I'm due to become a partner in a Dubai LLC.We will be banking with RAK Bank. It's a Bauxite Mining consultancy that will be making a revenue of 1 mil USD a year, they get paid from legit Swiss accounts. They were previously running a RAK freezone company for 5 years but now they are preferring an llc setup.
They are friends and they offered to make me a partner and are okay if I am able to cash out some crypto in the process. I'm currently a resident of India. I don't mind taking a Dubai residency for a couple of years if I can piggyback my crypto gains onto their consultancy biz.
Also have plans with another friend who is French to open a freezone company, again legit biz where we are creating and selling educational content regarding trading and self improvement. We may take crypto payments but will encourage and discount fiat payments,since crypto cash outs have become so difficult. This one should initially make about 100k usd in the first year.
I've read through the forums and it looks like literally nobody is crypto friendly and big amounts will always get reported.
I am mid 7 figures in crypto and the plan is to actually be able to piggyback behind legit businesses and to be able to cash out slowly.
I have no options in India, so getting a tax residency in dubai over a couple of years so I get reported here for any big amounts sounded like a good plan along with having these 2 legit businesses.
2 questions.
1. How and what amounts of crypto can I cash out yearly(safely) in either of these companies? i.e What setup do I need for this extra income to be explained incase they ask where it's coming from? I am hoping to do about 500k a year.
2. I'm actually willing to go anywhere for residency, to cash this out legitimately over 2-3 years,so if you have any other ideas please share.
Note : once I become a non resident of India they are not concerned with what I earn outside the country. They tax me for whatever I earn in the country.
And if I can have a tax residency somewhere would I get reported to my country of tax residence or to my native country?
They are friends and they offered to make me a partner and are okay if I am able to cash out some crypto in the process. I'm currently a resident of India. I don't mind taking a Dubai residency for a couple of years if I can piggyback my crypto gains onto their consultancy biz.
Also have plans with another friend who is French to open a freezone company, again legit biz where we are creating and selling educational content regarding trading and self improvement. We may take crypto payments but will encourage and discount fiat payments,since crypto cash outs have become so difficult. This one should initially make about 100k usd in the first year.
I've read through the forums and it looks like literally nobody is crypto friendly and big amounts will always get reported.
I am mid 7 figures in crypto and the plan is to actually be able to piggyback behind legit businesses and to be able to cash out slowly.
I have no options in India, so getting a tax residency in dubai over a couple of years so I get reported here for any big amounts sounded like a good plan along with having these 2 legit businesses.
2 questions.
1. How and what amounts of crypto can I cash out yearly(safely) in either of these companies? i.e What setup do I need for this extra income to be explained incase they ask where it's coming from? I am hoping to do about 500k a year.
2. I'm actually willing to go anywhere for residency, to cash this out legitimately over 2-3 years,so if you have any other ideas please share.
Note : once I become a non resident of India they are not concerned with what I earn outside the country. They tax me for whatever I earn in the country.
And if I can have a tax residency somewhere would I get reported to my country of tax residence or to my native country?
