Which would be the best jurisdiction in terms of taxes for registering an NFT Project

[fortunespeculator]

Hi
I have a client who is planning an NFT project which would be the best jurisdiction for registering the same so as to minimise taxes and also have good banking options .Two Founders are Belgian and Lebanese nationality.

 

[bigdaddyleon]

uae probably

 

[Eldorado]

Hi
I have a client who is planning an NFT project which would be the best jurisdiction for registering the same so as to minimise taxes and also have good banking options .Two Founders are Belgian and Lebanese nationality.

I have one client i this industry, they're registered in Cayman Islands

 

[wellington]

Multi Structure.

Ensure they stay away from the US.

NFT's are in their dead-zone period mind.

 

[CyprusLawyer101]

Cyprus maybe. And once they scale up they can go for a " crypto asset provider " license.

 

[CyprusLaw]

Cyprus is a good option, but please note the following:

(a) The NFT project would fall under the crypto asset service provider registration requirement.

(b) Registration as a CASP is required prior to engaging into regulated activities.

(c) This can be avoided to some extent with proper structuring.

 

[kilor]

(c) This can be avoided to some extent with proper structuring.

What structure is required? requires lot of capital?

 

[wellington]

NFT's are dead...

 

[kilor]

Why do you say it is dead, they can't it has even not started yet!

 

[Ancova]

Hello!

UAE is not an option because a local bank account will be impossible. Moreover, VARA is making it extremely slow to get the license (4 to 6 weeks).

I would suggest Cayman Islands or Lithuania.


Regards,

 

[blancmon229]

UAE is not an option because a local bank account will be impossible. Moreover, VARA is making it extremely slow to get the license (4 to 6 weeks).

Even with a VARA license you won't be able to open a bank account for crypto company in the UAE. Chances are close to zero.

 

[Ancova]

Even with a VARA license you won't be able to open a bank account for crypto company in the UAE. Chances are close to zero.

Exactly, not close to 0 but literally impossible at the moment. Hopefully it will change in the future.

 

[bonox]

Better to put some money on the table, get regulated, maybe a company in Switzerland (crypto valley) could suite your needs.

 

[Marko Krassus]

What structure is required? requires lot of capital?

1. Minimum share capital of 50,000 EUR
2. Physical Office in Cyprus
3. Corporate Bank Account in Cyprus

Obviously also CASP registration under CySEC

 

[Cavaliere]

What about Cyprus versus Malta versus Georgia for a class-3 type company (not NFTs)? With minimal reporting and requirements? If you can move anywhere in the world, and have other directors across Europe and US but you are the founder where would it be best to go? Everybody in the space wants compliance but the rules are pretty insane right now. Mandatory hiring of AML officers in some jurisdictions.

 

[wellington]

Mandatory hiring of AML officers in some jurisdictions.

In Switzerland we were looking to pony up the capital for a RWA company (that had a valuation of 600m based on revenues).

Ref AML -> When going through the process (this was pre FTX collapse - or just as it occurred).

One of the Directors had to do Self Certification AML processing, then on top there was a third party organisation which was mainly API driven...

So perhaps finding a country that offers that, in our organisation we fortunately don't take outside money so it's not something we have to consider directly -> just have to ensure counter-parties are legit and regulated.

......

I'd imagine however.... Bahamas... or Malaysia (offshore region), Panama, Antigua...

Bahamas and Malaysia will have access to local banking with corresponding... Panama perhaps also, Antigua not so sure.

 

[Cavaliere]

In Switzerland we were looking to pony up the capital for a RWA company (that had a valuation of 600m based on revenues).

Ref AML -> When going through the process (this was pre FTX collapse - or just as it occurred).

One of the Directors had to do Self Certification AML processing, then on top there was a third party organisation which was mainly API driven...

So perhaps finding a country that offers that, in our organisation we fortunately don't take outside money so it's not something we have to consider directly -> just have to ensure counter-parties are legit and regulated.

......

I'd imagine however.... Bahamas... or Malaysia (offshore region), Panama, Antigua...

Bahamas and Malaysia will have access to local banking with corresponding... Panama perhaps also, Antigua not so sure.

May we talk in private? I have access to some premiere legal funds but would love to hear a view from somebody outside my circle.