8 figure crypto exit strategy - UK edition

[CaptK]

Not true. The only thing you have to know is that you HAVE to use your bank account like a normal person would do. Use your credit cards for grocery/online shopping, buy some stuff with installments (Even if you have the money). Get a loan or two and pay them on time, throw some money into a term deposit....etc. And Bam, the world is your oyster.

And No, you don't need a middle man, who told you that?. I Always receive money from Kraken in my Euro account in Dubai without a single issue (I'm talking about mid six figures), now this may be because of a lot of factors, for example 1- Euro transactions has less scrutiny than USD transactions. 2- the EUR correspondent bank for kraken is bank frick and it's based in Liechtenstein, and the banks love that jurisdiction, it's sophisticated and have the reputation just like Luxemburg, Singapore and Switzerland.

Now, once I knew that, All my crypto trading on unregulated exchanges get transferred to kraken, then I leave some on this exchange, and cash out the rest to my EURO account in Dubai.

Now could I send the money directly from binance (an unregulated exchange) to Dubai? maybe, but why in the world would I do that? when I have a solution that works, why would I take that risk?. That's why you have some people who have issues in Dubai and need a middle man/service provider to help them, because they don't know s**t about what works and what not, and even after they do, they do the complete opposite (like cashing out, without using the bank services at all) and then complain later about not being able to cash out or whatever.

So yeah, it's doable, you just need to do it right, or don't bother and look for other options.

Yes, some of us have the luxury of being established and have a good standing with our banks. New account holders will need to build a relationship first with the above steps.

 

[philthaiven]

Not true. The only thing you have to know is that you HAVE to use your bank account like a normal person would do. Use your credit cards for grocery/online shopping, buy some stuff with installments (Even if you have the money). Get a loan or two and pay them on time, throw some money into a term deposit....etc. And Bam, the world is your oyster.

And No, you don't need a middle man, who told you that?. I Always receive money from Kraken in my Euro account in Dubai without a single issue (I'm talking about mid six figures), now this may be because of a lot of factors, for example 1- Euro transactions has less scrutiny than USD transactions. 2- the EUR correspondent bank for kraken is bank frick and it's based in Liechtenstein, and the banks love that jurisdiction, it's sophisticated and have the reputation just like Luxemburg, Singapore and Switzerland.

Now, once I knew that, All my crypto trading on unregulated exchanges get transferred to kraken, then I leave some on this exchange, and cash out the rest to my EURO account in Dubai.

Now could I send the money directly from binance (an unregulated exchange) to Dubai? maybe, but why in the world would I do that? when I have a solution that works, why would I take that risk?. That's why you have some people who have issues in Dubai and need a middle man/service provider to help them, because they don't know s**t about what works and what not, and even after they do, they do the complete opposite (like cashing out, without using the bank services at all) and then complain later about not being able to cash out or whatever.

So yeah, it's doable, you just need to do it right, or don't bother and look for other options.

Good process with the EUR transfers, I would try and emulate that if in Dubai and think kraken is a great exchange (with a good otc desk).

In the U.K. coinbase is seen as the most compliant/legit by the banks and so if I do make any withdrawals I always go from ftx/binance/kraken to coinbase then to my U.K. bank account. Coinbase is however super invasive and asks for tons of documents periodically to prove source of funds etc. At least at the moment they give a months notice of these reviews and don’t disable withdrawals.

As for good relationships built up with banks, thats why I’m trying to use jersey subsidiary of my U.K. bank. If I had a U.K. Barclays account for example which I have a good relationship with and who are comfortable with crypto withdrawals, then opening a Barclays jersey account might transfer some of that trust over (any idea if this is true or not?).

I may leave my fiat on exchange for a few months after moving to jersey to build up those regular banking items and get a salary paid into my account etc.

