The video explains how to cash out crypto tax-free in Dubai and the UAE, highlighting residency, processes, and cautionary steps.
– Residency & Taxation: By establishing residency in Dubai/UAE, crypto owners can avoid personal taxes, with no crypto tax or VAT on crypto services, but companies pay 9% tax on crypto-related payments【00:00–00:31】.
– Important Considerations: Ensure you’re a non-tax resident in your home country (e.g., Canada, UK) and not a US citizen to avoid paying taxes to the IRS【00:31–00:57】.
– Real Estate Strategy: A popular method for crypto owners is buying property (e.g., villas or apartments) with crypto to obtain UAE residency through the 10-year Golden Visa【00:57–01:28】.
– Banking Risks: UAE banks are generally not crypto-friendly. Moving large sums from crypto exchanges to banks can result in account closures; it’s advised to send smaller amounts gradually【02:23–02:50】.
– Alternative Payment Methods: Crypto can be cashed out to buy luxury goods (e.g., cars, watches) or converted into cash (AED), which is widely accepted in the UAE【03:26–03:51】.
– P2P and Broker Caution: While P2P brokers may offer bank transfers in exchange for crypto, caution is needed to avoid scams or issues with unlicensed brokers【04:22–04:50】.
– Global Options: As a UAE tax resident, you can also set up structures outside the UAE (e.g., in Panama, Switzerland) to access and cash out crypto through foreign banks【05:14–05:42】.
– Banking Alternatives: Swiss or Liechtenstein banks may offer better options for large crypto cash-outs, though they require high minimum deposits and a long client relationship【05:42–06:10】
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