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Anyone tried any Dubai bank to receive 6 figures amounts from legit crypto exchange to bank acc?

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PinkCat

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Dec 20, 2022
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#1
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The general consensus is that Dubai banks are not crypto friendly yet (even if the country is) but I'm getting sporadic mentions here and there that some of them are opening about it already. However, it is all anecdotal and for small amounts.
Does anybody here has FIRST HAND experience with receiving 6 figures or more from legit crypto exchange to bank account directly in Dubai? Personal one.
Please don't even mention to use EMI in between, you will be frozen before you can say Mississippi.
 
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#2
PinkCat said:
Please don't even mention to use EMI in between, you will be frozen before you can say Mississippi.
Click to expand...
And do you base this statement on your own experience, something you believe, or something you have read?

I know that there are EMIs you can run these sums through if the money really comes from legitimate and documentable sources. There is no problem, for example, with Currenxie - we tried that several times last year and the year before.

But I don't know of a bank, and since you are so knowledgeable about Dubai and a whole lot of other things (I assume because I have read your other posts), I suppose you also don't know a bank that can handle it in Dubai unless you have very special connections. I don't either..
 
#3
I've had account frozen 5+ times. I tend to speak based on facts, not opinions or feelings.

Yes you can do it with some EMIs some of the time, but it is not predictable and reliable. Example, I've been using wise since before they were transferwise, ran 6 figures just fine, and recently they just closed my account.
Again, I'm not involved in anything illegal.

Appreciate the irony in the last paragraph of yours but those few posts I took the liberty to write here recently are based many hours of research and actual real life experience. And still I'm not afraid to ask to further expand my knowledge because I'm the last person that will have the self confidence to think he knows a lot.
 
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#5
Use one of the many OTC desks in UAE

@TheCryptoAnt

I am not familiar with these.

With these, can you get cash deposited in your personal Dubai bank account for transfering BTC to them, and send them to your corporate Dubai bank account without auditing, or do you need to have another entity(overseas account or EMI) as a channel?
 
#7
PinkCat said:
The general consensus is that Dubai banks are not crypto friendly yet (even if the country is) but I'm getting sporadic mentions here and there that some of them are opening about it already. However, it is all anecdotal and for small amounts.
Does anybody here has FIRST HAND experience with receiving 6 figures or more from legit crypto exchange to bank account directly in Dubai? Personal one.
Please don't even mention to use EMI in between, you will be frozen before you can say Mississippi.
Click to expand...
Not aware of your residence, but why not involve Mercury or use a setup through Estonia or go with Swiss or Lichtenstein banks? But, what about 9% CIT in Dubai? I use a different setup, using the Dubai IP loophole.

01offshore007 said:
Use one of the many OTC desks in UAE

@TheCryptoAnt

I am not familiar with these.

With these, can you get cash deposited in your personal Dubai bank account for transfering BTC to them, and send them to your corporate Dubai bank account without auditing, or do you need to have another entity(overseas account or EMI) as a channel?
Click to expand...
That will involve CIT. UAE has clarified corportae tax for natural persons, even director's salary above 1 million AED is taxable.
 
#8
Thanks. so the OTC desks can be used to transfer cash to personal bank account without any problem ?

I am not concerned with tax on capital but lots of paperwork as my CRYPTO will come from trading and can cause issues with normal transfer to a bank
 
#9
01offshore007 said:
With these, can you get cash deposited in your personal Dubai bank account for transfering BTC to them,
Click to expand...

Yes

01offshore007 said:
and send them to your corporate Dubai bank account without auditing,
Click to expand...

Not anymore, corp auditing is required now.

DSoz said:
What's the best OTC USDT-AED desk? In terms of low fees, conversion rate, and reputation?
Click to expand...

Crypto Exchange in Dubai UAE - Crypto Desk is know, however I believe they are renovating the store atm.
 
#10
01offshore007 said:
Thanks. so the OTC desks can be used to transfer cash to personal bank account without any problem ?

I am not concerned with tax on capital but lots of paperwork as my CRYPTO will come from trading and can cause issues with normal transfer to a bank
Click to expand...
In case of Dubai, if you aren't worried about the 9% CIT, then IMHO its better to deposit cash in corporate bank account, with no questions asked. Wio works quite well. OTC desks do charge a premium depending on the transaction volume.
 
