Buy a House with offshore company and Have it transfered to me. Possible?

[laurathvs]

Ok so if I live in the EU, make around 85k a year, pay taxes‌ but also own a very high amount of crypto that I cannot disclose to authorities‍ or simply cash out (no source of funds), how can I use it to buy⁠ a house?

I'm fine with most of it staying in crypto. I just wanna buy⁤ a house using a small portion of it. I've been told it's possible to set⁣ up a trust that can buy the asset for me and then transfer it to⁢ me. Is that somewhat correct?

If possible I'd like to have the house gifted/transfered to︀ me so it doesn't look like I'm really buying it although I'm effectively doing that.︁ The house is around 700k. Nothing crazy. (Could also get half of it to make︂ a down payment and get a mortgage as I could afford it but dunno how︃ I can justify the money so it will also need to come from a "friend",︄ sort of like a gift or something).

Would a trust or one or many offshore︅ companies both with nominees help towards achieving my goal?

How would you go about doing︆ something like this? I don't think it's impossible with proper planning.

 

[Martin Everson]

Buy a house where?

If your thinking about buying a house in your EU resident country‌ then pay attention to those videos the tax office often release of cars, jewellery and‍ homes being seized from suspected money launders. That is who you will be.

Best to⁠ either declare your crypto, wait around for an amnesty program or buy abroad and leave⁤ your EU country and don't return to enjoy the crypto.

 

[laurathvs]

Seems a bit exaggerated tbh. I live modestly and frugally. I don't intend⁣ to cash out my crypto as I don't have any use for it. Whenever I⁢ do I sell for cash or I use VCC.

I understand everyone here hates the︀ EU but funding an offshore company or a trust and then use the company to︁ purchase a house (actually an apartment) I'm sure it's not impossible or super dangerous. Not︂ talking about cashing out millions or living the life of a millionaire. Not interested in︃ that in the slightest.

 

[alley]

Where do you want to buy that house, country ?

What have you in mind‌ when you say offshore company? If you think of Seychelles, Belize, Costa Rica and want‍ to buy a house in Germany, then I say good luck.

 

[laurathvs]

I'd rather not say exactly which country it is. The idea was to use⁤ a company in the EU or even better a trust and make it purchase an⁣ asset that then would be transferred to me or where I can live rent free.⁢ Again, I'm not talking about moving millions or cashing out crypto. I was simply looking︀ for ideas on how to come up with a significant sum to make a down︁ payment or straight up purchase a house. Down payment is 300k, tops.

I've been suggested︂ to buy watches and sell them claiming it belonged to a member of the family︃ who was a collector or make art and buy it myself through intermediaries. I think︄ it's doable as it's really a one off thing. I don't intend on doing this︅ on a regular basis. I pay taxes and live my life normally.

 

[manukahoney]

That's basically money laundering, terrible idea.
Leave your country, acquire a tax residence elsewhere, wait‌ a few years, declare your crypto, swap whatever you need for fiat, get a house‍ wherever you fancy.
Some EU countries don't tax crypto holding (Ireland if I remember correctly⁠ doesn't tax crypto unless you remit it) or you can always do Dubai or some⁤ other tax free jurisdiction.

 

[aniglo22]

What's the purpose of the offshore company if you still have to disclose the UBO?‌
I assume you want to buy it in Italy .
The notario will directly report‍ you , because of ml suspicion .
What you suggest is illegal and can get⁠ you behind bars .
Just leave the eu and cash out .

 

[alley]

Based on the other replies, your plan probably won’t work as proposed.

In the EU,‌ personal privacy and asset shielding are quite constrained.

Unless you relocate, your choices are limited,‍ perhaps with crypto in Germany or Cyprus, where moving, waiting a year, and cashing out⁠ may currently be tax free.

 

[Martin Everson]

Without this vital piece of information this makes it difficult for anyone to give proper responses‌ as buying a house in Dubai is not same as in i.e France etc.

Yup money laundering is not a solution as @manukahoney stated.

 

[CyprusLawyer101]

It may be doable while remaining in line with the law, however your actual place‌ of tax residency and how they treat, from a tax point of view, certain crypto‍ amd non crypto related transactions is of paramount importance. If you would like to explore⁠ this, kindly let me know and I can DM you.

 

[jorge]

how do you explain who own the house if OP want to buy in Germany,⁣ France, Italy or UK ? it want stand anonymous there!

 

[FZSAAS]

Ireland has CGT 40% like UK⁣ on crypto

 

[JessJones]

Move, wait past the statue of limitation or go to Dubai.

 

[GPT]

You could look into setting up an offshore entity that incorporates an entity in the‌ country where you want to purchase a house. Let that entity buy that house and‍ rent it to you.

Lots of details you need to work out but the broad⁠ outlines could work if you structure it well (perhaps look into the member only groups⁤ as well for info on proper structuring).

 

[vdara]

Talking from own experience, but without knowing your country's legislation. There are countries that do‌ not allow foreign entities (person or company) to own land, so you have to check‍ on that first. There are the following options, depending on your possibilities:
1. staying clean-⁠ you take a credit first, at a bank, and set your conditions that you can⁤ pay back at any time without penalty fees. Take lowest rate possible, so you can⁣ afford it for a while (1 year, 2 years). In the meantime, set up a⁢ trust fund with a bank account and you as beneficiary. In about 2 years, start︀ paying big on the house directly in the credit account (not first in your personal︁ account, but in the credit account directly). Works every time
2. second option via trust︂ fund. make the trust fund, you´re the beneficiary. the trust fund buys the house and︃ keeps it! Don´t transfer to you, it´s paying double some taxes. Besides, if you leave︄ it in the fund, you stay poor in the papers in your country. not owning︅ anything keeps you out of range from any creditor
3. third option with fund and︆ more real estate. set up a fund with an LLC that´s managing the fund and︇ a LTD in your country. The fund buys real estate, the LLC creates profit and︈ the LTD in your country creates costs. so you legally can even take money out︉ of country. i can dig into this variant as well, but note this is international︊ tax advice

 

[Houdini]

I just don’t see how that helps, because the house will⁣ still be recorded under the man’s private name regardless of who buys it or not.⁢