Crypto gains

Member since 03 May 2021

aashikasethMember03 May 2021 15:22:28

I am an ordinary resident of the Republic of India. I have some crypto currency in a digital wallet. India is about to make crypto currency illegal in India and give a 6 month window period to sell off those crypto currencies. I am not willing to do so. So lets say 3 years down the line when I sell my crypto currencies, which i will not be disclosing to the govt of India, can I get the money (from the sale of crypto currency) transferred to my personal bank account in cayman islands?

If yes, I hope the government of cayman islands will not share that information with the government of india. Also, what will be the tax liability on me personally to the govt of cayman islands?

Also, I am not comfortable doing KYC with my Indian credentials (in the future when i sell my crypto currency) when opening an account with any crypto currency exchange, what can i do to not use my personal credentials?

What is the best way to do this? Would forming a trust in cayman islands be the best way for avoiding the Indian govt and doing my personal KYC?

Please guide me. Thanks!

Gordon Barlow ViP

Member since 19 February 2012

Gordon BarlowViP03 May 2021 16:17:35

1188

If you don't have a bank account in Cayman now, you have zero chance of opening one.

You can find all about Cayman online - there must be a million sites. Here's a very brief primer I wrote a few years ago that gives you the flavour of what we do.

Our government does not levy taxes on income. It would not pass information on to foreign governments, but it certainly doesn't encourage blatant tax-evasion either. Those days are long gone!

aashikaseth Member

Member since 03 May 2021

aashikasethMember03 May 2021 16:38:32

Why is there no chance of opening a bank account in cayman islands now?

That's a good article. Thanks for taking your time out to reply to my query.

Reliable financial advice

Connect with our financial advisor in the Cayman Islands for expats wealth management and financial advice.

Gordon Barlow ViP

Member since 19 February 2012

Gordon BarlowViP03 May 2021 16:54:48

1188

aashikaseth wrote:
Why is there no chance of opening a bank account in cayman islands now?

Because the banks simply won't do it. They won't open accounts for non-residents - except through agents such as lawyers etc. They - in all offshore tax-havens - are driven by fear of money-laundering these days.