Offshore company for receiving payments in crypto

[wdf123]

Hi!

I've been searching the posts but still couldn't find an exact answer to my question. I'd like to cash out some crypto bit by bit (5k-10k per month), but without having to discloure my full crypto balance. I currently live in a high-tax country and can't leave it just yet, so I thought that one potential solution could be:

1. Open an offshore company in a low tax jurisdiction (I already have a legit business running in my residence country, so I easily provide proof/documentation for that).
2. Open a bank account for the offshore company with a debit card which would allow me to spend/withdraw some cash.
3. Use a service like BitPay to accept payments in crypto and automatically convert crypto into dollar/euros in the bank account.
4. Pay to my own offshore company using part of the crypto I'm willing to disclosure.
5. Pay low company taxes and enjoy the debit card for spending.

Could that possibly work? What could go wrong? If that works, would you have some suggestions for good jurisdictions/bank accounts to accomplish that?

Thanks!

 

[CaptK]

Yes that can work with an OTC solution for payment of fiat.

 

[Nasters]

CaptK said:
Yes that can work with an OTC solution for payment of fiat.
Click to expand...

Can you explain how is the OTC procedure for example in Kraken, how it works and from which account they transfer the money, a common one for example from frick bank or how it works ?

It is nedeed open an account in the company's name at kraken for otc ?

Why otc and not normal, because it accepts more volume ?

Thanks

Last edited: Apr 2, 2021

 

[CaptK]

I mean a private sale and then they can wire the funds to you.

 

[bizniz]

You are trying to use BitPay as an exchanger and I'm not sure they will like that. They are trying to offer a solution for e-commerce so they might have some compliance issues with you paying yourself.

It might be better just to find an exchanger that can wire to a pre-paid debit card. I think Advcash do that, though I haven't tried them in a long time.

 

[1337gfy]

Please elaborate on the OTC, I'm struggling to understand the why/how. Cheers.

 

[bizniz]

1337gfy said:
Please elaborate on the OTC, I'm struggling to understand the why/how. Cheers.
Click to expand...

I guess the point is if you sell OTC, the wire transer might well come from some generic company name that your receiving bank would not necessarily know is an exchange.