 

[MiddleEuroAsia]

In the U.K. coinbase is seen as the most compliant/legit by the banks and so if I do make any withdrawals I always go from ftx/binance/kraken to coinbase then to my U.K. bank account. Coinbase is however super invasive and asks for tons of documents periodically to prove source of funds etc. At least at the moment they give a months notice of these reviews and don’t disable withdrawals.

I can understand transferring from ftx and binance but why kraken? kraken is regulated everywhere so you should be fine transferring from it directly to your UK bank account.

Coinbase is a public company now, so they have to cross their t's and dot their I's with their AML/KYC due diligence policy otherwise, they get fucked. Generally speaking, I avoid Coinbase as much as I could, never liked them, but still use them from time to time. Kraken is usually more than enough, and their support is top notch. No, you can't even compare the customer service of kraken, to the shitty customer service of coinbase. so, I always use kraken whenever I can.

I have a good relationship with and who are comfortable with crypto withdrawals, then opening a Barclays jersey account might transfer some of that trust over (any idea if this is true or not?).

I don't really know a lot about UK and it's islands, (seems like @CaptK knows more about this area) but I guess, generally, you should be able to transfer that trust over to other branches of the same bank.

For example, For my Maybank bank account, I was able to open a bank account in maybank Singapore and have the same relationship that I have with the Malaysian bank, in Singapore too.
So, I guess you should be fine.

 

[Verbatim]

Not true. The only thing you have to know is that you HAVE to use your bank account like a normal person would do. Use your credit cards for grocery/online shopping, buy some stuff with installments (Even if you have the money). Get a loan or two and pay them on time, throw some money into a term deposit....etc. And Bam, the world is your oyster.

And No, you don't need a middle man, who told you that?. I Always receive money from Kraken in my Euro account in Dubai without a single issue (I'm talking about mid six figures), now this may be because of a lot of factors, for example 1- Euro transactions has less scrutiny than USD transactions. 2- the EUR correspondent bank for kraken is bank frick and it's based in Liechtenstein, and the banks love that jurisdiction, it's sophisticated and have the reputation just like Luxemburg, Singapore and Switzerland.

Now, once I knew that, All my crypto trading on unregulated exchanges get transferred to kraken, then I leave some on this exchange, and cash out the rest to my EURO account in Dubai.

Now could I send the money directly from binance (an unregulated exchange) to Dubai? maybe, but why in the world would I do that? when I have a solution that works, why would I take that risk?. That's why you have some people who have issues in Dubai and need a middle man/service provider to help them, because they don't know s**t about what works and what not, and even after they do, they do the complete opposite (like cashing out, without using the bank services at all) and then complain later about not being able to cash out or whatever.

So yeah, it's doable, you just need to do it right, or don't bother and look for other options.

Were you in Dubai for a while and the bank knew you as a customer? It seems to me unlikely that you can just show up, open a company, get a bank account and immediately transfer 6 figures from Kraken, but i would be glad to stand corrected.

 

[Verbatim]

Good process with the EUR transfers, I would try and emulate that if in Dubai and think kraken is a great exchange (with a good otc desk).

In the U.K. coinbase is seen as the most compliant/legit by the banks and so if I do make any withdrawals I always go from ftx/binance/kraken to coinbase then to my U.K. bank account. Coinbase is however super invasive and asks for tons of documents periodically to prove source of funds etc. At least at the moment they give a months notice of these reviews and don’t disable withdrawals.

As for good relationships built up with banks, thats why I’m trying to use jersey subsidiary of my U.K. bank. If I had a U.K. Barclays account for example which I have a good relationship with and who are comfortable with crypto withdrawals, then opening a Barclays jersey account might transfer some of that trust over (any idea if this is true or not?).

I may leave my fiat on exchange for a few months after moving to jersey to build up those regular banking items and get a salary paid into my account etc.

aren't you concerned about the risks associated with keeping fiat on an exchange for a prolonged period?

 

[philthaiven]

aren't you concerned about the risks associated with keeping fiat on an exchange for a prolonged period?

