Thanks for clarifying this CyprusLaw. I stand corrected.Hi, the information about Cyprus citizenship is actually wrong. You need to show that you have lived in Cyprus for a period of 5 years within a period of 7 years. Indeed the last year prior to the application you must show that you've lived in Cyprus (this of course does not stop you from going away for sometime it doesn't have to be strictly 365 days as you suggest).
There is no language requirement. Of course knowing Greek would be an advantage but there is no such requirement.
The procedure is very transparent, it's a fixed set of questions about Cyprus.
"not more than 5"
Where did you find this information? Maybe I am missing something
Your comment about the three years waiting time is not valid.Thanks for clarifying this CyprusLaw. I stand corrected.
How long is the waiting time once you are eligible after 5 years ? Is it 3 years now ?
No language requirements sounds too good to be true to me. But I have the feeling that the case worker deciding the case will have the last word and if you don't really speak Greek well there is a low probability you will be approved. But I would say there is no way of proving this either way.
Please pm me with real estate agent who allow crypto crypto as payment.OP how about moving to Montenegro and become tax resident there? They sell property for bare crypto as investment, I can share a real estate agent who offered me crypto-only legal purchase of property, and it also gives you residency permit for 1 year that you can extend every year (or forming a company there also gives you permit to live and extend every year). Seems like a good place to live as well, I'm thinking to try moving there, the tax will only be 9% for various business and remote work and tax for crypto is 0% for now (and they're non-CRS if it matters for you, until 2023, so you'll be able to visit Ukraine again any time before 2023 lollll and then they'll find out you had millions in Montenegro ahahah and probably you won't be able to go there again without being questioned... Ukraine is a criminal country from what I've heard, I would do everything to get away from there if I was living in such place, you can't trust anyone to defend you, not the police, not the government, if something unlawful will happen to you).
DM the agent pleaseOP how about moving to Montenegro and become tax resident there? They sell property for bare crypto as investment, I can share a real estate agent who offered me crypto-only legal purchase of property, and it also gives you residency permit for 1 year that you can extend every year (or forming a company there also gives you permit to live and extend every year). Seems like a good place to live as well, I'm thinking to try moving there, the tax will only be 9% for various business and remote work and tax for crypto is 0% for now (and they're non-CRS if it matters for you, until 2023, so you'll be able to visit Ukraine again any time before 2023 lollll and then they'll find out you had millions in Montenegro ahahah and probably you won't be able to go there again without being questioned... Ukraine is a criminal country from what I've heard, I would do everything to get away from there if I was living in such place, you can't trust anyone to defend you, not the police, not the government, if something unlawful will happen to you).
You can do a hybrid. For ease of residency then Georgia or Montenegro. You would also set up a Swiss bank account and because you do not live there your not liable for tax.DM the agent please
Thanks for the recommendations guys.
So basically the final options are:
- Cyprus
- UAE
- Portugal
- Poland
- Montenegro
And there are no 100% option, I mean nobody made the same thing as I want before or maybe don't want to share real exp.
Hi, i'm in the pretty much same situation: eastern Europe country next to UA, mid 7 figures, trading SOF. Have you proceed with UAE or chosen an other way?Thank you guys for all the answers and recommendations.
As I can assume the easiest way it to go through UAE and then relocate to some EU country with cash in bank and no direct solutions, did I get it right? Not sure I would like to deal with offshore island countries.
Also why do I need the UAE company instead of just being a simple person with a retail bank account? I guess the company should have some business activity to prove the source of funds incoming into the bank acc. In case of being a retail guy you simply could show that you are a consistently profitable trader and DeFi farmer (of course if banks are crypto friendly).
Also are there any risk to be rejected after spending so many time to get everything done? It would hurt a lot if you made all the steps and got fucked up in the end.
