You without being taxed at 50% or without your bank account being frozen because many banks around the world want to close your crypto accounts to restrict your use of crypto the EU wants to ban payments of more than €3,000 with crypto wallets the United States and the United Kingdom want to tax your crypto even more, These are all the strategies people with millions of dollars have used to cash out their crypto tax-free there as little tax as possible and easy now, the steps that I recommend anyone to do is to :
Choose a country with a low tax rate or no tax on crypto :
The UAE has a 9% tax on companies, but this does not apply to crypto, so if you become a resident of the UAE, a resident of Dubai. Then you spend the necessary time in Dubai depending on your country of origin if you come from Canada. They want to see tax residency elsewhere, then you need to spend 6 months in the AU, you spend these 6 months, you cash out all the money you have in the UAE or you cash out all the money you want. Then you won’t pay any taxes in Canada as long as you do it correctly, make sure this step is done correctly.
In Dubai, you can cash out on your crypto, and the banks are not very crypto-friendly, many people say Dubai is crypto-friendly, you can just spend your money yes in society in general and people are crypto-friendly, you can buy luxury cars with crypto you can buy a property with crypto.
You can literally pay in Bitcoin, pay in usdt and then own the house a few weeks later. Still, the banks will close your account if you send a million dollars in crypto and a lot of people think I can just show the transactions I can just show that I invested $10,000. I have a million dollars, I can just show the bank my wallet no, they won’t want your crypto money, they don’t want your millions that you earned by investing in Bitcoin.
What you have to do is that you have to do it very slowly and carefully if you cash out your crypto, you don’t want to make a million 5 million at a time, you have to make 10,000,50,000,100,000 slowly build the story with the bank if you want to cash out millions, you have to do it through property or by buying luxury goods luxury cars everything you can buy in crypto and then sell it later to make Dubai work for tax purposes extremely well, you will not pay any taxes on your crypto investments.
But if to cash out with a bank, what you want to do is use other jurisdictions, have a British LLP company or an American LLC company if you are an American citizen or an American green card holder, forget about all this because you are going to pay a crypto tax anyway, they will tax you anyway unless you renounce your American citizenship like I did or move to Puerto Rico.
So US citizens, it won’t work for you, but for anyone else, you can use an American company or a British company and then, get a Weiss account you have to be careful because we don’t accept direct crypto payments, but if you do it through an exchange like nexo.
Nexo is very smart in this regard, they give you a bank account inside your exchange account, so you can send let’s say 100 Bitcoins to nexo 100 Bitcoins that you sell for euros or USD in nexo and from nexo in your bank account inside Nexo that you send to your wife’s account and it appears as a personal transfer, which shows that X sent X a million dollars from nexo to Y so it doesn’t look like a crypto transaction and then sage won’t close your bank account, this is a strategy that you can do, but for all this to work, you must be a tax resident in a low-tax or tax-free country.
Other options that come to mind are Slovenia tax-free country for crypto Malta if you hold it for more than a year other places like Singapore or Switzerland that have very low taxes.
Singapore has no capital gains taxes other islands and countries like Sant Anas where I am a citizen absolutely tax-free on crypto an trigger Barbados also works great in Barbados, you can get tax residency in just 2 weeks and legally spend two weeks in Barbados you can come and from Canada from the UK from Europe spend two weeks in Barbados you start a business in Barbados you get residency in Barbados and you get tax residency, then once you have this tax residency, you can start cashing banks in Barbados, you will not accept your crypto millions, but they are much more crypto-friendly than many other banks around the world.
Now, if you want to be very serious, let’s say you have a tax residence in Dubai and the AU or Barbados or anywhere in the world and you don’t want to bother with sending 10K 20K no. I want to send millions of dollars to a bank account and I want to cash out my crypto correctly.
You can use Switzerland or Lonstein there are banks in Lonstein that will accept your crypto payment so that you can send it to the 10 Bitcoin bank wallets and then in your bank account you will have 700,000 mils or 1,000 mils regardless of the price of Bitcoin at the time you send it, you will have it in your bank account, they usually only accept customers who are willing to invest more than 1 million Swiss Francs because it is lonstein’s currency in the bank account.
But the great thing is that you can send crypto directly and have it protected by the bank what you can also do is you can create a trust a Cook Islands trust I have discussed this several times, this is the ultimate way to get full asset protection on your money.
So if you get a lawsuit or if you get divorced and you have everything in your name, you can be sued, and this money can be withdrawn from you, but if you have it under a trust in the Cook Islands and the Cook Islands trust has a Cook Islands LLC and LLC has a bank account in Lowenstein.
Then all the money in this Lonstein bank account cannot be seized in case of a lawsuit or in case of divorce or case of problems and you can also protect it from your children from spending it madly, they can get it at the age of 18 or 21 years old, you can set different rules depending on how you set up the trust and you can protect your money that way and you can send money directly to the bank’s wallet and they will process it in Swiss francs, they will do due diligence on your money, so obviously.
If your money comes from illegal activity or any shady activity, they will report it they will send your money back you may not have it in the bank, but for most people, this works great if you just want to seamlessly cash out millions of dollars from other three countries that could work for you, especially if you want to cash out small amounts, you just want to have a quick and easy tax residence so that your crypto does not pay any crypto tax would be Paraguay that you can get in 2 to 3 days extremely popular.
Now don’t just fall down oh Paraguay is the best place in the world, don’t move your whole life to Paraguay, visit – for a few days, and see how you like it, but if you spend 2 to 3 days in Paraguay and you get a Paraguay and a residence permit, you can be a tax resident of Paraguay.
But you also can’t be a permanent resident elsewhere, which means you have to nomad around the world, you can’t just spend 6 months in Canada, spending 3 days in Paraguay and pretending that Paraguay is a tax residence doesn’t work that way and two other countries could be the Republic of Georgia if you can do their short-term tax residence program by showing a certain level of net worth.
Georgia is also quite bank-friendly, I wouldn’t take too much money from the Georgian banks I did, they can close your account if the transaction exceeds 5,220,000, but at least you can send money there and also take, they have a 90-day tax residency program by obtaining an investor visa and you can use some of their banks to cash in crypto there are many effective strategies around the world.
Conclusion :
The main important things to note are the ones you need to become a tax resident in a low-tax or zero-tax country like the UAE if you want to use Singapore, you are looking to become a resident of Singapore, get ready to invest millions of dollars in Singapore, but it works very well for many people and once you have no tax residence, you can look at the options how to cash in my crypto, you can use the list inside, you can create a trust in the Cook Islands, you can send money directly to the listen to Stein bank and cash it that way or you can use a uslc UK LP cash it by sage.
I wouldn’t cash in several million, but it costs a few hundred thousand dollars to buy a property here and there, you can certainly do that and look at the options around the world to have multiple bank accounts so that you can also be diversified, so not just have some kind of bank account where you have all your millions, you want to have multiple bank accounts so that you can diversify in case something happens with that particular bank.
If you want to buy assets with your crypto like real estate cars or something like that you can do it in countries like the AU, you can buy a property, you can rent it on Airbnb, create another type of cash flow for yourself, and your business and you can do it just by buying the property in crypto.
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