OVZA
New Horizons Paraguay
Ticker tape by TradingView

Can't cash out my crypto and live my life...

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Seems to work indeed very well if one looks around︄ who hangs around there. The key is not to just gather all kinds of data︅ and collect it so how its done its creating a big mess impossible to deduct︆ any meaningful insight. This can be easily seen from newspaper articles which proves such endeavors︇ moot. Especially fellas from 2 quite big countries are well aware of this fact. Also︈ the background checks seems to be very basic (again deducted from just newspaper articles whitout︉ some magic insights. ) 😉

its facade is just very nice looking,︌ but its clearly not a 1st world system. There are many issues with banking (like︍ you said with the gestapo aml proceed sharings etc, due process etc. ) and the︎ very big informal market / gdp is also not exactly indicating a 1st world banking️ system.
indeed a failed state.
 
This is old FUD, check the dates.
Meanwhile Nexo is still there standing, unlike⁠ Celsius.

Anyway, if you don't trust them you don't need to let your cryptos there.⁤
Once the Fiat loan and transfer are made, just refund with crypto the next day.⁣ You'll have to pay at least 1 month interest as per their conditions though.

Crypto is not a risk-free industry, everyone should decide accordingly.
 
Before getting the loan,do they require SoF for the initial onboarding⁠ the crypto to their platform?

Do they have a min/max they can loan out based⁤ on the crypto amount and at what interest percent usually?
 
I don't know about⁠ SoF, I assume (?) they check if your cryptos are "tainted" when you receive it⁤ in your account.

LTV ratio varies depending on the collateralized crypto asset. BTC: 50% LTV,⁣ USDT: 90% LTV ...

Interest rate depends on your Loyalty Tier, which is determined by⁢ the ratio between the value of your NEXO Tokens against the rest of your portfolio:︀
Base: No NEXO Tokens are needed; interest on your outstanding credit line balance is 15.9%.︁
Silver: The ratio of the NEXO Tokens in your account against the rest of your︂ portfolio must be at least 1%; interest on your outstanding credit line balance is 14.9%.︃
Gold: The ratio of the NEXO Tokens in your account against the rest of your︄ portfolio must be at least 5%; interest on your outstanding credit line balance is 10.9%︅ if your LTV is above 20% and 2.9% if your LTV is below or equal︆ to 20%.
Platinum: The ratio of the NEXO Tokens in your account against the rest︇ of your portfolio must be at least 10%; interest on your outstanding credit line balance︈ is 7.9% if your LTV is above 20% and 0% if your LTV is below︉ or equal to 20%.

https://nexo.com/borrow
You may want to check their website or contact them︊ directly for more info.
 
Habibi -⁠ come to Dubai!
You buy property with Crypto here.
You can rent it and have⁤ cash flow OR you sell it and get clear cash straight into your bank account.⁣
 
Let's say you want USD. You are the⁠ average guy who bought at standard market price an OK property that you are able⁤ to sell in the shortest term with no capital gain or loss.

From your experience,⁣ how much in % will this crypto cash-out cycle cost including all agent/bank/structure fees, currency⁢ conversion, government taxes,... to finally get USD in a proper personal bank account?
 
I'm pretty sure that it will be next to impossible to find a bank that‌ will accept a 7 figure loan from Nexo or a similar company without asking questions‍ about collateral to the loan. I think even for 6 figure loans banks will give⁠ you hard time.
Real estate resale route comes with a 15-25% loss if you count⁤ in real estate agency fees, stamp duties and a discount to the market to sell⁣ real estate fast (still can take months).
5K1PP3R, your SoF documents will be some kind⁢ of a loan or a sale of goods that are exempt from capital gain tax?︀
 
Don't get too exited of the idea of having millions of $ in fiat money‌ and don't buy a Lambo for now . Go to Dubai and research the residential/commercial‍ property market . Wait for the next bullrun . Go to Dubai again and invest⁠ in top location/high yield properties . Find some reputable estate agents and rent them out.⁤ Start improving your lifestyle with the rent you receive .
 
If you buy 2M+⁣ AED property (around 500k EUR/550k USD) and you'll get a 5 year investor visa with⁢ and Emirates ID. You can also buy multiple properties in that value.
Emirates ID is︀ sufficient to get a bank account from your phone in a good bank and your︁ cards and checkbook delivered to your door step.

If you buy property off plan (in︂ a construction phase, form a developer) you would have to pay 4% DLD fee on︃ top of the price but that's already in the contract and part of the selling︄ price so you don't need extra cash for that.
If you rent it you can︅ get usually 6-8% ROI on your capital. In case you want to sell it the︆ buyer pays the 4% DLD fee and the real estate agency commission so you'll get︇ basically all the full amount.
So the only thing is how well can you buy︈ and sell it and you could potentially earn if the property appreciates.

