JOHNNY DOETHE LIFE WHISPERER

cyprus non-dom crypto exit strategy

whirlgirl

replies
2
views
125
whirlgirlNew MemberAuthor
Joined
Mar 2019
Messages
12

#1

hi,
i just got info from my cyprus tax advisor that if i would structure my crypto cash out it might be 12,5% , but even on basis the transactions
on a crypto swap site (bookkeeping nightmare for my existing corp) - alternativly on a personal level 33% - i wasnt into crypto until a few month and the portfolio is 7digits and will hopefully be 8digits
soon - as then my gameplan is at least cash out 1mio when its "affordable" - if i get it right as i keep it on a personal level i might do the taxes
at year end and have compounding effects -
so i though about dubai - read some solution here aswell - will they kill my private and business eu bank accounts then ? will it be possible to run cyprus and ireland company from there
(i guess irleand i have to put some money into a fund) - how fast does this actually happen - i was not in cyprus this year and i am on the 60 day rule,
so as i get it right i might exit this non-dom status for this year and get tax status in dubai , is it right or am i missing something?
i guesss i would have to make a declaration in cyprus aswell about all the little things i traded so far until they day i leave, but no the major amount if i cash out
what would be the price tag on that? as i read i go there every 180 day once - and when i am getting it right, i could get my nom dom status
in cyprus back if i decide 2 years later to move back? thanks for your help in advance

rhomberNew member
Joined
Jun 2021
Messages
16

#2

I gave up on Cyprus, I was going to move there to try the non-dom thing but got too much conflicting information. I have decided now to go to Paraguay instead, i'll be using my BVI as a "foreign" company (it will hold the crypto) and pay me in dividends which is 100% tax free (I have some substance around where the BVI is operated, outside of Paraguay). Also I feel less concerned Paraguay will hunt me down than I do other places.

loryRecognized Voice
Joined
Jul 2020
Messages
863

#3

You want to check with him if you register the company non-domicil and with foreign nominees, I don't pay any tax nor do my accounting records are very accurate they are rather fixed to comply to the tax system.

Cyprus is indeed a great place for some gray area way to setup a company for different purposes. I have had mine for the last 8 years still going strong.

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