Proper Banking for Crypto Cashout Marshall/BVI company. EU Resident

[PolishCourier]

Okay, seems that some people are right, but some are not.

Under FATCA there is‌ an exchange of information between Poland and USA but it is limited only to natural‍ persons, who are having income in US. In fact, if you choose to have an⁠ account for Delaware LLC you will not be reported as FATCA allows raporting of UBOs⁤ from Poland to USA, but it does not work the same the other way.

Check here: USA drugim największym rajem podatkowym na świecie? - Rejestracja spółki w Delaware

 

[niggashit]

I prefer Nevada over Delaware. You can incorporate your self without giving︀ up a single name on State website and It's almost instant, you will get incorporation︁ documents in few seconds.

Nevada’s SilverFlume business portal. Payments can be made through Credit Cards︂ / Debit Cards and ACH

 

[iknowwhatyoudid]

Several months ago, while doing some research, I‍ contacted a couple of lawyers in Malta specialized in crypto, and after several emails, they⁠ were unable to confirm if those profits from cashing out crypto (not trading, just cashing⁤ out, just like your case) would be consider capital gains (taxed at 0%) or income⁣ generated in Malta (taxed up to 35%). It was disappointing for the "crypto island", perhaps⁢ it's more clear now.

Just like PolishCourier said, I would recommend you to consider UAE.︀ First confirm that UAE has double tax treaty with Poland, then move there, after 6+︁ months get a Tax Domicile Certificate (just in case you need it for the double︂ tax treaty), cash out to a private bank in Europe (personally I would recommend you︃ waiting until the 2nd year) and enjoy.

 

[PolishCourier]

Yes, it has the tax treaty and it is a shitty one. According to it,‌ you can be tax resident of Emirates only if you meet two conditions: you actually‍ live in UAE + you are a citizen of UAE, there is also antiabusive clause⁠ in place. But still I find it the best option if you are going to⁤ actually switch residency.

 

[jojojo]

Are these holdings or a stash you made trading?
Are you sure there is no‌ tax due in Poland already?

Then are
You reall ready to life somewhere else? I‍ would then choose Ireland for 184 days, remittance basis so you can cash out anywhere⁠ - however

If it is a case of you bought it and didn’t touch it⁤ - it’s a capital gains - you can go live in Belgium for example as⁣ capital gains is zero(obviously check this)

If it has been an active buy and sell⁢ ie trade -
Poland will want their slice if they ever find out that is︀
No need for company this and that - keep it simple

 

[Mark21]

That's why you dont cash out as private person. I︂ was told multiple times from different sources that it's dangerous to cash out such way.︃

UAE is an option but expensive to do (general living cost). If you do it︄ on your own you also have to form company to get visa, but you can︅ also use some law firm structure and get visa for employee.

Plus there are better︆ options as well such as cyprus where you can pretty much be tax resident with︇ 60 days under certain rules.
If someone has same issue make sure to contact lawyers︈ and dont rely on open information because with every day of researching and talking to︉ people i realize that details are VERY important when doing such stuff. If you make︊ one simple mistake you will be obligated to pay tax in your home country. If︋ you do everything legally, they will issue inspection on you - but as you were︌ tax resident of another country they wont be able to do anything.

 

[Mark21]

Oh and in case someone is researching EMI's. Be aware that most EMI's wont accept‌ such schema and cryptocurrency transfer. Except of MisterTango which will very likely close your account‍ under some AML rule.
Mailed plenty of emi's and that's the conclusion as of 2018.⁠

Also changing residency and forming company is not a problem in this schema. There are⁤ plenty of options and different countries.
Geting banking solution is a problem and i believe⁣ this thread should be focused on this ;-))

 

[niggashit]

UAE has shitty banks for crypto. They can't onboard crypto clients.
They will approve you‌ and close down within 1-2months after compliance find that you done crypto.

 

[GrumpyMess]

It's not that easy.

