Hey, so I've been researching how to cash out crypto with 0% and in my situation it does look like the Dubai is best and cheapest way to do it. So, my understanding is that formatting company and getting resident visa should be hassle free. The challenge starts when living in UAE and trying to cash out the cypto to the local bank. I'm trying to find best alternatives.
1. Will here be any problems if I will P2P on Binance $2500, twice a month for total of $5000 and transfer it to Transferwise and then transfer it to local UAE bank account. So every month I would send $5000 to the local bank account. Will the bank start asking questions let's say after few months or I should be safe considering that money will come from EMI with my name on it. I heard that it is better if the EMI was registered in a different country before you moved to Dubai. Also from the transferiwse and other EMI's perspective can they start asking questions when I do P2P twice a month?
2. With the example above, will then be possible to open multiple EMI, like TW, Bancera, Revolut, etc and then multiple bank accounts and do that for all of them without a suspicion? So, in that example if I have 4 EMI's and 4 bank accounts in Dubai, I could withdraw about $20,000 every month? Is that too crazy?
2. For larger cash out over $100.000 I feel like Swissquote is the good option, but not 100% sure about that, their customer service said to me they will close the account if you just simply keep the cash in there, holding a crypto is okay, investing in ETF's is okay, they said they are not a savings account, so it might be worth sending some crypto and then for example keeping 70% in cash and 30% in crypto on their platform, this should make them happy enough, what you think? Any better alternatives?
3. Does any one know what is the list of requirements that SQ asks when you are trying to send to them more than $100,000, they told me that if I plan to do that I should call them first. Anyone did go to SQ in Dubai and try to talk about it with them? I do have a proof of purchase but it might be very complicated to prove it as there are multiple accounts involved, multiple transactions etc.
1. Will here be any problems if I will P2P on Binance $2500, twice a month for total of $5000 and transfer it to Transferwise and then transfer it to local UAE bank account. So every month I would send $5000 to the local bank account. Will the bank start asking questions let's say after few months or I should be safe considering that money will come from EMI with my name on it. I heard that it is better if the EMI was registered in a different country before you moved to Dubai. Also from the transferiwse and other EMI's perspective can they start asking questions when I do P2P twice a month?
2. With the example above, will then be possible to open multiple EMI, like TW, Bancera, Revolut, etc and then multiple bank accounts and do that for all of them without a suspicion? So, in that example if I have 4 EMI's and 4 bank accounts in Dubai, I could withdraw about $20,000 every month? Is that too crazy?
2. For larger cash out over $100.000 I feel like Swissquote is the good option, but not 100% sure about that, their customer service said to me they will close the account if you just simply keep the cash in there, holding a crypto is okay, investing in ETF's is okay, they said they are not a savings account, so it might be worth sending some crypto and then for example keeping 70% in cash and 30% in crypto on their platform, this should make them happy enough, what you think? Any better alternatives?
3. Does any one know what is the list of requirements that SQ asks when you are trying to send to them more than $100,000, they told me that if I plan to do that I should call them first. Anyone did go to SQ in Dubai and try to talk about it with them? I do have a proof of purchase but it might be very complicated to prove it as there are multiple accounts involved, multiple transactions etc.