Yea I am so it’s a trade off of that risk vs any benefit I might get from waiting until the bank sees me a bit more as an established customer before I withdraw to them. Coinbase/kraken are pretty unlikely to have major issues I think though.

 

[philthaiven]

I can understand transferring from ftx and binance but why kraken? kraken is regulated everywhere so you should be fine transferring from it directly to your UK bank account.

Coinbase is a public company now, so they have to cross their t's and dot their I's with their AML/KYC due diligence policy otherwise, they get fucked. Generally speaking, I avoid Coinbase as much as I could, never liked them, but still use them from time to time. Kraken is usually more than enough, and their support is top notch. No, you can't even compare the customer service of kraken, to the shitty customer service of coinbase. so, I always use kraken whenever I can.

I don't really know a lot about UK and it's islands, (seems like @CaptK knows more about this area) but I guess, generally, you should be able to transfer that trust over to other branches of the same bank.

For example, For my Maybank bank account, I was able to open a bank account in maybank Singapore and have the same relationship that I have with the Malaysian bank, in Singapore too.
So, I guess you should be fine.

Generally I think you’re right about kraken and I really like them as an exchange. For some reason quite a few banks in the U.K. don’t accept transfers to kraken but do for coinbase though (such as revolut/other neo banks as well as one or two on the high street). I think this was because they took longer to ask to be put on the FCA’s regulated list.

 

[philthaiven]

I can understand transferring from ftx and binance but why kraken? kraken is regulated everywhere so you should be fine transferring from it directly to your UK bank account.

Coinbase is a public company now, so they have to cross their t's and dot their I's with their AML/KYC due diligence policy otherwise, they get fucked. Generally speaking, I avoid Coinbase as much as I could, never liked them, but still use them from time to time. Kraken is usually more than enough, and their support is top notch. No, you can't even compare the customer service of kraken, to the shitty customer service of coinbase. so, I always use kraken whenever I can.

I don't really know a lot about UK and it's islands, (seems like @CaptK knows more about this area) but I guess, generally, you should be able to transfer that trust over to other branches of the same bank.

For example, For my Maybank bank account, I was able to open a bank account in maybank Singapore and have the same relationship that I have with the Malaysian bank, in Singapore too.
So, I guess you should be fine.

That’s promising to hear. I haven’t opened a bank account in ages but I think they normally ask you if you have any other bank accounts with them when you sign up so should be able to track across them, even if it’s in the different country of jersey/wherever. If the first doesn’t work then I would just try every single bank in jersey (there’s a lot as it’s a financial centre) until one accepted my transfers. I’m pretty sure if they aren’t happy with the transfer they just send it back to the exchange rather than freezing the money, but still I would do smaller amounts until I know they’re comfortable so if that does happen it’s not the end of the world.

 

[MiddleEuroAsia]

Were you in Dubai for a while and the bank knew you as a customer? It seems to me unlikely that you can just show up, open a company, get a bank account and immediately transfer 6 figures from Kraken, but i would be glad to stand corrected.

Yeah, I have been in Dubai (and in the middle east/africa) for a long time, and you are correct, the whole showing up, opening a company and cashing out 6/7 figures is dumb AF. That's just screams money laundering (even if that's not the case) and you will have a hard time with the bank.

HOWEVER, you don't have to let your crypto setting around in the exchange either, depending on how much we are talking, you can do a bunch of things till you have a good relationship with the banks. And remember, you don't need to subscribe to some BS investment product that the bank will offer you, but you need to at least "invest" some of your money into some safe lazy products like term deposits and the likes.

For your crypto, you can exchange them in cash in dubai (there are great OTC exchanges there) and deposit the cash semi-regularly, you can Also exchange some of it to stable coins and stake them or whatever, and then after a month or two, you can start transferring some of your Crypto holdings to your bank account in dubai. but during this month - as I said earlier - you have to use your bank account regularly, utilize every thing you can, for example, there are 0% installment plans for a lot of useful products, USE THEM, even if you have the money, Your future self will thank you.

