Jurisdiction with minimal/easy accounting to hold crypto with zero tax and bank account/EMI access

[oxymo]

Hello!

I'm looking for a zero tax jurisdiction to set up a company that will hold my personal crypto assets and where I will still be able to get a bank account or EMI approved.

It needs to have simple accounting rules because I do a bit of trading, lending, and work with liquidity pools. It's important that I don't have to track every transaction in USD, as that would be too complicated.

A little bit further down the line, I would also like to convert part of the crypto holdings to FIAT and invest in traditional stock markets through companies like Interactive Brokers.
That's why also the need for a bank account or at least a good EMI with low fees.

Anyone has any suggestions?
Browsing through the forums, it appears that Nevis may be an acceptable option, but I'm not sure. I looked into classic offshore jurisdictions like Seychelles, BVI etc, but the main problem seems to be the banking/EMI access for these jurisdictions.

I hold EU passport and am UAE resident. Preferably my UAE company should be 100% shareholder of that new company.

 

[wellington]

Anguila may be a good place.

 

[FDS ADS]

Hello!

I'm looking for a zero tax jurisdiction to set up a company that will hold my personal crypto assets and where I will still be able to get a bank account or EMI approved.

It needs to have simple accounting rules because I do a bit of trading, lending, and work with liquidity pools. It's important that I don't have to track every transaction in USD, as that would be too complicated.

A little bit further down the line, I would also like to convert part of the crypto holdings to FIAT and invest in traditional stock markets through companies like Interactive Brokers.
That's why also the need for a bank account or at least a good EMI with low fees.

Anyone has any suggestions?
Browsing through the forums, it appears that Nevis may be an acceptable option, but I'm not sure. I looked into classic offshore jurisdictions like Seychelles, BVI etc, but the main problem seems to be the banking/EMI access for these jurisdictions.

I hold EU passport and am UAE resident. Preferably my UAE company should be 100% shareholder of that new company.

Saint Vincent and Grenadines.

 

[oxymo]

Saint Vincent and Grenadines.

I read a couple of posts on this forum where people talked very negatively on SVG.

Important aspect for me is definitely also to get a bank account or at least a decent EMI to move higher 6 figures.

Also I would need a good service provider who could help me build up decent substance.

 

[FDS ADS]

I read a couple of posts on this forum where people talked very negatively on SVG.

Important aspect for me is definitely also to get a bank account or at least a decent EMI to move higher 6 figures.

Also I would need a good service provider who could help me build up decent substance.

What kind of substance do you need? Can you explain in detail what is your business requirement?

 

[oxymo]

I currently have a UAE company that holds Dubai properties and crypto assets. Not taking any third party funds, just managing my own assets.
Till now, the crypto in the company was no problem, but with corporate tax in UAE from next year, capital gains on the crypto assets would be taxable. However UAE banks don't allow incoming transfers from crypto exchanges, so even if I wanted to pay the tax on the crypto, it would be hugely difficult to start with.
Plus with the new corporate tax comes proper accounting requirement which make everything hugely complicated.

That's why I want to outsource the crypto to some offshore company. As said in the future, I would like to invest in the traditional stock markets as well.
That's why I need a jurisdiction where I will also be able to open a bank account. For crypto only I could go without that, but I want to plan for the future and do one setup properly that will allow me both.

Substance in the new company I need, because otherwise it would be regarded as managed from UAE and therefore again subject to corporate tax.
With substance I basically mean a local director plus probably some small office, so that it can be argued that it's managed locally.

 

[FDS ADS]

I currently have a UAE company that holds Dubai properties and crypto assets. Not taking any third party funds, just managing my own assets.
Till now, the crypto in the company was no problem, but with corporate tax in UAE from next year, capital gains on the crypto assets would be taxable. However UAE banks don't allow incoming transfers from crypto exchanges, so even if I wanted to pay the tax on the crypto, it would be hugely difficult to start with.
Plus with the new corporate tax comes proper accounting requirement which make everything hugely complicated.

That's why I want to outsource the crypto to some offshore company. As said in the future, I would like to invest in the traditional stock markets as well.
That's why I need a jurisdiction where I will also be able to open a bank account. For crypto only I could go without that, but I want to plan for the future and do one setup properly that will allow me both.

Substance in the new company I need, because otherwise it would be regarded as managed from UAE and therefore again subject to corporate tax.
With substance I basically mean a local director plus probably some small office, so that it can be argued that it's managed locally.

Let me know if you need any suggestions about potential service providers.

 

[oxymo]

Yes, any advise towards good service providers is appreciated.
Again, the main question for me at this stage is jurisdiction. I want to set this up only once and do it properly.
So need to find the right place for that.

 

[FDS ADS]

Yes, any advise towards good service providers is appreciated.
Again, the main question for me at this stage is jurisdiction. I want to set this up only once and do it properly.
So need to find the right place for that.

To whom I worked with and it's okay I can say ConsilInternational and GERAI LTD. Both doing consulting and arrangement.

