Cashing out Crypto

M

macro123

New Member
Jun 13, 2020
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Hi everyone,

I'm new to the mentor group and quite new to the whole space in general, so please excuse my ignorance if the answers to my questions are obvious.

My situation is as follows:
I'm Swiss, based in Switzerland, and have been trading cryptocurrencies for a few years. My trading would be classified as professional in Switzerland for tax purposes, which means I would have to give back 30-40% of the profits for taxes. For this reason, I have not cashed out any of the earnings to my bank account, they are still held in btc/eth/stablecoins. I am trying to find a viable option for the future, in order to be able to cash out a large portion of the profits (probably around 300-400k) in approx. a year's time, while paying little to no taxes on them, using a method that is as simple and legitimate as possible. I am able to provide documentation for almost all of my trades and fiat transfers to exchanges, so proof of funds should not be a big issue.

After doing some research I have the impression that the easiest method would be to emigrate from Switzerland to a country that doesn't tax foreign income, such as Panama, and become a tax resident there. At that point I would start cashing out.

- Is this realistic or am I missing something? Since it seems quite straightforward and almost too easy, I feel like there's something I am overseeing.
- Can I expect to find a bank that would be willing to accept these funds, provided that I would be able to prove that the origin is legitimate, or will banking still be an issue?
- Would it make sense to form a corporation for this, or can I do this as a private person?

Thanks!
 
Hey,

You got that right. You would need to change your tax residency.

UAE could also be a good option for you. They have 0% taxes (on corporate and personal levels), a good climate, not too far from Europe, a good place to spend time.

As regards banking, there are ways to achieve your goals. You could cash out crypto to crypto-friendly EMI (for example, based in the EU) and then do a transfer to your local bank (for example, in UAE).

As regards corporation, it depends on some personal circumstances. For example, in UAE you would be allowed to obtain a residency visa if you register a company there.

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https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!
 
UAE would suit you better as residency and bank account can be done quite quickly if you relocate.
0% tax on all income.
 
Thanks for your responses!
Is there a reason why UAE would be more suitable in my situation? Regardless of cashing out, I intend to emigrate to Latin America within the next 1-2 years, so Panama seemed like the most logical option for a residency. I wouldn't have to spend a lot of time in Panama itself to be classified as a tax resident, so it seems quite practical for my situation. Are there any particular disadvantages of wanting to do this in Panama?
 
I might work buying shares of a company with Bitcoin and get dividends or a buy out paying 0%

Also getting invoices paid
 
macro123 said:
macro123 said:
Thanks for your responses!
Is there a reason why UAE would be more suitable in my situation? Regardless of cashing out, I intend to emigrate to Latin America within the next 1-2 years, so Panama seemed like the most logical option for a residency. I wouldn't have to spend a lot of time in Panama itself to be classified as a tax resident, so it seems quite practical for my situation. Are there any particular disadvantages of wanting to do this in Panama?
Click to expand...
Click to expand...
UAE is safe and modern world class service.
There is no comparison here.
Why so many people have taboo for UAE without experience ?

If the cost is no problem then UAE has virtually Zero competition in this area.
Only con for UAE is expensive as hell.
 
I appreciate the input and am aware of Panama's reputation not being great. It's not that I have a "taboo" for UAE, it's just not a place I could imagine spending a lot of time in, so I'd prefer to choose a country near where I'm planning to go (Latin America).

Could the country's reputation lead to problems when it comes to banking? I would be able to provide proof of the origin of the funds. I understand avoiding Panama if the goal is to not raise any questions, but I really don't have much to hide so is there a reason for me to steer clear of it?
 
hope This video helps
Antigua and Barbuda will be the best .
They give you passport also for bitcoin
 
Dominican Republic, St Kitts, St Lucia, BVI and Cayman all good places and puts you in that part of the world.
 
CaptK said:
CaptK said:
Dominican Republic, St Kitts, St Lucia, BVI and Cayman all good places and puts you in that part of the world.
Click to expand...
Click to expand...
Thanks. Is this mainly due to Panama's bad reputation, which could cause more issues in the long-term? I.e. it would be easier to just go with one of the places you mention, since they haven't been in the spotlight as much?
 
Who cares about bad reputation if you dont plan to do business with other companies?
 
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