UAE vs Cyprus for crypto trading company
- Thread starter Tom85
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There have already been a lot of threads about Cyprus vs. UAE, and Cyprus isn’t crypto-friendly yet. According to some of the consultants we have here on the forum, they’re only just starting to adapt to it now. So, UAE is probably the better choice.
Not sure, but it seems it depends on the amounts involved and the frequency of trades; something like the badges of trade.
Binance or Kraken might report your account to the tax authority.
Talk to a tax expert to be sure.
Only banks are not crypto-friendly in Cyprus. Reading on this forum︁ there's no issue in opening a company and trading crypto, just bank abroad.
Binance or Kraken might report your account to the tax authority.
Talk to a tax expert to be sure.
Only banks are not crypto-friendly in Cyprus. Reading on this forum︁ there's no issue in opening a company and trading crypto, just bank abroad.
In this post there are listed several EMIs for Cyprus Wise for Cyprus residents
Another useful post General questions/discussion about crypto-friendly banks
Considering the 9% tax in Dubai and that's it's more expensive than Cyprus, between the two profits should be comparable.
IMO it all boils down to the type of environment where you'd like to live.
Another useful post General questions/discussion about crypto-friendly banks
Considering the 9% tax in Dubai and that's it's more expensive than Cyprus, between the two profits should be comparable.
IMO it all boils down to the type of environment where you'd like to live.
Not so far, kraken does not since Binance is US government owned now (joking) they will report you for sure.
I would just pay the 9% tax bill on crypto-trading activity without relying on the fact they don't report your account to the UAE tax authority.
It's very easy for a CEX to provide the amount of tax a trader has to pay if they are requested by the authorities.
It's very easy for a CEX to provide the amount of tax a trader has to pay if they are requested by the authorities.
But if you are a trader who does not have a company would you still pay the 9% which is a corporate tax?
AFAIK, for a natural person residing in the UAE, doing trading is considered a business activity and it is subject to corporate tax if the annual turnover exceeds AED 1,000,000.
It's been discussed in this thread https://www.offshorecorptalk.com/th...sa-motivated-freezone-companies-in-uae.42863/
It's been discussed in this thread https://www.offshorecorptalk.com/th...sa-motivated-freezone-companies-in-uae.42863/
I just heard something very weird online from a youtube channel which claims to make tax and residency videos fro Cyprus and help people relocate there: "Loses from trades are not tax deductable. Meaning if you lose money from a trade you can't counter that with profits from another one":
I.e. as far as I understand: if I have 5 trades, 4 lose 1 eur, 1 win 4 eur and I am break even: I need to pay tax on the winning trade +4 eur, even though I didn't make any money.
This sounds absolutely crazy and unbelievable to me and I can't believe any︀ trader who follows this can keep being profitable in the long run.
Can someone confirm︁ where does this information originates and if it's misunderstanding?
I.e. as far as I understand: if I have 5 trades, 4 lose 1 eur, 1 win 4 eur and I am break even: I need to pay tax on the winning trade +4 eur, even though I didn't make any money.
This sounds absolutely crazy and unbelievable to me and I can't believe any︀ trader who follows this can keep being profitable in the long run.
Can someone confirm︁ where does this information originates and if it's misunderstanding?
Yeah he still pushing people to Cyprus as he got his consulting biz set up there... but guess what, he's moving all his companies and businesses to Dubai... he just got his residency and his companies there as the video below shows 😉
While he's continuing to set his paying customers in Cyprus... "till he'll be ready to do the same in UAE, now that he's got the first hand experience of getting the residency and setting a company there" 🙄
(one get the residency, set a company and now he's an expert in the field 😛clow#¤% )
some gems from that video:
"taking my money out of︀ EU"
"i'll just use my cypriot company as payment agent nothing else"
"hope cyprus will︁ get one day like dubai"
"I said cyprus was better than UAE but was marketing︂ gimmick, you don't want to always believe what you see online" is the new "do︃ what i say not what i do" smi(&%
"people say horrible things about EU but I︄ like it" and at the same time "I want my plan B so I can︅ shuffle all the money out of EU" rof/%
While he's continuing to set his paying customers in Cyprus... "till he'll be ready to do the same in UAE, now that he's got the first hand experience of getting the residency and setting a company there" 🙄
(one get the residency, set a company and now he's an expert in the field 😛clow#¤% )
some gems from that video:
"taking my money out of︀ EU"
"i'll just use my cypriot company as payment agent nothing else"
"hope cyprus will︁ get one day like dubai"
"I said cyprus was better than UAE but was marketing︂ gimmick, you don't want to always believe what you see online" is the new "do︃ what i say not what i do" smi(&%
"people say horrible things about EU but I︄ like it" and at the same time "I want my plan B so I can︅ shuffle all the money out of EU" rof/%
I believe we don't care much about the guy himself
After a quick due diligence you'll︁ directly see if corporate capital losses from trading can be deductable and be carried forward︂
Other threads discuss the natural person case which isn't interesting tax wise aside stocks
After a quick due diligence you'll︁ directly see if corporate capital losses from trading can be deductable and be carried forward︂
Other threads discuss the natural person case which isn't interesting tax wise aside stocks
So is this true or not?
And if not, what is the original source of this misnformation coming from?
It can't be out of thin air, rather a misinterpration of some rule which I am yet to find.
And if not, what is the original source of this misnformation coming from?
It can't be out of thin air, rather a misinterpration of some rule which I am yet to find.
It’s pretty obvious what these damn influencers are up to. They’re pushing a country because they’re either sponsored in some way, or, like in this case, they run a consultancy firm that conveniently helps people set up personally and professionally in places like Cyprus, Dubai, or Montenegro, which are all trendy hotspots among these young influencers.
The problem is, most of them︀ have absolutely no clue what they’re doing.
They’re young, naïve, and it’s ultimately going to︁ affect all the other young and naïve people who use their so called services.
So yes, a lot of this hype really can come out of thin air, and most︂ of the time, that’s exactly what happens.
The problem is, most of them︀ have absolutely no clue what they’re doing.
They’re young, naïve, and it’s ultimately going to︁ affect all the other young and naïve people who use their so called services.
So yes, a lot of this hype really can come out of thin air, and most︂ of the time, that’s exactly what happens.
Your reply doesn't make sense.
It's exactly the opposite because if indeed untrue this tax claim︁ is against his business interest.
In this case it can be his stupidity but out︂ of thin air fabricating anti-marketing claims that go against him makes zero sense.
It's exactly the opposite because if indeed untrue this tax claim︁ is against his business interest.
In this case it can be his stupidity but out︂ of thin air fabricating anti-marketing claims that go against him makes zero sense.
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