Cashing out $100,000 from crypto in Dubai make sense?

[troubled soul]

Person opinion , For $100k cash out tax free, moving to any country is over do.
Flight and hotel cost same as tax.....better to pay tax, do p2p transaction to avoid any bank problem
BTW best luck for his adventure!!!!

 

[khinkali]

Person opinion , For $100k cash out tax free, moving to any country is over do.
Flight and hotel cost same as cost.....

For most destinations I'd agree. People do come to Georgia with that kind of money; partly for the crypto tax situation and partly for the ease of entry (for many passport holders) and low cost of living.

 

[kokolokop]

For 100 k USd move to a different country this is insane !

i cash this out in one meeting 15 min and get 50 k Euro cash for 2,5 % at my regulary Exchanger in Poland.

But you wont have the cash on your bank account : )

i have panama connections en mass for 5 % and they also sent you the money by bankwire whereever you want.

I bought lots of propertys in different countries with help of this. Just derigster from europe and get a residency outside of europe or just cash into cash money then you wont need anything to do in europe nobody can know : )

and how can you travel with 50k cash? Every airport will ask you for prove of that income. What is your regulary exchanger name in Poland? Arent you suppose to pay 25% tax on that crypto to fiat exchange by the law in Poland? So you owe the govenment 12500 euro for that transaction.

Ok. I'm buying a house in portugal to register with Non Habitual Resident program which assures 0%tax on foreign income for 10years . The only requirement to prove the non habitual residence is a 12months rental agreement. I can stipulate such agreement for my house at a discounted fee. I can help with registration in NHR too of course

Portugal gonna put 'fair' taxes on crypto next year. People will be leaving portugal very soon.

Person opinion , For $100k cash out tax free, moving to any country is over do.
Flight and hotel cost same as tax.....better to pay tax, do p2p transaction to avoid any bank problem
BTW best luck for his adventure!!!!

I dont know if its over due, where in the place where I live now they will charge you 35% for that. So $35,000

 

[kokolokop]

You definitely may want to considering cashing out your crypto in Dubai. However, you do not need to physically move out here to conclude the exchange process. We have clients based all across Europe who receive exchanges directly to their bank accounts (with all proper documentation in place).

Contact us via +971509444794 (WhatsApp) for further information.

But you are going to be taxed based on where you live or where is your tax residency right? So you can cash out there but still owe taxes where you live.

 

[palomino]

Too less information about your personal situation to give you a detailed answer.
I dont understand why you are asking about taxes when you have the option to receive cash in exchange for your crypto. If you are for some time in crypto space you know where to find the guys who buy for cash and dont ask any questions. For 100k they travel to your place and carry the cash to you.

But one thing is clear. It doesnt make sense to move your tax residency for cashing out small amounts like 100k. You are overcomplicating your situation.

 

[kokolokop]

Too less information about your personal situation to give you a detailed answer.
I dont understand why you are asking about taxes when you have the option to receive cash in exchange for your crypto. If you are for some time in crypto space you know where to find the guys who buy for cash and dont ask any questions. For 100k they travel to your place and carry the cash to you.

But one thing is clear. It doesnt make sense to move your tax residency for cashing out small amounts like 100k. You are overcomplicating your situation.

How would i travel with $100k cash with no prove where it came from? It will be all seized the moment i step the airport.

 

[diatessaron]

Too complicated for 100k, there are other ways of doing this without having to go through all the unnecessary steps. There are countries in Europe that have 0 tax too, you don't need to deal with Dubai's heat.

 

[palomino]

How would i travel with $100k cash with no prove where it came from? It will be all seized the moment .

You can receive the money in cash in almost all places around the world. Only carry 10k with you and stash the rest or you need to declare it in a smart way. The smart way depends on the country you are from. But once again you shared to less details about your personal situation to provide a full assessment.

 

[kokolokop]

Too complicated for 100k, there are other ways of doing this without having to go through all the unnecessary steps. There are countries in Europe that have 0 tax too, you don't need to deal with Dubai's heat.

Can you be please more specific? what other ways and what countries in europe has 0 tax?

 

[12345]

What amount in your opinion would make sense for a single person that would like to cash out crypto in Dubai and live a simple life with maybe a $3000 a month budget for food and accommodation

Yes at 3000 USD it's definately possible . I checked recently and there were decent hotels/airbnbs for around 1500 USD a month and for long term rent Im sure better rates can be found.

But if you are coming from western country keep in mind that UAE is not real first world country, your flat construction work could be done poorly by very low wage indians, bureaucracy doesn't work well, shariah law etc, day to day life is not like holiday pictures

 

[RealDude]

But if you are coming from western country keep in mind that UAE is not real first world country, your flat construction work could be done poorly by very low wage indians, bureaucracy doesn't work well, shariah law etc, day to day life is not like holiday pictures

Do not destroy my optimistic dreams

 

[CyprusLawyer101]

You can cash out your crypto tax efficiently and without moving anywhere. This can also be achieved without breqking any laws/tax laws and you could also have the converted fiat into a bank account. To what extent this feasible depends on your personql circumstances. If you are interested kindly let me know and I can PM you.

 

[bossTrader75]

and how can you travel with 50k cash? Every airport will ask you for prove of that income. What is your regulary exchanger name in Poland? Arent you suppose to pay 25% tax on that crypto to fiat exchange by the law in Poland? So you owe the govenment 12500 euro for that transaction.


Portugal gonna put 'fair' taxes on crypto next year. People will be leaving portugal very soon.


