Experienced Unbiased Advisor

[GlobalMogul]

I am an EU citizen with multi-millions in BTC. I have owned this BTC a long time and have naturally paid no tax on any of it, in fact, most of it has never been touched.

The last 2 years, I've bought several cheap apartments throughout the EU, refurbished them, and rented them out. It has worked well. Now I have tested the waters, I want to turn this personal investment project into a fully fledged global corporation.

In addition to this property development business, I also want to rebalance my portfolio and allocate my assets wisely - right now they are 90% BTC, 5% real estate, 5% cash.

Namely, I would like a trust or entity to use for buying real estate. Additionally, I would like a corporate entity to use for crypto and stock trading.

I have looked into all the 'offshore' options - Dubai the most appealing so far. However I accept that I am a novice, and I recognize that the offshore market is flooded with timewasting bulls**t and simple rip offs.

I am searching for an experienced, unbiased advisor to help me set up a structure that will stand the test of time.

 

[JohnLocke]

Welcome aboard.

I'm sure there are many people around here able to help you, in case all of this won't suite you I would have a look at the following companies which you can find in the Resource section:
https://www.offshorecorptalk.com/resources/
Alliott Partellas Kiliaris - mainly Cyprus, they really know what they are doing.
Turner Little Specialized in consultancy and Accounting
HB Managment BV in Curacao

From the forum I would recommend you to speak with user @Gediminas who is a service provider as well but not to forget to try to get a chat with our Elite member @Martin Everson who is very helpful.

Personally I don't want to suggest anything in your case but will let it be up to the different people here, hope this can help you to find a good and professional setup.

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[GlobalMogul]

Thanks for the kind words Admin, and I'm hoping some can help. I know Martin is a veteran here, as I have been lurking for a while, but I understand he no longer offers formal consulting services.

I have already had a deep look through the resource section and stumbled on the first two of the three suggested. But I am looking for some impartial advice in the sense of someone not promoting themselves, just so I know it's a solid one.

 

[GlobalMogul]

I'm currently drawn towards a Dubai based setup. I can get BTC to Cash easily in Dubai, and cash deposits don't seem to be a problem. Can anyone chime in if they get a chance? Thanks!

 

[James2774]

GlobalMogul said:
I'm currently drawn towards a Dubai based setup. I can get BTC to Cash easily in Dubai, and cash deposits don't seem to be a problem. Can anyone chime in if they get a chance? Thanks!
Click to expand...

This is certainly out of my league im sure, but I have a few friends in Georgia, and they use mycoins to purchase BTC as an exchange from their bank. From browsing this site, (and what my friend said) Georgia has zero tax rate and cares not much what you do with your money, as well as offering potential anonymity (from what Ive read here)

 

[GlobalMogul]

I am not looking to buy BTC, I am looking to sell it. I have heard about Georgia but my only worry is given it's so popular, how long until it's no longer viable? I want a long term solution so it's put me off Georgia. Thanks for the suggestion though!

 

[Martin Everson]

GlobalMogul said:
I want a long term solution so it's put me off Georgia. Thanks for the suggestion though!
Click to expand...

Whats your tax situation currently in EU? Are you subject to capital gains tax? Are you planning to relocate before setting up any offshore structure?

Congrats on your fortune.

Last edited: Apr 20, 2020
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[GlobalMogul]

Martin Everson said:
Whats your tax situation currently in EU? Are you subject to capital gains tax? Are you planning to relocate before setting up any offshore structure?

Congrats on your fortune.
Click to expand...

Thank you Martin!

Current tax situation in EU is that I don't pay any! Legally, I am an unemployed student drop out. I bought the BTC on an exchange many years ago, through a foreign bank account in a developing country where I was resident at the time. The BTC exchange has since closed down. I have not deposited my BTC into any exchanges since, it's in cold storage on a hardware wallet. I have been living a cash-based life for a long time now.

