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Cashing out $100,000 from crypto in Dubai make sense?

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Person opinion , For $100k cash out tax free, moving to any country is over‌ do.
Flight and hotel cost same as tax.....better to pay tax, do p2p transaction to‍ avoid any bank problem
BTW best luck for his adventure!!!!
 
For most‍ destinations I'd agree. People do come to Georgia with that kind of money; partly for⁠ the crypto tax situation and partly for the ease of entry (for many passport holders)⁤ and low cost of living.
 
and how︁ can you travel with 50k cash? Every airport will ask you for prove of that︂ income. What is your regulary exchanger name in Poland? Arent you suppose to pay 25%︃ tax on that crypto to fiat exchange by the law in Poland? So you owe︄ the govenment 12500 euro for that transaction.

Portugal gonna put 'fair'︉ taxes on crypto next year. People will be leaving portugal very soon.

I dont know︌ if its over due, where in the place where I live now they will charge︍ you 35% for that. So $35,000
 
But you are going to be taxed based on where you live or where⁣ is your tax residency right? So you can cash out there but still owe taxes⁢ where you live.
 
Too less information about your personal situation to give you a detailed answer.
I dont‌ understand why you are asking about taxes when you have the option to receive cash‍ in exchange for your crypto. If you are for some time in crypto space you⁠ know where to find the guys who buy for cash and dont ask any questions.⁤ For 100k they travel to your place and carry the cash to you.

But one⁣ thing is clear. It doesnt make sense to move your tax residency for cashing out⁢ small amounts like 100k. You are overcomplicating your situation.
 
How would i travel with $100k cash with no prove where it came from? It will︀ be all seized the moment i step the airport.
 
Too complicated for 100k, there are other ways of doing this without having to go‌ through all the unnecessary steps. There are countries in Europe that have 0 tax too,‍ you don't need to deal with Dubai's heat.
 
You can receive‍ the money in cash in almost all places around the world. Only carry 10k with⁠ you and stash the rest or you need to declare it in a smart way.⁤ The smart way depends on the country you are from. But once again you shared⁣ to less details about your personal situation to provide a full assessment.
 
Can you⁠ be please more specific? what other ways and what countries in europe has 0 tax?⁤
 
Yes at 3000⁠ USD it's definately possible . I checked recently and there were decent hotels/airbnbs for around⁤ 1500 USD a month and for long term rent Im sure better rates can be⁣ found.

But if you are coming from western country keep in mind that UAE is⁢ not real first world country, your flat construction work could be done poorly by very︀ low wage indians, bureaucracy doesn't work well, shariah law etc, day to day life is︁ not like holiday pictures
 
You can cash out your crypto tax efficiently and without moving anywhere. This can also‌ be achieved without breqking any laws/tax laws and you could also have the converted fiat‍ into a bank account. To what extent this feasible depends on your personql circumstances. If⁠ you are interested kindly let me know and I can PM you.
 
well first of all im living︀ in Warsaw so most of the money dont leave the country but i bring lot︁ of cash to my family to germany and we drive by car ..4 person in︂ a car bring 40 k legally with one drive...you can drive 5 times a day︃ between borders nobody would care and bring 10 k yourself everytime and store the cash︄ in a airbnb in the sparetime... or we did also once 115 k walking at︅ the beach...... there are walking on sunny days thousands of people and never be seen︆ any cops on the baltic sea holiday paradise with shared beach and no borders or︇ checks...you could even swim LOL : ) ...also simple go by train from warsaw to︈ berlin i never encounter any police checks inside the train...even if you cash outside europe︉ take few friends or family with 5 person you can bring 50 k ...europe has︊ no borders and borders in schengen are not enforced anyway only coming from swiss or︋ liechtenstein etc i would not bring lot of cash.
 
Happened to⁠ me multiple times. 2 times from germany to poland and 1 time from austria to⁤ germany. even at 3am in the morning. they close the whole autobahn and direct everyone⁣ through police, even mobile x-ray equipment comes into play.
 
I don't want to "ruin the party" or be the pain in the bottom in this︀ discussion, but I would be VERY SCARED to receive 100K cash by unknown people with︁ unknown source of funds. If by chance such money is connected to any sort of︂ crime you could be involved in a money laundering scheme. Even worse: if the crime︃ is organised crime you could be considered part of an organisation.
Which is the "cost"︄ to get involved in some s**t like that? in my opinion (personal) too big from︅ both moral and reputational point of view and I would rather prefer to be completely︆ safe paying some tax in a normal and clean convenient jurisdiction.

Optimizing taxation legally is︇ one thing hiding and getting in touch with capital without source of funds is a︈ total different thing!

my2cents
 
35,000 usd is the tax i would need to pay when paying it where i⁤ live, you are saying that flight and hotel cost $35,000 to go to dubai? flight⁣ plus hotel can cost you $2k easily.
 
Dear It is⁠ not about exact amount of money, The point is to save 30k this headache does⁤ not worth it......At the end of the day It is your decision, seems you already⁣ made a mind..
Good luck
 
If your‌ old country needs to see a new tax residence, then you'd need to spend >180‍ days in UAE. So you'd need legal residence, (typically people pay $10k+ for a company⁠ with residence visa) and UAE living costs for at least half the year. UAE is⁤ quick and efficient for obtaining residence for many nationalities, but I agree with most folk⁣ that the tax savings on cashing out $100k aren't likely to be worth the total⁢ cost.

With an EU passport there are other locations with no tax on cashing out︀ crypto and easy local banking, that are cheaper to live and don't require a lot︁ of $$ to get legal residence (if needed).

But you also want to trade crypto︂ tax free? That limits the list of places considerably.
 
Cost for 1⁠ year in Dubai if you live a "normal" life with a long term lease.
Get a cheaper hotel outside Dubai until you have your papers.

You can make it cost⁤ effective and broaden your horizon pulling this thru.

But if you follow the glamma insta⁣ lifestyle, you will spend your 100k within a day or two.
 
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