Tax free country for crypto exchange.

[diatessaron]

Greetings,

Im looking to register a crypto trading firm concentrated towards providing on/off fiat and crypto ramps + portfolio management for my clients in a country that has 0 taxes on such entities. Company will be used to open a business bank account and that's my main goal behind creating such an entity. Any suggestions are welcome.

- diatessaron

 

[diatessaron]

Giving this a gentle kick to gain some attention, I keep hitting legal walls.

 

[mezoon]

Consult with a lawyer and don't rely on a single solution you can get your account blocked easily for crypto

 

[JohnnyDoe]

You might put the whole operation under the umbrella of a cayman professional fund. If it's properly setup you can then open accounts in various US banks

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[cyprusbanker]

What tax free countries are there for such purpose beside Cayman Islands, Costa Rica and Puerto Rico?

 

[diatessaron]

mezoon said:
Consult with a lawyer and don't rely on a single solution you can get your account blocked easily for crypto
Click to expand...

Lawyers I've been contacting with are charlatans trying to make a quick buck.

JohnnyDoe said:
You might put the whole operation under the umbrella of a cayman professional fund. If it's properly setup you can then open accounts in various US banks
Click to expand...

Thank you Johnny.

cyprusbanker said:
What tax free countries are there for such purpose beside Cayman Islands, Costa Rica and Puerto Rico?
Click to expand...

I know at least 2 other countries in Europe that have 0 taxes on crypto.

 

[Sols]

Isle of Man might work. They have different ways to regulate crypto and corporate income tax is zero.

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This is the probably the answer to your question.

 

[RDuke]

diatessaron said:
I know at least 2 other countries in Europe that have 0 taxes on crypto.
Click to expand...

Which ones?

 

[JohnnyDoe]

diatessaron said:
Thank you Johnny.
Click to expand...

I have an old crypto fund that is sitting unused and will be closed in 2023. If you are interested in taking it over I will sell it for a nominal sum (as it costs money to close it).

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[CoinMaster]

Where is this fund and how could it be transferred ?

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[JohnnyDoe]

CoinMaster said:
Where is this fund and how could it be transferred ?
Click to expand...

Cayman Islands.
You simply buy the voting shares and appoint new directors. Of course you will also have to register the directors with CIMA, go through DD of the administrators, change the OM etc. but it's all feasible and much simpler, quicker and less expensive than setting up a new fund.

JohnnyDoe said:
Cayman Islands.
You simply buy the voting shares and appoint new directors. Of course you will also have to register the directors with CIMA, go through DD of the administrators, change the OM etc. but it's all feasible and much simpler, quicker and less expensive than setting up a new fund.
Click to expand...

Or we could do business together if it's clean and doesn't require too much time commitment from my side.

Last edited: Jun 4, 2022
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[benchman]

Sols said:
Isle of Man might work. They have different ways to regulate crypto and corporate income tax is zero.
Click to expand...

why Isle of Man over BVI and Caymans?

JohnnyDoe said:
Cayman Islands.
You simply buy the voting shares and appoint new directors. Of course you will also have to register the directors with CIMA, go through DD of the administrators, change the OM etc. but it's all feasible and much simpler, quicker and less expensive than setting up a new fund.


Or we could do business together if it's clean and doesn't require too much time commitment from my side.
Click to expand...

Interested in your fund - please PM.

 

[Sols]

benchman said:
why Isle of Man over BVI and Caymans?
Click to expand...

Caymans can work. mentioned IOM because it hadn't been brought up yet.

BVI does not have regulations or track record quite in line with Caymans or IOM.

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This is the probably the answer to your question.

 

[AndyPark]

Cayman is a good option, and Singapore as well. Just think of what you need, then compare them to the tax environment in Cayman, Singapore,... Also, search for problems you may encounter when registering in these countries. After that, you will know which country you should choose for your crypto trading firm.

 

[EliasIT]

diatessaron said:
I know at least 2 other countries in Europe that have 0 taxes on crypto.
Click to expand...

what countries are they ? we speak crypto for investment, that makes the list very short I believe?

Is there any reliable agent for Cayman business incorporation ?

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My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[landogarner]

JohnnyDoe said:
Cayman Islands.
You simply buy the voting shares and appoint new directors. Of course you will also have to register the directors with CIMA, go through DD of the administrators, change the OM etc. but it's all feasible and much simpler, quicker and less expensive than setting up a new fund.


Or we could do business together if it's clean and doesn't require too much time commitment from my side.
Click to expand...

I would be interested as well have don”˜t have the status to PM you. How can we get in touch?

 

[JohnnyDoe]

landogarner said:
I would be interested as well have don”˜t have the status to PM you. How can we get in touch?
Click to expand...

I pmd you

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[Gediminas]

diatessaron said:
Greetings,

Im looking to register a crypto trading firm concentrated towards providing on/off fiat and crypto ramps + portfolio management for my clients in a country that has 0 taxes on such entities. Company will be used to open a business bank account and that's my main goal behind creating such an entity. Any suggestions are welcome.

- diatessaron
Click to expand...

Hey,

In most countries you might be required to obtain a few types of licenses: (i) crypto depository wallet (it means you can keep client's funds in your account) and (ii) investment advisory (if you do discretionary asset management). When you are engaged in such activities the bank will first ask for a license or an explanation why you don't need it.

So basically you might look at jurisdictions where the regulation level is very low, like Saint Vincent, etc., and try to explain/prove that you don't need a license in the country. You will also have 0% tax in such countries. On the other hand in practice, I am quite skeptical that you find a trustful banking option / any banking option.

A much better solution would be to set up an EU company with the proper license (like a crypto authorization in Lithuania) and in order to reduce profit tax, to send most of the margin to zero tax company in Dubai for example (so that Dubai provides Lithuanian company all “back office” services).

Just my two cents...

Last edited: Sep 10, 2022
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[369]

opening the company is the easy part
the difficult part is the license/compliant of fiat off and on ramp for each country of your customers