Help for setting up a business structure for nomad visa requirements

[sareshobokhor]

Hey everyone 🙂
i'm a citizen of a hated 3rd world country in middle east. my money (mid 6 fig) has been accumulated over years of trading and investing in crypto.
the initial source of money ($1K) was the money i got in my childhood and teenage years and then i invested that and started trading with it.
if i have done 1000 transaction over the year, i have noted the last 800 ones but i have not much idea about the first ones.
my goal right now is to get 2nd citizenship and get a better passport and move somewhere better.
at the moment and after lots of talks and thinking, digital nomad visas are the most suitable one for me.
I lacked 1. a self-employed structure or an employment contract and 2. a way to prove stable income for digital nomad visas.
so I decided to open a sole proprietor company in a gcc country, which also provided me with a two-year residency.
my company is a tech company and i have a website for it and i have listed some imaginary products on the website like spreadsheet and excel templates and ... which i can make it look like they are products i'm selling.
Now my plan is to cash out the crypto is questionable and i'm not sure.. I was thinking to do it through p2p transactions, selling my crypto to someone and then receiving that money into the company's bank account. and then i will be paying myself a fixed amount each month frequently and make it look like a salary.
I was thinking about source of funds if they required, i can create invoices for these transactions, claiming they are for selling my online products if it's possible.
I was hoping this structure allow me to provide 1. a working contract (between my company and myself. or just by saying i'm self employed and show the company/business license) 2. show a stable monthly income.
for the working contract i can not sign my own working contract, so i need to hire someone else and then tell him to sign my working contract....
and for the stable income and visa requirements, i can just provide payslip and say it has been my salary and they can not question the source of money in the business and what is the business doing...
but for later if i wanted to move this money into europe, they might question more and dig deeper and ask for the nature of the business and that's where p2p might not have been enough...
what do you think? is there a better structure? maybe i can find someone in a place like Dubai and give them crypto, and then create a working contract between their company and mine and recieve bank transfer from them instead of crypto that i gave to them?
any idea?

 

[bountymounty]

I have no clue about what money you actually have available, that is important to know? With 1000$ you come nowhere!

Dubai can give you all what you look for but it a) require you to travel there and b) you need a consultant to help you, looking at 10K$ setup fee including Visa etc.

 

[sareshobokhor]

bountymounty said:
I have no clue about what money you actually have available, that is important to know? With 1000$ you come nowhere!

Dubai can give you all what you look for but it a) require you to travel there and b) you need a consultant to help you, looking at 10K$ setup fee including Visa etc.
Click to expand...

I like to get like $5k salary each month (cash out crypto) to say i have a stable fixed income each month

 

[Martin Everson]

Outside of the middle east your passport will always be an issue in certain cases. There are plenty of crypto to fiat gateways where people sell a service in fiat terms but get paid in crypto into company i.e the end customer gets opportunity to settle fiat bill in crypto. So selling a virtual service online is possible.

Your residency now the GCC country. The issue you would face now would be finding any gateway willing to work with your passport. Although your residency maybe the new GCC country the providers risk tolerance may make accepting your passport difficult for them.

Maybe Nowpayments can help with gateway and off ramp also.

https://nowpayments.io/blog/are-crypto-payments-legal-in-the-united-arab-emirateshttps://nowpayments.io/off-ramp
In any case what you are planning to do is pretty much wrong and I would try and find the first 200 transactions and solve the issue the right way now you have a new GCC residency.

P.S I cast no judgement ange¤%&

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[sareshobokhor]

Martin Everson said:
Outside of the middle east your passport will always be an issue in certain cases. There are plenty of crypto to fiat gateways where people sell a service in fiat terms but get paid in crypto into company i.e the end customer gets opportunity to settle fiat bill in crypto. So selling a virtual service online is possible.

Your residency now the GCC country. The issue you would face now would be finding any gateway willing to work with your passport. Although your residency maybe the new GCC country the providers risk tolerance may make accepting your passport difficult for them.

Maybe Nowpayments can help with gateway and off ramp also.

https://nowpayments.io/blog/are-crypto-payments-legal-in-the-united-arab-emirateshttps://nowpayments.io/off-ramp
In any case what you are planning to do is pretty much wrong and I would try and find the first 200 transactions and solve the issue the right way now you have a new GCC residency.