I dont know if its over due, where in the place where I live now they will charge you 35% for that. So $35,000

well first of all im living in Warsaw so most of the money dont leave the country but i bring lot of cash to my family to germany and we drive by car ..4 person in a car bring 40 k legally with one drive...you can drive 5 times a day between borders nobody would care and bring 10 k yourself everytime and store the cash in a airbnb in the sparetime... or we did also once 115 k walking at the beach...... there are walking on sunny days thousands of people and never be seen any cops on the baltic sea holiday paradise with shared beach and no borders or checks...you could even swim LOL : ) ...also simple go by train from warsaw to berlin i never encounter any police checks inside the train...even if you cash outside europe take few friends or family with 5 person you can bring 50 k ...europe has no borders and borders in schengen are not enforced anyway only coming from swiss or liechtenstein etc i would not bring lot of cash.

 

[zzzzzz]

well first of all im living in Warsaw so most of the money dont leave the country but i bring lot of cash to my family to germany and we drive by car ..4 person in a car bring 40 k legally with one drive...you can drive 5 times a day between borders nobody would care and bring 10 k yourself everytime and store the cash in a airbnb in the sparetime... or we did also once 115 k walking at the beach...... there are walking on sunny days thousands of people and never be seen any cops on the baltic sea holiday paradise with shared beach and no borders or checks...you could even swim LOL : ) ...also simple go by train from warsaw to berlin i never encounter any police checks inside the train...even if you cash outside europe take few friends or family with 5 person you can bring 50 k ...europe has no borders and borders in schengen are not enforced anyway only coming from swiss or liechtenstein etc i would not bring lot of cash.

Two months ago I was stopped on a german autobahn by ZOLL. They thoroughly searched my car, everything! Just a random control, looking for drugs/alcohol/cigarettes/arms/cash. If you have never experienced any control, don't think there is no control!

This is how it looks like:
https://m.youtube.com/results?search_query=zoll+autobahn+kontrolle

As I wrote a lot of times here already.
The majority of the guest workers earn 3000AED a month which is below 1k$.

They can live in UAE and so could you. Live outside Dubai like in Ajman or Sharjah and its well worth your amount.
You can also live cheap in Dubai if you need to.

The key question is, do you want to do this?

Exactly. People confuse UAE with Monaco.

 

[RealDude]

Two months ago I was stopped on a german autobahn by ZOLL. They thoroughly searched my car, everything! Just a random control, looking for drugs/alcohol/cigarettes/arms/cash. If you have never experienced any control, don't think there is no control!

Happened to me multiple times. 2 times from germany to poland and 1 time from austria to germany. even at 3am in the morning. they close the whole autobahn and direct everyone through police, even mobile x-ray equipment comes into play.

 

[ElBotellon]

Too less information about your personal situation to give you a detailed answer.
I dont understand why you are asking about taxes when you have the option to receive cash in exchange for your crypto. If you are for some time in crypto space you know where to find the guys who buy for cash and dont ask any questions. For 100k they travel to your place and carry the cash to you.

But one thing is clear. It doesnt make sense to move your tax residency for cashing out small amounts like 100k. You are overcomplicating your situation.

I don't want to "ruin the party" or be the pain in the bottom in this discussion, but I would be VERY SCARED to receive 100K cash by unknown people with unknown source of funds. If by chance such money is connected to any sort of crime you could be involved in a money laundering scheme. Even worse: if the crime is organised crime you could be considered part of an organisation.
Which is the "cost" to get involved in some s**t like that? in my opinion (personal) too big from both moral and reputational point of view and I would rather prefer to be completely safe paying some tax in a normal and clean convenient jurisdiction.

Optimizing taxation legally is one thing hiding and getting in touch with capital without source of funds is a total different thing!

my2cents

 

[kokolokop]

Person opinion , For $100k cash out tax free, moving to any country is over do.
Flight and hotel cost same as tax.....better to pay tax, do p2p transaction to avoid any bank problem
BTW best luck for his adventure!!!!

35,000 usd is the tax i would need to pay when paying it where i live, you are saying that flight and hotel cost $35,000 to go to dubai? flight plus hotel can cost you $2k easily.

 

[troubled soul]

35,000 usd is the tax i would need to pay when paying it where i live, you are saying that flight and hotel cost $35,000 to go to dubai? flight plus hotel can cost you $2k easily.

Dear It is not about exact amount of money, The point is to save 30k this headache does not worth it......At the end of the day It is your decision, seems you already made a mind..
Good luck

 

[khinkali]

flight plus hotel can cost you $2k easily.

If your old country needs to see a new tax residence, then you'd need to spend >180 days in UAE. So you'd need legal residence, (typically people pay $10k+ for a company with residence visa) and UAE living costs for at least half the year. UAE is quick and efficient for obtaining residence for many nationalities, but I agree with most folk that the tax savings on cashing out $100k aren't likely to be worth the total cost.

With an EU passport there are other locations with no tax on cashing out crypto and easy local banking, that are cheaper to live and don't require a lot of $$ to get legal residence (if needed).

But you also want to trade crypto tax free? That limits the list of places considerably.

 

[JackAlabama]

35,000 usd is the tax i would need to pay when paying it where i live, you are saying that flight and hotel cost $35,000 to go to dubai? flight plus hotel can cost you $2k easily.

Cost for 1 year in Dubai if you live a "normal" life with a long term lease.
Get a cheaper hotel outside Dubai until you have your papers.

You can make it cost effective and broaden your horizon pulling this thru.

But if you follow the glamma insta lifestyle, you will spend your 100k within a day or two.