Apologies, I know this question is asked a lot, but I haven't found an answer that suits me.
I'm a non-US person, non-dom in my country of residence and I would like to set up an offshore company for crypto staking and trading. I will loan the company the initial trading capital as either fiat or crypto.
Profits from the trading activities need to be withdrawn as stables and converted to fiat on an exchange, so crypto-friendly banking is necessary.
Other than the offshore setup, which is tax-beneficial as a non-dom, my main goal is to reduce the accounting burden of 1000s of trading-relating transactions, converting between cryptos, calculating capital gains, and so forth.
I've considered these options:
- A Wyoming LLC sounds like the cheapest and easiest option so far. But I can't find much information about what depth of record keeping would be required or if it's enough for the IRS just to record fiat in/out and payments from the LLC to myself as a nonresident. And the US seems shaky on the crypto regulation front so I would be worried about needing to shut the business down or ending up in trouble with the IRS later down the line because of something I did incorrectly.
- A UK LLP would be another option but I don't like the fact that the company register is public. Also unclear about the level of the accounting required.
- Cyprus crypto banking seems impossible.
- Singapore feels like overkill and the banking situation also seems difficult.
- UAE is expensive and I don't want to go there so banking is impossible. Crypto trading might require a license.
Am I missing anything with these options? Does a better setup exist?