In case you︉ want to cash out 3-4-5 M I would buy couple of properties to keep/rent (needed︊ for investor visa) and other just to go from crypto to cash.
There are also︋ places where you can convert do crypto to cash for living expenses etc.
 
You can open up a personal account in UAE bank remotely with just the⁠ Emirates ID? What banks?
And I am assuming you will need a UAE phone number.⁤
 
Yes, you'll need a phone number anyway. And if you have⁠ Emirates ID - you're considered resident. You can easily get a cell phone number.

You can open personal account in almost any bank (Mashreq, Emirates NBD, Mashreq, DIB, FAB...) just⁤ scan your Emirates ID during the setup and that's it.
 
Is there KYC? Where‌ would you find people selling their property for crypto? How can you sell without taking‍ a huge loss if there is so much oversupply?
 
A part of Nexo's business model is⁤ making money from their loans, therefore I'm pretty sure there should be some banks that⁣ deal with Nexo. The only one who can surely answer this banking question is Nexo,⁢ so better to ask them.

We agree that the underlaying issue is always the same︀ with cryptos: find crypto-friendly banks that will accept fiat transfers (small and large amounts) from/to︁ crypto platforms be it Nexo, Kraken or Coinbase...

Relevant thread idea: Crypto-friendly Banks (no EMI)︂ + Conditions
 
so the previous post was removed because mods thought I am offering some service. I‌ cleared the situation with @Sols and to clarify again: this is not a service but‍ a solution for OP to sell crypto to someone who has clean money and needs⁠ crypto. You and the buyer make a contract of purchasing an intellectual property asset. But⁤ as mentioned you better change tax residency not to pay European income tax, but this⁣ is optional.
Original post:
I will give you clean money and documents, you will give⁢ me crypto. We can make the transaction via binance as normal. But you will probably︀ need to couple it with another residency, you could start with Georgian 1% income tax︁, (there is a yearly limit though of about USD 200k) you don't even need︂ to live there or Cyprus 2.5% profit tax using IP box + 0% dividends using 60 days tax residency. I have experience in all this.

Let me know if you︃ are interested, PM me or I can but the plan and PM you
 
Just gonna add, this post has gone from pointing someone in the direction for a‌ 'clean-clear' exit to potentially money laundering advice.
 
You can buy it off-plan directly from the developer and pay with⁠ crypto:
Buy Dubai Property with Bitcoin and Ethereum - DAMAC is one of the biggest⁤ developers (not the best LOL)

Since you bought it off-plan (under construction) it's usually a⁣ bit cheaper as you need to wait for the project to complete and as it⁢ gets ready the price usually increases.
So, you could resell it for a profit along︀ the way or once its complete.

You can also rent a place with crypto while︁ you await your project to complete to move in:
https://www.propertyfinder.ae/en/pl...ubai-al-barari-the-neighbourhood-9848926.htmlhttps://www.propertyfinder.ae/en/pl...ubai-al-barari-the-neighbourhood-9851348.htmlhttps://www.propertyfinder.ae/en/pl...ubai-al-barari-the-neighbourhood-9850979.htmlhttps://www.propertyfinder.ae/en/pl...t-and-spa-jumeirah-gate-tower-1-10010770.html
You can︂ also find built properties for sale and pay crypto:
https://www.propertyfinder.ae/en/pl...-jumeirah-la-mer-port-de-la-mer-10133189.htmlhttps://www.propertyfinder.ae/en/pl...dubai-al-furjan-murooj-al-furjan-9926944.html
Even in Burj Khalifa:︃
https://www.propertyfinder.ae/en/pl...-burj-khalifa-area-burj-khalifa-10059935.html
 
Never buy anything under construction in UAE (or elsewhere).
There is or was a major‌ UAE developer that was 3 YEARS late (basically high way robbery) and UAE judge took‍ the side of the developer, so buyers were kindly asked to have more patience and⁠ keep waiting for their luxury apartments.
 
That's the easy way. You could even get creative,⁣ make just one beautiful nft, put it on opensea and buy it / sell it⁢ to turn it into money with proof of source. Done.
That's the main purpose of︀ NFTs (and Hunter Biden's paintings, lol).
 
I actually bought one⁤ and my property was delivered without a day of delay.

Usually the money goes to⁣ escrow account overseen by the govt. The govt sends inspections to the construction site to⁢ monitor the progress of the building (you can access all these reports and pictures trough︀ Dubai REST application) so the developer can't take your money and not finish the project.︁ Also there are payment plans so you pay along the way (not the whole amount︂ upfront - usually 20% and then as the construction progresses you pay 5 or 10%︃ each couple of months and once it's done usually the remaining 50%. Some developers have︄ even plans where you move in and pay the remaining over the next couple of︅ years.

Yes, NFT's could do it but doubt that banks will be happy with that︆ explanation.
Not many banks will ask you how you got your property that you have︇ just sold.
 
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