How to Cash Out MILLIONS in Crypto TAX-FREE

Summary

With Bitcoin's price reaching momentous heights, crypto investors are eager to convert their digital assets into fiat without a hefty tax burden. In Western countries, doing so can be a nightmare, with risks of bank account closures and high taxes. Dubai, however, offers a zero percent capital gains tax for residents, making it an attractive alternative. This video explores the ways one can strategically operate within Dubai to cash out their crypto holdings safely and tax-free. Understanding residency requirements and working through legit channels is vital to efficiently benefit from this arrangement.

Highlights

• The possibility of Bitcoin reaching or surpassing $100,000 is creating buzz among early investors looking to cash out. 🚀
• Many Western countries pose challenges for cashing out crypto into fiat, including potential bank account closures and high capital gains taxes. 😧
• Dubai is emerging as a crypto-friendly haven with zero capital gains tax for those who become tax residents. 🌟
• It's crucial to perform due diligence and work with reputable service providers in Dubai to avoid hidden fees and scams when cashing out crypto. 🤔
• The UAE is actively encouraging crypto investments, with crypto exchanges becoming officially regulated and new initiatives like a Dirham-backed stable coin. 💡
• Various methods exist to cash out crypto in Dubai, including buying property, direct bank transfers, peer-to-peer services, and purchasing luxury goods. 🏷️
• Becoming a UAE tax resident involves several key steps and ensures enjoying the tax advantages without issues from home countries. 🛡️

Key Takeaways

• Investing in Dubai offers crypto investors tax advantages like zero capital gains tax. 🏝️
• Cashing out crypto involves careful residency and regulatory navigation to avoid heavy taxes. 🕵️
• Establishing residency in UAE can protect crypto profits from home country taxation if done properly. 🗺️
• Exploring the UAE's real estate market can be a strategic method of cashing out crypto investments. 🏠
• Working with trustworthy consultants can save investors from pitfalls while dealing in UAE's crypto markets. 🤝

Overview

In the booming world of cryptocurrencies, the idea of cashing out massive profits without losing a big chunk to taxes is something that excites many investors. As Bitcoin potentially hits or exceeds $100,000, early investors find themselves in a favorable position, assuming they can navigate the tricky financial landscape of their home countries. This is where the allure of Dubai's tax-free status on capital gains for crypto comes into play, offering a tantalizing solution for those who manage to transfer their residency effectively.

However, caution is advised as the landscape of crypto transactions in Dubai is not without its pitfalls. The UAE presents itself as a crypto-haven, yet it requires one to become a formal tax resident to truly benefit from this status. There's an essential need to engage with legitimate channels to avoid possible scams and hidden fees, which can quickly turn a lucrative opportunity into an stressful ordeal. Consultation with experts becomes subsequently non-negotiable.

For those looking at Dubai as a promising ground, several strategies become available: from purchasing real estate directly with crypto to more conventional bank transfers albeit with caution. The overarching theme is ensuring every procedural step is legally sound to safeguard one's financial interests and to capitalize on Dubai’s crypto-friendly policies effectively. Such strategies require meticulous planning and, often, the guidance of professionals familiar with the volatile nature of this realm.

