This weekend I got some clarity from an old friend who is a Portuguese national and a non resident and weirdly enough s also in the process of opening a Portuguese bank account. What I had read online failed to point out one needs a NIF card which is required for any monetary transaction like opening a bank account or purchasing property. This takes a few minutes to do in person at a Government office as the online application is for businesses only plus it is in Portuguese.
I am seeking out having a few extra off ramps for my crypto when I require them because what I have now is not great. Portugal is tax friendly compared to most other countries and why I will get this done when I travel shortly. I can also use a proxy like a lawyer etc which I will look into next week.
The other option I mentioned previously was Dubai being very easy to open a bank account plus they keep their banking records confidential so you are having your privacy covered. After hearing about the Portuguese needing a few more things first I will be stopping by Dubai on my way to the UK and doing a 2 day stop over which is required.
Banks in Dubai will open an account for non residents as long as you are there in person and can show the passport stamps having come through immigration. The bank advises 2 days and that is what I will be doing early next month on route to the UK and then Portugal.
Having the two extra bank accounts on top of the English and South African bank accounts gives me far more flexibility and far more options. Dubai has a zero tax on crypto which is 45% less than SA and 20% less than the UK. The UK depends on how much you have so the 20% will most likely be a lot higher.
The end game is to purchase a property in the Algarve and I would need the NIF number anyway for tax purposes. Dubai I have no intention of buying a property and thankfully is not required to benefit from their banking system. would much prefer countries had a more sensible approach to crypto and the percentages of taxation they require instead of chasing people away looking for safe havens.
When crypto sees mass adoption and goes main stream I may reassess with the hope that the current tax percentages drop slightly. This may be more wishful thinking than what might happen, but we can always hope even if it might never happen. All we can do is be prepared and myself having 4 bank accounts dotted around the world makes me feel far more confident.
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