Best ways to cash out crypto trading

[Ashitaka]

Not really, there are many other reasons to join the mentor group, the major reason would be to support the forum and help us to stay around also in the future
Have a look here Advertising - Unlock the Power of OffshoreCorpTalk: Become a Member of the Mentor Group Gold for even more details.

Thanks, I will have a look

 

[JohnLocke]

Did you try using kraken to cash out your bitcoins, you could setup a company in either UK or Switzerland depending on your budget and the volumen of crypto.

 

[Ashitaka]

Did you try using kraken to cash out your bitcoins, you could setup a company in either UK or Switzerland depending on your budget and the volumen of crypto.

Yes, in my opinion Kraken is the best exchange at the moment for fiat.

Regarding a company in UK or Switzerland check what I mentioned earlier. You end up paying around 30% unless you try to hide it with nominees et al.

Do you have any experience or heard testimonials about Cyprus non doms and offshore and/or onshore for crypto trading?

Cheera

 

[JohnLocke]

Do you have any experience or heard testimonials about Cyprus non doms and offshore and/or onshore for crypto trading?

For sure, have first hand experience with Cyprus and business in Cyprus If you get the right agent / CSP there, you will have no headache with the tax office there or locally, despite all the horror stories you read around here it has been working almost fine for me the last 20 years also during all the changes in the ever changing world.

 

[CaptK]

Why would Cyprus not work for example? So you are saying Europe is not viable? I'm fine paying low tax that's what the whole thread is about.

Could you please expand on the foundation? I didn't understand what you said

Cheers

The EU will come down hard on Crypto very soon because they are broke. Also Crypto is hard to audit and or find so if they get a smell of it you are guilty until proven innocent, the onus of proof is on you as to why you dont owe them the money they want from you.

Europe is CRS and CFC so you are not in a position to save anything in the long run. You have to move somewhere that they will not bother you as the very jurisdiction is tax free.
Once your set up there pay yourself either a salary or a dividend. If salary make sure things tally up like your LinkedIn says you are UK Business Development Director, you have an email address and websites.
Keep the company card for purchases and living expenses. Dont buy a Ferrari, HMRC look into all owners of high end cars even whenbthey are on finance.

Foundation is a long and complex conversation but I will do my best to answer any questions. What do you not understand.

 

[Ashitaka]

For sure, have first hand experience with Cyprus and business in Cyprus If you get the right agent / CSP there, you will have no headache with the tax office there or locally, despite all the horror stories you read around here it has been working almost fine for me the last 20 years also during all the changes in the ever changing world.

Awesome, great to hear! Including crypto right?

 

[Ashitaka]

The EU will come down hard on Crypto very soon because they are broke. Also Crypto is hard to audit and or find so if they get a smell of it you are guilty until proven innocent, the onus of proof is on you as to why you dont owe them the money they want from you.

Europe is CRS and CFC so you are not in a position to save anything in the long run. You have to move somewhere that they will not bother you as the very jurisdiction is tax free.
Once your set up there pay yourself either a salary or a dividend. If salary make sure things tally up like your LinkedIn says you are UK Business Development Director, you have an email address and websites.
Keep the company card for purchases and living expenses. Dont buy a Ferrari, HMRC look into all owners of high end cars even whenbthey are on finance.

Foundation is a long and complex conversation but I will do my best to answer any questions. What do you not understand.

I totally agree with you and the way the EU is messing Europe up, and thanks for the insights, though I doubt all people with money will leave Europe, in my opinion the life quality is just too good compared to other places. Having the ability to travel to so many different countries and enjoy so many different cultures in such an easy way is difficult to match... I have lived in LATAM, USA, several EU countries and my wife in Asia and we agree on this too. Also have been to Dubai and no offence but that place is a shithole compared to most European cities. So it would be extremely rare that there are no ways to make it in Europe when there is so many wealthy individuals, sure you will pay more tax and financial privacy is not great but everything has an opportunity cost. Unfortunately, not all of us can leave Europe and that's why I'm trying to find a solution. In my case I have to attend my grandparents from time to time and cannot be too far in case there is an emergency.

Regarding the foundation, I just didn't understand what you meant. You meant setting it up and then pay yourself a salary or something?

Cheers

 

[CaptK]

I totally agree with you and the way the EU is messing Europe up, and thanks for the insights, though I doubt all people with money will leave Europe, in my opinion the life quality is just too good compared to other places. Having the ability to travel to so many different countries and enjoy so many different cultures in such an easy way is difficult to match... I have lived in LATAM, USA, several EU countries and my wife in Asia and we agree on this too. Also have been to Dubai and no offence but that place is a shithole compared to most European cities. So it would be extremely rare that there are no ways to make it in Europe when there is so many wealthy individuals, sure you will pay more tax and financial privacy is not great but everything has an opportunity cost. Unfortunately, not all of us can leave Europe and that's why I'm trying to find a solution. In my case I have to attend my grandparents from time to time and cannot be too far in case there is an emergency.

Regarding the foundation, I just didn't understand what you meant. You meant setting it up and then pay yourself a salary or something?

Cheers

You will need an IBC layer and not an LLP. The purpose of the IBC is an administrator of the Foundation.