P.S I cast no judgement ange¤%&
Click to expand...

i am planning to apply for digital nomad visas. so cashing out is not what i'm looking at. i want to leverage the money i have and pay myself so i can show i have stable income each month.
that sellling product idea is like a face to what is actual behind it which is cashing out crypto into the company.
i need to find a payment processor that if i buy my own product via crypto, it will give me fiat in my new country of residency.
if not i can buy anon prepaid cards but the fee for anon cards are very high and adding the ecommerce comission i'm paying like %10-15 in total to moving this money.

 

[Martin Everson]

Mate its money laundering what you propose whether you like it or not. With your passport it would be pointless to go that route. Find a digital nomad program that does not require proof of income then just cash out by existing means when necessary. Don't over complicate it.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[sareshobokhor]

Martin Everson said:
Mate its money laundering what you propose whether you like it or not. With your passport it would be pointless to go that route. Find a digital nomad program that does not require proof of income then just cash out by existing means when necessary. Don't over complicate it.
Click to expand...

if you present yourself as employee of a company then why they would require souce of income?
you just show them pay slips and they won't go down the deep route and ask for the nature of the company you are working for.
problem is later when when/if you wanna move this money into europe and they might ask deeper questions like source of income.
am i wrong?

 

[Martin Everson]

sareshobokhor said:
if you present yourself as employee of a company then why they would require souce of income?
Click to expand...

Who requires? It depends on digital nomad program. Some for example just require self certification that you earn a certain amount which is just a tick box online you click saying you earn over $$$ a year. No paperwork is required or needs to be shown. Each program is different.

sareshobokhor said:
problem is later when when/if you wanna move this money into europe and they might ask deeper questions like source of income.
am i wrong?
Click to expand...

Your not wrong. But there are creative ways around this.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[sareshobokhor]

Martin Everson said:
Who requires? It depends on digital nomad program. Some for example just require self certification that you earn a certain amount which is just a tick box online you click saying you earn over $$$ a year. No paperwork is required or needs to be shown. Each program is different.



Your not wrong. But there are creative ways around this.
Click to expand...

let's say portugal digital nomad.
if i'm representing myself as a employee of a company (my company. but that wouldn't be shown) then all i need to show them is a working contract which i can create and sign (better to not be signed by myself. so for that i can hire a friend as co founder and tell him to sign) and also you need to show them you have stable income each month which is the pay slips and personal bank statement that i will show to them. that's it. in the personal bank account it will be shown i have got a salary from X company. that's the personal account and payslip from company. They do not have power to ask for the nature of the business or what the company do. sure they can ask for what you are doing in the company but not actually what is the company doing.

and for the problem with later moving money to europe, that can be like the problem for later or creative ways as you are saying it (altho i don't know them.)

 

[Martin Everson]

sareshobokhor said:
let's say portugal digital nomad.
if i'm representing myself as a employee of a company (my company. but that wouldn't be shown) then all i need to show them is a working contract which i can create and sign (better to not be signed by myself. so for that i can hire a friend as co founder and tell him to sign) and also you need to show them you have stable income each month which is the pay slips and personal bank statement that i will show to them. that's it. in the personal bank account it will be shown i have got a salary from X company. that's the personal account and payslip from company. They do not have power to ask for the nature of the business or what the company do. sure they can ask for what you are doing in the company but not actually what is the company doing.
Click to expand...

Sounds fine.

So you are talking D8 Visa? Have you considered a D7 Visa and dividend income as your more an investor. But do whichever one you feel comfortable with.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[sareshobokhor]

Martin Everson said:
Sounds fine.

So you are talking D8 Visa? Have you considered a D7 Visa and dividend income as your more an investor. But do whichever one you feel comfortable with.
Click to expand...

yeah exactly the D8.
i've talked with a few Portuguese lawyer and seems like crypto is not a good source to be used for D7 visa as it's complicated.
so that's why i'm going through the digital nomad one.
looks like the way i was thinking could be good enough for visa (hopefuly they won't require additional docuemnts) and then after i moved to europe i will think of another method to cash out and use the money i have.