How to Cash Out MILLIONS in Crypto TAX-FREE Transcription

• 00:00 - 00:30 so Bitcoin is about to hit a $100,000 per Bitcoin or it maybe has already hit that by the time this video goes live which has led to many people who may have bought Bitcoin like two years ago when it was worth $116,000 to now want to cash out and sell this crypto for fiat currency but if you try to do this you will immediately realize that there are a couple of big problems first of all you might not even be able to do this properly in your Western Country or
• 00:30 - 01:00 whatever country you live in because a lot of these countries are very anti- crypto as soon as you try to sell crypto your bank accounts will be closed and you might never even be able to access his money and the second problem is that even if you are actually able to get the cash from this crypto that is going to be treated as capital gains and you're going to be taxed on all of the profits that you made on this crypto at rates up to 20 30 40% in most Western countries So to avoid these problems a lot and I mean a lot of crypto millionaire are
• 01:00 - 01:30 moving to Dubai and the United Arab Emirates because this is a country that is extremely crypto-friendly and if you do things properly by moving to the UAE you're going to be able to cash out of this crypto with no capital gain so 0% tax and without any of these other problems before we get into the actual video what I want to make clear is that this is just the general facts of how this generally works but all of this is always highly case dependent if you know it's not tax advis or anything like that
• 01:30 - 02:00 but if you want general advice I highly recommend that you speak to an expert that has done this many times before who can give you advice on your specific situation but the problem with the UAE that you want to be extremely careful about is because Dubai and the UAE are moving so quickly there's a lot of very shady and let's just say dishonest agents and service providers out there they will not give you all the information they just want to close you as fast as possible and the fees that they tell you they're going to charge are really just the tip of the iceberg and once you get started you will realize that one you have already signs
• 02:00 - 02:30 on contract now there's all of these other fees that they're now going to charge you as well which you were never aware of if you want a service provider that is not going to do any of this that's going to offer you a Western Standard service with there's none of these hidden fees then you can reach out to my business partners down below we have a company where we have helped hundreds of people move to the UAE set up companies here buy real estate here and don't just take my word for it either you can literally look at the reviews publicly on Google the companies called genzone look at all the reviews in including the worst reviews and then
• 02:30 - 03:00 you can make up your own mind and if you're still not sure you can even get a free consultation with us for 45 minutes down below in the description where you can ask us all the questions you have so that free consultation link which you can book at any time will be linked Down Below in the description so now let's get into the details so first of all why is Dubai and the UAE so great for crypto investors well there's really three reasons the first reason is the tax side Dubai has 0% capital gain tax which means that if you're a resident of the UAE and you sell any any crypto you have
• 03:00 - 03:30 you're not going to have to pay any taxes on that but the thing you need to be careful here is that you do first of all properly need to be a UAE tax resident to take advantage of this and you need to properly be nonresident in your home country first you can't just book an emirat flight from the UK land in Dubai sell your crypto and then go back and think you don't have to pay any tax it does not work this way but again for your specific situation I highly recommend you book that call Down Below in the description and the second reason why the UAE is so great for crypto
• 03:30 - 04:00 investors is that they make it very easy to cash out crypto and there's many ways for you to do this but the third reason why the UA is so great for crypto investors is the direction that the country is moving in and the fact that the government is very pro- digital assets and very Pro crypto but I always tell people on this channel don't just look at where your country is now look at the Direction look at where it is going look at the attitudes of the people and the government for example just recently crypto exchanges have officially become regulated in the UAE
• 04:00 - 04:30 theyve even announced that crypto transactions from now on will be exempt from bat and they even now launching AED so a Durham back stable coin in the UAE so they're constantly doing more things and moving things in the right direction when it comes to crypto which is in stock contrast to what is happening in Western Country now let's talk about how you can actually Cash Out crypto in Dubai now the first method and actually the recommended method is to buy property directly why is this so good well it's really the easiest way because
• 04:30 - 05:00 you're not going to have to convert this crypto Into Cash in a bank account at all while the UAE is a very crypto-friendly jurisdiction a lot of the banks here are not yet that crypto-friendly you're still going to come into some issues if you're trying to cash out crypto directly to your bank account now if you want to do this we'll talk about that in a second but the easiest way if you're looking to buy property here is to Simply buy property directly with crypto now again there's steps that you need to do correctly you can't it's not as simple as just sending Bitcoin to the owner of a property and
