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Georgia individual enterpeneur as exit strategt for Crypto Trading

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11111

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Jan 3, 2021
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#1
Hi,
was living in Thailand for 8 years with Thai Elite Visa in last 3 years.
Last 7 months or so I'm in eastern Europe without any official residency due to covid

I'm an app developer with stable profiting apps, a web traffic reseller, affiliate and a crypto trader.

While being in Thailand none of the income entered Thailand therefore had 0% tax.

While that is nice, the world began to be annoying because even though I don't pay tax legally other banks don't want to accept money from a none Thai citizen who is a Thai resident with a bank account in Europe.

I prefer to pay low tax somewhere and have some legal papers in an accepted country than continue with this headache and constant explenatiins and refusals. The only thing working for me but feels like a ticking time bomb is transfer wise.

I was thinking of moving to Georgia to actually live there, do the high net worth program for quick tax residency, register as individual enterpenuer declare total wealth which is aprx the lower end of 6 figures number. and pay the 3% tax for income above 500,00 GEL, This way I will always have proper answer in the future:


Residency in georgia, bank account in georgia , business in Georgia, regular simple accounting, pay low tax and have ability to easily transfer funds world wide without too many issues.

I dont have any experience with Georgia at all so first question:

1. What are the cons of this plan?

2. Is there a chance tax authority in Georgia will see some substantial money declared and try to squeeze more money out of me when seeing some high numbers due to corruption in the country ?

3. I started trading crypto years ago, I also used a lot of monero specifically for privacy but nothing was documented properly

I can show some source of original earnings but not most of the crypto trading profits as I regularly created one time accounts on exchanges like binance and did rest in deventrelzied exchanges.

Will that be accepted by Tax organization or a bank?

Will they care about how money was accumulated before becoming a resident in their country or what will happen if I don't have full proof of all trading activity?

That's basically the point I am in right now, considering how to proceed.
 
#4
11111 said:
Hi,
was living in Thailand for 8 years with Thai Elite Visa in last 3 years.
Last 7 months or so I'm in eastern Europe without any official residency due to covid

I'm an app developer with stable profiting apps, a web traffic reseller, affiliate and a crypto trader.

While being in Thailand none of the income entered Thailand therefore had 0% tax.

While that is nice, the world began to be annoying because even though I don't pay tax legally other banks don't want to accept money from a none Thai citizen who is a Thai resident with a bank account in Europe.

I prefer to pay low tax somewhere and have some legal papers in an accepted country than continue with this headache and constant explenatiins and refusals. The only thing working for me but feels like a ticking time bomb is transfer wise.

I was thinking of moving to Georgia to actually live there, do the high net worth program for quick tax residency, register as individual enterpenuer declare total wealth which is aprx the lower end of 6 figures number. and pay the 3% tax for income above 500,00 GEL, This way I will always have proper answer in the future:


Residency in georgia, bank account in georgia , business in Georgia, regular simple accounting, pay low tax and have ability to easily transfer funds world wide without too many issues.

I dont have any experience with Georgia at all so first question:

1. What are the cons of this plan?

2. Is there a chance tax authority in Georgia will see some substantial money declared and try to squeeze more money out of me when seeing some high numbers due to corruption in the country ?

3. I started trading crypto years ago, I also used a lot of monero specifically for privacy but nothing was documented properly

I can show some source of original earnings but not most of the crypto trading profits as I regularly created one time accounts on exchanges like binance and did rest in deventrelzied exchanges.

Will that be accepted by Tax organization or a bank?

Will they care about how money was accumulated before becoming a resident in their country or what will happen if I don't have full proof of all trading activity?

That's basically the point I am in right now, considering how to proceed.
Click to expand...
I have talked to very knowledgeable tax advisor in Georgia. Google expat hub Georgia. I had a 30 minute free consultation. I think your situation is more complex, they have reasonable hourly rates.
 
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#5
11111 said:
Hi,
was living in Thailand for 8 years with Thai Elite Visa in last 3 years.
Last 7 months or so I'm in eastern Europe without any official residency due to covid

I'm an app developer with stable profiting apps, a web traffic reseller, affiliate and a crypto trader.

While being in Thailand none of the income entered Thailand therefore had 0% tax.

While that is nice, the world began to be annoying because even though I don't pay tax legally other banks don't want to accept money from a none Thai citizen who is a Thai resident with a bank account in Europe.

I prefer to pay low tax somewhere and have some legal papers in an accepted country than continue with this headache and constant explenatiins and refusals. The only thing working for me but feels like a ticking time bomb is transfer wise.

