Question Need advice - NFT project with digital nomad founder

[Billybob69]

Hello all.

To give you some background on myself I am

• UK born
• Left the UK this year, have yet to establish tax residence elsewhere (I could establish this in Indonesia, but probably not a lot of time to establish elsewhere except possibly Cyprus 60 day rule?)
• Against moving to UAE

I have yet to found the company, but we will expect a good amount of revenue/profit this year, I feel like I am in a fairly unique situation and have been quite overwhelmed with the options and where to begin. As you may expect the majority of our revenue will be in the form of crypto currency, but we are due a sum of fiat money soon. Ideally, I would like to set up somewhere that will be friendly to VCs or ICOs further down the line.

Where is best to incorporate for me, and should I establish tax residence somewhere else, or remain without a tax residence (if that is even possibly - I've been given mixed opinions on this matter)

 

[JohnnyDoe]

Where are you living now?
What are you looking for in your new place of residence?
You definitely can’t be without a tax residence. I suspect you are still de facto a UK resident.

 

[Billybob69]

Where are you living now?
What are you looking for in your new place of residence?
You definitely can’t be without a tax residence. I suspect you are still de facto a UK resident.

Currently I’m in Indonesia, I have been travelling around Asia. according to SRT I am non UK resident, I have heard conflicting information about whether or not that is sufficient, or I must establish residence elsewhere

 

[JohnnyDoe]

Currently I’m in Indonesia, I have been travelling around Asia. according to SRT I am non UK resident, I have heard conflicting information about whether or not that is sufficient, or I must establish residence elsewhere

I suggest:
1. Get advice from a UK tax lawyer about your UK tax residence
2. Find an international tax advisor who can steer you in the right direction
3. Wrap it up with a local tax advisor in your new place of residence and the UK tax lawyer

What you can find here is n.2

 

[MarkusCostigan]

Simply get the 60days Cyprus Residence and use the company you opened (you need a business on the island). If you like, open a bank account both for personal and corporate use outside Cyprus. Done. NFT's are clearly regulated... and ICO's... Are there still people buying ICO's in 2022?

 

[CyprusLawyer101]

You are a good candidate for getting tax residency in Cyprus