One good option might be US LLC and banking, for anyone who's not US resident this is tax free (US tax free), and Bank of America specifically, allows crypto withdrawals with no questions, though my withdrawals "at a time" were not more than 30k at once. I do from BlockFi, and bank account was not closed or anything. Might be a useful setup for some, as long as your local country doesn't tax you worldwide. Using this setup it's possible to reside in a local tax country which only is taxing local gains, so might be a fully legal 0% crypto exit strategy for some. I didn't try crypto into other banks except BoA, but Chase is known to be crypto friendly too. When having funds in US LLC and choosing to tax it as "pass through entity", the tax liability becomes "personal level" and since person, owner, is not US tax resident, there's no tax, and access to reliable banking. I spoke with 2 tax advisers independently who specialize in foreigners and US LLCs, they both confirmed it's legit setup and told me many do it also without physically being present in US (my case slightly different, last 3 years physically in US, and am leaving this year, so only next year 2022 I'll be tax free on my crypto withdrawals, and that's a bright futureHi, i'm in the pretty much same situation: eastern Europe country next to UA, mid 7 figures, trading SOF. Have you proceed with UAE or chosen an other way?
One good option might be US LLC and banking, for anyone who's not US resident this is tax free (US tax free), and Bank of America specifically, allows crypto withdrawals with no questions, though my withdrawals "at a time" were not more than 30k at once. I do from BlockFi, and bank account was not closed or anything. Might be a useful setup for some, as long as your local country doesn't tax you worldwide. Using this setup it's possible to reside in a local tax country which only is taxing local gains, so might be a fully legal 0% crypto exit strategy for some. I didn't try crypto into other banks except BoA, but Chase is known to be crypto friendly too. When having funds in US LLC and choosing to tax it as "pass through entity", the tax liability becomes "personal level" and since person, owner, is not US tax resident, there's no tax, and access to reliable banking. I spoke with 2 tax advisers independently who specialize in foreigners and US LLCs, they both confirmed it's legit setup and told me many do it also without physically being present in US (my case slightly different, last 3 years physically in US, and am leaving this year, so only next year 2022 I'll be tax free on my crypto withdrawals, and that's a bright future)
I think it's a good and legal option for anyone who resides in a country that does not tax his "abroad" finances and capital gains (territorial tax country). If UAE tax residency forces people to declare and pay tax on what they have "abroad" (worldwide) then this setup would not work (well in terms of US tax it will still remain 0% fully legal) because such country will ask a person to declare how much he earned in his US (or any other) worldwide activity, and then this setup becomes worthless. So check what's the policy in UAE regarding ownership of a passthrough US LLC and whether they will tax you capital gains when you withdraw crypto to US LLC. I have no idea about UAE because I never researched it, but if they do not care about your assets abroad - this might work and also be completely legal both from the bank view and taxman viewWould this be a good option for UAE resident?
I know you can hide the origins of the crypto and use a local UAE company and bank with fake invoices to cash out but that feels like it could be getting into illegal territory and I would be concerned about getting accused of money laundering or something in the future if you have cashed out like that. I would prefer to sleep easy if you know what I mean.
Of course if you can not explain your source of crypto maybe that is an option to think about, but for those of us with legit crypto there must be better way.
by the way, if in the 2nd part of your question you are asking whether invoicing your US LLC with your UAE company makes sense in order to cash out? of course not, since there's no need to invoice anything - the single member LLC bank account can be used as a personal bank (I confirmed this with the tax advisors, I could not believe this at first honestly, I thought there must be an invoice explaining where the money goes, for each an every bank account transaction, of the LLC) so you can simply wire into any other personal account no questions asked (also accounts abroad, as long as your name match on them). The funds in such LLC account are personal funds, when you elect to be taxed as 'passthrough' and not 'corporation' in the end of the tax year (but that's IMPORTANT to file Form 5472 with IRS, otherwise it's a 25k fine if not filing the form or making a mistake, use a CPA for this). There are no manipulations needed in order to use the LLC account for personal needs. I didn't believe it is possible, just do a 30 minute - 1 hour consultation with a US CPA to confirm, just in caseWould this be a good option for UAE resident?
I know you can hide the origins of the crypto withdraw and use a local UAE company and bank with fake invoices to cash out but that feels like it could be getting into illegal territory and I would be concerned about getting accused of money laundering or something in the future if you have cashed out like that. I would prefer to sleep easy if you know what I mean.
Of course if you can not explain your source of crypto maybe that is an option to think about, but for those of us with legit crypto there must be better way. I haven’t seen the US option discussed before, that could be a good one if the banks are ok with 6 figure crypto withdraws.
But how is it possible that you're thinking about a new crypto exit strategy when you're already UAE tax resident? isn't it a jackpot already, to be taxed by their rules and use their banking? is there an issue with converting crypto to fiat specifically, and cashing out? [and lol, are you serious, there is no local tax either? you mean no income tax? they might just use other taxation methods locally, like VAT etc'? it's impossible to be with no local tax]UAE is already tax free place by the way so no tax local or abroad for residents!
