Selling Crypto in UAE from Exchange to Bank Account

[cashnmoney3]

How feasible is it to move to the UAE & sell crypto on bybit/binance & then cash it out to FIAT in a UAE bank? Assuming large size. Are there any issues that would come with it/would it be hard to transfer money out? Assuming you have SOF available. And then how easy would it be to transfer that FIAT into IBKR? Are there any downsides/upsides of doing this, how are the fees etc?

 

[bwy]

Wondering the same.

Anyone cashing out crypto to a UAE bank successfully?

 

[daniels27]

Are we taking about legal coins? Why move to UAE then? You can just cash out at home.

 

[cashnmoney3]

Are we taking about legal coins? Why move to UAE then? You can just cash out at home.

cryptocurrency is subject to tax once you dispose of it

so if you bought BTC/ETH, held it and sold it in the UAE you’d pay the 0% UAE CGT tax instead of the CGT country you bought it in (unless USA)

 

[brianK]

You can do the same in Germany, crypto is not taxed if you just hold it for a year in your wallet and cash out after that!

 

[daniels27]

cryptocurrency is subject to tax once you dispose of it

so if you bought BTC/ETH, held it and sold it in the UAE you’d pay the 0% UAE CGT tax instead of the CGT country you bought it in (unless USA)

I think there are quite a few taxing unrealised gains when moving out. Hence it we would need to country you are in to further check if needed.

But in this case, the funds would be clean. You can easily dispose of then in many ways. Maybe UAE is an option, maybe there are better ones. Germany would be one. Many options. Most countries won't tax you for unrealised gains before you became tax resident.