How to Cash Out Crypto and Avoid Taxes Legally: Best Countries for Crypto Investors to Cash Out | Summary and Q&A

TL;DR

Learn how to cash out your crypto legally and avoid taxes by following the laws of different countries, including Dubai, Portugal, Switzerland, and Ukraine.

Key Insights

• 🏦 Dubai, UAE, offers a tax-friendly environment for cashing out crypto, with reputable exchanges and the option to convert crypto to physical cash or deposit it in local banks.
• 👮 Portugal has favorable crypto laws, including no taxes on crypto capital gains, making it an appealing destination for cashing out and potentially obtaining residency or citizenship.
• ✋ Switzerland is known for its crypto-friendly banks, making it a desirable country for cashing out larger amounts of crypto for high-net-worth individuals, albeit with strict requirements.
• 🏦 Istanbul, Turkey, provides bitcoin banks where you can exchange crypto for physical cash, primarily in USD, but be prepared to answer questions from banks if you deposit large amounts.

Transcript

how to cash out your crypto while avoiding taxes legally what are the best countries best banks best exchanges and overall best ways of cashing out your crypto and locking in those profits let's get to it first off i want to start this video by saying that you should get your tax planning handled first i have a video where i discuss what are all of... Read More

Questions & Answers

Q: What are the best countries for cashing out crypto without facing many restrictions?

Dubai, UAE, is a top choice due to its zero tax policy and reliable exchanges like Coinsfera and Cointrial. Portugal and Switzerland are also popular options for their crypto-friendly laws and reputable banks.

Q: How can I cash out larger amounts of crypto without raising suspicion from banks or authorities?

If you want to cash out large amounts, you can consider peer-to-peer transactions with trusted contacts or explore options like the Dubai-based Emirates NBD bank, which allows crypto deposits up to a certain threshold.

Q: Are there any risks involved in cashing out crypto in Ukraine or Turkey?

Cashing out in Ukraine and Turkey can be riskier compared to more regulated countries. It's important to exercise caution as some bitcoin banks may be run by the mafia or involve illegal sources of funds. Additionally, some Turkish banks may ask more questions about the source of funds.

Q: Can I cash out crypto in Portugal and use the funds to buy property?

Yes, Portugal has no taxes on crypto capital gains, making it an attractive option. You can cash out your crypto into a Portuguese bank account, which can be opened remotely if you have a Portuguese tax number. With the funds, you can also explore buying property in Portugal and potentially obtain citizenship.

Summary & Key Takeaways

• Get your tax planning in order before cashing out your crypto to ensure you are not breaking any tax laws.

• In Dubai, UAE, the best exchanges for cashing out are Coinsfera and Cointrial, which allow you to exchange cryptocurrencies for physical cash or deposit them into an Emirati bank account.

• In Istanbul, Turkey, Nakit Coins is a bitcoin bank where you can exchange your crypto for physical cash, primarily in USD, with a fee of 2.5 to 3%.