 

[jafo]

sareshobokhor said:
Hey everyone 🙂
i'm a citizen of a hated 3rd world country in middle east. my money (mid 6 fig) has been accumulated over years of trading and investing in crypto.
the initial source of money ($1K) was the money i got in my childhood and teenage years and then i invested that and started trading with it.
if i have done 1000 transaction over the year, i have noted the last 800 ones but i have not much idea about the first ones.
my goal right now is to get 2nd citizenship and get a better passport and move somewhere better.
at the moment and after lots of talks and thinking, digital nomad visas are the most suitable one for me.
I lacked 1. a self-employed structure or an employment contract and 2. a way to prove stable income for digital nomad visas.
so I decided to open a sole proprietor company in a gcc country, which also provided me with a two-year residency.
my company is a tech company and i have a website for it and i have listed some imaginary products on the website like spreadsheet and excel templates and ... which i can make it look like they are products i'm selling.
Now my plan is to cash out the crypto is questionable and i'm not sure.. I was thinking to do it through p2p transactions, selling my crypto to someone and then receiving that money into the company's bank account. and then i will be paying myself a fixed amount each month frequently and make it look like a salary.
I was thinking about source of funds if they required, i can create invoices for these transactions, claiming they are for selling my online products if it's possible.
I was hoping this structure allow me to provide 1. a working contract (between my company and myself. or just by saying i'm self employed and show the company/business license) 2. show a stable monthly income.
for the working contract i can not sign my own working contract, so i need to hire someone else and then tell him to sign my working contract....
and for the stable income and visa requirements, i can just provide payslip and say it has been my salary and they can not question the source of money in the business and what is the business doing...
but for later if i wanted to move this money into europe, they might question more and dig deeper and ask for the nature of the business and that's where p2p might not have been enough...
what do you think? is there a better structure? maybe i can find someone in a place like Dubai and give them crypto, and then create a working contract between their company and mine and recieve bank transfer from them instead of crypto that i gave to them?
any idea?
Click to expand...

First thing, first. Let's go step by step:

1. Write down your requirements.
2. Assume you are a citizen of country X.
3. Determine where citizens of country X can travel visa-free.
4. Sort them in descending order.
5. Start at the top and see if that country meets your requirements listed in #1.

I know you are a resident of a GCC country, but still, we're drawing a Venn Diagram here.

Depending on the top 10 countries, there may be a chance for a solution.

PS. NOT with me! I don't provide services, but there may be people on OCT who can assist you if we give them a nudge in the right direction. 😉

 

[wellington]

sareshobokhor said:
Hey everyone 🙂
i'm a citizen of a hated 3rd world country in middle east. my money (mid 6 fig) has been accumulated over years of trading and investing in crypto.
the initial source of money ($1K) was the money i got in my childhood and teenage years and then i invested that and started trading with it.
if i have done 1000 transaction over the year, i have noted the last 800 ones but i have not much idea about the first ones.
my goal right now is to get 2nd citizenship and get a better passport and move somewhere better.
at the moment and after lots of talks and thinking, digital nomad visas are the most suitable one for me.
I lacked 1. a self-employed structure or an employment contract and 2. a way to prove stable income for digital nomad visas.
so I decided to open a sole proprietor company in a gcc country, which also provided me with a two-year residency.
my company is a tech company and i have a website for it and i have listed some imaginary products on the website like spreadsheet and excel templates and ... which i can make it look like they are products i'm selling.
Now my plan is to cash out the crypto is questionable and i'm not sure.. I was thinking to do it through p2p transactions, selling my crypto to someone and then receiving that money into the company's bank account. and then i will be paying myself a fixed amount each month frequently and make it look like a salary.
I was thinking about source of funds if they required, i can create invoices for these transactions, claiming they are for selling my online products if it's possible.
I was hoping this structure allow me to provide 1. a working contract (between my company and myself. or just by saying i'm self employed and show the company/business license) 2. show a stable monthly income.
for the working contract i can not sign my own working contract, so i need to hire someone else and then tell him to sign my working contract....
and for the stable income and visa requirements, i can just provide payslip and say it has been my salary and they can not question the source of money in the business and what is the business doing...
but for later if i wanted to move this money into europe, they might question more and dig deeper and ask for the nature of the business and that's where p2p might not have been enough...
what do you think? is there a better structure? maybe i can find someone in a place like Dubai and give them crypto, and then create a working contract between their company and mine and recieve bank transfer from them instead of crypto that i gave to them?
any idea?
Click to expand...

