Question Spaniard - Crypto - Exit strategy - 7 figures (Part 2)

[troubled soul]

They are using a Money exchange -> Bank account. They︇ are stupid and Ignorant.
Merchant Account -> Bank Account, there will Be no problem.

I am not an expert. That is just my input.

 

[CaptK]

Myself and others have given you a base of how︇ to do it. There is no big secret on cash out.

Crypto is legal in︈ the UAE, it can be bought and sold like stocks. It's just not allowed to︉ be used as a currency. Definition being that it can not be exchanged for goods︊ or services, like to buy a car.

There are some major Crypto whales in the︋ UAE. They have both onshore and FZ companies. So if you have an FZ and︌ your buyer is an FZ company no VAT is applicable. If they use a company︍ elsewhere, like UK, Malaysia or HK then no issues.

If you go down the route︎ of invoicing for a service then common sense is to do it in a field️ you know well and can produce satisfactory paperwork.

Lastly as a bit of extra insight‌ into large amounts in the UAE is to be paid by someone with clout. When‍ the bank officer see's the name who sent it. They will not risk getting deported⁠ for asking stupid question.

Putting this together and building these contacts takes time and credibility.⁤ Just like a lawyer or solicitor would. With respect to myself, this is how I⁣ earn a living and I also have people who are parts of the process who⁢ charge a fee.

 

[bossTrader75]

One mayor concern which kept from using Dubai as a crypto cashout place was the‌ horrible law situation over there which i found a website dedicated to it when i‍ was watching videos on youtube when i searched " money laudering dubai " there came⁠ up quit few documentations : )

in one of them also one minisiter said "⁤ all Foreign investment in dubai should stay in UAE system and they perceive it as⁣ their own kinda "

like they lure massiv amount of people with black money into⁢ the country but make it hard for them to exit the money !

and the︀ main problem or concern is the Corruption and bad a*s native Arabic people who can︁ Prison you very easy if they have contacts to anyone in justice or police or︂ kindfamily etc there soo many horror stories it really made me change my mind even︃ it seems to be the perfect crypto heaven cashout place with no question asked with︄ cash payments , easy OTC deals and many developers accept crypto for real estate purchases︅ : )

https://www.detainedindubai.org/post/americans-detained-in-dubai-a-by-product-of-uae-lobbying

but once i discovered this Blog who documents how expats gets abused︆ by the native people and locked down in prison in some cases forever without any︇ help i change my Mind .

Everyone who consider Dubau should read their Blog Articels︈ from last year First 🙂 !

There is a germany guy in prison because his ex︉ business local arab didnt recognize him and were first fight him when he visit him︊ after few years and later he recognizue him and they talk : )

but neighbours︋ of this relatives of shrek family saw this he fight and he lost his Bride︌ and felt ashamed and he made up story he wanted to steal his purse thatswhy︍ he fighting him...later the cops came to hotel and took this germany guy ! his︎ ex business partner with whom he was travel to china and italy etc !!

he sit since 2017 in prison and some german polticans try to do smth in german️ parlament but nothing happens !!
because this old senil arab could not recognize his old‌ friend and box him first on the street !

the story is in german newspaper‍ easy to google 🙂

this is just one case from many you guys can find on⁠ that Detained in dubai Blog !!

Keep away from any locals when you doing business⁤ in Dubai i would say 🙂 !

 

[CaptK]

He used a local as a business partner. Even the government have realised that this‌ was happening, so they have brought in new legislation to allow 100% onshore ownership.

EXIT PLAN!!!!! Is the number one thing people don't look to do and there are lots‍ of good jurisdictions to move your money to. Diversifying your banking is key and should⁠ always be done situation permitted.

Lastly buy hard asset's like land and gold as these⁤ have stood the time and they don't make it anymore.

 

[jonnyG]

I'm also in similar situation. So let's you go to Dubai and do everything you‌ guys said. You redo your kyc or make new exchange accounts that you haven't registered‍ before and withdrawal evertyhing in your personal bank account. Then take flight to you european⁠ country get a rent and open there a bank account and transfer everything from your⁤ UAE bank account. Would this be a problem ?

