Crypto exit $300k Dubai or other place

[jobre]

Let's say you have around $300k (the number is just for example). Would it make any sense to arrange Dubai tax residency for that amount?

How strict are they about checking the source of crypto income when you try to exit into bank account? The problem I have in my country is that I can not show exact proofs of my crypto income. I did many otc deals, shared different investment allocations with different people, have 30+ wallets, 5 binance and 15 other exchange accounts, I lost some wallets that are already empty, ... I have proof that I bought bitcoins when the price was lower than $5k. But then I sold btc and I was playing with altcoins and otc deals for which I don't have all proofs.

 

[Martin Everson]

I think some of our Dubai folk will be able to answer that.

@Fred

The problem I have in my country is that I can not show exact proofs of my crypto income. I did many otc deals, shared different investment allocations with different people, have 30+ wallets, 5 binance and 15 other exchange accounts, I lost some wallets that are already empty, ... I have proof that I bought bitcoins when the price was lower than $5k. But then I sold btc and I was playing with altcoins and otc deals for which I don't have all proofs.

This is actually not uncommon and a reason why quite a few crypto investors are reluctant to do a crypto declaration at home an choose to run abroad. Hopefully governments can help such people by offering a one of crypto amnesty of lets say 20-25% tax rate.

 

[Mercury]

This is actually not uncommon and a reason why quite a few crypto investors are reluctant to do a crypto declaration at home an choose to run abroad. Hopefully governments can help such people by offering a one of crypto amnesty of lets say 20-25% tax rate.

I wish you could be heard.
For 20% tax no questions asked I would highly be considering going back to my high tax EU country.

 

[jobre]

@Mercury where are you located now? There were no questions asked when you exited to bank account?

 

[Mercury]

I haven't cashed out anything yet. I'm in Thailand at the moment.

 

[jobre]

I guess any bank will ask for declaration how I obtained so much money even if I move to Dubai. Or maybe not? This is what I am trying to find out, if it would be enough to just show proof that I bought some crypto in 2018 but without asking for further details and transactions.

@Fred

This is actually not uncommon and a reason why quite a few crypto investors are reluctant to do a crypto declaration at home an choose to run abroad. Hopefully governments can help such people by offering a one of crypto amnesty of lets say 20-25% tax rate.

 

[carz]

Hopefully governments can help such people by offering a one of crypto amnesty of lets say 20-25% tax rate.

Unfortunately the major stumbling block in many EU countries are the banks. So an amnesty wouldn't do much. But I agree it would be a good thing to offer.

To answer the OP, I would still try and do my best to track the crypto funds that I already own if I were you. You can still note down and keep track of transactions, even if you don't have written verification for OTC deals; pools etc. Do your best to be able to show good faith. Not to make you paranoid this is just so you're prepared/informed, keep in mind that if a government really wanted to they can always ask for proof of wealth along the line - this is for serious money though, I doubt 300k (or in that region) is worth the hassle.

As Martin said there are people who have experience with helping ppl in your position out. I'm sure they'll chime in. Just think things through and weigh the pros and cons. Again, idk if low-mid 6 figures will be worth it though.

 

[Fred]

Let's say you have around $300k (the number is just for example). Would it make any sense to arrange Dubai tax residency for that amount?

How strict are they about checking the source of crypto income when you try to exit into bank account? The problem I have in my country is that I can not show exact proofs of my crypto income. I did many otc deals, shared different investment allocations with different people, have 30+ wallets, 5 binance and 15 other exchange accounts, I lost some wallets that are already empty, ... I have proof that I bought bitcoins when the price was lower than $5k. But then I sold btc and I was playing with altcoins and otc deals for which I don't have all proofs.

Yes - that can be done in Dubai.

I assume your pain is not the tax but the source of funds.

Invest your 8k$ in our solution and live with peace of mind.

 

[jobre]

@Fred yes the pain is the source of funds. I not trying to hide anything and everything was legal, but I did so many otc deals, shared deals with friends, farm together with friends, used eth mixers, used 30+ wallets etc.

I would like to contact you but it seems I can not send messages to other members because I am new member here. What is best way to contact you for more details about your solution?

 

[CaptK]

@Fred yes the pain is the source of funds. I not trying to hide anything and everything was legal, but I did so many otc deals, shared deals with friends, farm together with friends, used eth mixers, used 30+ wallets etc.

I would like to contact you but it seems I can not send messages to other members because I am new member here. What is best way to contact you for more details about your solution?

The source of funds purchasing is not the issue. The source of funds that go to your bank account is.
Especially in Dubai everything has to make sense. You can't set up an e-commerce and then cash out as you would have to prove the business.

It needs a little more work than that and the buyer HAS to be someone in Dubai who questions will not be asked about.
You can invoice anyone and then funds land in your account, no problem. BUT the bank will ask where did this money come from and there is the problem. Bare in mind the UAE can check the sender of the funds life in 2 minutes. So if he is also upto no good then you will have a problem.

