Crypto trader, hodler - bank acc and relocation

[Allisgood]

Thanks for clarifying this CyprusLaw. I stand corrected.
How long is the waiting︀ time once you are eligible after 5 years ? Is it 3 years now ?︁
No language requirements sounds too good to be true to me. But I have the︂ feeling that the case worker deciding the case will have the last word and if︃ you don't really speak Greek well there is a low probability you will be approved.︄ But I would say there is no way of proving this either way.

 

[Allisgood]

I would just check the government website on that.
Just google 'Poland naturalisation number of years' and check the first couple of results.
There should‍ be a normal process (not via President).
But I would definitely say that the language⁠ is key here. Even if it's not always explicitly mentioned.
As most countries they will⁤ check how well integrated you are, and how well you speak Polish.
So its not⁣ easy for most one but very easy for people from UA. And as Poland is⁢ very anti-RU they are very pro-UA.

 

[CyprusLaw]

Your comment about the three years waiting time is not valid.

Also, I assume︀ that you got your info from online articles, indeed a few months ago (when the︁ citizenship by investment scheme was cancelled) there were discussions for changing the criteria for citizenship︂ by naturalisation, however, these did not proceed in implementation. Greek is not a requirement, and︃ even in the discussions for changing the criteria the requirement would be a very basic︄ understanding of Greek, which having lived for at least five years in Cyprus (as otherwise︅ you would not be eligible) you would probably have this level of understanding.

But, as︆ I have explained, it was just discussions, nothing was implemented, so at this time there︇ is no such requirement and we do not expect this to be a requirement in︈ the near future.

 

[tyrexoid]

OP how about moving to Montenegro and become tax resident there? They sell property for‌ bare crypto as investment, I can share a real estate agent who offered me crypto-only‍ legal purchase of property, and it also gives you residency permit for 1 year that⁠ you can extend every year (or forming a company there also gives you permit to⁤ live and extend every year). Seems like a good place to live as well, I'm⁣ thinking to try moving there, the tax will only be 9% for various business and⁢ remote work and tax for crypto is 0% for now (and they're non-CRS if it︀ matters for you, until 2023, so you'll be able to visit Ukraine again any time︁ before 2023 lollll and then they'll find out you had millions in Montenegro ahahah and︂ probably you won't be able to go there again without being questioned... Ukraine is a︃ criminal country from what I've heard, I would do everything to get away from there︄ if I was living in such place, you can't trust anyone to defend you, not︅ the police, not the government, if something unlawful will happen to you).

 

[John Spectre]

Please pm me with real estate agent who allow crypto crypto as payment.︆

 

[cryptoholic]

DM the agent please

Thanks for the recommendations guys.

So basically the final︆ options are:
- Cyprus
- UAE
- Portugal
- Poland
- Montenegro

And there are︇ no 100% option, I mean nobody made the same thing as I want before or︈ maybe don't want to share real exp.

 

[CaptK]

You can do a hybrid.⁤ For ease of residency then Georgia or Montenegro. You would also set up a Swiss⁣ bank account and because you do not live there your not liable for tax.

Ideally get a 2nd passport for ease of travel then you can decide where you want⁢ to live with relative ease.

Would help to know your current country of residence to︀ give a more clear solution.

The OTC is the easiest part of the transaction.

 

[Nojozap]

Hi, i'm in the pretty︄ much same situation: eastern Europe country next to UA, mid 7 figures, trading SOF. Have︅ you proceed with UAE or chosen an other way?

 

[tyrexoid]

One good option might be US LLC and banking, for anyone⁠ who's not US resident this is tax free (US tax free), and Bank of America⁤ specifically, allows crypto withdrawals with no questions, though my withdrawals "at a time" were not⁣ more than 30k at once. I do from BlockFi, and bank account was not closed⁢ or anything. Might be a useful setup for some, as long as your local country︀ doesn't tax you worldwide. Using this setup it's possible to reside in a local tax︁ country which only is taxing local gains, so might be a fully legal 0% crypto︂ exit strategy for some. I didn't try crypto into other banks except BoA, but Chase︃ is known to be crypto friendly too. When having funds in US LLC and choosing︄ to tax it as "pass through entity", the tax liability becomes "personal level" and since︅ person, owner, is not US tax resident, there's no tax, and access to reliable banking.︆ I spoke with 2 tax advisers independently who specialize in foreigners and US LLCs, they︇ both confirmed it's legit setup and told me many do it also without physically being︈ present in US (my case slightly different, last 3 years physically in US, and am︉ leaving this year, so only next year 2022 I'll be tax free on my crypto︊ withdrawals, and that's a bright future 😀)

 

[LiquiditySplash]

Would this be a good option for︉ UAE resident?