 

[Hm2ia21K]

You could use Local bitcoins or Paxful and use the cash in mail option, used a few times myself without any issues not sure whether Local Bitcoins still offer this option.

 

[Ashitaka]

For sure, have first hand experience with Cyprus and business in Cyprus If you get the right agent / CSP there, you will have no headache with the tax office there or locally, despite all the horror stories you read around here it has been working almost fine for me the last 20 years also during all the changes in the ever changing world.

Which country do you recommend to open the offshore to trade crypto from Cyprus?

 

[JohnLocke]

Which country do you recommend to open the offshore to trade crypto from Cyprus?

I don't understand your question, please try to explain?

 

[Ashitaka]

I don't understand your question, please try to explain?

I'm thinking about moving to Cyprus so it seems the best way to trade crypto from there is via an offshore ibc for example but many of these countries are restricted by some exchanges such as Panama, Antigua, etc. I was wondering which country you would suggest for this

 

[tradingworldwide321]

I'm thinking about moving to Cyprus so it seems the best way to trade crypto from there is via an offshore ibc for example but many of these countries are restricted by some exchanges such as Panama, Antigua, etc. I was wondering which country you would suggest for this

First of all, define which crypto exchangers you are going to use and keep your plan b, just in case of.
Then, after that, go to their support site and check which countries they don't work with, so you will know which offshore may (not) work and I talk about company, individual and banking jurisdictions.

Once you have your options, you can do two things, ask for advice here and then talk with lawyers who practices the local law in that country just "to confirm" that the work you gonna do is aceptable with/without license according to the law etc...

Then you also need to figure out how easy is to set up a corporate bank for ingoing outgoing crypto payments, if you do that only to corporate to corporate it will be better, but if its people to corporate and corporate to people... I don't know.

Check what goverment people thinkg about crypto. Maybe they hate those people, maybe they like those people.

Make math and see how much for costs of incorporation, banking, lawyer consultations etc...

I hope it may helps.

 

[Ashitaka]

First of all, define which crypto exchangers you are going to use and keep your plan b, just in case of.
Then, after that, go to their support site and check which countries they don't work with, so you will know which offshore may (not) work and I talk about company, individual and banking jurisdictions.

Once you have your options, you can do two things, ask for advice here and then talk with lawyers who practices the local law in that country just "to confirm" that the work you gonna do is aceptable with/without license according to the law etc...

Then you also need to figure out how easy is to set up a corporate bank for ingoing outgoing crypto payments, if you do that only to corporate to corporate it will be better, but if its people to corporate and corporate to people... I don't know.

Check what goverment people thinkg about crypto. Maybe they hate those people, maybe they like those people.

Make math and see how much for costs of incorporation, banking, lawyer consultations etc...

I hope it may helps.

Yeah that's what I'm doing right now. I was just wondering if @Admin had any suggestions since he has been working with CY for quite a while now.

Thanks for the input

 

[JohnLocke]

Yeah that's what I'm doing right now. I was just wondering if @Admin had any suggestions since he has been working with CY for quite a while now.

Thanks for the input

You need to check with the Cyprus laws, anyway Cyprus is part of the EU for that reason I don't believe it is a problem with Crypto nor can I find any limitations compared to other countries within the EU.

Personally I would start consulting a good and reputable tax advisor (certified) in Cyprus - there are a few very reputable inside the RESOURCE in the Mentor Group, there is also a long thread from me about a particular one. Once you have sourced a reputable firm you go to Cyprus and speak with them face to face and explain them in details what it is you want to do.

I know there are reputable consultancy firms, also license, where you simple said, will get a shitty setup.

 

[CaptK]

You are making it more complicated than it needs to be. To simplify I would suggest you set up an Ireland company 20% on dividends. Your trading crypto so the majority of exchanges are KYC free anyway so setting up an IBC in Seychelles or Mauritius for wealth preservation for later on.
Costs about 3K a year to run and keeps you 1 hour away from home by plane.

 

[Spinat]

why would he do that if he say he want to live in Cyprus

You are making it more complicated than it needs to be. To simplify I would suggest you set up an Ireland company 20% on dividends. Your trading crypto so the majority of exchanges are KYC free anyway so setting up an IBC in Seychelles or Mauritius for wealth preservation for later on.
Costs about 3K a year to run and keeps you 1 hour away from home by plane.

 

[hp4]

UAE company and residency. Crypto as a currency is illegal to use in Dubai for purchases but when you convert to fiat the law/banks have no problem accepting it.

Then you can use your Dubai company to lend your UK company funds to invest in property.

Would this work in the US?

 

[CaptK]

why would he do that if he say he want to live in Cyprus

He stated earlier he wants to stay in or near the UK as possible for family reasons.
He is looking at Cyprus for the Non Dom scenario which I dont think will work as he wants it to. I could be wrong but I remember trying to do a similar structure for a client who traded Carbon. He eventually ended up in Dubai. I will dig through the emails on the server and try and find out the reason why Cyprus didnt work for him. He is a British National living in the UK.
I think it was something based around substance but let me confirm.

Would this work in the US?

Yes it can its just a bit more Gymnastics initial setup.

 

[crsp]

@Ashitaka

How you getting on - any updates?