$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 business︀ - software) by audits.

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

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

Have a nice day. 😀

 

[yngmind]

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

 

[zlottta0x12]

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

 

[yngmind]

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.

 

[CyprusLawyer101]

Was crypto recieved as payments of goods or services?

 

[JosephLL]

Why is Georgia a good candidate here?

 

[stivemoose]

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]

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 group︄ access.

 

[zlottta0x12]

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]

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 mind︁ 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 min︃ 6k/year, flights, hotels...
So it all adds up. And in some cases it makes more︄ sense to go to for eg. Bulgaria (10% CIT) than to go to UAE/Dubai where︅ you'll pay 9% CIT + 5% dividends - but all the costs in Bulgaria will︆ be significantly lower than in UAE.

 

[zlottta0x12]

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

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

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

 

[JimBeam]

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]

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 company︀ and life. Im also not want to return to my current country, at least for︁ the next few years so either stay in that country to jump to a different︂ one once I got my money, that might be important. And i still have 50k︃ income per year.

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

 

[JimBeam]

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]

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.