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legally earn bitcoin (Crypto) cashout method without any setup in Dubai or any other juridication

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azb1

Entrepreneur
I want to find out way to legally earned bitcoin (no shady nor illegal bitcoin) Cashout in Dubai or any other juridication.
Which bank accept higher amount without any setup in Dubai or any other juridication ?

For honest people how they cashout legally earned bitcoin in Dubai or any other juridication ?

No setup No work around.

Or even this possible in today world?

Thanks
 

JackAlabama

Entrepreneur
High amount does vary greatly for each place. So do you have a fix overall target lets say like 50k, or 500k or do you look for high amount respective to a certain jurisdiction?

For example in Georgia it was pretty straightforward but a couple of 1000s$ is already quite a high amount in Georgia (some money exchanges hence do not have sufficient cash at hand and it takes long time to order) as e.g. in Hong Kong or Switzerland a couple of 1000$ it is just the cost of a slightly expensive dinner with a small group of friends.
 

azb1

Entrepreneur
High amount does vary greatly for each place. So do you have a fix overall target lets say like 50k, or 500k or do you look for high amount respective to a certain jurisdiction?

For example in Georgia it was pretty straightforward but a couple of 1000s$ is already quite a high amount in Georgia (some money exchanges hence do not have sufficient cash at hand and it takes long time to order) as e.g. in Hong Kong or Switzerland a couple of 1000$ it is just the cost of a slightly expensive dinner with a small group of friends.
for $5M plus cash out option
 

JackAlabama

Entrepreneur
for $5M plus cash out option
That will eliminate Georgia ;) Seems Switzerland, Hong Kong, Dubai are left from the top of my head.

In Switzerland they have crypto-banks, so for that amount you have a chance they onboard you even as non-citizen/resident.
HK might has changed in the last two years, so I have no idea if it is still as open for business as it used to be.
 

azb1

Entrepreneur
Hong Kong = China, stay away (Personal opinion)
Dubai Crypto Regulation are very confusing.
Only option we left Switzerland.
Right?
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
There is a reason you are left with few options and the ones left are tried and tested solutions.
I'm testing a few different jurisdictions but the only one that seems to be good for someone who wants to cash out in one years time and doesn't mind pooling or simply Hodl for that period is Germany. BUT you need to be resident there for that period so you must spend 183 days in Germany and that is not suitable for 99% of people.
 

carz

Mentor Group Gold
There is a reason you are left with few options and the ones left are tried and tested solutions.
I'm testing a few different jurisdictions but the only one that seems to be good for someone who wants to cash out in one years time and doesn't mind pooling or simply Hodl for that period is Germany. BUT you need to be resident there for that period so you must spend 183 days in Germany and that is not suitable for 99% of people.
This is very interesting; and good for people that want to pay 0% tax by holding for 1 year+. Are you trying with large amount like azb1 posted? ($5m+)?
 

JackAlabama

Entrepreneur
There is a reason you are left with few options and the ones left are tried and tested solutions.
I'm testing a few different jurisdictions but the only one that seems to be good for someone who wants to cash out in one years time and doesn't mind pooling or simply Hodl for that period is Germany. BUT you need to be resident there for that period so you must spend 183 days in Germany and that is not suitable for 99% of people.
sorry to say but spending 180 days was actually pretty hard since 2020 with these nonsense lockdowns and long winters.
 

GPT

New member
In Switzerland it might very well work. Keep in mind that in the case of cash you also have to announce your intent. Be furthermore prepared for the normal KYCC/CDD work involved. Also for the OTC exchanges.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
This is very interesting; and good for people that want to pay 0% tax by holding for 1 year+. Are you trying with large amount like azb1 posted? ($5m+)?
Not risking that much. I have a friend in Germany that I have gifted it to and he has declared he has them so we wait and see. 312 days to go lol
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
sorry to say but spending 180 days was actually pretty hard since 2020 with these nonsense lockdowns and long winters.
Free movement in the EU at the moment but I don't know about international travel and the restrictions.
 

John Spectre

Active Member
There is a many questions with cashout even with 'legal' crypto.
1. Legally earned crypto does not always mean that it would looks legal in eyes of bank managers. Lack of documents could simple stuck legal crypto without normal banking solution.
2. Crypto is any way high risk, and if you hold passport or resident of high risk country - chance of onboarding you with crypto bank decreased a lot.
3. You may work not only with bank but with your residence goverment/tax man for everything should be correct. Just remember that some countries could have insane stupid laws according crypto taxation which could cause legal cashout way to useless.
4. On this forum maximum couple of users could have (or know) experience with full legal crypto with sums like 5 mil and above.
Do you really want assumptions from the people who don't know how to deal with legal crypto and just give a hypothesis?

As a result, we have next:
- Number of private banks around the world are fine with legal crypto: banks in USA, Swiss, Singapore, GB, etc.
- It's a still good to have bank introducer who are crypto familiar and know how to connect some crypto user and bank (not just random introducers to banks). It would simplify collection documents for onboarding, KYC, etc.

From a practice, I could suggest Altcoinomy as a introducer to couple of swiss banks. It worked fine with legal crypto, at 1mil+ amount and have adequate fees.
For banks of other jurisdictions you would have to find own. But as a person from the street it's a high chance that bank manager will be too lazy to check your story and just put your application in trash can.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
There is a many questions with cashout even with 'legal' crypto.
1. Legally earned crypto does not always mean that it would looks legal in eyes of bank managers. Lack of documents could simple stuck legal crypto without normal banking solution.
2. Crypto is any way high risk, and if you hold passport or resident of high risk country - chance of onboarding you with crypto bank decreased a lot.
3. You may work not only with bank but with your residence goverment/tax man for everything should be correct. Just remember that some countries could have insane stupid laws according crypto taxation which could cause legal cashout way to useless.
4. On this forum maximum couple of users could have (or know) experience with full legal crypto with sums like 5 mil and above.
Do you really want assumptions from the people who don't know how to deal with legal crypto and just give a hypothesis?