I was thinking of moving to Georgia to actually live there, do the high net worth program for quick tax residency, register as individual enterpenuer declare total wealth which is aprx the lower end of 6 figures number. and pay the 3% tax for income above 500,00 GEL, This way I will always have proper answer in the future:


Residency in georgia, bank account in georgia , business in Georgia, regular simple accounting, pay low tax and have ability to easily transfer funds world wide without too many issues.

I dont have any experience with Georgia at all so first question:

1. What are the cons of this plan?

2. Is there a chance tax authority in Georgia will see some substantial money declared and try to squeeze more money out of me when seeing some high numbers due to corruption in the country ?

3. I started trading crypto years ago, I also used a lot of monero specifically for privacy but nothing was documented properly

I can show some source of original earnings but not most of the crypto trading profits as I regularly created one time accounts on exchanges like binance and did rest in deventrelzied exchanges.

Will that be accepted by Tax organization or a bank?

Will they care about how money was accumulated before becoming a resident in their country or what will happen if I don't have full proof of all trading activity?

That's basically the point I am in right now, considering how to proceed.
Click to expand...
To simplify your situation you could suffer 6 months in the UAE.
Set up a company and residency, you can sell your BTC and have payment directly to your bank account. Therefore giving you fiat in bank then you are free to move wherever you want with a bank statement to show wealth.
 
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#6
11111 said:
Hi,
was living in Thailand for 8 years with Thai Elite Visa in last 3 years.
Last 7 months or so I'm in eastern Europe without any official residency due to covid

I'm an app developer with stable profiting apps, a web traffic reseller, affiliate and a crypto trader.

While being in Thailand none of the income entered Thailand therefore had 0% tax.

While that is nice, the world began to be annoying because even though I don't pay tax legally other banks don't want to accept money from a none Thai citizen who is a Thai resident with a bank account in Europe.

I prefer to pay low tax somewhere and have some legal papers in an accepted country than continue with this headache and constant explenatiins and refusals. The only thing working for me but feels like a ticking time bomb is transfer wise.

I was thinking of moving to Georgia to actually live there, do the high net worth program for quick tax residency, register as individual enterpenuer declare total wealth which is aprx the lower end of 6 figures number. and pay the 3% tax for income above 500,00 GEL, This way I will always have proper answer in the future:


Residency in georgia, bank account in georgia , business in Georgia, regular simple accounting, pay low tax and have ability to easily transfer funds world wide without too many issues.

I dont have any experience with Georgia at all so first question:

1. What are the cons of this plan?

2. Is there a chance tax authority in Georgia will see some substantial money declared and try to squeeze more money out of me when seeing some high numbers due to corruption in the country ?

3. I started trading crypto years ago, I also used a lot of monero specifically for privacy but nothing was documented properly

I can show some source of original earnings but not most of the crypto trading profits as I regularly created one time accounts on exchanges like binance and did rest in deventrelzied exchanges.

Will that be accepted by Tax organization or a bank?

Will they care about how money was accumulated before becoming a resident in their country or what will happen if I don't have full proof of all trading activity?

That's basically the point I am in right now, considering how to proceed.
Click to expand...
Georgian tax authorities have allergy to crypto (coming from the advisor I talked with 1 year ago). He told me that one wont be able to declare such profits legally in Georgia because its a totally new thing for their gov employees, they just dont understand it. You might get yourself into something unpleasant.

He advised me to not declare such income, that basically defeats your intention to have legal paperwork behind your money.
 
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#7
CaptK said:
To simplify your situation you could suffer 6 months in the UAE.
Set up a company and residency, you can sell your BTC and have payment directly to your bank account. Therefore giving you fiat in bank then you are free to move wherever you want with a bank statement to show wealth.
Click to expand...
For some personal reasons UAE specifically is not an option for me UNFORTUNATELY :-/
 
#8
11111 said:
For some personal reasons UAE specifically is not an option for me UNFORTUNATELY :-/
Click to expand...
Since you are a nomad currently you can use that as base country for your company. once you have cashed out you can show funds on account but live elsewhere you only need to be there every 6 months just to keep the residency. You can shut down the company at any time easily it will only cost you $500.
 
