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Allisgood

New member
Hi, the information about Cyprus citizenship is actually wrong. You need to show that you have lived in Cyprus for a period of 5 years within a period of 7 years. Indeed the last year prior to the application you must show that you've lived in Cyprus (this of course does not stop you from going away for sometime it doesn't have to be strictly 365 days as you suggest).

There is no language requirement. Of course knowing Greek would be an advantage but there is no such requirement.

The procedure is very transparent, it's a fixed set of questions about Cyprus.
Thanks for clarifying this CyprusLaw. I stand corrected.
How long is the waiting time once you are eligible after 5 years ? Is it 3 years now ?
No language requirements sounds too good to be true to me. But I have the feeling that the case worker deciding the case will have the last word and if you don't really speak Greek well there is a low probability you will be approved. But I would say there is no way of proving this either way.
 

Allisgood

New member
"not more than 5"
Where did you find this information? Maybe I am missing something

I would just check the government website on that.
Just google 'Poland naturalisation number of years' and check the first couple of results.
There should be a normal process (not via President).
But I would definitely say that the language is key here. Even if it's not always explicitly mentioned.
As most countries they will check how well integrated you are, and how well you speak Polish.
So its not easy for most one but very easy for people from UA. And as Poland is very anti-RU they are very pro-UA.
 

CyprusLaw

Mentor Group Gold
Thanks for clarifying this CyprusLaw. I stand corrected.
How long is the waiting time once you are eligible after 5 years ? Is it 3 years now ?
No language requirements sounds too good to be true to me. But I have the feeling that the case worker deciding the case will have the last word and if you don't really speak Greek well there is a low probability you will be approved. But I would say there is no way of proving this either way.
Your comment about the three years waiting time is not valid.

Also, I assume that you got your info from online articles, indeed a few months ago (when the citizenship by investment scheme was cancelled) there were discussions for changing the criteria for citizenship by naturalisation, however, these did not proceed in implementation. Greek is not a requirement, and even in the discussions for changing the criteria the requirement would be a very basic understanding of Greek, which having lived for at least five years in Cyprus (as otherwise you would not be eligible) you would probably have this level of understanding.

But, as I have explained, it was just discussions, nothing was implemented, so at this time there is no such requirement and we do not expect this to be a requirement in the near future.
 

tyrexoid

New member
OP how about moving to Montenegro and become tax resident there? They sell property for bare crypto as investment, I can share a real estate agent who offered me crypto-only legal purchase of property, and it also gives you residency permit for 1 year that you can extend every year (or forming a company there also gives you permit to live and extend every year). Seems like a good place to live as well, I'm thinking to try moving there, the tax will only be 9% for various business and remote work and tax for crypto is 0% for now (and they're non- CRS if it matters for you, until 2023, so you'll be able to visit Ukraine again any time before 2023 lollll and then they'll find out you had millions in Montenegro ahahah and probably you won't be able to go there again without being questioned... Ukraine is a criminal country from what I've heard, I would do everything to get away from there if I was living in such place, you can't trust anyone to defend you, not the police, not the government, if something unlawful will happen to you).
 

John Spectre

Entrepreneur
OP how about moving to Montenegro and become tax resident there? They sell property for bare crypto as investment, I can share a real estate agent who offered me crypto-only legal purchase of property, and it also gives you residency permit for 1 year that you can extend every year (or forming a company there also gives you permit to live and extend every year). Seems like a good place to live as well, I'm thinking to try moving there, the tax will only be 9% for various business and remote work and tax for crypto is 0% for now (and they're non- CRS if it matters for you, until 2023, so you'll be able to visit Ukraine again any time before 2023 lollll and then they'll find out you had millions in Montenegro ahahah and probably you won't be able to go there again without being questioned... Ukraine is a criminal country from what I've heard, I would do everything to get away from there if I was living in such place, you can't trust anyone to defend you, not the police, not the government, if something unlawful will happen to you).
Please pm me with real estate agent who allow crypto crypto as payment.
 

cryptoholic

New member
OP how about moving to Montenegro and become tax resident there? They sell property for bare crypto as investment, I can share a real estate agent who offered me crypto-only legal purchase of property, and it also gives you residency permit for 1 year that you can extend every year (or forming a company there also gives you permit to live and extend every year). Seems like a good place to live as well, I'm thinking to try moving there, the tax will only be 9% for various business and remote work and tax for crypto is 0% for now (and they're non- CRS if it matters for you, until 2023, so you'll be able to visit Ukraine again any time before 2023 lollll and then they'll find out you had millions in Montenegro ahahah and probably you won't be able to go there again without being questioned... Ukraine is a criminal country from what I've heard, I would do everything to get away from there if I was living in such place, you can't trust anyone to defend you, not the police, not the government, if something unlawful will happen to you).
DM the agent please

Thanks for the recommendations guys.

