Hey guys,
I need a private bank account for the purpose of crypto and stock trading.
Why do I need an offshore bank account?
1. Because most broker platforms don't accept my country.
2. Foreign remittances in my country are tax-free. So if I receive an international remittance to my bank account in my country, I don't have to pay income tax on it.
My plan:
Create an offshore bank account. Transfer my profits from brokers to this bank account. Then transfer the funds from this account to my personal account in my country and that income will be legally tax-free. Since the income generated from trading will also be outside of my country, there is nothing illegal about this.
My requirements for the offshore bank account:
1. Cheap to create and manage.
2. Strict on client privacy.
3. Easy online access and transfers.
4. The country the account is located in has zero or very low tax for foreigners (in this case, me).
Since my country does not have double taxation, I want the offshore account in a country where I will have to pay very tiny tax and then transfer all those funds to my country and also have evidence that I already paid tax on that money.
One country in my mind was Dubai - since I read that Dubai has no income tax (not sure if this is true). But I think Dubai has strict laws for foreigners.
What are your suggestions?
I need a private bank account for the purpose of crypto and stock trading.
Why do I need an offshore bank account?
1. Because most broker platforms don't accept my country.
2. Foreign remittances in my country are tax-free. So if I receive an international remittance to my bank account in my country, I don't have to pay income tax on it.
My plan:
Create an offshore bank account. Transfer my profits from brokers to this bank account. Then transfer the funds from this account to my personal account in my country and that income will be legally tax-free. Since the income generated from trading will also be outside of my country, there is nothing illegal about this.
My requirements for the offshore bank account:
1. Cheap to create and manage.
2. Strict on client privacy.
3. Easy online access and transfers.
4. The country the account is located in has zero or very low tax for foreigners (in this case, me).
Since my country does not have double taxation, I want the offshore account in a country where I will have to pay very tiny tax and then transfer all those funds to my country and also have evidence that I already paid tax on that money.
One country in my mind was Dubai - since I read that Dubai has no income tax (not sure if this is true). But I think Dubai has strict laws for foreigners.
What are your suggestions?