#9
CaptK said:
Since you are a nomad currently you can use that as base country for your company. once you have cashed out you can show funds on account but live elsewhere you only need to be there every 6 months just to keep the residency. You can shut down the company at any time easily it will only cost you $500.
Click to expand...
I understand
But I can't go there and stay there
 
#11
avalanche said:
Georgian tax authorities have allergy to crypto (coming from the advisor I talked with 1 year ago). He told me that one wont be able to declare such profits legally in Georgia because its a totally new thing for their gov employees, they just dont understand it. You might get yourself into something unpleasant.

He advised me to not declare such income, that basically defeats your intention to have legal paperwork behind your money.
Click to expand...
Its 2021
Crypto is on TV
Talked about every day
Paypal, Tesla and others are on front page with it. + the tax authority have specifics definitions for crypto tax decelerations.

Are you sure his advice from one year ago is still relevant?
 
#12
11111 said:
Its 2021
Crypto is on TV
Talked about every day
Paypal, Tesla and others are on front page with it. + the tax authority have specifics definitions for crypto tax decelerations.

Are you sure his advice from one year ago is still relevant?
Click to expand...
Idk, for those on TV crypto is positioned as HYIP and something potentially controversial and evil
 
#13
CaptK said:
elsewhere you only need to be there every 6 months just to keep the residency. You can shut down the company at any time easily it will only cost you $500.
Click to expand...
I'm wondering - if you'd be in a situation when you no longer need the company/visa and you do not renew it but also do not shut it down/liquidate officially, are there any consequences to that? Will they shut it down automatically? Or will they try to fine you and ban you from ever visiting again?

I considered CaptK's solution but especially now during COVID times it doesn't seem ideal...

What I'd recommend to OP is probably to move to a new/better/friendlier country, for real and perhaps forever hap¤#" I don't know his motivations and possibilities why he wants some countries and doesn't want other - but in today's world such solutions (residencies, bank accounts, exit strategies...) will only get more difficult. :(
 
#15
OP is in a catch 22. If he moves to any other country he needs cash to set himself up. He will be required to show how he accumulated his wealth.

There are are lots of other options but they will cost him 15-20% of his wealth to do it legally. Plus the cost of set up in a new country.
 
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#16
I am in the process of effectively doing the same thing, that is, moving to Georgia. Like you, I am in the IT game and there are a couple of very low tax schemes available if your clients are not in Georgia. The only caveat is that it does need to be planned out, and I feel best done in country. There are plenty of folks like our friend pushing UAE who will set you up remotely, but I am sure the advice would be a little more reserved if you are sitting across the desk from them.
 
#17
censon said:
I am in the process of effectively doing the same thing, that is, moving to Georgia. Like you, I am in the IT game and there are a couple of very low tax schemes available if your clients are not in Georgia. The only caveat is that it does need to be planned out, and I feel best done in country. There are plenty of folks like our friend pushing UAE who will set you up remotely, but I am sure the advice would be a little more reserved if you are sitting across the desk from them.
Click to expand...
As a total solution UAE works to cover all angles and get verifiable cash into your account.
Try moving your funds to another country and tell them its Crypto related, see how many banks will talk to you!!

I speak from my own personal experience and looked at different countries. There are so many factors that Georgia and European countries have when getting residency visa. You have to proof up first not after. UAE is pay for your residency and crack on. They give you a visa and don't care where you are from just pay the money and follow the rules.
 
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#19
I know a reasonable choice with good climate &shores in which you can spend 6 months comfortably with paying an affordable rent by following a procedure-completely legal and clean . You can take your money into your bank account with ease paying almost no tax in that country. Drop me a message if you are interested .

Btw, I am not a Nigerian prince. The above solution is legal& legitimate but there is a time window in which this should be done.
 
#20
I am not service provider Nor Lawyer of anyone,
If you search the Crypto to fiat solution tax free with zero headache.
Dubai does not have any competition in this Area.
People's opinions are based on News and hater.
Come to Dubai and see How its works.
It is ultra modern Futurist city.
Facility You get on the click of your phone You never find in this world.
If you afford good Hotel apartment , You do not very about the Summer and heat things.
A hotel is like city within. You get everything inside .If you live in downtown, It is liked Air conditioned city , Do i have to mention Dubai Mall.
People complain about Dubai are hiding the real story. Why they have bad experince.

Nat Geo documentery on "Banged Up Abroad", "Banged Up Abroad" , "Jailed Abroad" in this type of series so called "innocent" people tell the stories about the Bad Foreign prison Experience, Like there are Noble Prize winner. In reality they are criminal , Just by bashing foreign prison and law , You are not becoming a Goodman .
Hope You got my point.

Be careful from which you getting advice/review. Is it criminal or Good People ?

Thanks
 
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