Crypto high 6 fig with no source of funds no tax returns looking to offramp

[rss]

Banks

 

[pomo]

Aren't all these secured loans? I mean if they accept⁤ a DeFi loan they should have some kind of knowledge of how those work and⁣ look in to the collateral and ask how you earned that.

 

[5K1PP3R]

I've never done it⁠ but it can look like this. You borrow DAI against BTC. You send DAI to⁤ a EU licensed exchange and sell for EUR. You send EUR to your bank which⁣ asks POF. You show the loan, print some PDFs from the DeFi website. The f⁢ off. Then you buy a house with this money. Same story, you show the loan︀ and the exchange tx history. Then you pay off the loan with your other BTC.︁ Banks/Notary don't have procedures to continue checking if you still have the loan. That's why︂ ChatGPT keeps saying it's not a taxable event when I am asking wtf is DeFi︃ good for.

 

[rss]

It's all fun and games till you get︀ stopped at the very first step.

What's the source of your crypto?
Don't have one?︁ Sure, we'll keep your money until you provide an answer that we like, we may︂ or may not keep your money forever hap¤#"

 

[5K1PP3R]

most of the people‌ have transactions showing they bought BTC during the years it was cheap

 

[rss]

I know you haven't read all 7 pages of‍ this thread but did you at least bother to read the very first post, or⁠ even the title?

 

[daniels27]

Of course not. Is this mandatory to read it? He is just a‍ bit late to the party.

 

[vehzag]

Hey there
Please share the web site of your service in pm⁢
Might be interesting

 

[Honduras]

IRS like entities.

 

[Revoltec]

Switzerland is not really an⁣ alternative anymore. It is getting crazy. If you got no job or more than 50%⁢ of your income during a specific calendar year comes from investments, they may classify you︀ as a professional investor and tax you with income tax

 

[daniels27]

Then you go to Monaco or Andorra.

 

[Revoltec]

No capital gains‌ tax in Morocco?

 

[daniels27]

My autocorrect got me.‌ It should be Monday Monday Monaco.

 

[JackAlabama]

thats not new and has been for many years already⁤ like that.
You can however have all activites wrapped inside a company setup to have⁣ a "relatively" low rate. Its a lot of admin (unnecessary) work, but it will work⁢ at the end. You will get slaughtered otherwise since top tax rate ran into 40%︀ fairly quick if you operate with a 7digit portfolio.

 

[providenceventurer]

You can check some︈ businesses who for a percentage can give you back in fiat after taking payment in︉ crypto.You can simply invoice them and get paid back.They will sign an agreement also before︊ the invoicing starts so that everything ties up nicely.Could have given more details but i︋ think it will be against forum rules.
Also as a sidenote: I always wanted to︌ play good poker could you teach me.

 

[providenceventurer]

Johnny haven't you moved from the bahamas‍ already?

 

[lili247]

What kind of setup and rate⁤ are we talking about approximately ?

 

[Revoltec]

But will it have enough substance⁤ if you are just a trader and buying and selling stocks/crypto?

 

[JackAlabama]

yeah it has a lot of rules what‍ kind of substance you need, its not an empty shell by default and its expensive⁠ by default.

 

[diatessaron]

Put 5000 dollars or euros in crypto right now through an official channel, wait 6‌ months, cash out.