 

[Gediminas]

Hello!

I'm looking for a zero tax jurisdiction to set up a company that will hold my personal crypto assets and where I will still be able to get a bank account or EMI approved.

It needs to have simple accounting rules because I do a bit of trading, lending, and work with liquidity pools. It's important that I don't have to track every transaction in USD, as that would be too complicated.

A little bit further down the line, I would also like to convert part of the crypto holdings to FIAT and invest in traditional stock markets through companies like Interactive Brokers.
That's why also the need for a bank account or at least a good EMI with low fees.

Anyone has any suggestions?
Browsing through the forums, it appears that Nevis may be an acceptable option, but I'm not sure. I looked into classic offshore jurisdictions like Seychelles, BVI etc, but the main problem seems to be the banking/EMI access for these jurisdictions.

I hold EU passport and am UAE resident. Preferably my UAE company should be 100% shareholder of that new company.

Hey,

It could be one of the “offshore” islands.

They will not apply tax on gains, accounting standards will be simple.

I would probably do SVG, because of low-level requirements which means easy maintenance. Or BVI, if you wish to invest more money to cover administration expenses, but have a bit more reputable jurisdiction.

As long as you can prove the source of the funds and you have a proper setup in your case you could set up trustful EMI in both options, i.e. SVG or BVI.

I would prefer having a person as a shareholder, it would help to open an account a bit easier.

From a theoretical perspective you have PE risk in Dubai (which means 9% CIT on gains), on the other hand, if you don’t spend significant time there it might not be relevant.

 

[FDS ADS]

Hey,

It could be one of the “offshore” islands.

They will not apply tax on gains, accounting standards will be simple.

I would probably do SVG, because of low-level requirements which means easy maintenance. Or BVI, if you wish to invest more money to cover administration expenses, but have a bit more reputable jurisdiction.

As long as you can prove the source of the funds and you have a proper setup in your case you could set up trustful EMI in both options, i.e. SVG or BVI.

I would prefer having a person as a shareholder, it would help to open an account a bit easier.

From a theoretical perspective you have PE risk in Dubai (which means 9% CIT on gains), on the other hand, if you don’t spend significant time there it might not be relevant.

Can you show us your EMI options for BVI and SVG?

 

[DSoz]

What did you end up going with?

 

[Gediminas]

Hello!

I'm looking for a zero tax jurisdiction to set up a company that will hold my personal crypto assets and where I will still be able to get a bank account or EMI approved.

It needs to have simple accounting rules because I do a bit of trading, lending, and work with liquidity pools. It's important that I don't have to track every transaction in USD, as that would be too complicated.

A little bit further down the line, I would also like to convert part of the crypto holdings to FIAT and invest in traditional stock markets through companies like Interactive Brokers.
That's why also the need for a bank account or at least a good EMI with low fees.

Anyone has any suggestions?
Browsing through the forums, it appears that Nevis may be an acceptable option, but I'm not sure. I looked into classic offshore jurisdictions like Seychelles, BVI etc, but the main problem seems to be the banking/EMI access for these jurisdictions.

I hold EU passport and am UAE resident. Preferably my UAE company should be 100% shareholder of that new company.

Hey,

I think you have a few options: either to set up an “offshore” entity, for example, SVG, or to set up a non-tax resident entity in a high-tax country for example HK company.

Both structures would not be taxable at the corporate level (SVG, HK).

From the UAE perspective, I would say that the UAE might try to tax received dividends from both entities (the current version of the law on corporate income tax allows this).

Even in such a case, you would avoid many accounting and audit issues in comparison if you do the same on behalf of a UAE company. Plus in UAE you would be able to reduce profits with bonuses and other allowable deductions.

The possibility of opening a workable account at a reputable EMI depends not only on jurisdiction. SVG company can have proper EMI if it is properly organized from a legal perspective: all agreements are properly drafted, the company has a legal opinion on activities, etc.

 

[FDS ADS]

Hey,

I think you have a few options: either to set up an “offshore” entity, for example, SVG, or to set up a non-tax resident entity in a high-tax country for example HK company.

Both structures would not be taxable at the corporate level (SVG, HK).

From the UAE perspective, I would say that the UAE might try to tax received dividends from both entities (the current version of the law on corporate income tax allows this).

Even in such a case, you would avoid many accounting and audit issues in comparison if you do the same on behalf of a UAE company. Plus in UAE you would be able to reduce profits with bonuses and other allowable deductions.

The possibility of opening a workable account at a reputable EMI depends not only on jurisdiction. SVG company can have proper EMI if it is properly organized from a legal perspective: all agreements are properly drafted, the company has a legal opinion on activities, etc.

For SVG, which EMI options you can propose us?

 

[Gediminas]

For SVG, which EMI options you can propose us?

I could help to get the account opened at Bankera or Verifo, for example.

 

[FDS ADS]

I could help to get the account opened at Bankera or Verifo, for example.

Any opportunity in UK?