Do you trade Cryptocurrencies?
If so, are you experiencing difficulties in transferring funds, being your Cryptocurrency Trading profits, (ie cryptocurrencies converted, via an Exchange, into hard currency) back to your home country?
The solution is to:
- Incorporate an Offshore (eg tax free) Company. Ideally this Company would be characterized as an IT or etc Services Company (eg you could call it International Coding Services Ltd)
- Open up a Bitcoin/Cryptocurrency wallet in the name of the Company
- Open up a Cryptocurrency Exchange Account in the name of the Company
- Transfer all Cryptocurrencies you hold in your name presently to the Company’s Bitcoin/Cryptocurrency wallet
- All future trades moving forward should be placed by and in the name of the Company
- Open up a Corporate Account for the Company Offshore
- As you generate Trading profits take the Company’s Cryptocurrency to an Exchange and have it converted into hard currency
- Transfer hard currency held at the Exchange from your Company’s Exchange account to the Company’s Corporate Bank Account
- You should be appointed as Consultant of/to the Offshore Company
- Periodically (eg monthly or quarterly or yearly, whenever you feel is appropriate) you would invoice the Company (and your invoice would be stated as being payable in hard currency eg $USD)
- The Company would transfer hard currency to your personal account at home upon receipt of the invoice
The end result? Money is banked at home without your home country bankers knowing that the source of the money is in fact Cryptocurrency Trading/Speculation.
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