Cashing out $100,000 from crypto in Dubai make sense?

[kokolokop]

I wanted to ask what would be the best solution to cash out crypto worth around $100,000 tax free.

I know there is an option to do it in Dubai with @Fred, I just don't know if that would be worth from the financial stand point.

I'm from the country in European Union and I travel a lot, and my tax residence would be where I stay over 6 months in a calendar year.

Moving to Dubai would be a great option but I hear that the cost of setting up company + residence visa might cost around $10,000

Im assuming that I would need at least $3,000+ a month to pay for rent and food, so that would be around $36,000 a year plus flights and other expenses it would probably
amount to $50,000 a year.

Considering that, is it worth cashing out $100,000 while spending half of it?

Am I missing something? As far as I understand Dubai is the only crypto tax free country for people who are trading daily, so in order to pay 0% tax I would need to move there for more than 6 months a year for it to considered my tax residence and set up a company.

Any suggestions would be much appreciated, what would you do? Maybe transferring to a low tax crypto country would be a better option and paying the tax in there? But where that would be?

 

[troubled soul]

No,
In my Point of View, If you have only $100,000 It is not worth It .
This thread will help you


https://www.offshorecorptalk.com/threads/at-what-point-does-dubai-become-worth-it.33970/#post-177332https://www.offshorecorptalk.com/threads/life-in-uae-advantages-disadvantages.33151/

 

[kokolokop]

No,
In my Point of View, If you have only $100,000 It is not worth It .
This thread will help you


https://www.offshorecorptalk.com/threads/at-what-point-does-dubai-become-worth-it.33970/#post-177332https://www.offshorecorptalk.com/threads/life-in-uae-advantages-disadvantages.33151/

Thanks for your reply. What amount in your opinion would make sense for a single person that would like to cash out crypto in Dubai and live a simple life with maybe a $3000 a month budget for food and accommodation. $200,000 in crypto would make sense to move to Dubai for a year live a simple life and cash out crypto while living there?

 

[troubled soul]

Depend on your situation ,
Do you want to move to Dubai permanently ?
Do you just want to only "cash out crypto"?
What is your home country crypto tax?
Is your home country bank crypto friendly ?

Provide more info so I can help you.

If you only need to cash out crypto , There are many way to cash out without moving to Dubai.

 

[kokolokop]

Depend on your situation ,
Do you want to move to Dubai permanently ?
Do you just want to only "cash out crypto"?
What is your home country crypto tax?
Is your home country bank crypto friendly ?

Provide more info so I can help you.

If you only need to cash out crypto , There are many way to cash out without moving to Dubai.

I would probably consider staing in Dubai for 9 months to make it my tax residence for a specific year when I would like to cash out crypto and probably would move out to some other country after that. So let's say I go to Dubai in March, and leave January next year. Yes, the only purpose would be cashing out crypto and setting up company for that purpose. My home country tax would be around 20% but I have not been living there for long time and im not planning to go there, so for many years my center of business was elsewhere. I would want to stay in Dubai more than 6 months to make sure my tax residency is there. I have no bank in my home country and dont think they are crypto friendly, as many people here I have legal crypto but would have extreme difficulty explaining where is that from to anyone, with hundreds of transactions.

What other ways of cashing out crypto without moving out to Dubai you are referring to?

For many countries the place where you live and have center of business for more than 6 months a year is your tax residency so if I would even cash out crypto online I would still need to pay tax on that where I live. Right now where I live taxable event is only considered when converting to fiat.

So I dont know any countries beside UAE that would give me 0% tax by moving there for more than 6 months. Any auggestions?

 

[troubled soul]

Ok,
Correct me If I understand anything wrong,
You want to cash out crypto "tax free" in Dubai ..and move to home country after sometime...... right ?

Do you mind to pay tax when you receive fiat in your bank account ?

 

[kokolokop]

Yes, I want to cash out crypto tax free and not pay any tax on it anywhere. I live in another country right now and I dont consider staying here long time. Where I live right now the tax is over 30% so I dont want to cash out here either. As far as I know Dubai is the only tax free place.

i would consider paying small tax if I would knew that they will not freeze my bank in any country that would be. But it is risky to do that if you dont know if you can prove enough the source of your crypto, plus explaining staking, rebase tokens etc to some people in the bank.

So i think the easiest would be moving to country that has 0% income tax on crypto and staying there long enough for your home country to consider that your tax residency place for that specific year.

 

[troubled soul]

ok Best Luck,, For tax saving dubai is best choice.

 

[khinkali]

So i think the easiest would be moving to country that has 0% income tax on crypto and staying there long enough for your home country to consider that your tax residency place for that specific year.

It is worth checking the rules for your home country. For example UK tax residents who leave can earn new non UK income without any UK tax from the start of the next tax year (or in many cases earlier), but if they return within five years then they are taxed on offshore disposals of assets they owned before they left. A lot of countries have similar (but often more complicated) rules.

If your crypto are clean, you have a suitable passport and your overall situation is reassuring then Georgia might make sense.

