Lots of folks have had funds frozen in offshore banks over the last few years afaik, several corruption scandals + crs + panama papers, some banks interpreted liberally stricter aml requirements by freezing loads of accounts, others have gone under with quite a bit of money lost by their customers. Read that Panama had indeed become an horrible place for offshore banking. As of OP question, UAE seems to work still fine, but it's risky nowadays to live with unreported accounts, and UAE is facing quite some pressure to be tougher on checking residency (it was again blacklisted by the UE earlier this year) edit : reading Bum´s next post it appears he was scammed and not by the bank, yeah this happens as well.
Monaco doesn't fulfill the 'ease of establishing residency' requirement for me. Panama is the easiest as residency is open for sale by the govnt but isn't useful as a place. probably will just wait and see and diversify to singapore when appropriate
As far as I know, the easiest and safest way to avoid paying taxes is to not live in a jurisdiction for more than about 182 days. Basically, you have to live in 2 countries, could be at the border. You must not live in one country for more than half of the year. I am not sure if this law applies to US residents, but it applies to many countries.
Many countries will try to tax you unless you can prove that you're already paying tax as a resident somewhere else. 183 days is one of the condition to be resident. But you can also be resident by having business in a country or your family even though you stay less than 183 days per year in that country I would seriously consider checking with a specialist. Nobody wants to have suddenly 2 countries asking at the same time for taxes and heavy penalties on years of undeclared revenues because you thought you were not taxable.
So OP is a shithead , oh but wait : we knew that already... There s a huge thread discussing residency issues on ET btw,called Best country for trading
Since when? OCBC Singapore was still opening non resident personal accounts without even needing to Visit Singapore a couple of years ago, at least to Asian residents. Min balance 200k sgd if I recall properly But OP is talking about taking residency where he banks anyway, without actually living there.UAE offers relatively cheap ways to do just that, although OP's budget is a joke, so it might not work for him.