Personal bank account for crypto savings

[Astaruk]

Hi .

As a UK citizen by birth I'd like to know any recommended offshore banks that would be recommended for savings. A bank that could be used to purchase property without a lot of red tape around transactions and documentation.

 

[Fred]

Astaruk said:
Hi .

As a UK citizen by birth I'd like to know any recommended offshore banks that would be recommended for savings. A bank that could be used to purchase property without a lot of red tape around transactions and documentation.
Click to expand...

Dear @Astaruk,

for svaings I don't recommend you classic offshore Banks like let's say Belize.

You need to take a look at the jurisdictions that still provide you with transactional banking.

When it comes to Crypto you may be need some workarounds because offshore+crypto is huge red flag.

What you can consider is a jurisdiction like UAE that grants you along with the company formation a residence visa and therefore the local UAE banks are open for business and don't consider you non-resident.

Even if you want to have everything under personal name - it's a straight forward and reliable process.

You did not mention your current residency. Don't forget that simply an offshore bank account doesn't help when it comes to CRS reporting. As a high tax country passport holder you have to consider this.

Don't go for any offshore bank that charges you 1000$+ for account opening and is not transactional at all.

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[CaptK]

Astaruk said:
Hi .

As a UK citizen by birth I'd like to know any recommended offshore banks that would be recommended for savings. A bank that could be used to purchase property without a lot of red tape around transactions and documentation.
Click to expand...

If you are not willing to relocate to cash out your crypto then everything you do would be useless.

When buying property the solicitors on both sides will require to see bank statements and an explanation on how funds were accumulated and if tax was applicable. When in a non tax country you are not liable and therefore you can demonstrate you acquired it there and had enough and came back.

Lastly the amount of stamp duty you pay is registered on your NI number. So if you have only paid 4K tax but bought a 400K property you will be getting a demand letter through the door.

 

[Astaruk]

Fred said:
Dear @Astaruk,

for svaings I don't recommend you classic offshore Banks like let's say Belize.

You need to take a look at the jurisdictions that still provide you with transactional banking.

When it comes to Crypto you may be need some workarounds because offshore+crypto is huge red flag.

What you can consider is a jurisdiction like UAE that grants you along with the company formation a residence visa and therefore the local UAE banks are open for business and don't consider you non-resident.

Even if you want to have everything under personal name - it's a straight forward and reliable process.

You did not mention your current residency. Don't forget that simply an offshore bank account doesn't help when it comes to CRS reporting. As a high tax country passport holder you have to consider this.

Don't go for any offshore bank that charges you 1000$+ for account opening and is not transactional at all.
Click to expand...

Thanks for the advice , current residency UK , property mostly offshore not onshore

 

[Fred]

Astaruk said:
Thanks for the advice , current residency UK , property mostly offshore not onshore
Click to expand...

So keep in mind that if you don't setup offshore bank account with local residence card like you can do in UAE - your financial statements will be reported under CRS to the UK. Escept you open the bank account in some 3rd world country without CRS like Cambodia or Armenia. I don't recommend.

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