Bureaucracy United Arab Emirates

UAE Bank Account Opening and VAT Details Updated

29 August 2026 Matthias Kurth

What this means for you

For those relocating to the UAE, this means understanding the specific documents needed to open a bank account and being aware of the 5% VAT on most purchases, despite the absence of individual income tax.

Now Relocating individuals in the UAE can open a bank account with a residence visa, Emirates ID, passport, and proof of residency. The UAE has no individual income tax, but a 5% VAT was introduced on January 1, 2018, which applies to most goods and services.

Flootloop data indicates updated information regarding bank account opening for individuals relocating to the United Arab Emirates. New details confirm that a residence visa, Emirates ID, passport, and proof of residency are required to open a bank account.

The UAE maintains no individual income tax. However, a 5% Value Added Tax (VAT) was implemented on January 1, 2018, and this tax applies to most goods and services within the country.

This update provides clarity for individuals planning a move to the UAE, outlining key financial requirements and tax obligations they will encounter.

Source adro.gov.ae ↗