Cashing out 500k crypto as EU citizen

[crux9326]

Hi,

I am looking at possibilites to cash out around $500k Crypto that has not been declared anywhere.
There would be difficulties to provide source of income.
Ultimately the end goal is being able to buy property inside of the EU with the funds.

I see this is a common question but have yet to found discrete answers, hence my question

I am an Dutch citizen with residency in Sweden
Would love to get insight on this or people who can offer potential solutions!

Last edited: Dec 8, 2022

 

[JohnnyDoe]

PM me I can help and I like crypto 😉

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[Martin Everson]

crux9326 said:
Ultimately the end goal is being able to buy property inside of the EU with the funds.
Click to expand...

How will you explain acquiring the property to Skatteverket?

Do you plan on moving out of Sweden and EU or you want to remain in place?

Other than using less than conventional (legal) means you cant magically acquire unexplained wealth without problems - especially in Sweden.

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

 

[anotherone]

crux9326 said:
Hi,

I am looking at possibilites to cash out around $500k Crypto that has not been declared anywhere.
There would be difficulties to provide source of income.
Ultimately the end goal is being able to buy property inside of the EU with the funds.

I see this is a common question but have yet to found discrete answers, hence my question

I am an Dutch citizen with residency in Sweden
Would love to get insight on this or people who can offer potential solutions!
Click to expand...

I think you should create a company, because banks don't ask for supporting documents, when you receive money on your business account. You will never be able to cash in 500K on a personal account, you need to do it on business account. From my observations, the bank don't ask for so much AML/KYC when you cash in money to a corporate bank account. So, then, you can have several of them to stay under the radar

 

[JohnnyDoe]

anotherone said:
I think you should create a company, because banks don't ask for supporting documents,
Click to expand...

On which planet?

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

 

[anotherone]

JohnnyDoe said:
On which planet?
Click to expand...

For instance, Wise, if you have a Wise business account. I was never asked to justify my incoming transfers. For sure, i never received money from crypto organizations.

 

[Sols]

Wise definitely asks for supporting documents for business accounts. It might not have happened if your account turnover is low enough and nothing unusual has taken place.

Since businesses generally transact in much higher value and volume than personal accounts, it might seem as if business accounts aren't checked as much. But once your business grows and turns over larger amounts of money (or do something that seems suspicious), there isn't a bank on this planet that won't ask questions.

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This is the probably the answer to your question.