Personal bank account for crypto savings
- Thread starter Astaruk
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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 that︀ grants you along with the company formation a residence visa and therefore the local UAE︁ banks are open for business and don't consider you non-resident.
Even if you want to︂ have everything under personal name - it's a straight forward and reliable process.
You did︃ not mention your current residency. Don't forget that simply an offshore bank account doesn't help︄ when it comes to CRS reporting. As a high tax country passport holder you have︅ to consider this.
Don't go for any offshore bank that charges you 1000$+ for account︆ opening and is not transactional at all.
for svaings I don't recommend you classic offshore Banks like let's say Belize.
You need to take a look at the jurisdictions that still provide you with transactional banking.
When it comes to Crypto you may be need some workarounds because offshore+crypto is huge red flag.
What you can consider is a jurisdiction like UAE that︀ grants you along with the company formation a residence visa and therefore the local UAE︁ banks are open for business and don't consider you non-resident.
Even if you want to︂ have everything under personal name - it's a straight forward and reliable process.
You did︃ not mention your current residency. Don't forget that simply an offshore bank account doesn't help︄ when it comes to CRS reporting. As a high tax country passport holder you have︅ to consider this.
Don't go for any offshore bank that charges you 1000$+ for account︆ opening and is not transactional at all.
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 you︀ can demonstrate you acquired it there and had enough and came back.
Lastly the amount︁ of stamp duty you pay is registered on your NI number. So if you have︂ only paid 4K tax but bought a 400K property you will be getting a demand︃ letter through the door.
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 you︀ can demonstrate you acquired it there and had enough and came back.
Lastly the amount︁ of stamp duty you pay is registered on your NI number. So if you have︂ only paid 4K tax but bought a 400K property you will be getting a demand︃ letter through the door.
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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