With a mere 6 figures surely just go on holiday for over 180 days and cash out and take the funds back home to spend.

It's not unusual for third world people to travel the world and get well paid jobs”¦.

Just look at Qatar where you have Thais earning 5-8,000 Euros a month”¦ tax free which they send back home or return with.

Basically you are over thinking this .

Ergo no need for a company when you are not tax resident in any place”¦ and with such a small amount it's not worth the ordeal of trying to structure things.

 

[jafo]

wellington said:
With a mere 6 figures surely just go on holiday for over 180 days and cash out and take the funds back home to spend.

It's not unusual for third world people to travel the world and get well paid jobs”¦.

Just look at Qatar where you have Thais earning 5-8,000 Euros a month”¦ tax free which they send back home or return with.

Basically you are over thinking this .

Ergo no need for a company when you are not tax resident in any place”¦ and with such a small amount it's not worth the ordeal of trying to structure things.
Click to expand...

Best answer so far!

PS. I learned a lot of strategies on OCT but rarely applied ANY of them. Nobody has asked me or questioned me about my simple "non-structured" life the way others think it should be done. People are EAGER to apply what they learned...even if it costs them their lives. smi(&%
Swapping excess USDT to Bitcoin when BTC was under <15K? 100%! But no structures or companies or trusts etc etc.

 

[sareshobokhor]

wellington said:
With a mere 6 figures surely just go on holiday for over 180 days and cash out and take the funds back home to spend.

It's not unusual for third world people to travel the world and get well paid jobs”¦.

Just look at Qatar where you have Thais earning 5-8,000 Euros a month”¦ tax free which they send back home or return with.

Basically you are over thinking this .

Ergo no need for a company when you are not tax resident in any place”¦ and with such a small amount it's not worth the ordeal of trying to structure things.
Click to expand...

jafo said:
Best answer so far!

PS. I learned a lot of strategies on OCT but rarely applied ANY of them. Nobody has asked me or questioned me about my simple "non-structured" life the way others think it should be done. People are EAGER to apply what they learned...even if it costs them their lives. smi(&%
Swapping excess USDT to Bitcoin when BTC was under <15K? 100%! But no structures or companies or trusts etc etc.
Click to expand...

well i think you guys didn't read my original post.
i'm not trying cash out the crypto i have. i don't want to cash out half a mil straight and bring it back to a 3rd world country and live there.
i wanted to build a structure to pay myself. so i can use that to say i have stable income and i'm employed somwhere so i can get these digital nomad visas and live somewhere else and build future plan to get citizenship for that country (like i've explain above for portugal digital nomad visa)

 

[jafo]

sareshobokhor said:
well i think you guys didn't read my original post.
i'm not trying cash out the crypto i have. i don't want to cash out half a mil straight and bring it back to a 3rd world country and live there.
i wanted to build a structure to pay myself. so i can use that to say i have stable income and i'm employed somwhere so i can get these digital nomad visas and live somewhere else and build future plan to get citizenship for that country (like i've explain above for portugal digital nomad visa)
Click to expand...

NGL...I'm confused as to what you want to do now. 🙄

I asked questions here: Unlock the Gates of Success: Mentor Group Gold!

PS. My comment was directed towards wellington. I think that is the confusion

 

[sareshobokhor]

jafo said:
NGL...I'm confused as to what you want to do now. 🙄

I asked questions here: Unlock the Gates of Success: Mentor Group Gold!

