Hi all!
I am in an interesting (but probably common) situation. I have earned some crypto by doing some services on some projects. Of course, there is no evidence of that (so basically I also have no way in which I can show that I have bought some crypto at some point and then made profit). The collected sum got bigger and bigger, and now I am in a position in which I would like to cash out some of the money (100k+). Most probably i will continue having gains, so I am looking into a long term plan.
Country I am from (Europe region) is not crypto friendly at all, so I started looking into alternatives (that are also tax friendly).
I ended up thinking that I should open an consultancy company (probably IT) in a free-zone from Dubai (maybe IFZA??), open a local bank account there and then try and dump recurrently (for several months) sums into the capital of the company (either directly from an exchange like Binance/Coinbase, either opening a bank account at a crypto-friendly offshore bank, personal account, and then using that to add the money to the company capital). In the meantime, I would use the company by providing some IT Services with it. In the end, I could get out dividends from the company - and voila, I can get out the money (and pay taxes for them in my country - dividends tax).
Summary of above idea: Some exchange (like Binance) -> Offshore personal bank account -> UAE Company (free-zone with local bank) -> dividends out in personal account (+ using in the meantime the company). // If is possible, we could remove part with the offshore personal bank.
Buut, by reading i got into bad reviews about UAE banks in general - that it takes a lot of time to open a bank account, that those banks are not crypto-friendly (ingesting FIAT), and so on.
So, because I am looking for a long term solution (and I would like to avoid spending on nothing around 5-8k USD), I ended up here - asking for advice:
- Is above idea a good one? Do you see any other better alternatives? Which ones?
- Is there a bank account in UAE that you know it would accept injecting into the company's capital a large sum of money (FIAT)?
- Is there any other stuff that I need to be aware off?
- About the offshore bank account - I was thinking about Nexpay. Any other advices/alternatives?
Thanks a lot!!
I am in an interesting (but probably common) situation. I have earned some crypto by doing some services on some projects. Of course, there is no evidence of that (so basically I also have no way in which I can show that I have bought some crypto at some point and then made profit). The collected sum got bigger and bigger, and now I am in a position in which I would like to cash out some of the money (100k+). Most probably i will continue having gains, so I am looking into a long term plan.
Country I am from (Europe region) is not crypto friendly at all, so I started looking into alternatives (that are also tax friendly).
I ended up thinking that I should open an consultancy company (probably IT) in a free-zone from Dubai (maybe IFZA??), open a local bank account there and then try and dump recurrently (for several months) sums into the capital of the company (either directly from an exchange like Binance/Coinbase, either opening a bank account at a crypto-friendly offshore bank, personal account, and then using that to add the money to the company capital). In the meantime, I would use the company by providing some IT Services with it. In the end, I could get out dividends from the company - and voila, I can get out the money (and pay taxes for them in my country - dividends tax).
Summary of above idea: Some exchange (like Binance) -> Offshore personal bank account -> UAE Company (free-zone with local bank) -> dividends out in personal account (+ using in the meantime the company). // If is possible, we could remove part with the offshore personal bank.
Buut, by reading i got into bad reviews about UAE banks in general - that it takes a lot of time to open a bank account, that those banks are not crypto-friendly (ingesting FIAT), and so on.
So, because I am looking for a long term solution (and I would like to avoid spending on nothing around 5-8k USD), I ended up here - asking for advice:
- Is above idea a good one? Do you see any other better alternatives? Which ones?
- Is there a bank account in UAE that you know it would accept injecting into the company's capital a large sum of money (FIAT)?
- Is there any other stuff that I need to be aware off?
- About the offshore bank account - I was thinking about Nexpay. Any other advices/alternatives?
Thanks a lot!!
Last edited:
