Cash - what to do?

[Zaiga]

Hey guys!

I've made a some money with crypto over time. It was never illegal money in the first place, but it is almost impossible to prove the origin.
I am able to cash out crypto. But I've no use for so much cash.
I would like to "legalize" a part of it, It would be fine for me to pay up to 15-20%.

Or have the crypto in some offshore bank.

Open for any ideas!

Thank you!

 

[JohnnyDoe]

Zaiga said:
Hey guys!

I've made a some money with crypto over time. It was never illegal money in the first place, but it is almost impossible to prove the origin.
I am able to cash out crypto. But I've no use for so much cash.
I would like to "legalize" a part of it, It would be fine for me to pay up to 15-20%.

Or have the crypto in some offshore bank.

Open for any ideas!

Thank you!
Click to expand...

I can help

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[void]

many people have this kind of problems for various reasons

15-20% seems like a huge premium to me and you can surely find many cheeper solutions

smartest solution in my eyes is not to sell but to borrow against your crypto (there are good and bad ways how to do it)

or

you can form a company and later (as an only owner/shareholder) "deposit" your crypto to the company which will appear on the balance sheet eventually - then you can sell the company/share

or

buy real estate for crypto and then resell it for cash, in the right jurisdiction you will not pay any taxes unless you make profit on the sale

 

[Martin Everson]

Zaiga said:
But I've no use for so much cash.
I would like to "legalize" a part of it, It would be fine for me to pay up to 15-20%.
Click to expand...

You mean launder in order to disguise the origin of the cash. Call it what it is.

I would firstly find out if the money is actually subject to any tax and at what rate. Then see if their is any amnesty programs in your country. Only after that would I check what other options are available.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[void]

Martin Everson said:
You mean launder in order to disguise the origin of the cash. Call it what it is.
Click to expand...

call it whatever you like but it's disgusting and immoral to consider everyone guilty until proven otherwise

taxmen are putting people into this position against their own interest and push tax payers (even those willing to pay) to search ways how to "legalize" something that is not elegal

 

[JohnnyDoe]

void said:
call it whatever you like but it's disgusting and immoral to consider everyone guilty until proven otherwise

taxmen are putting people into this position against their own interest and push tax payers (even those willing to pay) to search ways how to "legalize" something that is not elegal
Click to expand...

Talking of morality in this forum makes me laugh rof/%
But admins might need to show some moral principles by time to time in order to satisfy the big brother who is reading us

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[Jerry1911]

Martin Everson said:
You mean launder in order to disguise the origin of the cash. Call it what it is.
Click to expand...

Doesn't necessarily mean he's lying. I have a friend who has ~4M EUR in crypto that's almost impossible to cash out because he didn't keep track of transactions. He made it across multiple exchanges (some of which don't even exist anymore) with spot/futures trading, staking, mining, etc...

 

[JohnnyDoe]

Jerry1911 said:
Doesn't necessarily mean he's lying. I have a friend who has ~4M EUR in crypto that's almost impossible to cash out because he didn't keep track of transactions. He made it across multiple exchanges (some of which don't even exist anymore) with spot/futures trading, staking, mining, etc...
Click to expand...

I would be happy to buy from your friend

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[Jerry1911]

JohnnyDoe said:
I would be happy to buy from your friend
Click to expand...

I'll connect you two once he decides to cash out 😉

 

[JohnnyDoe]

Jerry1911 said:
I'll connect you two once he decides to cash out 😉
Click to expand...

He should never cash out, but I'm here to help nevertheless

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[void]

Jerry1911 said:
Doesn't necessarily mean he's lying. I have a friend who has ~4M EUR in crypto that's almost impossible to cash out because he didn't keep track of transactions. He made it across multiple exchanges (some of which don't even exist anymore) with spot/futures trading, staking, mining, etc...
Click to expand...

then he is living/cashing out in a wrong country
e.g. in Eastern Europe he would have no problems (for now) - he should better do it soon

 

[diatessaron]

15% - 20% is too much.

