Hi guys, this is is a very interesting thread. I'm also a Spanish resident. Is there not any tax efficient way of cashing out from crypto (hodl and day trades) while remaining in Spain? Surely there must be something that can be done that makes it more efficient. Is day trading better through a Spanish company? Hodl is only subject to cap gains after holding for 1 year.
Spaniard - Crypto - Exit strategy - 7 figures
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I see that some comments in regards to banks. Just to provide some light, banks in Panama and Georgia don't like crypto transfers (if you are a non-resident), so don't waste your time there. The easiest way to see which banks are crypto friendly is doing your homework and figure out the banks that the crypto exchangers use. You can start with Kraken, etc
If you're in Spain, there's no way you're getting away without paying taxes. Having a company is just worth it if you earn more than 40k-50k/y but you'll still need to pay︀ 25% of corporate tax and then dividends which is 5%. If you want to cashout︁ crypto, you need to move from Spain.
I think the 0% tax is a dangerous game to play as you could be considered not a tax resident in UAE from your local tax authority. For example in the French / UAE double imposition treaty (article 4) tax residency is granted to the place where you pay taxes. So if you don't pay tax will you be tax resident? Government could use this on the many of the people who moved to Dubai. This should be carefully considered before looking at moving to UAE.
I would rather move to a place where I would pay a reasonable tax rate but be sure of the banking system and tax treaties for no surprise in the future. It seems the German / Austria tax system for long term crypto assets is quite interesting. Any downside for long-term holders?
You can become an UAE resident and become tax resident there, @Fred can explain︀ more about it. Once you become tax resident in UAE, you tell your former country︁ that you're no longer a tax resident there, send all the proof of you being︂ a tax resident in UAE and that's it. To be 100% sure you can also︃ wait 183 days.
It is more complex than that and need to be careful planned. Especially if you keep ties with your country (family, investment...). My point is that at least for France the tax treaty with UAE is weak and could be interpreted in a bad way with the 0% tax. So it is a︀ risk to be aware and to verify with a professional.
It's not really that complex. If you are a resident in UAE, pay taxes in UAE and you stay there for at least 183 so your home country doesn't get stupid about it, you're good to go.︀ You just tell them you're no longer a resident there, show them the proof anf︁ that's it. Investments in other countries such as properties will have to pay taxes on︂ those countries, not UAE.
Yes I agree.
However as let's say a German you don't really want to end up in immigration with a Dominica Passport - keep in mind Visa free travel means not that any country hast to let you enter the boarder - if you turn up with a Dominica Passport as a former German Passport holder - have fun to enter the EU.
However as let's say a German you don't really want to end up in immigration with a Dominica Passport - keep in mind Visa free travel means not that any country hast to let you enter the boarder - if you turn up with a Dominica Passport as a former German Passport holder - have fun to enter the EU.
Won't need to renounce necessarily.
Also a lot of places like here in Thailand the agent route is dependable, cash is king! ;-)
Stay in another country for a while, pay a minimum of taxes there (declare some of the gains only) then that goes towards negating any future taxation from ones original "owner" state.
Would not work everywhere, and with higher figures of course they might try really going after you if the detect it at all that is.
But if so, having a visa on a passport from a third country could work out well...
Main problem is that we don't know if︀ states will get way more powerful and eager to crush anyone "getting away" or if︁ they'll have their hands full with a coming depression or even collapse.
Also a lot of places like here in Thailand the agent route is dependable, cash is king! ;-)
Stay in another country for a while, pay a minimum of taxes there (declare some of the gains only) then that goes towards negating any future taxation from ones original "owner" state.
Would not work everywhere, and with higher figures of course they might try really going after you if the detect it at all that is.
But if so, having a visa on a passport from a third country could work out well...
Main problem is that we don't know if︀ states will get way more powerful and eager to crush anyone "getting away" or if︁ they'll have their hands full with a coming depression or even collapse.