I know you can hide the origins of the crypto withdraw and use︊ a local UAE company and bank with fake invoices to cash out but that feels︋ like it could be getting into illegal territory and I would be concerned about getting︌ accused of money laundering or something in the future if you have cashed out like︍ that. I would prefer to sleep easy if you know what I mean.

Of course︎ if you can not explain your source of crypto maybe that is an option to️ think about, but for those of us with legit crypto there must be better way.‌ I haven’t seen the US option discussed before, that could be a good one if‍ the banks are ok with 6 figure crypto withdraws.

 

[tyrexoid]

I think it's a︁ good and legal option for anyone who resides in a country that does not tax︂ his "abroad" finances and capital gains (territorial tax country). If UAE tax residency forces people︃ to declare and pay tax on what they have "abroad" (worldwide) then this setup would︄ not work (well in terms of US tax it will still remain 0% fully legal)︅ because such country will ask a person to declare how much he earned in his︆ US (or any other) worldwide activity, and then this setup becomes worthless. So check what's︇ the policy in UAE regarding ownership of a passthrough US LLC and whether they will︈ tax you capital gains when you withdraw crypto to US LLC. I have no idea︉ about UAE because I never researched it, but if they do not care about your︊ assets abroad - this might work and also be completely legal both from the bank︋ view and taxman view 😀

 

[LiquiditySplash]

UAE is already tax free place by the way so no tax local or abroad‌ for residents!

 

[tyrexoid]

by the way, if in the 2nd part of︃ your question you are asking whether invoicing your US LLC with your UAE company makes︄ sense in order to cash out? of course not, since there's no need to invoice︅ anything - the single member LLC bank account can be used as a personal bank︆ (I confirmed this with the tax advisors, I could not believe this at first honestly,︇ I thought there must be an invoice explaining where the money goes, for each an︈ every bank account transaction, of the LLC) so you can simply wire into any other︉ personal account no questions asked (also accounts abroad, as long as your name match on︊ them). The funds in such LLC account are personal funds, when you elect to be︋ taxed as 'passthrough' and not 'corporation' in the end of the tax year (but that's︌ IMPORTANT to file Form 5472 with IRS, otherwise it's a 25k fine if not filing︍ the form or making a mistake, use a CPA for this). There are no manipulations︎ needed in order to use the LLC account for personal needs. I didn't believe it️ is possible, just do a 30 minute - 1 hour consultation with a US CPA‌ to confirm, just in case hap¤#" . Looks like US is the best offshore for all‍ who are not Americans or green card holders (this setup only works for non Americans).⁠

 

[tyrexoid]

But how is it possible that you're thinking‍ about a new crypto exit strategy when you're already UAE tax resident? isn't it a⁠ jackpot already, to be taxed by their rules and use their banking? is there an⁤ issue with converting crypto to fiat specifically, and cashing out? [and lol, are you serious,⁣ there is no local tax either? you mean no income tax? they might just use⁢ other taxation methods locally, like VAT etc'? it's impossible to be with no local tax]︀

 

[LiquiditySplash]

I think⁢ they just recently added VAT a since a few years ago.

Yes that is correct︀ the issue is cashing out the crypto to your bank, there are ways to do︁ it but basically involves hiding from the bank that the money comes from crypto. (For︂ example sell crypto to a company who will pay a made up invoice for something︃ not crypto related) I am not aware of any crypto friendly banks but maybe some︄ other posters here know more about it than me. I have not moved yet but︅ I am planning to.

 

[uplana]

So you will need to relocate I assume⁠ from what I have read through the thread?

 

[fanban]

wonder the same? UAE the‍ experts say you are not taxed if you live there, why would you reconsider your⁠ options living in Dubai and with no plans to relocate.

 

[fanban]

looks you summed it all⁤ up.

 

[fortunespeculator]

Can we connect?

 

[JosephLL]

If I understand you, you sell crypto︉ on blockfi and withdraw on account of your llc, and that account is in BoA?︊ How did you pass the kyc on blockfi, as a legal entity (llc) or as︋ a person, since you say you can use single member llc's account the same as︌ personal account.

Have you ever used any other exchange?