All what I talked about is for people who are serious about Dubai and wants a long term solution and also wants to establish a long lasting relationship with the banks there, and not jumping every year or two to a new bank.

for people who want a quick cash out scheme, better to look elsewhere, and a piece of advice for anyone reading this and wants to cash out quickly. Don't do it, seriously don't. This mentality is outdated and if it's useful today, it will not be useful tomorrow.
have a vision and think long term, this short term BS is what gets a lot of people into trouble. Also, wtf are these people gonna do with the cash once they cash out their crypto? are they going to put this cash under their bedroom? I seriously doubt it, but even if they do, how are they gonna explain this cash once they decide they want their money back into the banking system?. people really need to seriously consider what are they getting into, so they do not get surprised later, once every things they once thought was great, fell apart like a row of dominoes.

 

[Mercury]

HOWEVER, you don't have to let your crypto setting around in the exchange either, depending on how much we are talking, you can do a bunch of things till you have a good relationship with the banks. And remember, you don't need to subscribe to some BS investment product that the bank will offer you, but you need to at least "invest" some of your money into some safe lazy products like term deposits and the likes.

For your crypto, you can exchange them in cash in dubai (there are great OTC exchanges there) and deposit the cash semi-regularly, you can Also exchange some of it to stable coins and stake them or whatever, and then after a month or two, you can start transferring some of your Crypto holdings to your bank account in dubai. but during this month - as I said earlier - you have to use your bank account regularly, utilize every thing you can, for example, there are 0% installment plans for a lot of useful products, USE THEM, even if you have the money, Your future self will thank you.

All what I talked about is for people who are serious about Dubai and wants a long term solution and also wants to establish a long lasting relationship with the banks there, and not jumping every year or two to a new bank.

for people who want a quick cash out scheme, better to look elsewhere, and a piece of advice for anyone reading this and wants to cash out quickly. Don't do it, seriously don't. This mentality is outdated and if it's useful today, it will not be useful tomorrow.
have a vision and think long term, this short term BS is what gets a lot of people into trouble. Also, wtf are these people gonna do with the cash once they cash out their crypto? are they going to put this cash under their bedroom? I seriously doubt it, but even if they do, how are they gonna explain this cash once they decide they want their money back into the banking system?. people really need to seriously consider what are they getting into, so they do not get surprised later, once every things they once thought was great, fell apart like a row of dominoes.

Thanks for this very informative comment.

Considering one builds up a bank relationship as you describe, could you recommend any UAE bank(s) that will punctually accept 5-6 figures EUR transfers from Kraken to a personal account and cash deposits with no issue?

In order to get UAE residency, are there still any benefits to register a freezone company (with then no activity) instead of getting an Emirates ID through a real-estate investment (now it's apparently possible to get 3-year renewable visa for 750K AED in Dubai)?
A right property investment where one could stay 6 months a year seems to me more relevant/cost-effective in the mid-term.

 

[MiddleEuroAsia]

Thanks for this very informative comment.

Considering one builds up a bank relationship as you describe, could you recommend any UAE bank(s) that will punctually accept 5-6 figures EUR transfers from Kraken to a personal account and cash deposits with no issue?

NBD and ADIB. (I have other banks accounts, but these are the ones I use for cashing out)

Keep in minds that The banks that I mentioned isn't the only banks that accept crypto transfers from kraken, but these are the one I use for these reasons, plus there are other reasons, for example: for my specific circumstances these banks are great because they have branches in Egypt and You can link between the accounts in Egypt and UAE, and that helps a loooot for a person in my shoes (whom already have the reputation in both jurisdictions) and who does lots of businesses in both Egypt and UAE. So, yeah, overall, these are great banks.

In order to get UAE residency, are there still any benefits to register a freezone company (with then no activity) instead of getting an Emirates ID through a real-estate investment (now it's apparently possible to get 3-year renewable visa for 750K AED in Dubai)?
A right property investment where one could stay 6 months a year seems to me more relevant/cost-effective in the mid-term.

