Dubai Bank Selected
Yesterday was a big day with sorting out and replacing my bank account that will be closed in the UK on October 6th. The time pressure of finding an offshore bank within a few weeks is very real as bringing the funds back to South Africa would be very stupid. The good news is the Commercial Bank Of Dubai fits all my needs and they have been very helpful.
The plan funnily enough was always to have an offshore bank account in Dubai mainly for providing an off ramp for my crypto holdings due to having a zero tax policy for crypto. Finding the correct route out of crypto via the perfect off ramp is something I have been working out for many months now.
A few days ago the plan was to use Revolut as a short term solution, but the tax and crypto issue would still stand. The problem is Revolut is based in the UK so any transactions over a certain amount would still be flagged for further investigation by HMRC and Dubai removes the risk. I have mixed thoughts on Revolut and in all fairness knowing there is a bricks and mortar building I can visit somewhere in the world if required does make a difference.
This cycle I am selling and taking profits which a percentage will be reinvested for the next cycle depending on how large these are. The fact is no one knows how good or bad this cycle will be and there are too many unknowns at this time.
There are crypto services like Pallapay in Dubai who offer a cold wallet service which avoids exchanges highlighting your crypto movements. They would service your tokens and send them directly to your bank account and having one in Dubai makes the most sense as this is information that is protected.
Yes this takes a little effort to get right and to think through, but at the end of the day this is all about protecting what you have accumulated and grown over the last cycle. This to me is the most important part and protecting your value is what this is all about.
A country like South Africa is tax hungry and desperate to find more revenue and I am not prepared to give them a sniff of this. The government is corrupt and all about what they can take through manipulation and in my eyes deserve nothing from my crypto. 40% is a large chunk of change and could amount to hundreds of thousands of dollars worth which could be sitting safely in Dubai.
Next week i will be making contact again with the Commercial Bank Of Dubai and hen I will be booking flights and making accommodation arrangements. The process takes 2 days to complete as longa as you have all the correct paperwork which I have already. The international debit card is given to you on day two after all the other paperwork has been completed.
What swung me to selecting this bank is they have a 24 hour helpline open and manned by their staff. The other banks may have this but you have to log into their app to receive support and I did not want to join and sign into 8 apps to find out as I felt this should be available without logging in. If I phone my bank I should be able to dial a number and seek assistance without having to log in first. Maybe that is my old school type thinking as the possibility of having no internet being stuck somewhere is always a possibility.
Over the next two weeks or so the chances are high I will be travelling and will most likely combine the trip with a visit to the UK to see my mother who is not well and very ill.
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I started using a bank called Bunq myself as a replacement from Revolut . It’s good so far
German online bank. Problem is once you move crypto into this you will alert the tax man if it is a decent amount. I am not prepared to run the risk.
Good luck. Sounds promising
Yes it does and I know you were one of the interested people to see how this works and will give the details of the correct paperwork etc required. This is a work around for anyone who has a crypto portfolio that is not that difficult besides flying and opening a bank account offshore.