First and foremost, I reside in the UK and am a tax resident there, despite holding an Estonian passport. My primary source of income stems from cryptocurrency activities, notably arbitrage trading, airdrops, and the use of automated bots.
Recent regulatory changes in the UK concerning cryptocurrency, coupled with actions taken by platforms like Binance and Bybit to cease their services for UK residents, have prompted me to contemplate relocation.
Dubai appears to be my primary consideration.
(I am not planning to comeback to UK for 5 years at least)
My goal is to effortlessly open cryptocurrency accounts either under my name or my company's name, if necessary, with minimal reporting requirements and paperwork. Given the high frequency of transactions my bot conducts daily, managing paperwork becomes challenging. I aim to live without the fear of being perceived as a criminal for not meeting tax obligations and using cryptocurrency.
As arbitrage trader I am doing big volumes (100m+ a month) with very small profit margins (not sure if it is important prior to forming a company) and I only trade with my own money.
Currently, I rely on gift cards, cash and non-KYC exchanges; however, these methods are becoming increasingly cumbersome.
In the context of Dubai, I am keen on withdrawing funds, up to half a million per annum, with the intention of reinvesting in properties located in the UK or Europe through the establishment of my limited company. This move is envisaged to create a secondary source of income that remains independent of cryptocurrency.
I am aware that banks in Dubai are not crypto friendly and Im prepared to waive this particular concern, as long as I will be able to cash out my money in a european bank after a few years of residency in Dubai. I am fully committed to providing any necessary documentation or evidence to substantiate the sources of these funds acquired during my tenure in Dubai, thus facilitating my reinvestment endeavors and compliance with SOF regulations.
My secondary consideration was establishing an Estonian company; however, given the entirety of my assets being in cryptocurrency, I am skeptical about the feasibility of transferring 10 bitcoins into a company's name to commence futures trading without fulfilling SOF requirements.
I am open to exploring alternative strategies and welcome any suggestions or insights.
Recent regulatory changes in the UK concerning cryptocurrency, coupled with actions taken by platforms like Binance and Bybit to cease their services for UK residents, have prompted me to contemplate relocation.
Dubai appears to be my primary consideration.
(I am not planning to comeback to UK for 5 years at least)
My goal is to effortlessly open cryptocurrency accounts either under my name or my company's name, if necessary, with minimal reporting requirements and paperwork. Given the high frequency of transactions my bot conducts daily, managing paperwork becomes challenging. I aim to live without the fear of being perceived as a criminal for not meeting tax obligations and using cryptocurrency.
As arbitrage trader I am doing big volumes (100m+ a month) with very small profit margins (not sure if it is important prior to forming a company) and I only trade with my own money.
Currently, I rely on gift cards, cash and non-KYC exchanges; however, these methods are becoming increasingly cumbersome.
In the context of Dubai, I am keen on withdrawing funds, up to half a million per annum, with the intention of reinvesting in properties located in the UK or Europe through the establishment of my limited company. This move is envisaged to create a secondary source of income that remains independent of cryptocurrency.
I am aware that banks in Dubai are not crypto friendly and Im prepared to waive this particular concern, as long as I will be able to cash out my money in a european bank after a few years of residency in Dubai. I am fully committed to providing any necessary documentation or evidence to substantiate the sources of these funds acquired during my tenure in Dubai, thus facilitating my reinvestment endeavors and compliance with SOF regulations.
My secondary consideration was establishing an Estonian company; however, given the entirety of my assets being in cryptocurrency, I am skeptical about the feasibility of transferring 10 bitcoins into a company's name to commence futures trading without fulfilling SOF requirements.
I am open to exploring alternative strategies and welcome any suggestions or insights.