Sorry, I respect your life choices and decisions, but that's where you lost me.
what are you describing is based on fantasy, Swiss bankers are not stupid and what are you describing is money laundering 101, at least in the eyes of bankers and governments (whether that apply to you or not is a different question)
Just ask yourself this question? why Swiss bankers (who︀ are heavily monitored from both the Swiss government and western governments) would work with some︁ one who can't satisfy basic KYC/AML regulations and want to use these banks for cashout︂ purposes only? who in their right mind would accept such ridiculous thing, specially when these︃ bankers have thousands of other applicants that can easily meet kYC/AML regulations and have much︄ higher deposits and investments and are not high risk clients? the answer is nobody. here︅ is the thing, they don't need you, you need them.
Swiss bankers and Swiss︆ people in general rely on their brand, they have this comfortable image of themselves that︇ they are good enough and they have the luxury to choose which people to work︈ with (sometimes, i wonder how much longer will this last though, specially when you have︉ better jurisdictions who are keeping up like Singapore and the UAE)
in the UAE, you︊ have a completely different mindset and I'm speaking from experience. the UAE - even though︋ they don't need your money - they need your business, they want you there, they︌ are trying to get rid of this image that the UAE is what it is︍ now, not because of oil, but because of their business friendly regulations and mature legal︎ frameworks that exist in places like the DIFC. that's why, they are opening up these️ new ventures like DMCC crypto Centre and other things, they want people to come and they are trying to innovate to appeal to foreign investors.
in the UAE, all you need is dubai co + dubai visa + dubai bank account and you are set, from there you can diversify and invest/open foreign bank accounts from branch/representative offices in the DIFC in places like Switzerland, Singapore....etc. you really will have endless opportunities.
so why go through all these headaches when you can have straight forward solution that will cover all your needs?
what are you describing is based on fantasy, Swiss bankers are not stupid and what are you describing is money laundering 101, at least in the eyes of bankers and governments (whether that apply to you or not is a different question)
Just ask yourself this question? why Swiss bankers (who︀ are heavily monitored from both the Swiss government and western governments) would work with some︁ one who can't satisfy basic KYC/AML regulations and want to use these banks for cashout︂ purposes only? who in their right mind would accept such ridiculous thing, specially when these︃ bankers have thousands of other applicants that can easily meet kYC/AML regulations and have much︄ higher deposits and investments and are not high risk clients? the answer is nobody. here︅ is the thing, they don't need you, you need them.
Swiss bankers and Swiss︆ people in general rely on their brand, they have this comfortable image of themselves that︇ they are good enough and they have the luxury to choose which people to work︈ with (sometimes, i wonder how much longer will this last though, specially when you have︉ better jurisdictions who are keeping up like Singapore and the UAE)
in the UAE, you︊ have a completely different mindset and I'm speaking from experience. the UAE - even though︋ they don't need your money - they need your business, they want you there, they︌ are trying to get rid of this image that the UAE is what it is︍ now, not because of oil, but because of their business friendly regulations and mature legal︎ frameworks that exist in places like the DIFC. that's why, they are opening up these️ new ventures like DMCC crypto Centre and other things, they want people to come and they are trying to innovate to appeal to foreign investors.
in the UAE, all you need is dubai co + dubai visa + dubai bank account and you are set, from there you can diversify and invest/open foreign bank accounts from branch/representative offices in the DIFC in places like Switzerland, Singapore....etc. you really will have endless opportunities.
so why go through all these headaches when you can have straight forward solution that will cover all your needs?
Hey guys, new here. Been following this thread.
It seems UAE really is a great place to cash out of crypto. One question I haven't seen clearly answered: Once you've sold your crypto, and its sitting in fiat in your exchange (Binance, Kracken etc) - how easy is it to make the transfer from the exchange to your bank account?
It seems UAE really is a great place to cash out of crypto. One question I haven't seen clearly answered: Once you've sold your crypto, and its sitting in fiat in your exchange (Binance, Kracken etc) - how easy is it to make the transfer from the exchange to your bank account?
Strange? ns2 I never had any issue transferring crypto from Kraken to NBD (Mashreq, I understand as it's a s**t bank) but What issues did you receive with NBD that made you say that!?
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