Best ways to cash out crypto trading
- Thread starter Ashitaka
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Did you try using kraken to cash out your bitcoins, you could setup a company in either UK or Switzerland depending on your budget and the volumen of crypto.
Yes, in my opinion Kraken is the best exchange at the moment for fiat.
Regarding a company in UK or Switzerland check what I mentioned earlier. You end up paying around 30% unless you try to hide it with nominees et al.
Do you have any experience or heard testimonials about Cyprus non doms and offshore and/or onshore for crypto trading?
Cheera
Regarding a company in UK or Switzerland check what I mentioned earlier. You end up paying around 30% unless you try to hide it with nominees et al.
Do you have any experience or heard testimonials about Cyprus non doms and offshore and/or onshore for crypto trading?
Cheera
For sure, have first hand experience with Cyprus and business in Cyprus 🙂 If you get the right agent / CSP there, you will have no headache with the tax office there or locally, despite all the horror stories you read around here it has been working almost fine for me the last 20 years also during all the changes in the ever changing world.
The EU will come down hard on Crypto very soon because they are broke. Also Crypto is hard to audit and or find so if they get a smell of it you are guilty until proven innocent, the onus of proof is on you as to why you dont owe them the money they want from you.
Europe is CRS and CFC so you are not in a position to save anything in the︀ long run. You have to move somewhere that they will not bother you as the︁ very jurisdiction is tax free.
Once your set up there pay yourself either a salary︂ or a dividend. If salary make sure things tally up like your LinkedIn says you︃ are UK Business Development Director, you have an email address and websites.
Keep the company︄ card for purchases and living expenses. Dont buy a Ferrari, HMRC look into all owners︅ of high end cars even whenbthey are on finance.
Foundation is a long and complex︆ conversation but I will do my best to answer any questions. What do you not︇ understand.
Europe is CRS and CFC so you are not in a position to save anything in the︀ long run. You have to move somewhere that they will not bother you as the︁ very jurisdiction is tax free.
Once your set up there pay yourself either a salary︂ or a dividend. If salary make sure things tally up like your LinkedIn says you︃ are UK Business Development Director, you have an email address and websites.
Keep the company︄ card for purchases and living expenses. Dont buy a Ferrari, HMRC look into all owners︅ of high end cars even whenbthey are on finance.
Foundation is a long and complex︆ conversation but I will do my best to answer any questions. What do you not︇ understand.
I totally agree with you and the way the EU︅ is messing Europe up, and thanks for the insights, though I doubt all people with︆ money will leave Europe, in my opinion the life quality is just too good compared︇ to other places. Having the ability to travel to so many different countries and enjoy︈ so many different cultures in such an easy way is difficult to match... I have︉ lived in LATAM, USA, several EU countries and my wife in Asia and we agree︊ on this too. Also have been to Dubai and no offence but that place is︋ a shithole compared to most European cities. So it would be extremely rare that there︌ are no ways to make it in Europe when there is so many wealthy individuals,︍ sure you will pay more tax and financial privacy is not great but everything has︎ an opportunity cost. Unfortunately, not all of us can leave Europe and that's why I'm️ trying to find a solution. In my case I have to attend my grandparents from time to time and cannot be too far in case there is an emergency.
Regarding the foundation, I just didn't understand what you meant. You meant setting it up and then pay yourself a salary or something?
Cheers
Regarding the foundation, I just didn't understand what you meant. You meant setting it up and then pay yourself a salary or something?
Cheers
I'm thinking about moving to Cyprus so it seems the best way to trade crypto from there is via an offshore ibc for example but many of these countries are restricted by some exchanges such as Panama, Antigua, etc. I was wondering which country you would suggest for this
First of all, define which crypto exchangers you are going to use and keep your plan b, just in case of.
Then, after that, go to their support site and check which countries they don't work with, so you will know which offshore may (not) work and I talk about company,︀ individual and banking jurisdictions.
Once you have your options, you can do two things, ask︁ for advice here and then talk with lawyers who practices the local law in that︂ country just "to confirm" that the work you gonna do is aceptable with/without license according︃ to the law etc...
Then you also need to figure out how easy is to︄ set up a corporate bank for ingoing outgoing crypto payments, if you do that only︅ to corporate to corporate it will be better, but if its people to corporate and︆ corporate to people... I don't know.
Check what goverment people thinkg about crypto. Maybe they︇ hate those people, maybe they like those people.
Make math and see how much for︈ costs of incorporation, banking, lawyer consultations etc...
I hope it may helps.
Then, after that, go to their support site and check which countries they don't work with, so you will know which offshore may (not) work and I talk about company,︀ individual and banking jurisdictions.
Once you have your options, you can do two things, ask︁ for advice here and then talk with lawyers who practices the local law in that︂ country just "to confirm" that the work you gonna do is aceptable with/without license according︃ to the law etc...
Then you also need to figure out how easy is to︄ set up a corporate bank for ingoing outgoing crypto payments, if you do that only︅ to corporate to corporate it will be better, but if its people to corporate and︆ corporate to people... I don't know.
Check what goverment people thinkg about crypto. Maybe they︇ hate those people, maybe they like those people.
Make math and see how much for︈ costs of incorporation, banking, lawyer consultations etc...
I hope it may helps.
You need to check with the Cyprus laws, anyway Cyprus is part of the EU for that reason I don't believe it is a problem with Crypto nor can I find any limitations compared to other countries within the EU.
Personally I would start consulting a good and reputable tax advisor (certified) in Cyprus - there are a few very reputable inside the RESOURCE in the Mentor Group, there is also a long thread from me about a particular one. Once you have︀ sourced a reputable firm you go to Cyprus and speak with them face to face︁ and explain them in details what it is you want to do.
I know there︂ are reputable consultancy firms, also license, where you simple said, will get a shitty setup.︃
Personally I would start consulting a good and reputable tax advisor (certified) in Cyprus - there are a few very reputable inside the RESOURCE in the Mentor Group, there is also a long thread from me about a particular one. Once you have︀ sourced a reputable firm you go to Cyprus and speak with them face to face︁ and explain them in details what it is you want to do.
I know there︂ are reputable consultancy firms, also license, where you simple said, will get a shitty setup.︃
You are making it more complicated than it needs to be. To simplify I would suggest you set up an Ireland company 20% on dividends. Your trading crypto so the majority of exchanges are KYC free anyway so setting up an IBC in Seychelles or Mauritius for wealth preservation for later on.
Costs about 3K a year to run and keeps you 1 hour away from home by plane.
Costs about 3K a year to run and keeps you 1 hour away from home by plane.
He stated earlier he wants to stay in or near the UK as possible for family reasons.
He is looking at Cyprus for the Non Dom scenario which I dont think will work as he wants it to. I could be wrong but I remember trying to do a similar structure for a client who traded Carbon. He eventually ended up in Dubai. I will dig through the emails on the server and try and find out the reason why Cyprus didnt work for him. He︀ is a British National living in the UK.
I think it was something based around︁ substance but let me confirm.
Yes it can its just a bit more Gymnastics initial setup.
He is looking at Cyprus for the Non Dom scenario which I dont think will work as he wants it to. I could be wrong but I remember trying to do a similar structure for a client who traded Carbon. He eventually ended up in Dubai. I will dig through the emails on the server and try and find out the reason why Cyprus didnt work for him. He︀ is a British National living in the UK.
I think it was something based around︁ substance but let me confirm.
Yes it can its just a bit more Gymnastics initial setup.
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