• 05:00 - 05:30 now you own it Dubai is no longer some free-for-all jurisdiction where you can just do whatever you want and no one's going to ask any questions you're going to need to prove things they do want to make sure that everything is legitimate again if you want to help with the steps you can also reach out to us we have already helped ton of people from this channel buy property here in the UAE whether with crypto or otherwise what we do is we help you find the right property we help you navigate the entire process to make sure you're not getting scammed by anyone and to make sure you do not break any laws so you can also reach out to us and you're going to get
• 05:30 - 06:00 VIP service with the entire process of buying property here in the UAE and this is also great because let's say you do want to eventually convert this crypto Into Cash where you can buy property and then eventually sell the property and now you have money in your bank account that is not directly coming from crypto so no bank is going to ask any questions the second method if you do want to convert this into Cash directly are direct Bank transfers from let's say okx which is what I use for my crypto or binance or whatever that all now fully regulated in the UAE now this does work
• 06:00 - 06:30 but the thing you need to consider is that still if you do very large amounts like you're transferring a million dollars of crypto into your bank account even UAE banks are still going to not like that they're going to flag the transaction they're going to ask you questions and there going to be a lot of headaches so if you do do this I recommend doing it only with small amounts and if you have bigger amounts either do it very slowly which might not be ideal or you it through some of the other methods so this can work but definitely be very careful about the third method is to convert crypto into
• 06:30 - 07:00 cash using peer-to-peer service providers now there are a lot of these crypto toach services in Dubai that can allow you to just essentially transfer crypto to them and they will give you like literal cash in return this works but again you might not want to do millions and millions because there's risks involved what you what if you're involved with a scammer or something like that so if you do this only work with a very reputable service provider and again ideally you would reach out to us first so we can tell you exactly what the best ones are what the pro cons and
• 07:00 - 07:30 things like this but that does also work and the fourth method is to buy luxury goods directly with crypto so just like you can buy real estate with crypto in Dubai you can also buy certain Goods like luxury watches like cars things like this as is always again going to be Case by case it's going to depend on what you're buying and from whom but this is also something that a lot of people are doing so just to recap if you do want to invest in property here in Dubai I would highly recommend just doing that directly with crypto which can allow you to offer load a lot of
• 07:30 - 08:00 your crypto into assets directly and obviously I'm not going to say anything about okay what's going to happen to the property Market or anything like that I have done my own research and I can tell you that for me personally I will be buying property here in the UAE I think the place is only going to go up the most millionair in the world are moving here right now but obviously I could be completely wrong so you need to do all your research and I do have a lot of videos on this channel on the process to buy property here buying versus renting all these kind of things which I highly recommend you check out now whichever method you use to cash out your crypto
• 08:00 - 08:30 before you do anything you want to make sure you properly become a UAE tax resident just to give you the high level overview let's say you're leaving from the UK number one what you want to do is become non-uk resident so you go through the proper process to of exiting the UK tax system and I have a full video a full guide on this channel on exactly how to do that and after that you want to arrive in the UAE whether through setting up a company getting a golden Visa or whatever make sure you have a proper residence visa here make sure
• 08:30 - 09:00 you're actually going to stay here long enough to become tax resident in case for your home country you need a tax residence somewhere else which for a lot of countries you do in order for them to not tax You by default only after that only after all of this has been done properly and your only tax resident in the UAE no longer tax resident in your home country that is when you can cash it out and then and only then is when you're going to be able to take advantage of these 0% capsule gains and there's still other things to consider like in this example of the UK the UK UK has a specific law where if you leave
• 09:00 - 09:30 the UK like you become a UK non- tax resident but then you return back to the UK within 5 years they are going to deem that any capital gains that you gained while being outside of the UK are still going to be taxable in the UK on the day when you go back this is called a 5year rule in the UK I have more detailed videos on the UK on this channel that you can check out or again obviously you can reach out to us down below we we can just give you all these details for your specific country whether your country has some of these other specific laws
• 09:30 - 10:00 that you want to be aware of but the point here is you want to make sure you do everything properly you want to make sure you don't fall into any of these trip wise that your home country might have said that might still allow them to tax you so be very very careful but if you do everything properly then you're going to be able to cash are your crypto taxfree in the UAE and if you're specifically interested in buying real estate here in the UAE you might obviously be interested in what is the exact process to buy real estate in the UAE where are all the taxes how much does it all cost and everything like like that and I actually made a full
• 10:00 - 10:30 detailed guide right here on the process of buying property in the UAE so you understand what you're getting into so watch that