I am not planning on a permanent relocation to any particular destination. I currently travel a fair bit and live in a few places at once. I have lived abroad, in many places in the past 15 years. I don't mind relocating temporarily, or on paper, for tax reasons, if need be.

I am really just looking for a long term solution. I don't want an EMI in a shady country that might get blacklisted a few years from now... I would like something that will stand the test of time.

 

[Martin Everson]

Naturally you can continue what you are doing now and hover under the radar for sometime. However that is not a long term solution in EU and you will be storing up big problems for the future. Places like UK for example hit people with unexplained wealth orders and can seize assets if you can't prove source of income. This will happen across EU at some point also.

GlobalMogul said:
I am not planning on a permanent relocation to any particular destination. I currently travel a fair bit and live in a few places at once. I have lived abroad, in many places in the past 15 years. I don't mind relocating temporarily, or on paper, for tax reasons, if need be.
Click to expand...

The first step you need to take is sort out your residence. You need to ensure you are tax resident somewhere where the treatment of asset you own and plan to own in future is tax friendly. This has to be a real residency not a paper residency. If you are not ready to change residency just yet then reconsider your moving out of crypto and into any further assets. Keep in mind it will become more and more hard in future years to move out of crypto even via buying direct assets in crypto.

GlobalMogul said:
I am really just looking for a long term solution. I don't want an EMI in a shady country that might get blacklisted a few years from now... I would like something that will stand the test of time.
Click to expand...

If you want a long term solution then you are looking at protecting your acquired wealth the gold, property and art is all you need as a base but you can consider many of the assets that admin mentioned in another thread. Diversification is key. Also you need to consider who owns the future assets and how to protect them. In that case you need to consider whether a Trust or a Foundation is suitable.

However first step is sorting your residency. You can either go to a tax free country or one with a territorial tax system where offshore income held outside your resident country is not taxed. It also has the added benefit as your assets you bring with you to your new resident will be considered capital and not untaxed income and gains. Hence you can spend it quite easily if its a territorial tax country you moved too (does not apply to tax free country naturally).

In terms of banking. Banking for long term means putting any money from the crypto into a several major bank. Do not use a small offshore or onshore bank to hold money. We are talking banks that are leaders in their country of operation and are stable financially and have a good credit rating of at least single 'A' rating and above. I have discussed also how to hold cash and that is in AAA government bonds with a bank. You may have read about that in some of my other posts.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[GlobalMogul]

Thank you for the wealth of information Martin, actually I can't thank you enough.

Do you have any suggestions for me to consider for residency? I have been considering Dubai/UAE but I don't know if that's an option you would advise. I understand it's an individual decision, and I've seen the lists of 'top' places, but I am curious what your personal recommendation might be.

I think the main requirement for me, is that my ability travel is not too restricted to maintain residency.

Last edited: Apr 20, 2020

 

[Martin Everson]

GlobalMogul said:
Do you have any suggestions for me to consider for residency?
Click to expand...

If you are comfortable with Dubai go for it as its tried and tested. Just be aware of their laws as all that glitters is not gold. You can also consider Cayman Islands via Cayman Enterprise city 5 year visa. You have advantage of English common law legal system and a place that is not in a hot zone (hurricanes aside) or as vulnerable geopolitically and geographically like Dubai. However it is not as easily reachable as Dubai is from many countries and its expensive as hell. You are looking at 100k a year total just to live there. I can give breakdown of cost if needed.

Offshore Cayman Special Economic Zone

If you want a next day moving options. Then just move to Ireland as a resident non-domicile. Once registered in Ireland all your money you had prior to that registration would be considered capital and not taxable. Simply bring in as much money as your will need for the long term. Then keep the rest offshore and invest. You will not be taxed on offshore income that you don't later bring into Ireland. Companies like Nathan Trust explain this for you.