Here comes a contradictory thing. If you aren't a tax resident in any other country you⁤ don't need this certificate, but if you are you don't satisfy all these conditions. When⁣ applying for this certificate you have to declare that you are not and will not⁢ become tax resident in another state. There is also a note that such a certificate︀ is issued only for foreign dividends payment.

 

[Mark21]

All points can be easly satisfied, you want to be cyprus tax resident then of‌ course you want to live some here. It's just better than malta because you can‍ satify these 4 points and have more room for traveling abroad.
On malta you need⁠ to be there at least 183 days, while cyprus at least 60 (+ conditions) and⁤ make sure you dont stay anywhere else above 183 days. And if you dont want⁣ to satisfy these conditions then you have classical 183 days rule.

Much better imo.

 

[GrumpyMess]

I am talking only‌ about item b "is not a tax resident in any other country". For example he‍ lives 60 days in Cyprus and has Cyprus ties. In his case if Poland claims⁠ him as a tax resident based on centre of vital interests he can't fulfill this⁤ condition, otherwise he even doesn't need this certificate as being non resident in Poland. So⁣ I would consult a tax advisor several times before using this scheme. May be this⁢ item is just nominal, may be not.

Also it's a must to clarify if CryptoExchange︀ -> Belize corp -> Cyprus dividends will be tax free

 

[Mark21]

As long as you have no family/company you won't be marked with this. But yes,‌ you have to consult with advisors on this. Every country is different and other steps‍ have to be taken.
I got list of around 15 steps to take in order⁠ to cut the vital interests thing. It's country specific.
The dividends should be free. Cyprus⁤ is similar to malta on this. These countries are used in most schemas.

 

[negon]

So if you‌ have million on the account you don't need a SSN, sounds like the USA -‍ but it sounds wrong to me, I don't believe that any bank in this world⁠ can make exceptions like this to unknown people or someone random that comes around with⁤ a million in the pockets.

 

[niggashit]

Yes they⁤ do. You do not have millions to see what banks do for you, And you⁣ definitely don't need SSN in USA even for a small amount. There are many banks⁢ in USA that open without SSN but Passport is critical. If you do not have︀ millions, you are simply retail customer.

It's like comparing Toyota and Ferrari lol.

Try to︁ read this one which has some real life examples :

10 Painful Real-World Examples of︂ How Banking’s Legacy Destroys Customer Experience

First Story :

A new employee who had been︃ working for only a few months was serving a client as usual and asking him︄ for a passport. The client instantly got angry and explained that he is never asked︅ to show the ID documents, so he had left them at home. The employee politely︆ explained that every client must be identified. At that moment, one of the experienced colleagues︇ walked by, recognized the client and started apologizing to him. It turned out the standard︈ identification procedure did not apply to “special clients” who have an account balance of at︉ least 6 digits, and it is forbidden to ask them for an ID.

FYI, Special clients means private clients.

Second Story:

A client came to the branch to open︊ another bank account. The employee filled out all the required documents and informed the client︋ that the standard process takes approximately two weeks. The client asked if it’s possible to︌ speed it up because he wanted to receive the next transfer to the newly created︍ account. The employee went to the head of the department who told him that it’s︎ possible to activate the account within one week, but they need to check the client’s️ profile. As the balance of the current account was only around 600 EUR, the client‌ wasn’t considered “a big fish,” and his request was denied. After a week or so,‍ the client returned to the branch for additional paperwork in connection with the incoming transfer.⁠ The head of the department was addressed repeatedly, but this time he got indignant, asking⁤ why the employee hadn’t contacted him the first time this client came with his request⁣ (even though he did but was declined). The manager declared that the account will be⁢ activated the same day. A lot of things went through the mind of the employee︀ at that moment, but one thing was clear: the bank activated the account because the︁ amount of transfer the client was expecting exceeded 1 million EUR.

I do not want︂ to spam here. With Private Banking, you get access to jumbo loans with 1% fixed︃ rate. There are many more things like Segregated accounts. You can assign your own asset︄ manager to account. You also get access to private hedge funds like renaissance and many︅ more. Renaissance has 7-10% performance per year. It's like magic bruh.