So basically the final options are:
- Cyprus
- UAE
- Portugal
- Poland
- Montenegro

And there are no 100% option, I mean nobody made the same thing as I want before or maybe don't want to share real exp.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
DM the agent please

Thanks for the recommendations guys.

So basically the final options are:
- Cyprus
- UAE
- Portugal
- Poland
- Montenegro

And there are no 100% option, I mean nobody made the same thing as I want before or maybe don't want to share real exp.
You can do a hybrid. For ease of residency then Georgia or Montenegro. You would also set up a Swiss bank account and because you do not live there your not liable for tax.

Ideally get a 2nd passport for ease of travel then you can decide where you want to live with relative ease.

Would help to know your current country of residence to give a more clear solution.

The OTC is the easiest part of the transaction.
 

Nojozap

New member
Thank you guys for all the answers and recommendations.

As I can assume the easiest way it to go through UAE and then relocate to some EU country with cash in bank and no direct solutions, did I get it right? Not sure I would like to deal with offshore island countries.

Also why do I need the UAE company instead of just being a simple person with a retail bank account? I guess the company should have some business activity to prove the source of funds incoming into the bank acc. In case of being a retail guy you simply could show that you are a consistently profitable trader and DeFi farmer (of course if banks are crypto friendly).

Also are there any risk to be rejected after spending so many time to get everything done? It would hurt a lot if you made all the steps and got fucked up in the end.
Hi, i'm in the pretty much same situation: eastern Europe country next to UA, mid 7 figures, trading SOF. Have you proceed with UAE or chosen an other way?
 

tyrexoid

New member
Hi, i'm in the pretty much same situation: eastern Europe country next to UA, mid 7 figures, trading SOF. Have you proceed with UAE or chosen an other way?
One good option might be US LLC and banking, for anyone who's not US resident this is tax free (US tax free), and Bank of America specifically, allows crypto withdrawals with no questions, though my withdrawals "at a time" were not more than 30k at once. I do from BlockFi, and bank account was not closed or anything. Might be a useful setup for some, as long as your local country doesn't tax you worldwide. Using this setup it's possible to reside in a local tax country which only is taxing local gains, so might be a fully legal 0% crypto exit strategy for some. I didn't try crypto into other banks except BoA, but Chase is known to be crypto friendly too. When having funds in US LLC and choosing to tax it as "pass through entity", the tax liability becomes "personal level" and since person, owner, is not US tax resident, there's no tax, and access to reliable banking. I spoke with 2 tax advisers independently who specialize in foreigners and US LLCs, they both confirmed it's legit setup and told me many do it also without physically being present in US (my case slightly different, last 3 years physically in US, and am leaving this year, so only next year 2022 I'll be tax free on my crypto withdrawals, and that's a bright future :D)
 

LiquiditySplash

New member
One good option might be US LLC and banking, for anyone who's not US resident this is tax free (US tax free), and Bank of America specifically, allows crypto withdrawals with no questions, though my withdrawals "at a time" were not more than 30k at once. I do from BlockFi, and bank account was not closed or anything. Might be a useful setup for some, as long as your local country doesn't tax you worldwide. Using this setup it's possible to reside in a local tax country which only is taxing local gains, so might be a fully legal 0% crypto exit strategy for some. I didn't try crypto into other banks except BoA, but Chase is known to be crypto friendly too. When having funds in US LLC and choosing to tax it as "pass through entity", the tax liability becomes "personal level" and since person, owner, is not US tax resident, there's no tax, and access to reliable banking. I spoke with 2 tax advisers independently who specialize in foreigners and US LLCs, they both confirmed it's legit setup and told me many do it also without physically being present in US (my case slightly different, last 3 years physically in US, and am leaving this year, so only next year 2022 I'll be tax free on my crypto withdrawals, and that's a bright future :D)


Would this be a good option for UAE resident?

