Hello,
I am a Canadian resident with a net worth in cryptocurrency in the low eight figures. Due to the recent increase in capital gains taxation, I am considering leaving Canada. Currently, I do not owe any exit tax, as I have already paid taxes on my crypto holdings. I have a reliable offramp through Kraken, with whom I am in good standing, and they have accepted proof of source of funds from my Ethereum presale wallet. Additionally, I've successfully cashed out millions into my Canadian bank accounts without issue.
My plan is to relocate to Dubai to establish tax residency and eventually apply for U.S. citizenship, planning a move there in the coming years. I anticipate Ethereum could rise to $10K, potentially increasing my holdings by $10-$20 million. Staying in Canada could mean owing $3-$6 million in taxes in the future.
From what I've read on this forum, Dubai might no longer be a favorable location due to banking challenges, especially for those in the crypto space. However, I believe that the issues many face stem from the dubious nature of their activities.
What is the likelihood of encountering banking issues in Dubai if I can provide tax receipts and proof that my crypto assets are legitimate? Could there be potential problems with banks like ENBD, especially concerning large withdrawals or later transferring funds to the U.S.?
Could anyone provide insights or recommend a company that specializes in handling such cases?
These issues are significant to me because, in order to cease being a tax resident, I will need to close my Canadian bank accounts. It would be problematic to lose my current offramp without securing a reliable one in my new location.
So my options are:
A) move to Dubai, save $3-7mm in tax, potentially have banking issues that will prevent me from moving money into US eventually
B) stay in Canada, pay $3-7mm in tax, save established offramp
Thank you for your help.
I am a Canadian resident with a net worth in cryptocurrency in the low eight figures. Due to the recent increase in capital gains taxation, I am considering leaving Canada. Currently, I do not owe any exit tax, as I have already paid taxes on my crypto holdings. I have a reliable offramp through Kraken, with whom I am in good standing, and they have accepted proof of source of funds from my Ethereum presale wallet. Additionally, I've successfully cashed out millions into my Canadian bank accounts without issue.
My plan is to relocate to Dubai to establish tax residency and eventually apply for U.S. citizenship, planning a move there in the coming years. I anticipate Ethereum could rise to $10K, potentially increasing my holdings by $10-$20 million. Staying in Canada could mean owing $3-$6 million in taxes in the future.
From what I've read on this forum, Dubai might no longer be a favorable location due to banking challenges, especially for those in the crypto space. However, I believe that the issues many face stem from the dubious nature of their activities.
What is the likelihood of encountering banking issues in Dubai if I can provide tax receipts and proof that my crypto assets are legitimate? Could there be potential problems with banks like ENBD, especially concerning large withdrawals or later transferring funds to the U.S.?
Could anyone provide insights or recommend a company that specializes in handling such cases?
These issues are significant to me because, in order to cease being a tax resident, I will need to close my Canadian bank accounts. It would be problematic to lose my current offramp without securing a reliable one in my new location.
So my options are:
A) move to Dubai, save $3-7mm in tax, potentially have banking issues that will prevent me from moving money into US eventually
B) stay in Canada, pay $3-7mm in tax, save established offramp
Thank you for your help.
