UAE vs Cyprus for crypto trading company
- Thread starter Tom85
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That I don't know, but do I get taxed for trading crypto in Dubai ? I mean if I do it from a personal Binance or Kraken account?
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I am not a quitter, and therefore I share my sympathy with the content of this thread. thu&¤#
There have already been a lot of threads about Cyprus vs. UAE, and Cyprus isn't crypto-friendly yet. According to some of the consultants we have here on the forum, they're only just starting to adapt to it now. So, UAE is probably the better choice.
Not sure, but it seems it depends on the amounts involved and the frequency of trades; something like the badges of trade.
Binance or Kraken might report your account to the tax authority.
Talk to a tax expert to be sure.
Only banks are not crypto-friendly in Cyprus. Reading on this forum there's no issue in opening a company and trading crypto, just bank abroad.
yeah that could possibly work. Wise does not open accounts for Cyprus companies yet, so it's required to find alternatives for CY companies.
If Cyprus banks don't accept crypto as it is right now. Why not setup your business in the UAE / Dubai where you get company and bank account in the country and avoid lot's of troubles?
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I am not a quitter, and therefore I share my sympathy with the content of this thread. thu&¤#
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I am not a quitter, and therefore I share my sympathy with the content of this thread. thu&¤#
In this post there are listed several EMIs for Cyprus Wise for Cyprus residents
Another useful post General questions/discussion about crypto-friendly banks
Considering the 9% tax in Dubai and that's it's more expensive than Cyprus, between the two profits should be comparable.
IMO it all boils down to the type of environment where you'd like to live.
Another useful post General questions/discussion about crypto-friendly banks
Considering the 9% tax in Dubai and that's it's more expensive than Cyprus, between the two profits should be comparable.
IMO it all boils down to the type of environment where you'd like to live.
Not so far, kraken does not since Binance is US government owned now (joking) they will report you for sure.
I would just pay the 9% tax bill on crypto-trading activity without relying on the fact they don't report your account to the UAE tax authority.
It's very easy for a CEX to provide the amount of tax a trader has to pay if they are requested by the authorities.
But if you are a trader who does not have a company would you still pay the 9% which is a corporate tax?
AFAIK, for a natural person residing in the UAE, doing trading is considered a business activity and it is subject to corporate tax if the annual turnover exceeds AED 1,000,000.
It's been discussed in this thread https://www.offshorecorptalk.com/th...sa-motivated-freezone-companies-in-uae.42863/
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