 

[CaptK]

Depends on how you left your affairs?
How long before you go back?
What structure was⁣ used to cash up?

 

[Nasters]

Have you thought about what strategy to use if not Dubai?

 

[JJReddick]

Love the convo, looking into moving to Dubai soon. 3 questions for the experts:

1) Say I set up everything with DLS Dubai, then take a flight from the EU‌ to Dubai in June, sign all the papers, initiate the procedure, and then fly back‍ to the EU. Will I have to go back to Dubai soon to rent a⁠ place or can i allow the summer to go by and move in October /⁤ November, while already being officially a Dubai tax resident?

2) Cashing out: Very surprised to⁣ see such big workarounds mentioned above. I have cashed out from crypto through the years⁢ using an Italian bank (my country of origin, but in which I have not lived︀ for over 15 years), while being a UK resident first and Dutch resident later on.︁ While I understand I should mainly ask this to my Italian bank, I wonder whether︂ me being Dubai resident would somehow hinder this process, as Dubai is not in the︃ EU?

3) Spending it: say I cash out at some point in 2021 to a︄ Dubai based financial institution, I would obviously like to reinvest (say in 2022) what I︅ cashed out in non crypto assets (namely in EU real estate assets, across different countries,︆ likely UK, Netherlands, Germany and Italy) and move permanently to Europe (to a country in︇ which I previously was not a tax resident), possibly in 2022 or 2023 the latest.︈ How well would these residency and funds movements be perceived by EU tax authorities? Any︉ experiences you guys could talk about? How long should I be committed to keep my︊ residency status and my funds to Dubai once I cash out, in order to avoid︋ any issues with EU (and Dubai?) authorities?

Thanks!

 

[CaptK]

No you need to be there for at least 3 months continuously to get a UAE⁢ Tax resident.
If your bank have been ok with it thus far then continue to use them.
Should be fine, if you are︋ not going back to Netherlands or UK.
Commit at︎ least a year.

 

[JJReddick]

Awesome, thanks

 

[Bill D]

if you come less⁤ than 6 months in 2021 (example after july) then you aren't tax resident at all⁣ from uae right, and it does not remove you any tax liability on your previous⁢ residence for whole year 2021 isn't it

for example if you go to UAE in︀ september and stay there, your income from september to december 2021 is still taxable to︁ the country in which you are tax resident in 2021?

Why do you mention 3︂ months ? I see everywhere the 6 months rules

 

[jonnyG]

Used localbitcoin and bitstamp but‍ not planing to return to the same country wich I live now
I will go⁠ back to my birth country

 

[CaptK]

All depends on your countries rules. If you can prove substance by way⁠ of utility bills then you will be fine to claim part year.
If you can prove you have been in the︀ UAE with card transaction and utility bills you will be fine.
In my experience we have applied for Tax certificate after the 3rd month salary︂ and received it

 

[Brutus]

so you have to stay in Dubai 2⁢ years and not just the 187 days? After the 187 days you can apply for︀ tax residency, this takes 1-2 years to be issued?

Do I understand it correctly?

 

[Fred]

No you mix⁠ up the things.

You get official the tax certificate by staying 183 days in the⁤ UAE but if you already did get the tax certificate 1-2 times you get it⁣ easy and without even staying 183 days in the UAE.

Everybody I know got his⁢ tax certificate for 2020 and majority of them didn't made the 183 days in 2020.︀

 

[Brutus]

This process will start from the day⁣ I arrive in Dubai? In your experience how long it takes if not the 183⁢ days?

 

[jonnyG]

I'm interest‍ in this too. Would it start with the tourist visa or with the resdient visa⁠ ?

 

[Fred]

Hi @jonnyG and @Brutus ,

it starts with the day you are resident.

If the‌ Dubai Company Formation and Residence Visa is issued remote while you are outside the UAE‍ - you get the Residence Visa issued to your passport and the Emirates ID within⁠ 1 week.

 

[Brutus]

Can you please elaborate‍ on this as I am also looking into the UAE solution.

Have you already talked⁠ with Fred and CaptK? Do they not seem trustworthy to you?

 

[JJReddick]

I have had people with large accounts vouching for dls dubai if this can help‌