Other issue is there are a lot of cash buyers for crypto so if you have a newly established business and you walk in with a suitcase then you will have the same issue as transfer. WHERE did the money come from.

 

[CyprusLaw]

Let's say you have around $300k (the number is just for example). Would it make any sense to arrange Dubai tax residency for that amount?

How strict are they about checking the source of crypto income when you try to exit into bank account? The problem I have in my country is that I can not show exact proofs of my crypto income. I did many otc deals, shared different investment allocations with different people, have 30+ wallets, 5 binance and 15 other exchange accounts, I lost some wallets that are already empty, ... I have proof that I bought bitcoins when the price was lower than $5k. But then I sold btc and I was playing with altcoins and otc deals for which I don't have all proofs.

Have you considered cashing out by purchasing property? A number of developers in Cyprus accept crypto as means of payment.

 

[Fred]

You can't set up an e-commerce and then cash out as you would have to prove the business.

Prove is not a big deal for E-Commerce.

There are plenty of smaller exchange the banks doesn't consider as something Crypto related and take it more as Merchant Account withdraw. Again there are several Merchant Provider processing Crypto.

Works.

 

[CaptK]

Prove is not a big deal for E-Commerce.

There are plenty of smaller exchange the banks doesn't consider as something Crypto related and take it more as Merchant Account withdraw. Again there are several Merchant Provider processing Crypto.

Works.

Yes there are but exchanges again the problem is how much can you really cash out.
Questions from the bank regarding e-commerce:

What do you sell,
Where is the stock
Where is the invoice for the stock
Where is it held if drop shipping
Where are your courier receipts
What is your current inventory

The list is endless especially when you go above 100K AED

 

[carz]

Yes there are but exchanges again the problem is how much can you really cash out.
Questions from the bank regarding e-commerce:

What do you sell,
Where is the stock
Where is the invoice for the stock
Where is it held if drop shipping
Where are your courier receipts
What is your current inventory

The list is endless especially when you go above 100K AED

Is there such a list for the situation where you buy property with crypto, and then receive rental income in the bank account?

 

[Fred]

Yes there are but exchanges again the problem is how much can you really cash out.
Questions from the bank regarding e-commerce:

What do you sell,
Where is the stock
Where is the invoice for the stock
Where is it held if drop shipping
Where are your courier receipts
What is your current inventory

The list is endless especially when you go above 100K AED

Even ENBD is not asking that much.

We both know the banks looking for cash - the min. Balance is the most important question for the banks.

 

[CaptK]

Is there such a list for the situation where you buy property with crypto, and then receive rental income in the bank account?

Yes you can. You can even buy offplan wait till it's completed and then sell and get money back no questions.

 

[troubled soul]

Yes there are but exchanges again the problem is how much can you really cash out.
Questions from the bank regarding e-commerce:

What do you sell,
Where is the stock
Where is the invoice for the stock
Where is it held if drop shipping
Where are your courier receipts
What is your current inventory

The list is endless especially when you go above 100K AED

What will the alternative of e-commerce?

Thanks

 

[troubled soul]

Is there such a list for the situation where you buy property with crypto, and then receive rental income in the bank account?

In today world ,Most sophistic , hassle free way to crypto to fiat is buying property with it in Dubai. You can convert any amount . There will be no problem . Even If you have $100+ million, there will be no problem. I also heard rumor that One whole building is sold via crypto worth $180,000,000.
If you want to avoid attention you can buy multiple properties with multiple broker.

It is most underrated way to crypto cash out.

There will be thin chance of any setup, getting caught , What will happen if invoice provider black mail you ?????
If this method overused , some one will figure out what is going on ? banker can also black mail you?
Some whistle blower report to authorities ?
You can lose your all money in one night .


Keep in mind that any kind of setup is "Money laundering" in eye of Rules and Regulation.

I do not want to scare anyone but try to put light on "anything can happen in offshore world". Everybody is after your money.

In property route , Real estate buying in Dubai, Everybody know that You use crypto for purchase. Property price in Dubai is volatile , Same as crypto and there will be Government fees and another charges also. but you can sleep at night worry free. There is no free lunch in World. Crypto can be up and down 10% in a day. It is better to look at the outcome for crypto cash out and its method.
It is better to pay more in property route.
Even Cash OTC, Nobody can accuse "Money laundering "or blackmail you for anything.
Even popular youtuber uses cash for buying Rolls Royce.

Correct me If I am wrong.
Open for criticism.

 

[Fred]

What will the alternative of e-commerce?

Thanks

A business activity that fits either your track record or degree.

If you don't have any of the aboth you stick to some simple business activity like e-commerce as it fits perfect the account application forms of all major suppliers such as list 3 major supplier and customer names. It's most of the time even easier then having some already ongoing business case from abroad as you can build the whole formation in a way it fits perfectly the questions of the application form.

 

[CaptK]

What will the alternative of e-commerce?

Thanks

Stick to the field you know best and can demonstrate knowledge on.