Crypto cashout UK (No proof of funds)

[RBraun]

I'm looking for ideas on how to cash out 4/5 figures GBP worth of crypto in the UK, I'm OK with paying tax, but I do not have proof-of-source-of-funds which I suppose is my main challenge to overcome. I'm aware there are various options but I'm requesting help to identify the solution(s) which are most suitable for my needs.

This is what I've done already:

• Cash in the mail - I can do this but spending larger amounts of cash is problematic
• Cash out to my personal bank account - I've already done this up to my capital gains tax-free allowance (£12,570)

This is what I'd like advice about:

1. Set up a company using my identity, sell crypto and give an invoice for something else (services). Sounds great, but can I realistically do this? What precautions should I take?
2. Use a nominee service to create Advcash/bank accounts and load them with my crypto. This is mysterious to me, is it problematic to spend from these types of accounts with someone else's name on them? How would I buy a car using this?
3. Ultimately move to Dubai and nag Fred to sort out my problem. (I have enough crypto, and will consider this eventually but want to stay in the UK for now)

 

[Gediminas]

Hey,

May I ask what is the source of your crypto holdings? How did you initially acquire your crypto?

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https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[RBraun]

Gediminas said:
Hey,

May I ask what is the source of your crypto holdings? How did you initially acquire your crypto?
Click to expand...

From undocumented casual freelance web dev jobs starting in 2015. Since then its value has appreciated, and I've traded, gambled extensively.

 

[Gediminas]

RBraun said:
From freelance web dev jobs starting in 2015. Since then its value has appreciated, and I've traded, gambled extensively.
Click to expand...

Would you be able to prove such transactions with agreements/invoices? Then it would be easy.

Toggle signature
https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[SoNewToAllShit]

can't invoices easily be faked for that purpose? There are guys around here who claim it works, personally I tried it a few times and bank was satisfied.

 

[RBraun]

SoNewToAllShit said:
can't invoices easily be faked for that purpose? There are guys around here who claim it works, personally I tried it a few times and bank was satisfied.
Click to expand...

I imagine that's possible, however I've never done such a thing. It would be entertaining to see that in action, as a thought experiment.

 

[CaptK]

You have number of options.

Get a loan against your crypto which can give you source of funds.

OTC with an invoices for the business that you are currently in.

Move to a more tax friendly jurisdiction and cash out when you arrive.

 

[drysky]

Just make a few invoices yourself - problem solved.
Doing it for years without issues with banks around the world.
They haven't verified once if the company I have invoiced actually existed.

 

[Notsofast]

Every day i learn something new 🙂

Thank you gents.

 

[AMD]

We are all here to learn how we can get things cheaper. It's how things work.