Question Tax citizenship solution

[drakeo]

I'm fairly new to the offshore scene. I've read lots of books and articles but haven't tried much myself. I have basically all my wealth in crypto.
I live in a EU country with very high taxes, they're also very suspect even when transferring a couple grand into a local bank. I'm leaving this country after summer (but will still keep the passport).
Whenever I cashout my crypto I'm thinking that I need to become tax citizen in another country in order to reduce my taxes legally. I don't want or need TaxID for EU country since I don't live in any country for more than a few months.

What would be the best solution for taxID in this case:
Short term: Want to sell < 250k EUR of crypto and deposit into banks + trading platforms (my source of income) + EMI's (in my name which shouldn't be a problem if I'm tax citizen in a low tax country. Some SoF possible but not very extensive.
Long term: Working with a guy to help me with SoF with goal of transferring to high end banks and investment brokers. Dukascopy or whatever. Will have to setup business and stuff to OTC 1m+ crypto legally. (Not really relevant for what I'm what I'm asking about right now.

I've been looking at different solutions and so far the best ones seem to be:
1. Establish with Fred = OTC crypto, Dubai bank, taxID. Problem is FX to EUR and transfer to bank with EUR. ADCB has a CC with no fx fees for EUR which looks attractive though. Cost: 10k ish? Haven't contacted DLSDubai yet.
2. Saint Lucia citizenship by investment. Takes time, costs 100k. After that I'm free and safe I guess?

Feedback, tips and corrections are appreciated.

 

[Sols]

drakeo said:
Whenever I cashout my crypto I'm thinking that I need to become tax citizen in another country in order to reduce my taxes legally.
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Unless you are Hungarian (assuming you're some EU national), you do not need to renounce your citizenship to be relieved of taxes in your home country. Aside from a small number of unfortunate nationalities, taxation is based on residence, not passport. You may have to consider exit taxes and continued presumed tax residence in some cases. Exit taxes are hard to get around, but a good lawyer can help you navigate it. Presumed continued tax residence means your home country will by default consider you tax resident (indefinitely or for a few years) unless you prove to them that you have established bonafide tax residence in a new place (i.e. UAE in your case).

drakeo said:
2. Saint Lucia citizenship by investment. Takes time, costs 100k. After that I'm free and safe I guess?
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Probably pointless in your case, unless you plan to settle down in Saint Lucia or CARICOM later, or you are Hungarian citizen and plan to renounce your Hungarian citizenship upon gaining Saint Lucian citizenship.

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This is the probably the answer to your question.

 

[Henn and Rich]

Please do not renounce a EU passport for a Banana republic passport. It is ok to have on as added benefit, but not as primary passport. Also cost you are looking more at something like $130,000+ as $100k is just donation

 

[AnonymousCryptoOTC]

drakeo said:
1. Establish with Fred = OTC crypto, Dubai bank, taxID. Problem is FX to EUR and transfer to bank with EUR. ADCB has a CC with no fx fees for EUR which looks attractive though. Cost: 10k ish? Haven't contacted DLSDubai yet.
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You can get a multicurrency card in the UAE with Citibank and HSBC (GlobalMoney).

 

[Henn and Rich]

AnonymousCryptoOTC said:
You can get a multicurrency card in the UAE with Citibank and HSBC (GlobalMoney).
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I believe WIO has this too.

 

[drakeo]

Henn and Rich said:
Please do not renounce a EU passport for a Banana republic passport. It is ok to have on as added benefit, but not as primary passport. Also cost you are looking more at something like $130,000+ as $100k is just donation
Click to expand...

Yeah renouncing is no longer a consideration unless I get another EU passport.