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EU Citizen - looking for some guidance

M

MrPigalhose

New member
Nov 24, 2019
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#1
Hello everyone, welcome to this thread.

I'm a Portuguese citizen, and i work in sports trading throught a foreign brooker for a couple years.
It's a really hard niche to work on in this country, because Portuguese goverment keeps this kind of companies away so they can keep the monoply of it.

I'm looking for some guidance/opinions on the topics below:

  • What's the best way to legalize it, so i can use the money without any problem?
  • I don't do it alone, is it better to make a company?
    • If yes, what's the best country to have a company for it in terms of taxes etc?
  • Where or who can provide me guidance on this type of process?

Thank you for reading this, wish you a good day hap¤#"
 
#2
What exactly is "sports trading"?

Do you use some sportsbooks that aren't allowed to operate in Portugal? If that's the case, research the law whether there is any danger to you, possibly there is no danger to you and only to the broker (for allowing you to trade/bet even though they shouldn't have).

What exactl is "I don't do it alone"? Do you have a partner?

Another important point is whether you are using an EU broker (which operates in EU and accepts some EU countries) or something completely offshore.
 
#3
Thanks for your answer.

KJK said:
Do you use some sportsbooks that aren't allowed to operate in Portugal?
Click to expand...
Yes, i bet on them via a broker located in Curacao.

KJK said:
research the law whether there is any danger to you
Click to expand...
I already did, it's not explicit, and i don't want to have any trouble. Maybe e should talk with a lawyer or an accountant.

KJK said:
Do you have a partner?
Click to expand...
Yes i have a partner
 
#4
Okay so basically you're a private person from Portugal gambling on a sportsbook from Curacao. I think there are worse things the government should care about.

The only thing I wouldn't do is to withdraw the money directly to a local bank account. Either use an intermediary/online wallet in between or an account outside of the country, ideally outside of reporting countries.
 
#5
Curacao business setup is what you may look at here! Maybe you can run this type of business in Malta too, but anyway, I would start to find a agent or law firm in Curacao and in Malta to ask and compare proposals.
 
#6
KJK said:
Okay so basically you're a private person from Portugal gambling on a sportsbook from Curacao. I think there are worse things the government should care about.

The only thing I wouldn't do is to withdraw the money directly to a local bank account. Either use an intermediary/online wallet in between or an account outside of the country, ideally outside of reporting countries.
Click to expand...
Already use an online wallet, it's really good for smaller sums. When we're talking about larger sums, opening an account outside of the country, ideally outside of reporting countries like you said, sounds a safer deal to me. Thanks ;)


blueweb said:
Curacao business setup is what you may look at here! Maybe you can run this type of business in Malta too, but anyway, I would start to find a agent or law firm in Curacao and in Malta to ask and compare proposals.
Click to expand...
I'll check it out for sure but if you have any experience on it and already know any good law firm in those countries... Thank you :D
 
#7
Try with HB Management in Curacao, they are good in all of this!
 
#8
Your biggest problem is that brokers don't open corporate account (only betfair does). That would be ideal and you would open a company offshore and problem solved. Now your are forced to use your own ID to open account with brokers so at the end of the day you will breaking portugal law.

P.S Let me know if you find solution, i have same problem as well
 
#9
thegame said:
P.S Let me know if you find solution, i have same problem as well
Click to expand...
Maybe a nominee? A person offshore willing to open an account, replicate your trades and get a small % of the profits?
 
#10
Betting broker is acting as a nominee in this case.

Let's say punter X is having account with Betting Broker Z who is able to place bets for you in bookmakers A,B,C,D. Broker is licensed in Curacao, bookmakers A,B,C,D are licensed in Philippines, Isle of Man, Malta or they are unregulated.

Punter wants to bet Liverpool to win. He gives the order to Betting Broker Z who passes the order to the bookmaker with the highest odds, let's say bookmaker D. The punter though don't have direct account with bookmaker D. Bets are placed via shared accounts that Broker. Punter only has account with broker Z which is not a bookmaker but an intermediate between punter and bookmaker.

On paper, betting agents are grey zone if not legal in most countries worldwide bar UK who has specific legislation for betting brokers. Yet, a professional bettor who has lets say earns 300k per year, will have to declare his profits at some point. But he come to a point whereas tax office can accept P/L statements only from regulated in his country books. They will not accept P/L from broker Z.

Even if he hires a lawyer to act for his behalf, he will still need to declare the profits. How he can do it though? Declare it as gambling profits when the tax office will not accept Broker Z P/L statement?
 
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#11
thegame said:
Even if he hires a lawyer to act for his behalf, he will still need to declare the profits. How he can do it though? Declare it as gambling profits when the tax office will not accept Broker Z P/L statement?
Click to expand...
What if he lives in an tax free territory? The lawyer / nominee can pay an invoice to the other part or simply send Bitcoin
 
#12
Just seen that Sportmarket now accepts legal entities, not only individual accounts. They recently moved from Malta whereas they were unregulated and moved to Isle of Man whereas they are regulated. Now the questions is: what is the best setup in such case. Maybe Sportmarket can help you btw if you ask them, they are always very friendly.

''
3.1. By creating an Account you agree that:

  1. you are the person whose details are provided in connection with your registration or, in the case of legal entities, you are a duly authorised representative of the relevant legal entity,
  2. you agree to provide accurate registration information including without limitation your name, address, age, valid email address and other contact details,
  3. you agree to notify us immediately if any of your registration details change. In the case of legal entities, this includes, but is not limited to, changes in ownership and/or control of the entity,
  4. you are at least 18 years old or at least the minimum age for gambling in the country where you are located (whichever is greater),
  5. you are of sound mind and fully capable of entering into this legal contract,
  6. you are not prohibited from using or accessing the Services in the country where you are currently located. You may not use the Services if use would be illegal in the jurisdiction in which you are located, and
  7. you do not have a gambling addiction or dependency and have not asked us or anyone else to exclude or limit your gambling activities.
''
 
#14
SaintVince said:
Which lawyers can send btc?
Click to expand...
It's an interesting question. I have not been able to locate anyone yet. All I have been in touch with refuse to accept BTC payment.
 
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