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CASHING OUT OF CRYPTO

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50btcboy

New member
HI ALL, I am hoping for some assistance. I am looking for suggestions to enable me to start drawing some income from my crypto investments. I do not want to be slaughtered by HMRC and am hoping to start travelling, living abit of a nomadic lifstyle.
Recently Santander have informed me that they will be closing all of my accounts in the next 8 weeks without explanation after 30 years of trouble free banking. This seems to have come about because i deposited a (very small) amount of cash from my Coinbase Pro account. I did this only as a test as i had heard in the news that banks would be refusing to allow people to cash out of their Bitcoin profits. I have sent a fair amount of funds out of the Santander account to Coinbase and whilst i was asked to prove where the funds were coming from, they allowed the money to flow out.
Hmrc have also agreed with Coinbase regarding providing information of anyone who has purchased more than £5000 in crypto for the year 2019/2020.
I am looking for a solution. Perhaps an off shore company and bank account in Belize , linked to a corporate Binance account where i can withdraw GBP to my off shore account and spend where ever i maybe via debit card.
Is this possible, Is Belize the place, are there pitfalls, am i barking up the wrong tree?
THANK YOU in advance.
 

LondonOTC

Bitcoin OTC Dealer
Silver Member
BANNED MEMBER
A solution for you would be reciving the funds from a company that doesn't look like an exchange for other concept not related with Crypto
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
Your best option to do an OTC transaction and also move your funds out of Coinbase to a hard wallet.

Now the question is by the time you set up a Belize company and bank account. Will it be viable
Most banks will charge you 3% to receive, their base currency is USD so there will be a conversion rate to exchange, monthly account fee.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
HI ALL, I am hoping for some assistance. I am looking for suggestions to enable me to start drawing some income from my crypto investments. I do not want to be slaughtered by HMRC and am hoping to start travelling, living abit of a nomadic lifstyle.
Recently Santander have informed me that they will be closing all of my accounts in the next 8 weeks without explanation after 30 years of trouble free banking. This seems to have come about because i deposited a (very small) amount of cash from my Coinbase Pro account. I did this only as a test as i had heard in the news that banks would be refusing to allow people to cash out of their Bitcoin profits. I have sent a fair amount of funds out of the Santander account to Coinbase and whilst i was asked to prove where the funds were coming from, they allowed the money to flow out.
Hmrc have also agreed with Coinbase regarding providing information of anyone who has purchased more than £5000 in crypto for the year 2019/2020.
I am looking for a solution. Perhaps an off shore company and bank account in Belize , linked to a corporate Binance account where i can withdraw GBP to my off shore account and spend where ever i maybe via debit card.
Is this possible, Is Belize the place, are there pitfalls, am i barking up the wrong tree?
THANK YOU in advance.
If you want a zero tax offshore structure with a real bank account and the possibility to live a digital nomad lifestyle - go for our Dubai solution. You only have to be every 180 days for 24hours in Dubai to keep your visa active. As we open your business bank account with the UAE residence you get during the company formation here - there will be no CRS reporting and the bank accounts esspecially the business bank account for your Dubai company will work like a charm even if you are traveling around and only stay 2 days a year in UAE. It's a reliable setup for the future as the company and the bank account is in one place. For the crypto there are several workarounds with small fees to receive the money in EUR/USD to your Dubai company bank account. From there you can start investing in stocks and ETF via Interactive Brokers for example.
 

50btcboy

New member
Your best option to do an OTC transaction and also move your funds out of Coinbase to a hard wallet.

Now the question is by the time you set up a Belize company and bank account. Will it be viable
Most banks will charge you 3% to receive, their base currency is USD so there will be a conversion rate to exchange, monthly account fee.
Thank you for your reply.
My funds are already stored on a hard wallet not on Coinbase. If i was to do OTC my bank would surely question the source of the funds?
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Could you provide me with more details of this service please?
Send you PM.

Let me clarify why I don't recommend Belize:

You will face huge issues when it comes to bank accounts. Maybe you have already figured out that Choice Bank and several other famous offshore banks already passed away. We have several clients with 7 figures stuck in Puerto Rican bank Euro Pacific Private bank because of Crypto activity and even the Banks in Belize that are still alive facing always trouble with correspondent banking and using most of the time some type of EMI to receive funds. So in practice you will be never ever able to receive crypto related wires to a Belize Bank. Beside of a rela Bank in Belize or Vanuatu that doens't help you when it comes to CRS reporting - you have eastern europe EMI's that are most of the time limited to SEPA only and even can't provide any debit card or only for EU residents. With the Dubai Company you can have a residence even if you travel the whole year. Get real bank accounts in UAE opened with residence card to avoid CRS reporting and on/off ramps to crypto as well as the possibility to get EU bank account with SEPA/SWIFT.

