Good luck!one needs to know a little bit about all of that and its easy to bypass detection (even on bitcoin).
what if you bought a property there, held it 5+ years sold it and then wire the money out, are they still going to ask for SoF from 5+ years ago? What if you don't keep your documents that long?You can definitely wire out from Dubai to other countries but depending on your profile and bank they will ask you many questions and can take several months to get the money out. This is real experience from myself and from many friends I personally know
It's a common practice now to ask for a full story of the money.what if you bought a property there, held it 5+ years sold it and then wire the money out, are they still going to ask for SoF from 5+ years ago? What if you don't keep your documents that long?
Wouldn't it be likely that the banks will ask for proof of work too for these amounts1) Enstablish tax residency in UAE (you can do it with a Freelancer Visa for $3-4k per year)
2) Incorporate a foreign-owned US LLC and open few bank accounts through Mercury/Novel/Wise etc.
3) Sell crypto through Binance P2P and send fake Consulting/Marketing invoices to your bank when requested.
You should now have your 0% taxed money in a bank account and a clean Source of Wealth to provide in the future (business profits as self-employed).
Never heard about such a thing except for PayPalWouldn't it be likely that the banks will ask for proof of work too for these amounts
Yes pretty much this. I doubt the Delaware llc path here is going to work.If you transfer 1m via kraken to Mercury in the name of the Delaware llc, Mercury is not going to ask how this crypto was obtained?
Well it's not impossible but clearly not easy to find out, especially for Thailand lacking enforcement will.
But even if your lawyer is able to make a deal with the tax office (and you are satisfied with that deal) you would need to find a bank who accepts your vague SOF.The lawyer advised that someone in this situation better calculate through everything and have them discuss with the tax office without revealing PII to get a feeling of what one would owe.
I need more clarification on point 31) Enstablish tax residency in UAE (you can do it with a Freelancer Visa for $3-4k per year)
2) Incorporate a foreign-owned US LLC and open few bank accounts through Mercury/Novel/Wise etc.
3) Sell crypto through Binance P2P and send fake Consulting/Marketing invoices to your bank when requested.
You should now have your 0% taxed money in a bank account and a clean Source of Wealth to provide in the future (business profits as self-employed).
No just find somebody on crypto P2P exchanges that want to buy your crypto and wire EUR/USD to you.I need more clarification on point 3
you sell from the US LLC to yourself as a person taxable in Dubai or? What exactly is the money flow.
yeah i've done the p2p part but its unclear if you do that as the US llc or the dubai person residentNo just find somebody on crypto P2P exchanges that want to buy your crypto and wire EUR/USD to you.
USDT is very liquid and there are plenty of offers nowadays, even with a good rate 1.01-1.02 so eventually you end up earning a little bit from the cashout.
It's better to conduct all the crypto sales through a business (i.e. an US LLC or similiar structure) than a individual bank account. Not only it gives you more credibility but it's way more easier to explain $20-30k incoming transactions from multiple third parties.yeah i've done the p2p part but its unclear if you do that as the US llc or the dubai person resident
I guess you do it as the US llc owned by dubai tax resident, but in that case won't you still owe fed tax to the US?
hm very interesting, i have us c-corp though, and obtained uae residency AFTER creating it, can I still escape the federal tax?It's better to conduct all the crypto sales through a business (i.e. an US LLC or similiar structure) than a individual bank account. Not only it gives you more credibility but it's way more easier to explain $20-30k incoming transactions from multiple third parties.
For question 2 if you own an US LLC as a non-resident it'll be treated as a disregarded entity so you pay taxes only in the UAE.
with c corp is not possiblehm very interesting, i have us c-corp though, and obtained uae residency AFTER creating it, can I still escape the federal tax?
What entails the kyc verification procedure to get the account on BinanceP2P for US llc ?1) Enstablish tax residency in UAE (you can do it with a Freelancer Visa for $3-4k per year)
2) Incorporate a foreign-owned US LLC and open few bank accounts through Mercury/Novel/Wise etc.
3) Sell crypto through Binance P2P and send fake Consulting/Marketing invoices to your bank when requested.
You should now have your 0% taxed money in a bank account and a clean Source of Wealth to provide in the future (business profits as self-employed)
because it gets taxed regarless where is the owner from right?with c corp is not possible
You don't need a corporate account on Binance P2P. Sign up as individual, less hassleWhat entails the kyc verification procedure to get the account on BinanceP2P for US llc ?
yes the c corp is an entity in itself.because it gets taxed regarless where is the owner from right?
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