When possible, it's always better to get your residency through a company + having a business bank account, since this solution is the most streamlined/straightforward solution, plus internal policies of banks changes a lot, so it's better to have a business bank account and build this rep as early as you could.

Having said that, if you have no need for a company or a business account and you are fine with personal/private bank account ( and you have no issues staying in Dubai for some time) then yeah, the property route Could be another great option as well.

 

[kiktim]

Hi Jerry, I'd sell all at once to rebase the cost basis to the higher amount, then rebuy 50% as I don't want to lose exposure to btc.

I like grittier, up and coming places and think they're more fun for people like me still in their twenties. Plenty of time to take it easy somewhere boring when I'm older. Somewhere like HCMC Vietnam or Medellin colombia would be ideal but they have capital gains/non easy residence.

I'm warming to Jersey, mostly because unlike Gibraltar, as long as you maintain a flat rental that's available to you, you can literally stay there one night a year and remain tax resident. I wouldn't push it that much just to be safe from the UK's tax net side (I would make sure I stayed more nights in Jersey each tax year than the UK and probably around 90 days a year just so I can be more credible if HMRC do feel like auditing me). Also it's a 50 minute flight to london £45 return, could go for a day/night out with friends in the UK if I wanted. Then travel the rest of the year. Crypto income would work out at around 18% too with their income tax rates.

Hi Philthaiven and all, can someone answer me how easy or difficult is it to become resident in Jersey would be nice if you can share your thoughts.

What I found is: there are two routes that can be followed to become resident.

Business relocation; this is for businesses which want to establish on the Island. This route gives the business principals (or essential employees) the option to apply for a ‘Licensed’ permission. Individuals can then access the full residential market.

High value residency; this route is income based and gives individuals ‘Entitled’ status. Individuals gain full residential and employment rights, subject to specific conditions.

I find both ways not that easy finding a employer (the burden is high) meaning finding a job where not already existing resident can't fulfill. Not really interested to be a employee but will go the way if needed.

Investment Route Minimum investment GPB 1,125,000 saw higher prices as well, not my cup of tea.

Aim is to withdraw crypto CGT free.

 

[philthaiven]

Hi Philthaiven and all, can someone answer me how easy or difficult is it to become resident in Jersey would be nice if you can share your thoughts.

What I found is: there are two routes that can be followed to become resident.

Business relocation; this is for businesses which want to establish on the Island. This route gives the business principals (or essential employees) the option to apply for a ‘Licensed’ permission. Individuals can then access the full residential market.

High value residency; this route is income based and gives individuals ‘Entitled’ status. Individuals gain full residential and employment rights, subject to specific conditions.

I find both ways not that easy finding a employer (the burden is high) meaning finding a job where not already existing resident can't fulfill. Not really interested to be a employee but will go the way if needed.

Investment Route Minimum investment GPB 1,125,000 saw higher prices as well, not my cup of tea.

Aim is to withdraw crypto CGT free.

Hi, yes both of those options are not great and are a lot of hassle to go through even if you qualified. I think it’s better just to go through as non-qualified which means you only have access to cheap/bad accommodation but it’s as simple as getting a flight there, no need to apply for anything (as long as you’re from the U.K.). Then you don’t need to spend all year though and could travel or live somewhere else (as long as you don’t trigger their tax residency).

 

[kiktim]

Hi, yes both of those options are not great and are a lot of hassle to go through even if you qualified. I think it’s better just to go through as non-qualified which means you only have access to cheap/bad accommodation but it’s as simple as getting a flight there, no need to apply for anything (as long as you’re from the U.K.). Then you don’t need to spend all year though and could travel or live somewhere else (as long as you don’t trigger their tax residency).

Thanks for replying need to investigate mare about it.

 

[kokolokop]

Yeah, I have been in Dubai (and in the middle east/africa) for a long time, and you are correct, the whole showing up, opening a company and cashing out 6/7 figures is dumb AF. That's just screams money laundering (even if that's not the case) and you will have a hard time with the bank.

