Tax · Reporting
CRS — Common Reporting Standard
OECD framework for the automatic exchange of financial account information between participating jurisdictions. The UAE has participated since 2018.
In practice
Under CRS, UAE banks automatically report account information of foreign tax residents to the UAE Federal Tax Authority, which exchanges with the account holder's country of tax residency. There is no longer such a thing as a 'secret' foreign bank account between CRS-participating jurisdictions.