#11
Ok lets say an OTC desk sends cash to your personal bank account. What is the reason for payment they put? Won't the bank ask you for SoF for 6 and 7 figures amounts? What do you explain them then?

At least in Europe, where I'm from, if someone deposits large amounts of cash into your account it is very likely bank will ask you why.


sinos I have crypto friendly swiss bank, but they might or might not report to my country at the end of the year. Dubai is supposed to not to if you are a resident.​

I also have an US setup but they also start asking questions for significant amounts and banks there are not yet very crypto friendly, just somewhat.

About the 9% tax, I thought I owe no tax as a person?
 
#12
PinkCat said:
Ok lets say an OTC desk sends cash to your personal bank account. What is the reason for payment they put? Won't the bank ask you for SoF for 6 and 7 figures amounts? What do you explain them then?

At least in Europe, where I'm from, if someone deposits large amounts of cash into your account it is very likely bank will ask you why.


sinos I have crypto friendly swiss bank, but they might or might not report to my country at the end of the year. Dubai is supposed to not to if you are a resident.​

I also have an US setup but they also start asking questions for significant amounts and banks there are not yet very crypto friendly, just somewhat.

About the 9% tax, I thought I owe no tax as a person?
Click to expand...
Dubai may not report, if you are shown as UAE resident on your bank application, "What Federal Tax authority is going to do" is still a question, but I think won't be reported.

Corporate Tax of 9% won't apply on wage (salary), personal investment and real estate income. My apologies for the above information, I stand corrected. But any other income generating activity by a natural person will incur CIT.

If you deposit cash into corporate account and round-trip the cash through intermediaries and back into UAE and show the business venture as Software export (copyright clause), then there will be essentially 0 % tax.

https://tax.gov.ae//Datafolder/Files/Guides/CT/Taxation of natural persons - 25 11 2023.pdf
 
#13
sinos said:
Dubai may not report, if you are shown as UAE resident on your bank application, "What Federal Tax authority is going to do" is still a question, but I think won't be reported.

Corporate Tax of 9% won't apply on wage (salary), personal investment and real estate income. My apologies for the above information, I stand corrected. But any other income generating activity by a natural person will incur CIT.

If you deposit cash into corporate account and round-trip the cash through intermediaries and back into UAE and show the business venture as Software export (copyright clause), then there will be essentially 0 % tax.

https://tax.gov.ae//Datafolder/Files/Guides/CT/Taxation of natural persons - 25 11 2023.pdf
Click to expand...
So cashing out crypto as a person is 0% tax since it is considered personal investment right?
What if you have aquired it while in another country that has tax on it, but cash it out as a resident in Dubai, will the original country have tax claim on it?
 
#14
PinkCat said:
Ok lets say an OTC desk sends cash to your personal bank account. What is the reason for payment they put? Won't the bank ask you for SoF for 6 and 7 figures amounts? What do you explain them then?

At least in Europe, where I'm from, if someone deposits large amounts of cash into your account it is very likely bank will ask you why.


sinos I have crypto friendly swiss bank, but they might or might not report to my country at the end of the year. Dubai is supposed to not to if you are a resident.​

I also have an US setup but they also start asking questions for significant amounts and banks there are not yet very crypto friendly, just somewhat.

About the 9% tax, I thought I owe no tax as a person?
Click to expand...
Please share swiss bank name
 
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#17
PinkCat said:
So to get this thread back on topic, do we know any crypto friendly banks in Dubai?
Click to expand...
all banks there are equally suitable or for that matter not suitable, you just need to approach this whole thing holistically in the Dubai way.
Even if I would be up for selling a working approach to you which many on this forum have for like 3+y or so, most likely it wont just work for you and need to be customized to your unique circumstances.
 
#20
TheCryptoAnt said:
It has to be the other brother cause its min deposit 150k iirc



The bank sees it as you sending money to yourself
Click to expand...
ah nice! Do they still ask for SoF for large amounts if it comes from an acc in your name?
 
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