Cashing Out Crypto Gains for UK / UAE / Europe / Asia - What Preparations are Needed?

[RBraun]

Hi,
I've joined this forum to learn about my options for cashing out Bitcoin / cryptocurrency holdings worth EUR 1m+. I'm a resident of the UK and I have a British passport. I'm starting from scratch; I don't have a business or any foreign residence visas. I have been reading the forum and have a basic grasp of the relevant terminology. This post is just to introduce myself, but I welcome any suggestions for the direction I should be looking toward. I am particularly interested in solutions which centre around Dubai, UAE, as from my research, this appears to be the most suitable for my situation. Aside from continuing my reading, what preparations should I make? Thank you for reading.

 

[troubled soul]

Contact @Fred or @CaptK

 

[CaptK]

RBraun said:
Hi,
I've joined this forum to learn about my options for cashing out Bitcoin / cryptocurrency holdings worth EUR 1m+. I'm a resident of the UK and I have a British passport. I'm starting from scratch; I don't have a business or any foreign residence visas. I have been reading the forum and have a basic grasp of the relevant terminology. This post is just to introduce myself, but I welcome any suggestions for the direction I should be looking toward. I am particularly interested in solutions which centre around Dubai, UAE, as from my research, this appears to be the most suitable for my situation. Aside from continuing my reading, what preparations should I make? Thank you for reading.
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The main thing is to get ready to move there. For at least 6 month's.
There are ways to cash out in the UK also but that's more for pocket money. If you want to realise a large fiat amount it needs to be in a tax free nation.
What do you want to achieve with the cash.?

 

[Don]

RBraun said:
Hi,
I've joined this forum to learn about my options for cashing out Bitcoin / cryptocurrency holdings worth EUR 1m+. I'm a resident of the UK and I have a British passport. I'm starting from scratch; I don't have a business or any foreign residence visas. I have been reading the forum and have a basic grasp of the relevant terminology. This post is just to introduce myself, but I welcome any suggestions for the direction I should be looking toward. I am particularly interested in solutions which centre around Dubai, UAE, as from my research, this appears to be the most suitable for my situation. Aside from continuing my reading, what preparations should I make? Thank you for reading.
Click to expand...

Have you been actively trading? When did you make the purchases?

 

[RBraun]

CaptK said:
The main thing is to get ready to move there. For at least 6 month's.
There are ways to cash out in the UK also but that's more for pocket money. If you want to realise a large fiat amount it needs to be in a tax free nation.
What do you want to achieve with the cash.?
Click to expand...

Thanks for your reply. I wish to cash out large amounts to fiat so I can spend and make investments, diversify etc. So I understand that my focus should be on Dubai.

However, in the mean time I also want to cash out in the UK for spending on home improvements etc. So I am also interested in obtaining some pocket money before I move to Dubai. Is it possible to cash out in the range of £50-£100k without making myself an enemy of the banks and without a POSOF inquiry? I would be OK with paying some CGT, I have already reached my £12.5k CGT free limit. Could you please elaborate on this topic?

 

[RBraun]

Don said:
Have you been actively trading? When did you make the purchases?
Click to expand...

I have not traded with my main holdings which I've had since 2015.

 

[Don]

RBraun said:
I have not traded with my main holdings which I've had since 2015.
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If you can prove that it's non-trading income you can possibly get away with paying zero tax in the UK. I am happy to help you acquire written advice from a chartered advisor/lawyer for this purpose.

 

[tyrexoid]

Don said:
If you can prove that it's non-trading income you can possibly get away with paying zero tax in the UK. I am happy to help you acquire written advice from a chartered advisor/lawyer for this purpose.
Click to expand...

Isn't is capital gains tax, or it doesn't work on crypto in UK?