HOWEVER, you don't have to let your crypto setting around in the exchange either, depending on how much we are talking, you can do a bunch of things till you have a good relationship with the banks. And remember, you don't need to subscribe to some BS investment product that the bank will offer you, but you need to at least "invest" some of your money into some safe lazy products like term deposits and the likes.

For your crypto, you can exchange them in cash in dubai (there are great OTC exchanges there) and deposit the cash semi-regularly, you can Also exchange some of it to stable coins and stake them or whatever, and then after a month or two, you can start transferring some of your Crypto holdings to your bank account in dubai. but during this month - as I said earlier - you have to use your bank account regularly, utilize every thing you can, for example, there are 0% installment plans for a lot of useful products, USE THEM, even if you have the money, Your future self will thank you.

@Fred Can we do that? Set up a company in Dubai for residency purposes, build slowly a relationship with the bank by using it actively and later slowly withdraw crypto gains from Kraken to personal bank account? Is it doable?

 

[Fred]

@Fred Can we do that? Set up a company in Dubai for residency purposes, build slowly a relationship with the bank by using it actively and later slowly withdraw crypto gains from Kraken to personal bank account? Is it doable?

We are doing it only this way

However things changing frequently and we provide all the time several options each client feels more comfortable with - the straightforward solution is all the time how @MiddleEuroAsia mention it BUT someone have not to forget that @MiddleEuroAsia is running various good business with a ton of substance and is using the banks fully - loan, credit cards, min. balance etc. private banking relationship and so on.

This is against what we see in practice most of the time: overleveraged, overexposed Crypto People that made a very good amount of money but don't have any professional background at all and sometimes not even personal bank statements or basic stuff - they are calling 30-50$ monthly banking charges a scam and so on.

So the most important thing is to have some self-assessment - to understand the own situation and act accordingly.

For close to every problem is a solution available but no one can make a rocket scientist out of a ghost - and most Crypto People that approach us were living for years like a ghost.

Nothing bad about it but then what @MiddleEuroAsia mentions here is simply not a fit - at least in the shortterm.

 

[MiddleEuroAsia]

However things changing frequently and we provide all the time several options each client feels more comfortable with - the straightforward solution is all the time how @MiddleEuroAsia mention it BUT someone have not to forget that @MiddleEuroAsia is running various good business with a ton of substance and is using the banks fully - loan, credit cards, min. balance etc. private banking relationship and so on.

True. most my companies have substance in their respective jurisdictions, but A lot of my friends who are new to the business and come to Dubai get by fine by doing my mentioned method, although I have to admit that it takes some time, but I guarantee that it's by far the most bullet proof method in dubai.

Of course some one who wants a faster method can do it by other means, just like merchant invoices and the likes (and I'm sure that @Fred and @CaptK know what I'm talking about), of course there is certain risks with this method, but it's faster than my mentioned method and it works - for now at least.

This is against what we see in practice most of the time: overleveraged, overexposed Crypto People that made a very good amount of money but don't have any professional background at all and sometimes not even personal bank statements or basic stuff - they are calling 30-50$ monthly banking charges a scam and so on.

this Confuses the s**t out of me, why people who make more than six figures (either from sound business or funny ones) care about a few bucks? like stop being a cheap f**k ffs lol, everybody in this world wants to make money, no one is providing anything for free, even people who do charity, get spiritual/emotional satisfaction out of this work, so it's technically not free either.
Banks wants to make money (yeah, what a shocker!!!), I would be more afraid of banks who have 0$ fees and what not, because that usually means that these banks have 0% risk appetite and are not for people like us who do lot's of cross border transactions.

So the most important thing is to have some self-assessment - to understand the own situation and act accordingly.

I agree, everyone have different needs, I always say that what might suit you might not suit me and vice versa, and it doesn't mean that any of us is wrong, it's just the nature of this business.