I know you can hide the origins of the crypto withdraw and use a local UAE company and bank with fake invoices to cash out but that feels like it could be getting into illegal territory and I would be concerned about getting accused of money laundering or something in the future if you have cashed out like that. I would prefer to sleep easy if you know what I mean.

Of course if you can not explain your source of crypto maybe that is an option to think about, but for those of us with legit crypto there must be better way. I haven’t seen the US option discussed before, that could be a good one if the banks are ok with 6 figure crypto withdraws.
 
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tyrexoid

New member
Would this be a good option for UAE resident?

I know you can hide the origins of the crypto and use a local UAE company and bank with fake invoices to cash out but that feels like it could be getting into illegal territory and I would be concerned about getting accused of money laundering or something in the future if you have cashed out like that. I would prefer to sleep easy if you know what I mean.

Of course if you can not explain your source of crypto maybe that is an option to think about, but for those of us with legit crypto there must be better way.
I think it's a good and legal option for anyone who resides in a country that does not tax his "abroad" finances and capital gains (territorial tax country). If UAE tax residency forces people to declare and pay tax on what they have "abroad" (worldwide) then this setup would not work (well in terms of US tax it will still remain 0% fully legal) because such country will ask a person to declare how much he earned in his US (or any other) worldwide activity, and then this setup becomes worthless. So check what's the policy in UAE regarding ownership of a passthrough US LLC and whether they will tax you capital gains when you withdraw crypto to US LLC. I have no idea about UAE because I never researched it, but if they do not care about your assets abroad - this might work and also be completely legal both from the bank view and taxman view :D
 

tyrexoid

New member
Would this be a good option for UAE resident?

I know you can hide the origins of the crypto withdraw and use a local UAE company and bank with fake invoices to cash out but that feels like it could be getting into illegal territory and I would be concerned about getting accused of money laundering or something in the future if you have cashed out like that. I would prefer to sleep easy if you know what I mean.

Of course if you can not explain your source of crypto maybe that is an option to think about, but for those of us with legit crypto there must be better way. I haven’t seen the US option discussed before, that could be a good one if the banks are ok with 6 figure crypto withdraws.
by the way, if in the 2nd part of your question you are asking whether invoicing your US LLC with your UAE company makes sense in order to cash out? of course not, since there's no need to invoice anything - the single member LLC bank account can be used as a personal bank (I confirmed this with the tax advisors, I could not believe this at first honestly, I thought there must be an invoice explaining where the money goes, for each an every bank account transaction, of the LLC) so you can simply wire into any other personal account no questions asked (also accounts abroad, as long as your name match on them). The funds in such LLC account are personal funds, when you elect to be taxed as 'passthrough' and not 'corporation' in the end of the tax year (but that's IMPORTANT to file Form 5472 with IRS, otherwise it's a 25k fine if not filing the form or making a mistake, use a CPA for this). There are no manipulations needed in order to use the LLC account for personal needs. I didn't believe it is possible, just do a 30 minute - 1 hour consultation with a US CPA to confirm, just in case hap¤#" . Looks like US is the best offshore for all who are not Americans or green card holders (this setup only works for non Americans).
 

tyrexoid

New member
UAE is already tax free place by the way so no tax local or abroad for residents!
But how is it possible that you're thinking about a new crypto exit strategy when you're already UAE tax resident? isn't it a jackpot already, to be taxed by their rules and use their banking? is there an issue with converting crypto to fiat specifically, and cashing out? [and lol, are you serious, there is no local tax either? you mean no income tax? they might just use other taxation methods locally, like VAT etc'? it's impossible to be with no local tax]
 

LiquiditySplash

New member
But how is it possible that you're thinking about a new crypto exit strategy when you're already UAE tax resident? isn't it a jackpot already, to be taxed by their rules and use their banking? is there an issue with converting crypto to fiat specifically, and cashing out? [and lol, are you serious, there is no local tax either? you mean no income tax? they might just use other taxation methods locally, like VAT etc'? it's impossible to be with no local tax]

I think they just recently added VAT a since a few years ago.

Yes that is correct the issue is cashing out the crypto to your bank, there are ways to do it but basically involves hiding from the bank that the money comes from crypto. (For example sell crypto to a company who will pay a made up invoice for something not crypto related) I am not aware of any crypto friendly banks but maybe some other posters here know more about it than me. I have not moved yet but I am planning to.
 
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