Ethiopian Diaspora: Account and Mortgage

Bank Accounts and Mortgage in Ethiopia

The Numerous and Massively Powerful Ethiopian Diaspora

It is believed that more than 3 million Ethiopians and people of Ethiopian origin are living in various regions across the globe, making the Ethiopian Diaspora an entity worth respecting.

Break Down of Where Ethiopian Diaspora Live

According to some estimates: over 1 million Ethiopians live in the Middle East, about 600,000 in Africa, more than 300,000 in North America, and a remaining 200,000 spread out across Europe, Australia and Asia.

A US Census from 2016 reported that Ethiopian born migrants are the second largest immigrant group from Africa, only second to Nigerians.

The lives of the Ethiopian Diaspora in the US has significantly improved, with reports indicating that the average annual income has increased to the level of about 41,357 USD.

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Ethiopian Diaspora Education and Employment

Furthermore, education levels are also on the rise as over 60 percent of all Ethiopian immigrants in the US have at least a college, graduate, or professional degree.

In terms, of employment, the Ethiopian Diaspora in the US is evenly distributed across various sectors such as, management (24.6%), sales and office (21.8%), and production and manufacturing (26.1%).

The Ethiopian Diaspora in America tends to congregate mostly in Washington DC and its surrounding environs of Virginia and Maryland. This tendency has led to the name "DMV" or DC, MD, VA.

Following closely behind are the states of California, Minnesota and Texas.

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Every Ethiopian, no matter in the US or anywhere across the globe always dreams of one day returning to the land of their ancestors. With this in mind, we have prepared the following five facts to help make that transition a tad bit smoother.

Three types of Ethiopian Diaspora Accounts

Fixed (Time) Deposit Accounts

This account is interest bearing, with a maturity period minimum of three months, the minimum initial deposit has to be equal to 5,000 USD in any approved currency, interest on these accounts are tax free and shall be payable only if they are maintained for the minimum period.

Current Account

This account is operated by a check book, can be opened with an initial deposit of 100 USD or approved currency equal and shall not exceed the maximum amount deposit allowed which is 50,000 USD, furthermore, interest shall not be paid to non-residents.

Non-repatriable ETB account (savings account used for local payments only)

Interest rates on these accounts shall be double that of the minimum saving deposit rate set y the National Bank of Ethiopia, which is currently 10%.

Money from this account cannot be transferred abroad, nor be changed from the local currency to foreign currency.

How an Ethiopian Diaspora can open an Account

Through post office, physically in person at Ethiopian embassies, correspondent banks or remittance service providers.

Deposits must be in US Dollars, Pound Sterling, and Euros, but currencies such as the Canadian Dollar, Saudi Riyal, Japanese Yen, Australian Dollar, and UAE Dirham can be converted before the initial deposit.

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The Following Documents are required for the Diaspora Account

*All relevant application forms filled and signed.

*For individuals: valid passport and/or identification card.

*For businesses: Certificates of ownership entitlement and/or Articles and Memorandum of Association.

Why the Ethiopians in the Diaspora Should Use this Account

*It is for Ethiopians in the Diaspora who wish to open and use a foreign currency account in Ethiopia.

*Individuals, as well as, companies can open this account.

*It can serve as collateral in order to receive credit in local currency from domestic banks in line with their opening banks credit policy.

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Who in the Ethiopian Diaspora is Eligible

*Ethiopian nationals who are non-resident and living and working outside of Ethiopia.

*Foreign nationals of Ethiopian origin who are non-resident.

*Companies owned by the above mentioned non-residents who are located away from Ethiopian territory for over a year.

*Ethiopian citizens working and living abroad or in the process of working abroad and can produce authenticated documents.

Zemen Bank - Diaspora Account

Who is Eligible for Zemen Bank Diaspora Account

Ethiopian Diaspora accounts by Zemen Bank are offered to non-residential Ethiopian Citizens working and living outside of Ethiopia for more than one year, non-resident foreign nationals who had been Ethiopian Citizens before and business entities owned by the above mentioned.

Why Choose Zemen Diaspora Account

Zemen Bank's Diaspora account promises to give you greater control of your finances from anywhere in the world. The internet banking platform offered by this bank allows you to download your statement, check your balance, and transfer funds to other accounts from overseas.

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