 

[clemens]

Am I missing something? As far as I understand Dubai is the only crypto tax free country for people who are trading daily, so in order to pay 0% tax I would need to move there for more than 6 months a year for it to considered my tax residence and set up a company.

yeah it is all about the math. Either you pay taxes from your earnings or you pay high costs to stay in a country with no taxes. It may be easy for you to do the calculation.

 

[NicolasMaduro]

Well you already did the math. You are saving 30k+ in taxes, but by relocating to UAE those 30k+ are quickly spent on relocation costs, company, increased living expenses, flight tickets etc.

 

[Rick Ross 305]

Why not get a 1yr nomad visa in the Caribbean/ Central America (Barbados, Curacao, Antigua, Panama) they are so cheap and easy to get? Then you can cash in through some bank in Saint Lucia or Dominica tax-free.

 

[Kaseder]

Yes, I want to cash out crypto tax free and not pay any tax on it anywhere. I live in another country right now and I dont consider staying here long time. Where I live right now the tax is over 30% so I dont want to cash out here either. As far as I know Dubai is the only tax free place.

i would consider paying small tax if I would knew that they will not freeze my bank in any country that would be. But it is risky to do that if you dont know if you can prove enough the source of your crypto, plus explaining staking, rebase tokens etc to some people in the bank.

So i think the easiest would be moving to country that has 0% income tax on crypto and staying there long enough for your home country to consider that your tax residency place for that specific year.

I am in a similar situation, I'd like to share some thoughts, where can i contact you? You can contact me on telegram. My username is the same

 

[troubled soul]

I am in a similar situation, I'd like to share some thoughts, where can i contact you? You can contact me on telegram. My username is the same

Can you share here??? If you do not have problem....it will help many

 

[JohnnyDoe]

I’m always happy to buy crypto for physical cash or b2b

 

[Kaseder]

Can you share here??? If you do not have problem....it will help many

Ok. I'm buying a house in portugal to register with Non Habitual Resident program which assures 0%tax on foreign income for 10years . The only requirement to prove the non habitual residence is a 12months rental agreement. I can stipulate such agreement for my house at a discounted fee. I can help with registration in NHR too of course

 

[RealDude]

No one asks about the origin of the cryptos at cash out?

 

[JohnnyDoe]

No one asks about the origin of the cryptos at cash out?

I don’t

 

[bossTrader75]

I wanted to ask what would be the best solution to cash out crypto worth around $100,000 tax free.

I know there is an option to do it in Dubai with @Fred, I just don't know if that would be worth from the financial stand point.

I'm from the country in European Union and I travel a lot, and my tax residence would be where I stay over 6 months in a calendar year.

Moving to Dubai would be a great option but I hear that the cost of setting up company + residence visa might cost around $10,000

Im assuming that I would need at least $3,000+ a month to pay for rent and food, so that would be around $36,000 a year plus flights and other expenses it would probably
amount to $50,000 a year.

Considering that, is it worth cashing out $100,000 while spending half of it?

Am I missing something? As far as I understand Dubai is the only crypto tax free country for people who are trading daily, so in order to pay 0% tax I would need to move there for more than 6 months a year for it to considered my tax residence and set up a company.

Any suggestions would be much appreciated, what would you do? Maybe transferring to a low tax crypto country would be a better option and paying the tax in there? But where that would be?

For 100 k USd move to a different country this is insane !

i cash this out in one meeting 15 min and get 50 k Euro cash for 2,5 % at my regulary Exchanger in Poland.

But you wont have the cash on your bank account : )

i have panama connections en mass for 5 % and they also sent you the money by bankwire whereever you want.

I bought lots of propertys in different countries with help of this. Just derigster from europe and get a residency outside of europe or just cash into cash money then you wont need anything to do in europe nobody can know : )

 

[JackAlabama]

I wanted to ask what would be the best solution to cash out crypto worth around $100,000 tax free.

I know there is an option to do it in Dubai with @Fred, I just don't know if that would be worth from the financial stand point.

I'm from the country in European Union and I travel a lot, and my tax residence would be where I stay over 6 months in a calendar year.

Moving to Dubai would be a great option but I hear that the cost of setting up company + residence visa might cost around $10,000

Im assuming that I would need at least $3,000+ a month to pay for rent and food, so that would be around $36,000 a year plus flights and other expenses it would probably
amount to $50,000 a year.

Considering that, is it worth cashing out $100,000 while spending half of it?

Am I missing something? As far as I understand Dubai is the only crypto tax free country for people who are trading daily, so in order to pay 0% tax I would need to move there for more than 6 months a year for it to considered my tax residence and set up a company.

Any suggestions would be much appreciated, what would you do? Maybe transferring to a low tax crypto country would be a better option and paying the tax in there? But where that would be?

As I wrote a lot of times here already.
The majority of the guest workers earn 3000AED a month which is below 1k$.

They can live in UAE and so could you. Live outside Dubai like in Ajman or Sharjah and its well worth your amount.
You can also live cheap in Dubai if you need to.

The key question is, do you want to do this?