For close to every problem is a solution available but no one can make a rocket scientist out of a ghost - and most Crypto People that approach us were living for years like a ghost.

Yeah, these people needs to take some steps before jumping into the banking wagon, and they need to do it FAST, things are changing at a fast rate as you said, plus The UAE central bank is being f annoying these days, I have info from people working there, that there are annoying moves being made to crack down on institutions outside of the banking system, like Real estate brokers, gold sellers...etc. nothing is happening as of now, but these signs aren't good, I just hope that this is just a show to please the f*****s in the OECD and FATF and nothing serious comes out of it, because oh boy, this could be a serious blow to the UAE economy if they were serious and thought that this is a good move.

Nothing bad about it but then what @MiddleEuroAsia mentions here is simply not a fit - at least in the shortterm.

Yeah, this isn't a short term solution by any means, I'm not the type of guy who likes to jump every year or two between banks, I like the banks/institutions/individuals whom I can form a long lasting relationship with, that's just how I do business.

but yeah, overall, there are better short term solutions, I just gave my 2 cents for people who are considering Dubai as a long term solution and not just quick cash out scheme.

I hope that clarifies it a bit.

 

[CaptK]

True. most my companies have substance in their respective jurisdictions, but A lot of my friends who are new to the business and come to Dubai get by fine by doing my mentioned method, although I have to admit that it takes some time, but I guarantee that it's by far the most bullet proof method in dubai.

Of course some one who wants a faster method can do it by other means, just like merchant invoices and the likes (and I'm sure that @Fred and @CaptK know what I'm talking about), of course there is certain risks with this method, but it's faster than my mentioned method and it works - for now at least.

this Confuses the s**t out of me, why people who make more than six figures (either from sound business or funny ones) care about a few bucks? like stop being a cheap f**k ffs lol, everybody in this world wants to make money, no one is providing anything for free, even people who do charity, get spiritual/emotional satisfaction out of this work, so it's technically not free either.
Banks wants to make money (yeah, what a shocker!!!), I would be more afraid of banks who have 0$ fees and what not, because that usually means that these banks have 0% risk appetite and are not for people like us who do lot's of cross border transactions.

I agree, everyone have different needs, I always say that what might suit you might not suit me and vice versa, and it doesn't mean that any of us is wrong, it's just the nature of this business.

Yeah, these people needs to take some steps before jumping into the banking wagon, and they need to do it FAST, things are changing at a fast rate as you said, plus The UAE central bank is being f annoying these days, I have info from people working there, that there are annoying moves being made to crack down on institutions outside of the banking system, like Real estate brokers, gold sellers...etc. nothing is happening as of now, but these signs aren't good, I just hope that this is just a show to please the f*****s in the OECD and FATF and nothing serious comes out of it, because oh boy, this could be a serious blow to the UAE economy if they were serious and thought that this is a good move.

Yeah, this isn't a short term solution by any means, I'm not the type of guy who likes to jump every year or two between banks, I like the banks/institutions/individuals whom I can form a long lasting relationship with, that's just how I do business.

but yeah, overall, there are better short term solutions, I just gave my 2 cents for people who are considering Dubai as a long term solution and not just quick cash out scheme.

I hope that clarifies it a bit.

Totally agree, I employ people to do it over a period of time. I can understand that some clients are in need of a large amount on day 1.

It frustrates me on how someone can make millions from a couple of thousand investment and say they only prepared to pay a nominal fee. The structure costs money, company formation cost money and cash out the correct way is expensive.

It's better to pay 10% than to pay 50%.

Options are available but people need to listen to the guys that do it every day.

 

[cryptoholic]

I can understand transferring from ftx and binance but why kraken? kraken is regulated everywhere so you should be fine transferring from it directly to your UK bank account.

