MALTA/DUBAI/HUNGARY/CYPRUS - whats the best play in this scenario?

#81
Register now
You must login or register to view hidden content on this page.
toums said:
Are we talking about offshore banking OR tax residency.
Click to expand...
Tax residency.


No company: a natural person trading crypto doesn't need a company.

The idea is:
- relocate to Hungary and live there 183+ days a year to become tax resident (I won't be resident in any other country);
- swap between cryptos and stake (tax free);
- sell crypto for fiat when cash is needed (15% tax).

On paper Hungary looks good but the country is notorious for being corrupted and a bureaucratic nightmare, so I'm wondering if you reckon to be worth to relocate there for a EU crypto trader...
Maybe it's difficult to find a honest and competent accountant to file a tax return? Or maybe other problems?
 
Reactions: jesuschrist
#82
toums said:
10 years ago, you opened personal account without any link with your passeport as non resident. Bank workers even told you to put your foreign phone number as a TIN. Another time, another story.
Click to expand...
Switzerland abolished numbered bank accounts earlier than Hungary.

zaybxc said:
Maybe it's difficult to find a honest and competent accountant to file a tax return? Or maybe other problems?
Click to expand...
For most people the biggest problem is the language, even people who work in the banks only speak basic English, the accountants and professionals speaks it good though.

Actually the difficult language and the bureaucratic nightmare is an advantage for us, because the cryptobros from the west can't go past the first steps, so they choose easier and more straightforward jurisdictions like UAE, if they would choose HU the EU would force all the loopholes here.

So far only the Chinese come to HU to cash out 100millions and buying up castles and other assets in Europe.

I think your plan sounds good, if you are a trader you can even keep the most of the profit in USDC and as long as you don't convert it to fiat you don't have to pay tax after it.
You can even spend some of that USDC with a crypto card.

I suffered some losses a few years ago with FTX and Celsius and I claimed crypto lossess, the next year I paid much less than 15% income tax.
 
Last edited:
Reactions: zaybxc and toums
#85
jesuschrist said:
For most people the biggest problem is the language, even people who work in the banks only speak basic English
Click to expand...
I guess google translator on mobile phone should suffice in most cases when talking to people... probably renting a house or buying a car might be tough.

jesuschrist said:
the accountants and professionals speaks it good though.
Click to expand...
That's good, so there shouldn't be problems to file a tax return.

Probably I'm missing something, but for a EU cryptobro it looks straightforward, way easier than UAE.

jesuschrist said:
I think your plan sounds good, if you are a trader you can even keep the most of the profit in USDC and as long as you don't convert it to fiat you don't have to pay tax after it.
Click to expand...
Yep, that's the part I like: it's very handy to plan how much fiat to get the following year and the amount of tax to pay.

jesuschrist said:
You can even spend some of that USDC with a crypto card.
Click to expand...
I would avoid this, it generates tax events.

So, all in all Hungary seems doable... Thanks @jesuschrist for your comment and as every year tonight is gonna be great for you, enjoy!
 
Reactions: jesuschrist
#86
Estonian company in Cyprus wont become Cyprus company due to company residency rules?
 
#87
pirbtc said:
Estonian company in Cyprus wont become Cyprus company due to company residency rules?
Click to expand...
Foreign company tax residence will be assessed based on a double tax treaty article 4.

"Where by reason of the provisions of paragraph 1 a person other than an individual is a resident of both Contracting States, the competent authorities of the Contracting States
shall settle the question by mutual agreement due regard being had to the place of effective management of such person or any other relevant criterion."
 
#89

Yes. 500K is not really big.
If you are afraid about it, you can still do it in 2/3/4 transfers to test it.
I would just not keep the whole money there for too long (= when you send it there you should know already what you will do / where you will put next the money).
 
Reactions: lili247
#90
There are several serious and trusted providers who easily could help you with what you want to do, I see you have not been online for months so you may already have solved your problem. For people just got into the thread because they are searching for a solution to be solved similar to the topic starters, go inside mentor group check the list of trusted service providers and your problems are solved in seconds.
 
Register now
You must login or register to view hidden content on this page.
You must log in or register to reply here.
Menu
Log in
Register