Post
Topic
Board Legal
Re: 0% tax when cashing out crypto
by
kassad1
on 11/12/2018, 08:29:14 UTC
Just a quick update:

I have finally managed to get ahold of a friend for a lenghty conversation who moved to the UAE two years ago. I asked him to help me find the cheapest option for rentable property that one could sublet. He actually had a great idea!

While first moving there he used a storage service provider that specializes in servicing expats. See when you are moving to the UAE in the begining it's hard to get a local postal address that you can have your stuff, personal packages and deliveries shipped to (when you don't have either a permanent residential address yet). For this purpose a lot of expats use a storage service. They rent a storage room that has it's own postal address, receive their deliveries there and pick them up in the next 15 days. Basically you can think of it as a PO box that is (instead of the size of drawer or closet) is the size of an entire room. The service provider he used quoted me AED4100 ($1150/€1000) for a year for their smallest package and they asured me that they do allow subletting for profit. They also seemed really flexible too (they're used to special needs of the expats) as they have bank accounts in both the US and Europe that you can send their fees to (to minimize your transaction costs).

So this confirms that the preliminary numbers I have posted above are in fact the reality: 'So for €1k you get to not pay any taxes on €90k worth of income. That sounds like a pretty good deal to me. You can also repeat the thing for family members so €90k/person/year for the cost of €1k/person/year. So you have about 1.1% cost.' (that's $1150 cost for every $102k if you are in usd)