Crypto exit $300k Dubai or other place

[jobre]

What if I want to exit crypto without company? Are there any crypto friendly banks‌ in Dubai that could accept $50k withdrawal per month to personal bank account?

Is it‍ really necessary to open a company and do some risky transactions? Wouldn't be easier to⁠ just try to withdraw $10k per month from Kraken, $10k from Bitstamp and from other⁤ exchanges each month?

I have proof that I bought bitcoins. I have proof that I⁣ invested USDC into some crypto projects through syndicates and got good return. I don't have⁢ entire history for my 30 wallets and 20+ exchange accounts and I don't records of︀ transactions. Still I can prove for at least 70% of profit where it came from︁ (mostly from IDOs, pool deals, uniswap degen projects).

 

[Fred]

The Dubai Company Formation grants you the Residence Visa with Business &⁠ Personal Bank Accounts in the most straightforward way.

If you have this already in place⁤ then it make sense to use the structure.
You will run into trouble as 300k$ is enough thatsl questions will︃ be raised - especially if you try to safe up on every end and you︄ end up banking with a so called Crypto Friendly EMI.

 

[jobre]

I was thinking to open company for my existing business anyway (I will⁣ contact you about that soon). This would grand me visa. But still I would like⁢ to withdraw funds to personal account (no relation to company) because this would be the︀ most legal way. Using company schemes for services that actually haven't been done sounds little︁ shady, it is not just tax avoid but also money laundry.

I wouldn't withdraw 300k$︂ straight, only $50k per month and I would immediately withdraw this money to Interactive Brokers,︃ buy land, metals or other investments. So even if they start asking questions, the money︄ is not with them anymore and I can open account in other bank. And you︅ can also open bank account in a few different banks to reduce the size in︆ one bank right?

And also so what if they start asking questions. I can show︇ them that I bought some btc a few years ago. I can show them that︈ I invested through syndicates some projects that did x50-x100. My friends also got questions from︉ banks here in Europe, they just showed them how they bought first crypto currencies and︊ some transactions (just minority of it) and everything was fine.

Am I wrong?

 

[Mercury]

What kind of⁠ trouble are we talking about? Bank account closure?
Correct me if I'm wrong but as⁤ long as @jobre is UAE resident for tax purposes, he just need to find a⁣ crypto-friendly bank in UAE or anywhere else in the world in order to cash out⁢ his legally earned coins. There should be no tax nor CRS reporting issue?

 

[Fred]

Source of funds - like he decribes by his⁣ own - there is a lack.

So a EMI that claims to be Crypto Friendly⁢ is much more regulated and will ask for sure after a few thousand for source︀ of funds - that he can't provide due to Defi etc.

300k$ is enough to︁ run into such questions and be then stuck there.

Not to forget about becoming a︂ resident of the UAE needs to be done as well - so why not use︃ the company when you need to setup anyway to get a Residence Visa in the︄ UAE.

Catching several bullets at once.

Otherwise it's try and error and learning the hard︅ way by getting stuck with EMI's that will ask for sure the source of funds︆ for such amount.

 

[jobre]

Because using straight⁤ to personal bank account is more legal way (see my previous post). Are the banks⁣ there really complicating so much? Let's say I earned in crypto $500k, I can not⁢ provide proof for $200k but I can prove that I earned $300k with projects that︀ I invested through syndicates (I have e-mail form confirmations) so I will withdraw only $300k.︁ I only can not prove the entire history of transactions that will be inside the︂ same wallets.

I have friends that needed to prove the same here in Europe and︃ there was no problem, banks only asked for some simple things, nobody asked them for︄ entire history flow and checked wallets if there were also other transactions there.

So what︅ is so big deal if they ask questions, I can show them proof that I︆ invested to a few projects that did x50-x100, I will withdraw only $50k per time︇ and immediately transfer money to invest. I can also always choose different bank if they︈ close my account.

Anyway this is just my amateur view and I may be wrong︉ so please correct me if I am wrong.

 

[Fred]

0% tax and retail banks we are talking about.

Don't compare EU banks with︇ real offshore (0% tax) banks at all.

You need to undertsand that the banks in︈ the UAE act much more as a regulator then in the EU - due to︉ 0% tax, no audit or accounting requirements for majority etc.

So if you don't want︊ to see how the things are in reality and practice - I really recommend you︋ to cashout where you are actuall staying otherwise you will have a bad awakening.

I was always a friend of saving up the people the headache I had in the︌ past and how I learned things the hard way but sometimes it's just necessary to︍ make own experience.

Some of my posts can sometimes only interpreted from guys that already︎ made there learning with the offshore world, EMI's etc.

 

[williamram]

This is a great way to convert cryptocurrency. But what to do if︌ you want to save cryptocurrency in bitcoins?