Bulgaria vs Romania for a freelancer
- Thread starter Bl4ckJackk
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1. Theoretically you need to be careful and choose someone reliable, I am not sure about all the ways we could screw each other. But as far as my crypto is in my cold crypto wallets I see the biggest risk covered.
2. No and at this stage I don't need it. The withdraw route is dividend distribution in-kind (stables or other crypto)︀ to personal wallet. Then from personal wallet sell on exchange to fiat and withdraw. But︁ it's not that easier even with personal banking and crypto as we all know. So︂ I don't see much bigger problem with the offshore setup anyway. Currently I don't need︃ high amounts. In the future, AFAIK Turicum bank in Gibraltar should open a bank account︄ for 200K deposit. Which is supposed to be still quite easier than BVI banking options︅ which AFAIK are nearly non-existent. Bank Frick in Liechtenstein is supposed to open account for︆ any offshore jurisdiction with crypto business, but I think it's very hard there if you︇ don't have 7-8 figures.
Warning to you and anyone non-Bulgarian interested in this setup: I︈ am confident it works if you are a tax resident ONLY of Bulgaria, or at︉ least by default in Buglaria (and DTA agreements cover you as a rax resident in︊ Bulgaria). But if you have a tax residency elsewhere and you do this setup in︋ Bulgaria, even if it works for you, it has nothing to do with the fact︌ you have other tax residency and it will not get you rid of it and︍ the obligations related to it. Many people forget about this. Getting rid of your tax︎ residency is much harder than finding a new one that fits you. I just seem️ to be (un)lucky (depends on how you view it) to be born in Bulgaria, lol.
2. No and at this stage I don't need it. The withdraw route is dividend distribution in-kind (stables or other crypto)︀ to personal wallet. Then from personal wallet sell on exchange to fiat and withdraw. But︁ it's not that easier even with personal banking and crypto as we all know. So︂ I don't see much bigger problem with the offshore setup anyway. Currently I don't need︃ high amounts. In the future, AFAIK Turicum bank in Gibraltar should open a bank account︄ for 200K deposit. Which is supposed to be still quite easier than BVI banking options︅ which AFAIK are nearly non-existent. Bank Frick in Liechtenstein is supposed to open account for︆ any offshore jurisdiction with crypto business, but I think it's very hard there if you︇ don't have 7-8 figures.
Warning to you and anyone non-Bulgarian interested in this setup: I︈ am confident it works if you are a tax resident ONLY of Bulgaria, or at︉ least by default in Buglaria (and DTA agreements cover you as a rax resident in︊ Bulgaria). But if you have a tax residency elsewhere and you do this setup in︋ Bulgaria, even if it works for you, it has nothing to do with the fact︌ you have other tax residency and it will not get you rid of it and︍ the obligations related to it. Many people forget about this. Getting rid of your tax︎ residency is much harder than finding a new one that fits you. I just seem️ to be (un)lucky (depends on how you view it) to be born in Bulgaria, lol.
So, the key is that you distribute︍ the dividend in crypto (or stable) and hence don't need banking for offshore structure. That︎ is indeed smart. I wasn't aware if it was even possible (legally) can other people️ confirm you can distribute yourself dividend in stables?
Because finding crypto banking for a person in EU is 10x easier than finding banking for offshore company with nominee director.
If that indeed works (again legally) I might re-think my whole US based setup.
@pastet89 if you feel generous feel free to PM me the service provider that made your Gibraltar setup.
Because finding crypto banking for a person in EU is 10x easier than finding banking for offshore company with nominee director.
If that indeed works (again legally) I might re-think my whole US based setup.
@pastet89 if you feel generous feel free to PM me the service provider that made your Gibraltar setup.
Yes, at︀ least for the jurisdictions I have researched and it my setup it works, the in-kind︁ distribution.
I am not sure how easy it is with the banks in EU for︂ crypto. In Bulgaria is virtually impossible even for natural persons. Only in Slovenia I have︃ heard it's quite easy. But EMIs are way easier and cheaper (or even free) for︄ a natural person to setup than for an offshore company.
You can PM me, I︅ can't PM anyone first.
I am not sure how easy it is with the banks in EU for︂ crypto. In Bulgaria is virtually impossible even for natural persons. Only in Slovenia I have︃ heard it's quite easy. But EMIs are way easier and cheaper (or even free) for︄ a natural person to setup than for an offshore company.
You can PM me, I︅ can't PM anyone first.
Hello since you are local do you have a simple BG company set up recommendation? There are many at different price points...
One solution is to trade crypto only with standard brokerage firms that offer ETNs or CFDs on Crypto with your company. You don't need to mention that you only trade cryptos, can just be "securities trading" or "investments". You can also trade a very limited number of crypto currencies on standard futures exchanges such as CME. But this will be very︀ different from trading with crypto exchanges and pools.
Hello fellow Bulgarian,︄ can you please PM me because I can’t do that because of my user status.︅ I am in the same boat as you and have read your posts. Would like︆ to get some advice please
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