But how is it possible that you're thinking about a new crypto exit strategy when you're already UAE tax resident? isn't it a jackpot already, to be taxed by their rules and use their banking? is there an issue with converting crypto to fiat specifically, and cashing out? [and lol, are you serious, there is no local tax either? you mean no income tax? they might just use other taxation methods locally, like VAT etc'? it's impossible to be with no local tax]
So you will need to relocate I assume from what I have read through the thread?Getting only UAE residency not helped here.
He must be *not* tax resident of his home country. And it could be done with real relocation for 183+ days from home country.
wonder the same? UAE the experts say you are not taxed if you live there, why would you reconsider your options living in Dubai and with no plans to relocate.But how is it possible that you're thinking about a new crypto exit strategy when you're already UAE tax resident?
looks you summed it all up.DM the agent please
Thanks for the recommendations guys.
So basically the final options are:
- Cyprus
- UAE
- Portugal
- Poland
- Montenegro
And there are no 100% option, I mean nobody made the same thing as I want before or maybe don't want to share real exp.
Can we connect?Hello everyone.
Would like to ask some questions about relocation and opening a bank acc as a crypto trader and hodler.
What I have:
1) I live in a country where crypto and trading are not regulated. Which means it's not an easy task to withdraw some significant amount of money legally and pay your taxes. So you literally have to withdraw it in cash via p2p or use some other tactics like claiming an income as from a freelance job if you want to cash-out legally into the bank and pay the taxes.
2) I live in a third-world country which means owning significant amount of money in crypto could attract some unwanted attention. Eastern Europe country.
3) Me and my family are not EU residents.
4) I'm a hodler since early days of crypto.
5) I'm a profitable crypto trader and trading on KYC'd exchanges.
6) 99% of my wealth is in crypto. Let's say 7-8fig.
Questions:
1) Is there any easy way of relocation into European country with a reliable taxation (crypto hodling and trading) which will accept a person with 99% wealth in crypto. Of course, I'm ready to pay taxes.
2) As I researched for relocation you need to invest or put into the bank some amount of money. Will I be able to do it in the european country? As I mentioned before it's not an easy option to make it in my own country before relocation.
3) Are there any crypto-friendly bank that will accept such a person (non EU resident)? All I need is a simple bank account to be able to withdraw from crypto exchanges any time I want. Exchanges I'm using provide SWIFT(USD,EUR) and SEPA(EUR) withdrawal options.
4) What questions will bank ask before opening an account? Can a crypto trading (stacking, liquidity providing in DeFi) be considered as a source of income? I can provide my last year trading history with 7figs PnL. All crypto obtained legally but of course I don't have the receipts of my first purchases back in 2013-2015.
Switzerland is an interesting location but I'm not sure about trading taxes. Not sure about Malta and Portugal as for a living and opportunities for kids. Other locations in Europe as I understand have huge taxes.
Sorry for so many questions guysI think such questions will become more common in coming years due to crypto prices surging.
If I understand you, you sell crypto on blockfi and withdraw on account of your llc, and that account is in BoA? How did you pass the kyc on blockfi, as a legal entity (llc) or as a person, since you say you can use single member llc's account the same as personal account.One good option might be US LLC and banking, for anyone who's not US resident this is tax free (US tax free), and Bank of America specifically, allows crypto withdrawals with no questions, though my withdrawals "at a time" were not more than 30k at once. I do from BlockFi, and bank account was not closed or anything. Might be a useful setup for some, as long as your local country doesn't tax you worldwide. Using this setup it's possible to reside in a local tax country which only is taxing local gains, so might be a fully legal 0% crypto exit strategy for some. I didn't try crypto into other banks except BoA, but Chase is known to be crypto friendly too. When having funds in US LLC and choosing to tax it as "pass through entity", the tax liability becomes "personal level" and since person, owner, is not US tax resident, there's no tax, and access to reliable banking. I spoke with 2 tax advisers independently who specialize in foreigners and US LLCs, they both confirmed it's legit setup and told me many do it also without physically being present in US (my case slightly different, last 3 years physically in US, and am leaving this year, so only next year 2022 I'll be tax free on my crypto withdrawals, and that's a bright future)
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?