Coinbase is a public company now, so they have to cross their t's and dot their I's with their AML/KYC due diligence policy otherwise, they get fucked. Generally speaking, I avoid Coinbase as much as I could, never liked them, but still use them from time to time. Kraken is usually more than enough, and their support is top notch. No, you can't even compare the customer service of kraken, to the shitty customer service of coinbase. so, I always use kraken whenever I can.

I don't really know a lot about UK and it's islands, (seems like CaptK knows more about this area) but I guess, generally, you should be able to transfer that trust over to other branches of the same bank.

For example, For my Maybank bank account, I was able to open a bank account in maybank Singapore and have the same relationship that I have with the Malaysian bank, in Singapore too.
So, I guess you should be fine.

Can I somehow got in touch with you(DM or any messenger)? Have a couple of questions regarding your irl experience. My first year in Dubai. Would like to know more how things work here

 

[philthaiven]

An update: I finished my employment in the UK and have moved to Jersey. Hopefully the following should be useful if anyone is thinking of doing something similar in the future.

So far I've done a bunch of things to move my life over and make it as clear as possible that I've fully left the UK with no intention to return and fully arrived on the island.

- Moved into a flat and signed a formal lease (needed to be a self contained unit, if anything is "shared" like a bathroom/kitchen you are not deemed an official "tenant" just a "lodger" and this could call into question whether you have an always available "abode" which you need for them to deem you tax resident if you stay less than 183 days a year here)
- Got official residency card and number + tax TIN from the gov office
- Handed in UK drivers license for a Jersey one
- Cancelled my UK mobile contract, got a new one in Jersey (you can't transfer your UK number here unfortunately)
- Removed myself from the UK electoral roll
- Am telling HMRC know I've left as part of my 21/22 self assessment tax return next year (you need to send this in in paper form because there's an extra leavers section to add
- Changed my address from the UK to Jersey for Revolut and any cryptocurrency exchanges I use like Coinbase/Kraken
- Opened a Wise personal account (they directly serve Jersey residents)
- Closed all my UK bank accounts apart from one I've left dormant
- Opened an International Brokers account with my Jersey address and transferred my stocks from UK broker ISA and regular account then closed the UK account. This took a very long time and they thoroughly checked all my crypto related purchase docs.

Now for the issue I'm having which was always going to be the hardest part: opening a Jersey bank account with most of my wealth in crypto. So far I've been outright rejected by Natwest International who have a blanket no crypto policy and Santander International said I could open an account but not put any crypto related money into it. Barclays application is currently ongoing. Bear in mind this is for someone from the UK who has had a corporate career working at well known banks in the UK and has all documentation to prove his crypto purchases - I think I should have a pretty low risk background from a bank's perspective other than the crypto. I was expecting some detailed questions but not complete rejections.

My strategy is going to be to hope I get the regular account with Barclays, then try Lloyds and if not then move up to the banks with more expensive fees which I ideally wanted to avoid but am obviously willing to pay. Thankfully there's a decent list I can try here:

- Standard Chartered
- Standard Bank
- Butterfield Bank
- Nedbank
- Investec Bank
- Coutts

Then if none of those work then I'll look to the Swiss/Lichtenstein banks:

- SEBA
- Swissquote
- Dukacospy
- Bank Frick

If none of those work I'll be forced to use my dormant UK bank account rarely for a few transfers. This would be more likely to result in a tax investigation when I get these deposits but pay no UK tax that year and I'll be more likely to have to go through the time consuming and stressful procedure of an HMRC audit. Or try and use my Revolut account (I've had this since 2017 and have moved 6 figure crypto exchange transfers through it but I think chances are it gets locked. I'm actually friends with a couple of senior people in the company so could be worth speaking to them).

Ideally I would use one of these banks for transactions, keeping the minimum balance and transferring any money after crypto sales to IBKR to buy stocks and hold them where it's cheaper. However I think a lot of these places want you to keep most of your money/investments there to make it worth it for them. Again annoying but I'm willing to do it if it means they open the account.

If anyone knows some other banks in Jersey or outside I've missed that would be worth trying please let me know.