As a result, we have next:
- Number of private banks around the world are fine with legal crypto: banks in USA, Swiss, Singapore, GB, etc.
- It's a still good to have bank introducer who are crypto familiar and know how to connect some crypto user and bank (not just random introducers to banks). It would simplify collection documents for onboarding, KYC, etc.

From a practice, I could suggest Altcoinomy as a introducer to couple of swiss banks. It worked fine with legal crypto, at 1mil+ amount and have adequate fees.
For banks of other jurisdictions you would have to find own. But as a person from the street it's a high chance that bank manager will be too lazy to check your story and just put your application in trash can.
Altcoinomy are going for registration they won't introduce you to the bank for fear of anything going wrong. They will sell you coin all day long and do minimal DD but buying coin from you is a risk when they can buy legit from the miners.
 

equityone

New member
Hong Kong = China, stay away (Personal opinion)
Dubai Crypto Regulation are very confusing.
Only option we left Switzerland.
Right?
You can always backdate/swap wallets as if you purchased the coins at or around the ATH price of earlier this year so you even minimize or remove having to pay taxes on cashing out.

without incorporating etc, Switzerland works best
 

azb1

Entrepreneur
Just realised the way to legally cash out with no structure at all is to do it with any exchange.
The shady element is not the structure but the owner not wanting to pay tax.
Like to know details.
If It is possible , you can share with us ?
which county, bank ?

Thanks
 

MiddleEuroAsia

opportunist.
it's been a long time Since I posted here. but man, a lot have changed this year, ha?. Anyway, there are a couple of options to cash out your "legal" crypto. like buying gold for crypto and the sell the gold for cash, or dealing directly with banks that are crypto friendly like bank frick in Liechtenstein or seba bank in switzerland. But i will focus here on OTC exchanges, because in my experience they are the best to exchange crypto to fiat. They you can do whatever, you can wire the money to a crypto friendly bank or cash out or whatever.

OTC EXCHANGES:​

most of them would ask you for KYC documents, there are a couple in east asia that don't really care about your docs, but their fees are stupid and I wouldn't really recommend them.
Anyway, here's a couple of OTC exchanges that works well if you don't mind the KYC stuff:

.KRAKEN: Hands down, one of the best if not the best OTC desk that I've dealt with. Extremely professionals, they offer deep liquidity and transactions are settled fast and in a timely fashion.

GenesisblockHK: one of the first early miners in Hong Kong, now they are mostly known for their OTC trades and their crypto events that they organize in east asia, very professional, and their mindset are just ... different. They offer both cash deposits and withdrawals. you can find about their KYC process and how their trades works here: 1, 2, 3

BINANCE: Largest exchange in the world, they support most crypto and they offer the fastest settlement by far, the settlement usually happens the same day and sometimes within minutes, other than that, they are pretty much the same like any other exchange, it's binance so there is no need to explain.

However, I still like kraken more, they are regulated everywhere, in the US, in the UK, in Australia, in japan, you name it. Binance on the other hand though, there place of operation is still a mystery, even their ceo, said that they are just like bitcoin, they exist everywhere, he said and I quote Wherever I sit, is going to be the Binance office. Wherever I need somebody, is going to be the Binance office. I call BS, dodging a question like that in a high risk industry, is just...
So yeah let's just say, I'm always extra careful with binance.

cheers!
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
it's been a long time Since I posted here. but man, a lot have changed this year, ha?. Anyway, there are a couple of options to cash out your "legal" crypto. like buying gold for crypto and the sell the gold for cash, or dealing directly with banks that are crypto friendly like bank frick in Liechtenstein or seba bank in switzerland. But i will focus here on OTC exchanges, because in my experience they are the best to exchange crypto to fiat. They you can do whatever, you can wire the money to a crypto friendly bank or cash out or whatever.

OTC EXCHANGES:​

most of them would ask you for KYC documents, there are a couple in east asia that don't really care about your docs, but their fees are stupid and I wouldn't really recommend them.
Anyway, here's a couple of OTC exchanges that works well if you don't mind the KYC stuff:

.KRAKEN: Hands down, one of the best if not the best OTC desk that I've dealt with. Extremely professionals, they offer deep liquidity and transactions are settled fast and in a timely fashion.

GenesisblockHK: one of the first early miners in Hong Kong, now they are mostly known for their OTC trades and their crypto events that they organize in east asia, very professional, and their mindset are just ... different. They offer both cash deposits and withdrawals. you can find about their KYC process and how their trades works here: 1, 2, 3

BINANCE: Largest exchange in the world, they support most crypto and they offer the fastest settlement by far, the settlement usually happens the same day and sometimes within minutes, other than that, they are pretty much the same like any other exchange, it's binance so there is no need to explain.

However, I still like kraken more, they are regulated everywhere, in the US, in the UK, in Australia, in japan, you name it. Binance on the other hand though, there place of operation is still a mystery, even their ceo, said that they are just like bitcoin, they exist everywhere, he said and I quote Wherever I sit, is going to be the Binance office. Wherever I need somebody, is going to be the Binance office. I call BS, dodging a question like that in a high risk industry, is just...
So yeah let's just say, I'm always extra careful with binance.

cheers!
Totally agree, don't know what happened to my post.
 
DLS Dubai Company Formation and banking solution
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