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Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Ukraine is not CRS right?

Seems like a good jurisdiction AND you can do business with Russia.
Yes it's one of the few developing countries that are not part of the CRS yet.

The capital restrictions are quite high like already mentioned before. I would definitely have a look into Georgia before opening something in Ukraine even if Georgia is joining CRS in 2023.

Beside of that you should have a look into the UAE for a long lasting non-CRS setup without any capital transaction restrictions and no expiry date regarding the non-CRS status. Beside of that you can open business bank accounts as well as personal ones.
 

DavidS

Mentor Group Gold
Yes it's one of the few developing countries that are not part of the CRS yet.

The capital restrictions are quite high like already mentioned before. I would definitely have a look into Georgia before opening something in Ukraine even if Georgia is joining CRS in 2023.

Beside of that you should have a look into the UAE for a long lasting non-CRS setup without any capital transaction restrictions and no expiry date regarding the non-CRS status. Beside of that you can open business bank accounts as well as personal ones.
Biggest question about UAE setup is:
1) What are significant benefits to having an incorporate company holding all the assets
VS
2) Just registering as an individual in super tax efficient jurisdiction and cashing out and declaring all assets there?

Second seems easier if you aren't doing regular business, but just need a tax efficient country to cash out as individual and hold assets/stocks/crypto.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Biggest question about UAE setup is:
1) What are significant benefits to having an incorporate company holding all the assets
VS
2) Just registering as an individual in super tax efficient jurisdiction and cashing out and declaring all assets there?

Second seems easier if you aren't doing regular business, but just need a tax efficient country to cash out as individual and hold assets/stocks/crypto.
See my answer here:

 

LoveMyLife

Active Member
Ukraine is not CRS right?

Seems like a good jurisdiction AND you can do business with Russia.

Also, can you open bank account in Ukraine remotely?
Ukraine is not CRS.

I do not kbnow how huge business you can do with a daily limit 6688 Eur for a foreign transfers.

You can do business easier by having company in some other more Russia friendly jurisdiction.

You CAN NOT open bank account in Ukraine remotely, by the law. In reality, if you have a friend there and you are willing to pay some small bribe, it is possible.
 

Piano

Active Member
1. Ukrainian banks will open bank account to anone who is not on inter-bank blacklist. Just personal bank accounts.

2. Ukrainian banks does not open bank accounts fo foreign corporations. If you want a corporate bank account for a foreign company in Ukrain, you need an approval from the goverment. Almost impossible to receive..

3. Debit cards are issued immediately in time of bank account opening. There is no name printed on it. It is embosed mastercard. So it can be used everywhere as usual credit card, but it is a debit card.

4. Ukrainian banks offers also a standard crecit cards like Visa Infinite, Amex Centurion.. but fees for issuing and renewal of this cards are 10 times higher than in a western world.

5. Ukrainian law does not allow to transfer more than 225,000 UAH to a foreign country withour approval of a central bank. It is 6,688 Eur limit for foreign transfers every day.

6. Transfers within country in other currency than UAH is not allowed.

7. To open a bank account, just a passport is needed. They also need to know your residential address, but you do not need any proof usualy. Just write it by a pen in any sheet of paper. They do not care about your real residency nor tax residency.

8. Internet banking of the most banks is very old and not easy to understand. Banks freez internet banking accounts without any reason. You have to go to the bank and ask for reactivation. No one knows why is this happening. It looks like some kind of way how to have customers in a branch from time to time to sell them some more banking products.

9. If you are not ukrainian citizen, you can not have usual credit card. Foreigners can have secured credit cards only. Required secudiry deposit is 125-250 % of a credit limit.

10. You can have account in UAH, EUR, USD, RUB. If you use a privat banking service, you can have also accounts in some lesse usual currencies, which you can not have anywhere else.

11. Bank exchange rates for a currency change are usualy good. But is is cheaper to go to any exchange office in Kiev. Their spreads on EUR are extremely low. For example, they buy EUR for 33.60 and sell for 33.70 today. What is 0.15 % spread. That is great.

12. ATM limit for withdrawal in Ukraine are extremely low. The most ATMs allows you to withdraw no more than 5000 UAH, what is 148.8 Eur.

13. Shops in Ukraine accepts UAH only. But if are buying in the open market, (farmer´s market..) although UAH is freely exchangable for western currencies, sellers will give you 10-20 % discount if you pay by EUR or USD.

14. Debit card limits issued by Ukrainian bank are set very low. You have to ask tof increasing if you want. But a maximum limit which can not be exceeded without approval of a bank namager is 50,000 UAH per day - 1488 Eur in actual exchange rate..

15. You can have a separate debit card for each currency. Their fees are as low that it makes sense to have one for UAH, one for USD and one for EUR.

