$350K+ crypto cashout scheme - non EU - where to incorporate?

[zlottta0x12]

Hello all

I am a IT freelencer currently living in the EU. On a mission to get fiat out of the crypto I accumulated.
Trying to get the most out of the balance i have, while having in mind additional income of $50-70k a year through private consumers (bank...) and business (crypto). Ready to pay legit tax, just no theft.
Ready to relocate, but not in the EU. This is important. No LLC or similar US based scheme, 50% of the sales are to US customers. Preferably not a lot of questions asked about the origin of the crypto (nothing illegal but considered high-risk business - software) by audits.

After looking around i found: georgia, dubai and malta.

Are there other options? What would be the best option? Having low tax but high expenses from living, accounting, registration might be off putting.

Have a nice day. 😀

Last edited: Aug 4, 2023

 

[yngmind]

zlottta0x12 said:
Hello all

I am a IT freelencer currently living in the EU. On a mission to get fiat out of the crypto I accumulated.
Trying to get the most out of the balance i have, while having in mind additional income of $50-70k a year through private consumers (bank...) and business (crypto). Ready to pay legit tax, just no theft.
Ready to relocate, but not in the EU. This is important. No LLC or similar US based scheme, 50% of the sales are to US customers. Preferably not a lot of questions asked about the origin of the crypto (nothing illegal but considered high-risk business - software) by audits.

After looking around i found: georgia, dubai and malta.

Are there other options? What would be the best option? Having low tax but high expenses from living, accounting, registration might be off putting.

Have a nice day. 😀
Click to expand...

Yeah, Georgia and UAE seem like good options.
What are you planning to do with that fiat?

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I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
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[zlottta0x12]

yngmind said:
Yeah, Georgia and UAE seem like good options.
What are you planning to do with that fiat?
Click to expand...

I have no use for it right now so it would be stocks.

 

[yngmind]

zlottta0x12 said:
I have no use for it right now so it would be stocks.
Click to expand...

It also doesn't seem entirely legal.

You made crypto while living in the EU country, meaning you had to pay taxes.

The law differs for every country, so I recommend you consult a local lawyer about your case.

Toggle signature
I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
___
Business Bank Account for your US LLC Remotely

 

[CyprusLawyer101]

Was crypto recieved as payments of goods or services?

 

[JosephLL]

yngmind said:
Yeah, Georgia and UAE seem like good options.
What are you planning to do with that fiat?
Click to expand...

Why is Georgia a good candidate here?

 

[stivemoose]

zlottta0x12 said:
I have no use for it now so it would be stocked.
Click to expand...

Exchange crypto for FIAT, and having no idea what to do makes no sense.

 

[donna4]

You can try AdvCash prepaid cards with good ATM limits if you need fast cash in your hand.

 

[Houdini]

zlottta0x12 said:
Hello all

I am a IT freelencer currently living in the EU. On a mission to get fiat out of the crypto I accumulated.
Trying to get the most out of the balance i have, while having in mind additional income of $50-70k a year through private consumers (bank...) and business (crypto). Ready to pay legit tax, just no theft.
Ready to relocate, but not in the EU. This is important. No LLC or similar US based scheme, 50% of the sales are to US customers. Preferably not a lot of questions asked about the origin of the crypto (nothing illegal but considered high-risk business - software) by audits.

After looking around i found: georgia, dubai and malta.

Are there other options? What would be the best option? Having low tax but high expenses from living, accounting, registration might be off putting.

Have a nice day. 😀
Click to expand...

One outstanding article to read for you in your situation
https://www.offshorecorptalk.com/th...ophole-for-crypto-”“-ways-to-reduce-tax.37291/
Requires mentor group access.

 

[zlottta0x12]

stivemoose said:
Exchange crypto for FIAT, and having no idea what to do makes no sense.
Click to expand...

crypto -> fiat -> stocks and leave it there until I need it

so far, dubai setup or georgia setup are the go to for non-EU. yes i know georgia will be in the EU in a few years
anyone got experience with georgia?

 

[JimBeam]

Dubai is probably the best place for this kind of thing (if the amount is right 7fig+).

Forget about Malta as the banking there is an issue + they are in EU.
Maybe Cyprus could be a good option (but it's also EU).

 

[zlottta0x12]

JimBeam said:
Dubai is probably the best place for this kind of thing (if the amount is right 7fig+).

Forget about Malta as the banking there is an issue + they are in EU.
Maybe Cyprus could be a good option (but it's also EU).
Click to expand...

Unfortunately im not that rich (7fig) 🙁
But yes, it looks like dubai or georgia with cyprus (if I overlook the EU part) are the best options so far.

Still nobody that made experience with a small business (under 200k/y) or general business in georgia (country)?