 

[Zaiga]

Thank you for your various replies! Finally, a community which is solution oriented.

void said:
many people have this kind of problems for various reasons

15-20% seems like a huge premium to me and you can surely find many cheeper solutions

smartest solution in my eyes is not to sell but to borrow against your crypto (there are good and bad ways how to do it)

or

you can form a company and later (as an only owner/shareholder) "deposit" your crypto to the company which will appear on the balance sheet eventually - then you can sell the company/share

or

buy real estate for crypto and then resell it for cash, in the right jurisdiction you will not pay any taxes unless you make profit on the sale
Click to expand...

Thank you void!
1.) Borrowing, not really familiar with this any tips here?
2.) Smart, but during the capital deposition I would again be asked from where do I've the money (at least in on of my countries)
3.) That would be great! But which countries sell property for crypto without asking about the origin

Martin Everson said:
You mean launder in order to disguise the origin of the cash. Call it what it is.

I would firstly find out if the money is actually subject to any tax and at what rate. Then see if their is any amnesty programs in your country. Only after that would I check what other options are available.
Click to expand...

It's not possible bcs there is simply no "origin" of the money. The exchanges don't exist and in and out wallets changed or don't exist either.
There was also never a buy moment as most came from the early times of crypto.

Jerry1911 said:
Doesn't necessarily mean he's lying. I have a friend who has ~4M EUR in crypto that's almost impossible to cash out because he didn't keep track of transactions. He made it across multiple exchanges (some of which don't even exist anymore) with spot/futures trading, staking, mining, etc...
Click to expand...

Yes exactly

JohnnyDoe said:
I can help
Click to expand...

Thanks, could you be a bit more specific?

 

[JohnnyDoe]

Zaiga said:
Thanks, could you be a bit more specific?
Click to expand...

Simple: you have crypto, I want to buy it. You need to have a company where to receive fiat, or I can give you cash. For more info, pm me. (And my fees are cheaper than what you would be fine to pay 😉 )

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[SoNewToAllShit]

JohnnyDoe said:
re to receive fiat, or I can give you cash. For more info, pm me.
Click to expand...

that would mean you need to meet with him in person. I hope it is worth it should he live in Australia and you in Croatia

 

[JohnnyDoe]

SoNewToAllShit said:
that would mean you need to meet with him in person. I hope it is worth it should he live in Australia and you in Croatia
Click to expand...

I should have specified: only in Europe

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[Martin Everson]

void said:
call it whatever you like but it's disgusting and immoral to consider everyone guilty until proven otherwise
Click to expand...

I am just stating facts. He wants to hide origin of the funds i.e launder it.

Jerry1911 said:
Doesn't necessarily mean he's lying.
Click to expand...

No one accused him of lying....lol.

Zaiga said:
It's not possible bcs there is simply no "origin" of the money.
Click to expand...

So the crypto dropped from the heavens?

Zaiga said:
The exchanges don't exist and in and out wallets changed or don't exist either.
There was also never a buy moment as most came from the early times of crypto.
Click to expand...

Again it did come from somewhere. Whether the source cease to exist today or whether you mined them or were given them etc it came from somewhere. My first post still applies.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[CyprusLawyer101]

Zaiga said:
Hey guys!

I've made a some money with crypto over time. It was never illegal money in the first place, but it is almost impossible to prove the origin.
I am able to cash out crypto. But I've no use for so much cash.
I would like to "legalize" a part of it, It would be fine for me to pay up to 15-20%.

Or have the crypto in some offshore bank.

Open for any ideas!

Thank you!
Click to expand...

Hello, I believe I have the right solution for you. If you would be interested to hear.more, I can PM you

 

[clintk84]

You could always buy or make an investment in physical assets with the crypto,
Like a sailing yacht or fractional shares in one? We will happily accept crypto.
I send you a PM if you want more details

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[wellington]

Surely, move to Dubai, OTC, and then send back home and pay a tax on return (if any).
I get where the orig poster is coming from, i bought bitcoin around 28 cents lol, and even though i know the flow none of the parties exist anymore.

irony.