

That´s an hassle, first time I send money to my IB account from anywhere since it was moved to IB Ireland, anybody has similar experience to share ?
I don´t think I ever sent funds to other IB entities from the UAE btw, but definetely did from 3rd countries
I replied that I ve had investments in the UAE since before I moved to Spain, and declare those to Spanish tax authorities, while attaching the part of my foreign assets declaration pertaining to that account but far from sure it will be enough.
If that´s not enough, what might be enough, and what are the brokerage options to invest those funds ?

@def any advice in the topic ? I´ve been living overseas for a long time and have significant amounts of money invested out of Spain, where I´m also an expat

Thanks !
 
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"We will automatically return the deposit to the originating account if we do not receive a response within days"

Well, your money won't get lost, at least.

I guess the obvious would be to transfer the amount to an account in Europe so you don't have any problems in the future. I can tell you that it doesn't have to be Spain, they won't care where the money is coming from as soon as it is an European account, if you are based in Ireland. I withdrew to a couple of countries and they don't care at all.
 
ZBZB said:
Maybe you have to transfer from uae to Spanish bank to IB.
More...
This was also my thinking. Or transfer from UAE to a bank account which has been used previously to transfer money to IB. In other words: a bank account that IB has seen (and accepted) previously.
 
AML precautions as UAE is on FATF grey list. Do you have resident or non-resident bank account there?
Send money from UAE to bank account you usually use for deposit.
 
Thanks all for your replies, ticket from IB about this deposit to which I´m to reply just showed up on my account management, although it shows the time when I opened this thread 6 hours earlier, suspect they won´t deal with my initial ticket and i won´t get any feedback before monday

Indeed, I suspect UAE brings more problem than white juridictions, which might also bring issues with my EU bank if I send the money there first, besides fees for non Euro Sepa transfers being ridiculously high here. Free circulation of capital is a beautiful concept that has been hit hard in the EU (at least those parts of the EU, I know ridiculous stories from French banks as well)

Talking about significant amounts invested in UAE stock markets (declared and taxed in Spain), looking to bring them out of UAE over the next few years.

All funding to this IB account has been done before Brexit, before I moved to Spain, and most of the funding was from outside Europe. Wondering if funding through Hong Kong bank accounts which are already registered on my portal would cause problem. Not in a hurry to try though. Much more compliance headaches since moving to IB Ireland, for 10 years funding worked very well with IB, regularly using 3rd countries, but issues just keep adding up since having the account transferred (to begin with I faced limitations on Euro Sepa out to EU from IB and read similar stories from posters here).

It sucks as well to have the spanish state gladly and forcefully taxing international investments while it is hard to move the money from those investments to the EU. High dividends on UAE stocks also create a notable tax bill
 
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If it's not large amount you could just spend it slowly abroad, with your credit/debit card or withdraw cash (less than 10000 eur) when you visit UAE. Otherwise you should prepare for additional AML checks and bureaucracy, like in the example with IB.
 
Everytime I make a deposit on IB (from anywhere really) I get hit by info requests. Now, I just make withdraws, no deposits, ever
 
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