Re-introduce crypto gains to brick and mortar fiat bank

[DSoz]

There is a reporting requirement now for crypto or cash purchase of property in UAE. Is coinsfera still open? I think they have stopped operating in Dubai and also many other OTC desk have closed their service. Are you in Dubai?

No not there and my bad, yes Coinfera closed but there are many other options. You also have Binance P2P. The right contacts get you things done quickly in terms of property. If you got money from Bitcoin mining or airdrop you're not going to be able to trace back every single tx to give a proper SoF. Brokers who specialize in crypto properties can get it done easily for you (at least that was the case 6 months ago when my acquaintance got it done this way, idk about now).

 

[PinkCat]

I know people have been questioned by ENBD about SoF for property purchase, as they were on course to deposit funds, the properties were purchased with BTC. Al Furjan and Barsha 3 projects specifically.

@PinkCat , why go with UAE banks at all when you are comfortable with 7 figures? Why not Swiss banks?

What I have heard RAKICC and any Swiss bank can work, that way you save on 9% CIT

Get in touch with good tax consultants in Dubai. Real lawyers and accountants, who know what they are saying.

Wait if properties were purchased with BTC where does the bank come to ask questions?

I'm using swiss banks, but they might report at the end of the year, Dubai is supposed not to.
What 9% CIT? I'm banking in Dubai as a person, not a corporation.

No not there and my bad, yes Coinfera closed but there are many other options. You also have Binance P2P. The right contacts get you things done quickly in terms of property. If you got money from Bitcoin mining or airdrop you're not going to be able to trace back every single tx to give a proper SoF. Brokers who specialize in crypto properties can get it done easily for you (at least that was the case 6 months ago when my acquaintance got it done this way, idk about now).

How does Binance P2P helps in the picture?
I haven't used it so excuse me if asking something stupid

 

[JackAlabama]

Wait if properties were purchased with BTC where does the bank come to ask questions?

when you sell properties they can ask you how did you buy these in the first place.

 

[sinos]

when you sell properties they can ask you how did you buy these in the first place.

Correct.

 

[Mercury]

when you sell properties they can ask you how did you buy these in the first place.

If some banks refuse your business because of level 2/3/...n unacceptable (in their view) SOF, can we still assume there will be banks that will accept legit property sale proceeds with no further question asked?

International laws are complex, can someone elaborate on money laundering liability regarding multiple layers of assets and financial institutions?

 

[JackAlabama]

If some banks refuse your business because of level 2/3/...n unacceptable (in their view) SOF, can we still assume there will be banks that will accept legit property sale proceeds with no further question asked?

like dating, theres always a next

 

[PinkCat]

when you sell properties they can ask you how did you buy these in the first place.

is there some period of years after which they no longer ask? For example, you've bought the property 5 years ago and decide to sell now because of the raising prices, would they still ask? Is there a limit to this non-sense?

 

[sinos]

@PinkCat , my response was in context to the

is there some period of years after which they no longer ask? For example, you've bought the property 5 years ago and decide to sell now because of the raising prices, would they still ask? Is there a limit to this non-sense?

Assets can be gifted or donated, I hope you get the memo.

 

[jafo]

International laws are complex, can someone elaborate on money laundering liability regarding multiple layers of assets and financial institutions?

I will indirectly lead you down a path to understanding "law". There was a thing called Seriatim Opinions in the Supreme Court. They abolished that because it only proves that even learned justices NEVER agreed or came up with the same reasons for their decisions.

The point is that even learned justices can't agree with each other. Now imagine the "people" working in tax offices.

Further reading:
(1) Seriatim - Wikipedia
(2) The "Seriatim Practice" of the Supreme Court - Yale University Press
(3) Seriatim - Simple English Wikipedia, the free encyclopedia.

PS. I can cite case after case where this is obvious, but one should only know that courts are like casinos., The house usually wins.