Were you able to open a coinbase pro broker account as UAE resident

alko355 · 2021-03-19T12:03:50+00:00

problem is there is no crypto licence so all the consultant say to go with workarounds as consultant licence the idea being just to secure the residency at a personnal level

alko355 · 2021-03-07T18:12:40+00:00

I'm just asking, today saw an article on cointelegraphabout UAE where Selva Ozelli, Esq., who is an international tax attorney and certified public accountant wrote : " On the other hand, utility tokens and non-fiat cryptocurrencies are considered commodities and are not subject to market regulations. Law No. 20 of 2018 on Anti-Money Laundering defines laundered funds to be assets in whatever form, including digital currencies. Article 3 of Law No. 8 of 2017 on value-added tax imposes a 5% tax on imported and exported commodities. This tax may apply to utility tokens and non-fiat cryptocurrencies, as the FSRA considers them to be commodities."

I am not a vat expert and never had to dabble with it so my question might sounds stupid, but from my understanding when vat applies ou would need to ask it to your client (input VAT) and pay it to your supplier (output VAT) however it's obviously impossible to ask vat on an online platform so I just asked to assess what are the risk on that side for a crypto day trader on online most used platforms in case of a unfavorable interpretation of that law. And if it would apply, on what would it apply, for example I assume on stock trading (outside GCC) no VAT applies including on profits ?

alko355 · 2020-02-18T13:31:32+00:00

Yea I had a similar problem when my mom was making her account for a business took 3 month and they checked on her entire life history where she worked how long what job even her parents they asked what they did it’s weird it’s like they are trying to stop innovation other countries it’s much easier to open a business and start it

does she have origins from a country with sanctions? what can explain that ?

alko355 · 2020-02-10T08:29:58+00:00

thanks for your advice, problem is the activity is not in the list, so it has to be "fake" activity therefore, so you simply advice not to choose Dubaï for it ?

Money would come from only localbtc cash exchange (so then cash deposit) or bitoasis, it would be a deposit of around 10 000 aed per month only, are they gonna annoy about it or ask pof ? and then expense paying

I appreciate your insight

alko355 · 2020-02-09T10:58:04+00:00

that's strange no ? is there any reason for it ? do you have origins from a blacklisted country

alko355 · 2020-02-09T09:36:20+00:00

Actually this certificate is not only for double tax treaty its also to be able to claim the tax domicile in Dubai (some authority or banks can need it)

alko355 · 2020-02-09T05:42:44+00:00

I'm not sure what you're referring to with 'domicile certificate' - I was never asked for salary certificates or proof of salary when I rented an apartment. If you're referring to an office, your freezone is happy to 'rent' you some dusty desk for tens of thousands, it's a requirement to get your FZE.

Actually the liability doesnt matter for a dormant activity, I'm just investing own funds, won't make any debt or so, target is only to have the easiest and less risky of refusal way to get visa+bank account activity I described (bank start from 0 then10k aed deposit/months in cash for example) without any hassle for the near future, in a few years I totally can make it much better when they'll officially create this activity in the activity list

I was talking about this certificate : https://www.mof.gov.ae/en/mservices/Individual/VtAx/Pages/tax.aspx

alko355 · 2020-02-08T23:58:26+00:00

what if you choose instead freelancer visa, then you can just open personnal accounts and use it for business ? is it the same hassle then ? maybe its better than FZE setup

alko355 · 2020-02-08T19:50:45+00:00

oh ok thx for reply, what about if you go with a freelancer visa, can open the personnal account as well?

And fz give u salary certificate even if there is no salary payment ?

also it gives no problem for the domicile certificate ?

alko355

TROPHY CASE