Incorporate cryptos to a company
- Thread starter FreeBit
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Not being asked for source of funds is unrealistic if the amount is high.
Estonia, Switzerland and Germany have very crypto friendly and reputable banks which ask almost no questions, so if you know the offshore rules and how to move money you can incorporate in one of these countries and then shift profits to other low tax jurisdictions to pay out. They accept source of funds if it comes from a crypto enabled substance company in a reputable jurisdiction.
Estonia, Switzerland and Germany have very crypto friendly and reputable banks which ask almost no questions, so if you know the offshore rules and how to move money you can incorporate in one of these countries and then shift profits to other low tax jurisdictions to pay out. They accept source of funds if it comes from a crypto enabled substance company in a reputable jurisdiction.
In Estonia, it is possible and has been done.
You will need to:
1) provide a contract for the transfer of the cryptocurrency to the company;
2) prove the sufficiency of the value of cryptocurrency for share capital by providing a screenshot of the daily exchange rate of the currency from a trusted cryptocurrency exchange website. In case the value of the share capital is above EUR 25,000 the value of the contribution must also be verified by an auditor. The auditor's report concerning the verification of the valuation of the crypto shall then be provided to the notary at the time of incorporation.
Your problem is with most jurisdictions is the bank. You can set up anywhere and transfer the assets as capital contribution.
In Estonia it's quite a labourious task the same as Malta and Cyprus.
Then you have audit requirements which are a nightmare.
When you get through those hoops then you can talk to the bank to see if they will accept.
Switzerland will ask for previous tax residency which then leaves you open for reporting and a tax bill plus penalty maybe in the future.
If you declare the share capital contribution with the tax authorities, then you can make tax-exempt distributions to the extent of paid-in capital in the future.
You are still liable for tax from the jurisdiction from which you left which is what he said he wants to avoid.
You can also use a BVI structure with banking in Switzerland or Montenegro if the holdings are 2M plus but it will cost you 50K set up.
both vanished or retired! Who we are going to use now ?
corretc a notary service will do this. While it was allowed to do so in Switzerland a few years ago it was the procedure. Don't know if it is allowed again in Switzerland thoguh - Have 2 AG's formed with 100K USDT crypto each.
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The selection of jurisdiction mainly depends on your tax residency country.
Some jurisdictions might not be “compatible” with your personal tax residency country.
Questions about the source of the funds will come from EMI / banks and not from the country where you incorporate the entity.
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Isn't it concerning that many people (accountants, auditors, etc.) will know your crypto wallet address?
On a blockchain explorer they can check the balance of your wallet: if you have crypto worth a couple of millions it would be frightening to know that somebody knows it and also knows where you live...
Any recommendation to manage such a situation?
On a blockchain explorer they can check the balance of your wallet: if you have crypto worth a couple of millions it would be frightening to know that somebody knows it and also knows where you live...
Any recommendation to manage such a situation?
Better to use solution that doesn't require auditing,
And make payment from a dedicated wallet.
For asset protection move the crypto to a trust that only you control. This way you can even structure your crypto as non reportable and open a wallet for the trust on major exchanges.
You will need to think a bit outside the box. Of course, you don't use a wallet where, for example, there are 5 million euros if you're going to establish a company, for example, in Switzerland where it requires that you have 100K euros (or actually only 50K), then obviously you create a wallet for just that amount and set up the company.
After that, you create another wallet that you can use as a business account in the company's name, and then you use that for whatever you need cryptos for.
It's not that hard and then the problem is solved!
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