Look at all the big Youtuber with 3M+$ in open trades in Bitcoin like CryptoJack - they all stay here in Dubai.
 

50btcboy

New member
Send you PM.

Let me clarify why I don't recommend Belize:

You will face huge issues when it comes to bank accounts. Maybe you have already figured out that Choice Bank and several other famous offshore banks already passed away. We have several clients with 7 figures stuck in Puerto Rican bank Euro Pacific Private bank because of Crypto activity and even the Banks in Belize that are still alive facing always trouble with correspondent banking and using most of the time some type of EMI to receive funds. So in practice you will be never ever able to receive crypto related wires to a Belize Bank. Beside of a rela Bank in Belize or Vanuatu that doens't help you when it comes to CRS reporting - you have eastern europe EMI's that are most of the time limited to SEPA only and even can't provide any debit card or only for EU residents. With the Dubai Company you can have a residence even if you travel the whole year. Get real bank accounts in UAE opened with residence card to avoid CRS reporting and on/off ramps to crypto as well as the possibility to get EU bank account with SEPA/SWIFT.

Look at all the big Youtuber with 3M+$ in open trades in Bitcoin like CryptoJack - they all stay here in Dubai.
Thank You for your reply.
So do you offer a complete package for Company formation and bank account?
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Thank You for your reply.
So do you offer a complete package for Company formation and bank account?
That's correct even the whole visa application process as well as business plan / website for the bank account opening is included.

You find all the informations in detail on our website as well: dls-dubai.com
 

50btcboy

New member
That's correct even the whole visa application process as well as business plan / website for the bank account opening is included.

You find all the informations in detail on our website as well: dls-dubai.com
Thank You for the link. I have taken a look on your website and am interested in finding out more. Should i just go through the website?
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Thank You for the link. I have taken a look on your website and am interested in finding out more. Should i just go through the website?
Yes that would make sense the most everything is mentioned there.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
Thank you for your reply.
My funds are already stored on a hard wallet not on Coinbase. If i was to do OTC my bank would surely question the source of the funds?
Perfect then you can invoice the buyer of the BTC as digital solutions or something like that.
 

wellington

New member
If you want a zero tax offshore structure with a real bank account and the possibility to live a digital nomad lifestyle - go for our Dubai solution. You only have to be every 180 days for 24hours in Dubai to keep your visa active. As we open your business bank account with the UAE residence you get during the company formation here - there will be no CRS reporting and the bank accounts esspecially the business bank account for your Dubai company will work like a charm even if you are traveling around and only stay 2 days a year in UAE. It's a reliable setup for the future as the company and the bank account is in one place. For the crypto there are several workarounds with small fees to receive the money in EUR/USD to your Dubai company bank account. From there you can start investing in stocks and ETF via Interactive Brokers for example.
Are you able to send any more information? I have xx,xxx,xxx to withdraw, was considering an OTC.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
Perfect then you can invoice the buyer of the BTC as digital solutions or something like that.
Your structure would like this

Company in UAE would receive funds from the OTC transaction.
They would invoice for the sale of those items for digital services.
Depending on who you bank with the buyers business you can receive multiple transactions.
There are some private banks who will accept the transactions if the buyer already banks with them.
In effect the buyer recommends the seller to the bank and because the bank can confirm the history of funds they allow the transaction. Subject to minimum account opening requirements.
 

Mia0063

New member
Send you PM.

Let me clarify why I don't recommend Belize:

You will face huge issues when it comes to bank accounts. Maybe you have already figured out that Choice Bank and several other famous offshore banks already passed away. We have several clients with 7 figures stuck in Puerto Rican bank Euro Pacific Private bank because of Crypto activity and even the Banks in Belize that are still alive facing always trouble with correspondent banking and using most of the time some type of EMI to receive funds. So in practice you will be never ever able to receive crypto related wires to a Belize Bank. Beside of a rela Bank in Belize or Vanuatu that doens't help you when it comes to CRS reporting - you have eastern europe EMI's that are most of the time limited to SEPA only and even can't provide any debit card or only for EU residents. With the Dubai Company you can have a residence even if you travel the whole year. Get real bank accounts in UAE opened with residence card to avoid CRS reporting and on/off ramps to crypto as well as the possibility to get EU bank account with SEPA/SWIFT.

Look at all the big Youtuber with 3M+$ in open trades in Bitcoin like CryptoJack - they all stay here in Dubai.
Can you please PM me more info too, im new here but in the exact same situation! Very interested in your offer! Thanks
 
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