 

[JimBeam]

Creating a company in a foreign country now days raises two major issues:
1. Tax implications in your home country (as your foreign company would be considered a local company where you live and should pay taxes there as well) - so to avoid this migration is the only legal option. If your home country finds out you have a foreign company - you can get in serious trouble and you'll spend these 350k on lawyers.
2. Creating enough substance for your new company in a foreign country.

That being said I would advise you to consider all the options available within your home country.

If that's not possible, plan and migrate somewhere where it's possible but have in mind all the costs associated.
In case of UAE/Dubai things are expensive there: company setup 5-10k, company maintenance + accounting min 5k/year, renting a flat min 15k/year, renting a car min 6k/year, flights, hotels...
So it all adds up. And in some cases it makes more sense to go to for eg. Bulgaria (10% CIT) than to go to UAE/Dubai where you'll pay 9% CIT + 5% dividends - but all the costs in Bulgaria will be significantly lower than in UAE.

 

[zlottta0x12]

JimBeam said:
Creating a company in a foreign country now days raises two major issues:
1. Tax implications in your home country (as your foreign company would be considered a local company where you live and should pay taxes there as well) - so to avoid this migration is the only legal option. If your home country finds out you have a foreign company - you can get in serious trouble and you'll spend these 350k on lawyers.
2. Creating enough substance for your new company in a foreign country.

That being said I would advise you to consider all the options available within your home country.

If that's not possible, plan and migrate somewhere where it's possible but have in mind all the costs associated.
In case of UAE/Dubai things are expensive there: company setup 5-10k, company maintenance + accounting min 5k/year, renting a flat min 15k/year, renting a car min 6k/year, flights, hotels...
So it all adds up. And in some cases it makes more sense to go to for eg. Bulgaria (10% CIT) than to go to UAE/Dubai where you'll pay 9% CIT + 5% dividends - but all the costs in Bulgaria will be significantly lower than in UAE.
Click to expand...

Yes it was also my plan to move, to get away of the tax and residency of my current country, for a few years not just 6 months or a hidden company. If im crunching the numbers, half of the money will be gone so im happy to pay some tax, give or take if its 5, 10 or 15%. Accommodation and accounting isnt changing by a lot. If for example bulgaria or georgia, its way less.

Just trying to find the right place, to have a good balance of cost.

Its not a lot of money, im sure for the people that come here but for me its a lot, and giving away half of it is throwing it away.

 

[JimBeam]

zlottta0x12 said:
Its not a lot of money, im sure for the people that come here but for me its a lot, and giving away half of it is throwing it away.
Click to expand...

I understand and I'm just trying to help.
This kind of money is nothing in Dubai and you could end up burn more of it there than paying a tax in your country.

About Georgia - I'm concerned that Russia may disrupt them (again).
So, I would personally stay away from it at this point in time.
Four-five years ago that wouldn't bother me this much.

 

[zlottta0x12]

JimBeam said:
I understand and I'm just trying to help.
This kind of money is nothing in Dubai and you could end up burn more of it there than paying a tax in your country.

About Georgia - I'm concerned that Russia may disrupt them (again).
So, I would personally stay away from it at this point in time.
Four-five years ago that wouldn't bother me this much.
Click to expand...

Yes and im thankful for that. Dont get me wrong.

Yes im with you, that money is nothing for people in dubai or the usual "suspects" trying to safe taxes.
But if I put it in perspective, 150k+ gone in just taxes or 50k gone in Dubai for company and life. Im also not want to return to my current country, at least for the next few years so either stay in that country to jump to a different one once I got my money, that might be important. And i still have 50k income per year.

I dont think georgia is in any danger to get invaded. Decent military, no real target for russia (resources) and the low income country combined with joining the EU gives opportunities for parallel export/import.

 

[JimBeam]

zlottta0x12 said:
But if I put it in perspective, 150k+ gone in just taxes or 50k gone in Dubai for company and life. Im also not want to return to my current country, at least for the next few years so either stay in that country to jump to a different one once I got my money, that might be important. And i still have 50k income per year.
Click to expand...

If that's the case - than Dubai all the way!
At least you can choose on what you'll be spending your money on (not just hand it over to the govt)

 

[aragon]

zlottta0x12 said:
I am a IT freelencer currently living in the EU. On a mission to get fiat out of the crypto I accumulated.
Trying to get the most out of the balance i have, while having in mind additional income of $50-70k a year
Click to expand...

In the case of what you have already accumulated, I'm not sure what you're asking for. Is crypto illegal where you are? If not, you should easily be able to convert it to fiat and pay the relevant local taxes on it, which would be the only safe and legal way of proceeding.