Ireland non-domiciled tax ”“ 7 things you need to know

My last piece of advice is don't setup any corporate offshore structures at all. Simply keep any income from properties you own offshore. Keep all accounts and investment in your name offshore. Don't actively manage any investments while in Ireland and seek only passive investments. Long term you need to seek active management by a professional provider in i.e Channel Islands or Switzerland to be managing your wealth and investment strategy you decide on in an asset protection structure i.e Trust or Foundation. There are banks that specialize in crypto in Switzerland if that is your thing. But separate your traditional stocks investments from anything crypto. Don't use same bank.

https://www.bankfrick.li/en/https://www.seba.swiss/
Remember wealth can be lost as easy as its gained.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[GlobalMogul]

Thanks again for the words of wisdom Martin. They haven't been taken lightly!

> My last piece of advice is don't setup any corporate offshore structures at all.
> Remember wealth can be lost as easy as its gained.

Now that's what I call experienced advice!

 

[samooo]

I see that you are interested in Dubai , Dubai is not easy like you think specially with crypto .if any bank in Dubai know that you are dealing with crypto they will freeze your account .and to buy real estate you need cash not crypto. Does this mean it is impossible no it is just hard for someone not doing money laundering . Forget about the tax just think how you will get this money legally to the bank as EUR. You will get asked from where you got the money and if you mention crypto no one will deal with you. I made a mistake before and I was accepting BTC on one of my websites and Lost my bank account with 6 figures in it. It took many years to understand how to get the money into the system under my company funds legally and without issues. So just Get it out first and after this think about the tax

 

[GlobalMogul]

samooo said:
I see that you are interested in Dubai , Dubai is not easy like you think specially with crypto .if any bank in Dubai know that you are dealing with crypto they will freeze your account .and to buy real estate you need cash not crypto. Does this mean it is impossible no it is just hard for someone not doing money laundering . Forget about the tax just think how you will get this money legally to the bank as EUR. You will get asked from where you got the money and if you mention crypto no one will deal with you. I made a mistake before and I was accepting BTC on one of my websites and Lost my bank account with 6 figures in it. It took many years to understand how to get the money into the system under my company funds legally and without issues. So just Get it out first and after this think about the tax
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Through a trusted partner, I can get it to cash without a problem in most countries (including Dubai). But then the issue is depositing big amounts of cash... having the right bank and the right answers to their questions.

Last edited: Apr 25, 2020

 

[TaChLOCk]

You should use precious metals to turn your crypto into fiat. In the US you do not need to show any KYC to buy millions in gold coins using crypto. And you just need to provide bank information to sell your millions in gold to receive clean bank deposits. The issue right now though is gold has a huge premium now, basically double the premium. It sucks to buy gold right now.

 

[Martin Everson]

TaChLOCk said:
You should use precious metals to turn your crypto into fiat. In the US you do not need to show any KYC to buy millions in gold coins using crypto. And you just need to provide bank information to sell your millions in gold to receive clean bank deposits.
Click to expand...

And that is why precious metals and crypto is on most banks high risk or banned activity lists in Europe sadly 😕. I have no idea how it is in the states so maybe its different.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[TaChLOCk]

It depends on which gold company you use and which crypto payment processor they use. For example, Bitpay is the worse in terms of KYC. But coinpayments doesn't require any kyc when purchasing.

 

[GlobalMogul]

TaChLOCk said:
It depends on which gold company you use and which crypto payment processor they use. For example, Bitpay is the worse in terms of KYC. But coinpayments doesn't require any kyc when purchasing.
Click to expand...

This is USA only right? Can't ship to EU?

 

[TaChLOCk]

GlobalMogul said:
This is USA only right? Can't ship to EU?
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I'm sure you can ship to any where in the world. I don't know how your customs will handle it though.

 

[GlobalMogul]

TaChLOCk said:
I'm sure you can ship to any where in the world. I don't know how your customs will handle it though.
Click to expand...

Yeah, that's the problem, shipping vast amounts of gold in the mail is risky for obvious reasons, but even more risky cross borders. Plus, customs/import taxes to pay! f**k gold! nai¤%