DLS Dubai - Company Formation & Bank Account
Offshore Bank Accounts
Turner Little - Company Formation Agents
UK Ltd with emi bank account

Question Spaniard - Crypto - Exit strategy - 7 figures

CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.
Bank Accounts, Company Formations, Tax Planning, Residency Solutions, and more

FreeBit

New member
Hello,
I'm new here and I would like to ask you if I'm on the right path with the exit strategy I'm working on.

First, bit of background.
Get into cryptos on 2013, been trading alts for all this time.
As you can imagine I made big money on 2017 but after that I've lost 99% of it.
I had money on cryptsy, mintpal, cryptopia and a few other exchanges that disapeared, meaning I have no way to proof part of the loses I had.
I expect to be back to the seven figures this year. Not even close to it now but I know what a crypto bull year can make.

Point is. I want to move to a low/free tax country and use a cryptofriendly bank to deposit my profits (atleast the money I want to use the next 4 years).

This is the strategy I'm working on:
A) Cyprus non-dom residency (with a dormant company) + Cyprus cryptofriendly bank account
B) Cyprus non-dom residency (with a dormant company) + Swiss company + swiss cryptofriendly bank account
C) Cyprus non-dom residency (with a dormant company) + UAE company + UAE bank account
D) UAE residency + UAE company + UAE bank account
E) Please add some options you guys would consider

Would this work?
 

ZManor

New member
Hi guys, this is is a very interesting thread. I'm also a Spanish resident. Is there not any tax efficient way of cashing out from crypto (hodl and day trades) while remaining in Spain? Surely there must be something that can be done that makes it more efficient. Is day trading better through a Spanish company? Hodl is only subject to cap gains after holding for 1 year.
 

offshore xpert

New member
I see that some comments in regards to banks. Just to provide some light, banks in Panama and Georgia don't like crypto transfers (if you are a non-resident), so don't waste your time there. The easiest way to see which banks are crypto friendly is doing your homework and figure out the banks that the crypto exchangers use. You can start with Kraken, etc
 

Roy182

New member
Sounds good for someone who has stolen btc but I don't see the need to use that "workarounds" to don't pay taxes on something I've earn legally...
Also good luck dealing with EU goverments proving you're not longer tax resident in your origin country without a tax residency anywhere else...
And why would you live in a desert when you can do it in a mediterranean place for half the cost?
For the seven figures bank issue it can be solved as long as is not all your wealth. Suisse banks are always happy to accept new money and there are some crypto friendly banks as long as you can proof the origin of funds.
About the Dubai Life Style :cool: I think is not for me. I prefer to be biking in the mountain or surfing than going to the mall with a lambo. Guess each one has it's priorities...
Look into Malta, that's where i moved
 

legrant

New member
Hi guys, this is is a very interesting thread. I'm also a Spanish resident. Is there not any tax efficient way of cashing out from crypto (hodl and day trades) while remaining in Spain? Surely there must be something that can be done that makes it more efficient. Is day trading better through a Spanish company? Hodl is only subject to cap gains after holding for 1 year.
If you're in Spain, there's no way you're getting away without paying taxes. Having a company is just worth it if you earn more than 40k-50k/y but you'll still need to pay 25% of corporate tax and then dividends which is 5%. If you want to cashout crypto, you need to move from Spain.
 

gwenvador

New member
I think the 0% tax is a dangerous game to play as you could be considered not a tax resident in UAE from your local tax authority. For example in the French / UAE double imposition treaty (article 4) tax residency is granted to the place where you pay taxes. So if you don't pay tax will you be tax resident? Government could use this on the many of the people who moved to Dubai. This should be carefully considered before looking at moving to UAE.
 

gwenvador

New member
I would rather move to a place where I would pay a reasonable tax rate but be sure of the banking system and tax treaties for no surprise in the future. It seems the German / Austria tax system for long term crypto assets is quite interesting. Any downside for long-term holders?
 

legrant

New member
I think the 0% tax is a dangerous game to play as you could be considered not a tax resident in UAE from your local tax authority. For example in the French / UAE double imposition treaty (article 4) tax residency is granted to the place where you pay taxes. So if you don't pay tax will you be tax resident? Government could use this on the many of the people who moved to Dubai. This should be carefully considered before looking at moving to UAE.
You can become an UAE resident and become tax resident there, @Fred can explain more about it. Once you become tax resident in UAE, you tell your former country that you're no longer a tax resident there, send all the proof of you being a tax resident in UAE and that's it. To be 100% sure you can also wait 183 days.
 

gwenvador

New member
You can become an UAE resident and become tax resident there, @Fred can explain more about it. Once you become tax resident in UAE, you tell your former country that you're no longer a tax resident there, send all the proof of you being a tax resident in UAE and that's it. To be 100% sure you can also wait 183 days.
It is more complex than that and need to be careful planned. Especially if you keep ties with your country (family, investment...). My point is that at least for France the tax treaty with UAE is weak and could be interpreted in a bad way with the 0% tax. So it is a risk to be aware and to verify with a professional.
 

legrant

New member
It is more complex than that and need to be careful planned. Especially if you keep ties with your country (family, investment...). My point is that at least for France the tax treaty with UAE is weak and could be interpreted in a bad way with the 0% tax. So it is a risk to be aware and to verify with a professional.
It's not really that complex. If you are a resident in UAE, pay taxes in UAE and you stay there for at least 183 so your home country doesn't get stupid about it, you're good to go. You just tell them you're no longer a resident there, show them the proof anf that's it. Investments in other countries such as properties will have to pay taxes on those countries, not UAE.
 
Offshore Bank Accounts

Latest Threads

banner-768x909d6f12840c2c058f.gif
Offshore Bank Accounts
Top