PS. My comment was directed towards wellington. I think that is the confusion
Click to expand...

well

Ӣ I'm Citizen of a 3rd world Middle Eastern country (IR) with Low-mid 6-figure savings from crypto trading
Ӣ My Goal: Obtain 2nd citizenship and better passport
Ӣ Current focus: Digital nomad visas
Ӣ Challenges:
- Lack of self-employed structure or employment contract
- Unable to prove stable income

Ӣ Solution I have implemented:
- Opened a sole proprietor tech company in a GCC country (Oman)
- Obtained two-year residency
- Created a website with page of some products

Ӣ Proposed plan:
- Cash out crypto through P2P transactions
- Receive money into company's bank account
- Pay myself a fixed monthly "salary"
- Create invoices for transactions if needed

Ӣ Intended outcomes:
- Provide a working contract (self-employed or with company)
- Show stable monthly income

Ӣ My Concerns right now:
- Legitimacy of self-signing working contract (i might need to hire someone else in the company)
- Potential scrutiny of business operations and fund sources when moving money to Europe (will not be legitimate since they have been cashing out crypto and creating invoices rather some legit work contract with other companies)

Ӣ Alternative ideas:
- Find someone in Dubai to exchange crypto for bank transfers
- Create a working contract between their company and my company

So i'm wondering how is the entire structure looks like and if there is a better plan or not.

 

[jafo]

sareshobokhor said:
well

Ӣ I'm Citizen of a 3rd world Middle Eastern country (IR) with Low-mid 6-figure savings from crypto trading
Ӣ My Goal: Obtain 2nd citizenship and better passport
Ӣ Current focus: Digital nomad visas
Ӣ Challenges:
- Lack of self-employed structure or employment contract
- Unable to prove stable income

Ӣ Solution I have implemented:
- Opened a sole proprietor tech company in a GCC country (Oman)
- Obtained two-year residency
- Created a website with page of some products

Ӣ Proposed plan:
- Cash out crypto through P2P transactions
- Receive money into company's bank account
- Pay myself a fixed monthly "salary"
- Create invoices for transactions if needed

Ӣ Intended outcomes:
- Provide a working contract (self-employed or with company)
- Show stable monthly income

Ӣ My Concerns right now:
- Legitimacy of self-signing working contract (i might need to hire someone else in the company)
- Potential scrutiny of business operations and fund sources when moving money to Europe (will not be legitimate since they have been cashing out crypto and creating invoices rather some legit work contract with other companies)

Ӣ Alternative ideas:
- Find someone in Dubai to exchange crypto for bank transfers
- Create a working contract between their company and my company

So i'm wondering how is the entire structure looks like and if there is a better plan or not.
Click to expand...

Except for having "good passports" (and some not-so-good ones, according to the West, but to me, these are the good ones), I don't have anything you mentioned above, and no place has ever asked me any of those questions or to prove it either.

I don't cash crypto unless it's someone I know and trust who doesn't spew things contrary to the wisdom of Charlie and Warren. Here is what I shared Unlock the Gates of Success: Mentor Group Gold!

If I were in your shoes, what would I do? I'd find someone who ticks all those boxes and see how they solved the problem.

For example, me getting advice from Bill Gates on how to start the next Microsoft is useless to me. My mom is NOT a friend of John Opel to introduce me to him so I can get a deal with IBM. Source: POWER PLAYERS How Bill Gates' mom helped Microsoft get a deal with IBM in 1980 ”“ and it propelled the company's huge success

Find a person like you and see how they solved it. I wouldn't have the slightest idea of how to do it. Maybe someone with more experience in this field will be helpful.

Success!

PS. I see your list, and it makes me anxious! hi%#

 

[cyprusbanker]

jafo said:
Except for having "good passports" (and some not-so-good ones, according to the West, but to me, these are the good ones), I don't have anything you mentioned above, and no place has ever asked me any of those questions or to prove it either.
Click to expand...

You live in Monaco and Switzerland, wonder why you never have been asked questions like this, I give you a clue, money rof/%

 

[jafo]

cyprusbanker said:
You live in Monaco and Switzerland, wonder why you never have been asked questions like this, I give you a clue, money rof/%
Click to expand...

Except for the personal tax inconveniences, I have the SAME problems everyone else has. stupi#21

I mentioned just one of them recently here: Which bank you but advised non-resident uk. EU

It's not all sunshine and rainbows if one is NOT a parasitic gang member of the politically connected and privileged. stupi#21