How feasible is it to move to the UAE & sell crypto on bybit/binance & then cash it out to FIAT in a UAE bank? Assuming large size. Are there any issues that would come with it/would it be hard to transfer money out? Assuming you have SOF available. And then how easy would it be to transfer that FIAT into IBKR? Are there any downsides/upsides of doing this, how are the fees etc?
Selling Crypto in UAE from Exchange to Bank Account
- Thread starter heisenberg43
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cryptocurrency is subject to tax once you dispose of it
so if you bought BTC/ETH, held it and sold it in the UAE you’d pay the 0% UAE CGT tax instead of the CGT country you bought it in (unless USA)
so if you bought BTC/ETH, held it and sold it in the UAE you’d pay the 0% UAE CGT tax instead of the CGT country you bought it in (unless USA)
I think there are quite a few taxing unrealised gains when moving out. Hence it we would need to country you are in to further check if needed.
But in this case, the funds would be clean. You can easily dispose of then in many ways. Maybe UAE is an option, maybe there are better ones. Germany would be one. Many options. Most countries won't tax you for unrealised gains before you became tax︀ resident.
But in this case, the funds would be clean. You can easily dispose of then in many ways. Maybe UAE is an option, maybe there are better ones. Germany would be one. Many options. Most countries won't tax you for unrealised gains before you became tax︀ resident.
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