You can negotiate bank︆ fees unlike retail banks wheres they put fixed fee for everyone.

BNY really great for︇ FX. You get access to interbank exchange rates unlike Transferwise & IB. You can save︈ thousands of money.

Transferwise has hidden fees.

 

[rockrock]

Citizen of UAE? Sure? That's almost impossible⁣ to become?

Similar. They added: when you're tax resident in Malta and income︄ is from active trading (means multiple/professional trading so not just long time buy and hold)︅ then full income tax applies. Yeah. "crypto island" can mean many things but doesn't mean︆ good location to live tax free from crypto profits of any sort.

 

[KJK]

Would you mind sharing this 15-step list? You can PM me if necessary.

Malta seems to be (theoretically)⁢ a good place to setup a company dealing with these areas (crypto, gambling, maybe adult...).︀ For personal matters it doesn't seem that good if your source income is "active" and︁ not just dividends.

 

[negon]

aha -⁤ so far I have not seen a single bank in the whole USA that opens⁣ an account for foreigners in the European Union and which is resident in one of⁢ the most trusted EU countries. They require your own bank to open the account with︀ one of their branches in the USA or go home. If you contact any of︁ the "smaller" banks in the USA they require you to be a US citizen with︂ a SSN or tell you to ask your own bank to contact the.

So, where︃ are all these banks that just open accounts for foreigners? There are million of threads︄ around the Internet with people that claim they can open US accounts, they either put︅ a middleman in there or they are just a scam. No one has ever posted︆ on any forum a bank name where it is possible and at no time there︇ has ever been backed up posting on such a thread where people confirm this to︈ be possible.

This is taken out of the blue and poor bulls**t.

 

[niggashit]

@negon

I did not use any middle mans or PoA's/Accountants. This︆ words are from my own experience.

For Personal accounts :

Few brokerages like Wells Fargo︇ Advisors, Schwab do open accounts with a checking account remotely when you have 25k-50k in your hand and if you are looking for a semi-private bank in USA. Chase Private client has 100k-200k minimum and they open it remotely And, for millionaires BNY mellon︈ can fly to your house and meet you and open remotely as-well.

Business accounts that︉ open remotely:

https://firstambank.com/businesssolutions/businessloans/tradefinance/foreigncorporations/

I'm not from EU but my bankers said that they have restrictions︊ (Applies only for Retail accounts not for private banks) for following countries starting since last︋ year.

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,︌ Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain,︍ Sweden, United Kingdom.

If you are from a country in that list, you certainly have︎ to fly New york or San Francisco in order to open a retail checking account️ but again this does not applies to private banks.

I have dedicated layer 2‌ MPLS VPN connection to BNY mellon not even NSA can see what I do with‍ them. It's also fast unlike normal VPN's.

@negon
@Martin Everson
@Admin

you guys tend to⁠ like EMI's. There is US emi that open remotely with no SSN.

Make the most⁤ of your money

" If you don't have a SSN or an ITIN, you can⁣ still use other features of the Waleteros' app such as receiving Direct Deposits from your⁢ employer, sending money to other Waleteros, shopping in stores or online as well as loading︀ cash through third party locations like GreenDot® or Visa® Ready Link. "

so you can︁ use direct deposits, cards even if you do not have SSN or an ITIN.

I know some of people got ITIN by lying to IRS. ahahah

If you are flying︂ to USA, you can open bank account with municipal ID (Instead utility bill) and passport︃ also some debit card of your foreign bank.

The russians launder money through US Banking︄ system. The mafias hire people from EU and send to US and open bank accounts︅ using passport. No different than Mexican cartels.

For mexicans, They can open online lol. WTF!!︆ 🙁(

As a result of this, You have to try different branches around New york︇ or san francisco.

You actually do not need to use your passport at all

municipal ID can be used as primary and secondary identification. BOA and Capital one bank accept︈ this

You can put your regus virtual mailing address in municipal ID.

This is amazing!︉

 

[Jessie]

How does one become Malta tax resident though?