Recent content by Tom85

Hi everyone. Do you know how prevalent is spontaneous exchange of information between the countries? Let's say you move permanently to the UK, become tax resident there and start paying taxes for your business/trading activity in the UK. Would the tax officer question whether or not you paid...

Yes, no limits, no reporting. That accountant went to many workshops about corporate tax and everywhere it was said that personal trading isn't taxed. Also another friend's accountant said the same thing. Though I'm still waiting for the government clarification, who knows accountants might be...

What about the accounting for tax purposes in UAE? It will be hard to do audit/accounting for high volume of transactions, i.e. 100k+ per year. Spoke to a UAE accountant recently, they said that trading on personal account isn't taxed.

Wouldn't bank raise questions about source of funds for cash deposit?

What if someone only does crypto-USDT algo trading? I guess that would be easier for accounting.

Yes, this is what I meant. @Sols mentioned that Cyprus government doesn't tax offshore companies for now, that could change in the future though. What do you mean? I think 9% and 12.5% are not so significant compared to EU/US level of taxes. Indeed, I have no idea how hard accounting in both...

Thank you for the info very insightful! Do you think it is possible to make corporate tax 2.5% or even 0% for crypto trading using software (similar to high-frequency trading)? Is it possible they will apply 12.5% corporate tax for non dom people retroactively for past years? Thanks, will...

Hi, let's discuss which country is best for living and trading crypto in terms of taxes, ease of running company and banking. UAE: - 9% tax on profits above 100k USD - Possible to open crypto prop trading company - Banking in local UAE banks is very hard, so one qould need to have offshore bank...

Thanks for sharing! They provide a setup for proprietary crypto trading company. And all major crypto exchanges (Binance, OKX, Bybit) are incorporated there. Could be a really good solution.

Sorry, I meant UAE banks will ban your account if they find out anything about you dealing with crypto. Crypto-friendly foreign banks are okay. My concern was if we'll need to pay tax, how could we do that without local bank account. But I found that you can pay VAT using international...

This is very sad. They want crypto traders to pay taxes without any option of using local banks. If you can pay tax in UAE from offshore bank account, that could be a good option. I read your journey of setting up a crypto prop trading company in UAE, thanks for sharing it! Did you decide to...

If you will do crypto trading as a natural person, you'll still (most likely) need to pay corporate tax and so will need to withdraw crypto profits into UAE bank to pay the tax. In this case UAE bank may not like crypto deposits, especially if your tax amount is quite large (50k+ USD). So the...

Hello, due to the new corporate tax law in the UAE day traders now need to pay 9% tax on their profits. As it is more advantageous to run a crypto prop trading company than to do trading as a natural person, I am looking to setup a crypto prop trading company in Dubai. Can someone recommend a...

Hello, do you know how thorough is the due diligence process when applying for any Caribbean CBI programs? Would they accept crypto trading profits as a source of funds and would they check if there were any taxes paid on that profits from trading?

Thanks for the info. Yeah, most of active traders will exceed 1 million AED turnover very easily. Most of tax accountants from UAE believe trading on personal account isn't taxed, see here. I don't understand how an individual would audit all their trades and pay taxes without help of tax...