16. Their fees are extremely low. Many banks have no monthly maintenance fee, or fee lower than 2 Eur per month.

17. It is not possible to open bank account in Ukraine remotely by the law. But based on level of corruption, I believe it is possible if you know someone there.
Thanks for this extensive reply !
 

Logann

New member
How good is Ukrainian Bank in terms of external bank transfers? No SEPA. Swift is strictly controlled. Here are some rules from Privatbank web. To make SWIFT payment in foreign currency you have to be citizen of Ukraine or hold national passport with residency permit for foreigners. Payment must include payment reason, invoice number.
 

LoveMyLife

Active Member
How good is Ukrainian Bank in terms of external bank transfers? No SEPA. Swift is strictly controlled. Here are some rules from Privatbank web. To make SWIFT payment in foreign currency you have to be citizen of Ukraine or hold national passport with residency permit for foreigners. Payment must include payment reason, invoice number.
Forget Ukraine if you need to make a foreign currency transfers to a foreign countries. There is very low limit..
Obtain residence permit in Ukraine is easy. So it is not a problem in initiating a transfers. Problem is a limit for each day.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
There are many other legal setups to cash out crypto without paying taxes and having enough privacy. Problem is, you do not know and do not understand anything else than what you are selling.
We focus on what we have experience in practice with and that is Dubai.

Many ways are going to Rome.

At least I provide a suggestion for a solution that I know is working in practice.

You provide nothing beside of theory and bashing our fully legitimate service that is focused on Dubai.

So many nice people already met here in person trough the forum - all are happy with the service received.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
I understand. You are selling your services to naive to newbies, and they are all happy to have found someone who has fulfilled their most secret dreams. There is one problem only. You are selling them your services in plans which are abuse of law. DO YOU KNOW WHAT IS IT? Oh, I understand. You do not care about their situation at all. You do not care that they are using your services within plans which are illegal. You just need to sell your services. And you do not care about their situation in real. What will you do, when some of your clients will be prosecuted for a TAX FRAUD? I know it: You will declare, it is not your responsibility, it is their fault. You just sold them some "partial" services and it is their responsibility and you can not be held responsible for their errors..

People like you want to throw up on me. You promise people legality, but you give them a way to commit a crime. And when something happens, you wash your hands over their actions.

Do you know what is one of the main sign of all ponzi schemes and many other illegal activities? People in a system are all "nice" and "happy" and "lovely" and they are all happy with services received.. because many of them just does not know what is a real law and what is happening behing the scene.

So, when you will advertise your services here next time, just write to this people:

Dear prospects, I am offering you my services. I understand, that in schemes in which I advise you to use my services are abuse of law. And if you will be caught red handed, I will be not held responsible. But if you want my great cheap fast services and pay me for simulating you a dream of not paying a taxes in this extremely complicated times, where all legal solutions costs much more than my services, you are gladly welcomed.
Forming a Dubai Company to receive a residence visa and to live in the UAE is in no way illegal.

But we are all interested if you could enlight us about what is "happening behind the scenes".
 

DavidS

Mentor Group Gold
I understand. You are selling your services to naive to newbies, and they are all happy to have found someone who has fulfilled their most secret dreams. There is one problem only. You are selling them your services in plans which are abuse of law. DO YOU KNOW WHAT IS IT? Oh, I understand. You do not care about their situation at all. You do not care that they are using your services within plans which are illegal. You just need to sell your services. And you do not care about their situation in real. What will you do, when some of your clients will be prosecuted for a TAX FRAUD? I know it: You will declare, it is not your responsibility, it is their fault. You just sold them some "partial" services and it is their responsibility and you can not be held responsible for their errors..

People like you want to throw up on me. You promise people legality, but you give them a way to commit a crime. And when something happens, you wash your hands over their actions.

Do you know what is one of the main sign of all ponzi schemes and many other illegal activities? People in a system are all "nice" and "happy" and "lovely" and they are all happy with services received.. because many of them just does not know what is a real law and what is happening behing the scene.

So, when you will advertise your services here next time, just write to this people:

Dear prospects, I am offering you my services. I understand, that in schemes in which I advise you to use my services are abuse of law. And if you will be caught red handed, I will be not held responsible. But if you want my great cheap fast services and pay me for simulating you a dream of not paying a taxes in this extremely complicated times, where all legal solutions costs much more than my services, you are gladly welcomed.
Criticisms are welcome.

But which parts specifically are unlawful?
 

rey skywalker

Entrepreneur
tax fraud is legit defense against piracy of modern government , why pay taxes they will waste in arms, expensive life for the deputies , prostitution , male and female, corruption . Tax evasion is only defence against the leviathan
 
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