Company in UAE and capital paid in crypto
- Thread starter mikestachurski
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Hi Mike,
if you have the necessary knowlege it can be done and if you stick to a service provider that is familiar with this matter like we are you can even call it easy process for you as a client without any experience in the UAE.
Send us a Mail or PM to schedule a call so that we can elaborate to you how things can be done.
if you have the necessary knowlege it can be done and if you stick to a service provider that is familiar with this matter like we are you can even call it easy process for you as a client without any experience in the UAE.
Send us a Mail or PM to schedule a call so that we can elaborate to you how things can be done.
Wealth tax is hardly anything in Netherlands. The cost and maintenance of a UAE setup probably more than Wealth tax owed unless your Jeff Bezos or something?ns2
"Possessions like savings, shares, houses that are not the primary living etc. are taxed when a tax payer (filing single) has more than € 30,360 (this is the amount for 2019). For couples, this tax-free amount is double. Consumer goods like cars and furniture, that are not held as an investment, are excluded.
The tax rate comes in tiers, and the following numbers are for 2019 and will be updated in future︀ years: it is a 0.58% tax for € 30,361 to € 102,010 of assets, 1.34%︁ for € 102,010 to € 1,020,096 and 1.68% on any euros of assets above €︂ 1,020,096."
https://en.wikipedia.org/wiki/Taxation_in_the_Netherlands
Are there any deductions or something because around 1M+ would result in about︃ 15k in wealth tax? Switzerland is the one with the "tiny" wealth tax, however also︄ there its a copule of k's for around 1M.
The tax rate comes in tiers, and the following numbers are for 2019 and will be updated in future︀ years: it is a 0.58% tax for € 30,361 to € 102,010 of assets, 1.34%︁ for € 102,010 to € 1,020,096 and 1.68% on any euros of assets above €︂ 1,020,096."
https://en.wikipedia.org/wiki/Taxation_in_the_Netherlands
Are there any deductions or something because around 1M+ would result in about︃ 15k in wealth tax? Switzerland is the one with the "tiny" wealth tax, however also︄ there its a copule of k's for around 1M.
Switzerland Wealth Tax depends︃ on the 'state' you'd live in and can be BIG difference, ranging from 0.15 %︄ up to 1% like in Geneva
Here is a good sumup for Wealth Taxes https://www.wealthandpolicy.com/wp/BP133_Countries_Switzerland.pdf
Here is a good sumup for Wealth Taxes https://www.wealthandpolicy.com/wp/BP133_Countries_Switzerland.pdf
OP needs to say how much crypto in fiat terms we are talking about. Are we talking euro 25k or euro 25m....lol?
Maybe someone can give an up to date rough quote on cost of a UAE setup and annual costs?
Again unless he is Jeff Bezos or has vast crypto wealth its pointless to try to avoid the low wealth tax.
Maybe someone can give an up to date rough quote on cost of a UAE setup and annual costs?
Again unless he is Jeff Bezos or has vast crypto wealth its pointless to try to avoid the low wealth tax.
How exactly would it reduce your taxable wealth if, instead of owning a ton of crypto, you own a company that owns a ton of crypto?
Yes it is about 1.75% roughly so on €1m you need to have 17k free cash flow to pay it (every year) on €2m 34k free cash flow to pay it (every year) you get my drift.... so I don't have such a free cash flow so I would have to sell my assets to actually be able to pay taxes every year which I am trying to avoid here....
See my previous answer︃ roughly it is effective tax rate of 1.75% so yes €1m = 17k in taxes︄ (every year) and so on.....
Yes that is correct I got over €2m in crypto and I don't have cash flow to cover my tax obligations if I stay in NL in 2022 so to cover it I will have to sell the assets or relocate to a country where there is no wealth tax
You can put some of this crypto into cashflow making positions and get the cashflow you want that way.
However, that does not help you and infact even increases your tax bill as you will have to pay income tax on top of wealth tax which in NL can go up to 30% for wealth derived income aka the cashflow you want.
However, that does not help you and infact even increases your tax bill as you will have to pay income tax on top of wealth tax which in NL can go up to 30% for wealth derived income aka the cashflow you want.
Yes I could do 4-6% on lending out my crypto via BLockFi, Celsius etc. or sell some of it buy dividend paying stocks e.g. yielding 4% but than in the long term it doesn't help. As I don't︀ want to sell for a long time it looks like that the best option for︁ me is to move out to the other country that doesn't have wealth tax and︂ stay there - this country ideally like UAE would have no capital tax gains -︃ there is only few of them (with no wealth tax and capital tax) e.g. Singapore,︄ Malaysia, UAE etc.
You can tip your toe into DeFi and up these single digits returns 😉
Yep sure, there are many more like many of the islands countries, Panama, Paraguay, Hong Kong,︁ even Thai could work. But most places make your life difficult with restrictions these days.︂
Yep sure, there are many more like many of the islands countries, Panama, Paraguay, Hong Kong,︁ even Thai could work. But most places make your life difficult with restrictions these days.︂
Yeah I could 😉 this would increase my risk but that is why they pay so much yield
Yes Covid have defiantly complicated things I was eyeing Kuala Lumpur and Singapore (love Asia) but they are under strict lockdown at the minute.... who knows things might change and open up in the next 6 months I got︀ time till 31st Dec if I want to avoid the heavy tax bill next year︁ (and year after that)
Yes Covid have defiantly complicated things I was eyeing Kuala Lumpur and Singapore (love Asia) but they are under strict lockdown at the minute.... who knows things might change and open up in the next 6 months I got︀ time till 31st Dec if I want to avoid the heavy tax bill next year︁ (and year after that)
No I didn't have to for the last 3 years as I was covered by something called here 30% rulling. In the nutshell for 5 years (I got it when it was 8 years) only 70% of your salary is taxed and you don't have to report worldwide income/wealth etc. so I didn't have to report my BTC but I will have to from the next year
Ok so your an expat? Ok so let me tell you one thing the Belastingdienst don't play around I can tell you that 🙁.
As you don't have free cash flow as you state you need to be thinking about cheap relocation.︀ Not sure what visa your gonna try to obtain to move to Singapore unless your︁ Swiss? Would be interested to know how you plan on getting residency there which is︂ not easy. But perhaps remote working visa could work for some other countries below:
https://nomadgirl.co/the-countries-with-digital-nomad-visas-around-the-world/
As you don't have free cash flow as you state you need to be thinking about cheap relocation.︀ Not sure what visa your gonna try to obtain to move to Singapore unless your︁ Swiss? Would be interested to know how you plan on getting residency there which is︂ not easy. But perhaps remote working visa could work for some other countries below:
https://nomadgirl.co/the-countries-with-digital-nomad-visas-around-the-world/
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