Crypto exit $300k Dubai or other place

[jobre]

What if I want to exit crypto without company? Are there any crypto friendly banks in Dubai that could accept $50k withdrawal per month to personal bank account?

Is it really necessary to open a company and do some risky transactions? Wouldn't be easier to just try to withdraw $10k per month from Kraken, $10k from Bitstamp and from other exchanges each month?

I have proof that I bought bitcoins. I have proof that I invested USDC into some crypto projects through syndicates and got good return. I don't have entire history for my 30 wallets and 20+ exchange accounts and I don't records of transactions. Still I can prove for at least 70% of profit where it came from (mostly from IDOs, pool deals, uniswap degen projects).

 

[Fred]

What if I want to exit crypto without company? Are there any crypto friendly banks in Dubai that could accept $50k withdrawal per month to personal bank account?

The Dubai Company Formation grants you the Residence Visa with Business & Personal Bank Accounts in the most straightforward way.

If you have this already in place then it make sense to use the structure.

I have proof that I bought bitcoins. I have proof that I invested USDC into some crypto projects through syndicates and got good return. I don't have entire history for my 30 wallets and 20+ exchange accounts and I don't records of transactions. Still I can prove for at least 70% of profit where it came from (mostly from IDOs, pool deals, uniswap degen projects).

You will run into trouble as 300k$ is enough thatsl questions will be raised - especially if you try to safe up on every end and you end up banking with a so called Crypto Friendly EMI.

 

[jobre]

The Dubai Company Formation grants you the Residence Visa with Business & Personal Bank Accounts in the most straightforward way.

If you have this already in place then it make sense to use the structure.

You will run into trouble as 300k$ is enough thatsl questions will be raised - especially if you try to safe up on every end and you end up banking with a so called Crypto Friendly EMI.

I was thinking to open company for my existing business anyway (I will contact you about that soon). This would grand me visa. But still I would like to withdraw funds to personal account (no relation to company) because this would be the most legal way. Using company schemes for services that actually haven't been done sounds little shady, it is not just tax avoid but also money laundry.

I wouldn't withdraw 300k$ straight, only $50k per month and I would immediately withdraw this money to Interactive Brokers, buy land, metals or other investments. So even if they start asking questions, the money is not with them anymore and I can open account in other bank. And you can also open bank account in a few different banks to reduce the size in one bank right?

And also so what if they start asking questions. I can show them that I bought some btc a few years ago. I can show them that I invested through syndicates some projects that did x50-x100. My friends also got questions from banks here in Europe, they just showed them how they bought first crypto currencies and some transactions (just minority of it) and everything was fine.

Am I wrong?

 

[Mercury]

You will run into trouble as 300k$ is enough thatsl questions will be raised - especially if you try to safe up on every end and you end up banking with a so called Crypto Friendly EMI.

What kind of trouble are we talking about? Bank account closure?
Correct me if I'm wrong but as long as @jobre is UAE resident for tax purposes, he just need to find a crypto-friendly bank in UAE or anywhere else in the world in order to cash out his legally earned coins. There should be no tax nor CRS reporting issue?

 

[Fred]

What kind of trouble are we talking about? Bank account closure?
Correct me if I'm wrong but as long as @jobre is UAE resident for tax purposes, he just need to find a crypto-friendly bank in UAE or anywhere else in the world in order to cash out his legally earned coins. There should be no tax nor CRS reporting issue?

Source of funds - like he decribes by his own - there is a lack.

So a EMI that claims to be Crypto Friendly is much more regulated and will ask for sure after a few thousand for source of funds - that he can't provide due to Defi etc.

300k$ is enough to run into such questions and be then stuck there.

Not to forget about becoming a resident of the UAE needs to be done as well - so why not use the company when you need to setup anyway to get a Residence Visa in the UAE.

Catching several bullets at once.

Otherwise it's try and error and learning the hard way by getting stuck with EMI's that will ask for sure the source of funds for such amount.

 

[jobre]

Source of funds - like he decribes by his own - there is a lack.

Not to forget about becoming a resident of the UAE needs to be done as well - so why not use the company when you need to setup anyway to get a Residence Visa in the UAE.

Because using straight to personal bank account is more legal way (see my previous post). Are the banks there really complicating so much? Let's say I earned in crypto $500k, I can not provide proof for $200k but I can prove that I earned $300k with projects that I invested through syndicates (I have e-mail form confirmations) so I will withdraw only $300k. I only can not prove the entire history of transactions that will be inside the same wallets.

I have friends that needed to prove the same here in Europe and there was no problem, banks only asked for some simple things, nobody asked them for entire history flow and checked wallets if there were also other transactions there.

So what is so big deal if they ask questions, I can show them proof that I invested to a few projects that did x50-x100, I will withdraw only $50k per time and immediately transfer money to invest. I can also always choose different bank if they close my account.

Anyway this is just my amateur view and I may be wrong so please correct me if I am wrong.

 

[Fred]

Because using straight to personal bank account is more legal way (see my previous post). Are the banks there really complicating so much? Let's say I earned in crypto $500k, I can not provide proof for $200k but I can prove that I earned $300k with projects that I invested through syndicates (I have e-mail form confirmations) so I will withdraw only $300k. I only can not prove the entire history of transactions that will be inside the same wallets.

I have friends that needed to prove the same here in Europe and there was no problem, banks only asked for some simple things, nobody asked them for entire history flow and checked wallets if there were also other transactions there.

So what is so big deal if they ask questions, I can show them proof that I invested to a few projects that did x50-x100, I will withdraw only $50k per time and immediately transfer money to invest. I can also always choose different bank if they close my account.

Anyway this is just my amateur view and I may be wrong so please correct me if I am wrong.

0% tax and retail banks we are talking about.

Don't compare EU banks with real offshore (0% tax) banks at all.

You need to undertsand that the banks in the UAE act much more as a regulator then in the EU - due to 0% tax, no audit or accounting requirements for majority etc.

So if you don't want to see how the things are in reality and practice - I really recommend you to cashout where you are actuall staying otherwise you will have a bad awakening.

I was always a friend of saving up the people the headache I had in the past and how I learned things the hard way but sometimes it's just necessary to make own experience.

Some of my posts can sometimes only interpreted from guys that already made there learning with the offshore world, EMI's etc.

 

[williamram]

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.

This is a great way to convert cryptocurrency. But what to do if you want to save cryptocurrency in bitcoins?