Crypto no SoF

[semas2]

hey


i want to sell my crypto to FIAT, or at least some of it.

The main issue i face, is the insuffience SoF.

Some of the Coins idle for more than 5 Years.

Iam currently in Austria and also have the Austrian citizenship.

In case any taxes would have to be paid in the past, would the case not be pursued because of the statute of limitations?

Other than that is there any possiblity like B2C or OTC where i can offer them to buy my crypto for -5 to -7% of the current price chart to avoid any KYC ?

 

[Sols]

semas2 said:
i want to sell my crypto to FIAT, or at least some of it.

The main issue i face, is the insuffience SoF.

Some of the Coins idle for more than 5 Years.
Click to expand...

Let's DeLorean back to the youthful days of 2019. What were you doing to obtain this crypto?

semas2 said:
Iam currently in Austria and also have the Austrian citizenship.

In case any taxes would have to be paid in the past, would the case not be pursued because of the statute of limitations?
Click to expand...

Statute of limitation in tax crime cases is tricky. Does it start when the crime was committed or when detected?

The statute of limitation in Austria is usually 10 years for tax crimes.

See also Steuerliche Behandlung von Kryptowährungen

semas2 said:
Other than that is there any possiblity like B2C or OTC where i can offer them to buy my crypto for -5 to -7% of the current price chart to avoid any KYC ?
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Yes, that can be arranged. But you'll run into problem as soon as you tell the OTC desk to wire the fiat somewhere. They might be able to get the money out but what do you tell your bank when the funds are received? Do you have a bank that's ready to receive the fiat for you without asking too many questions?

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This is the probably the answer to your question.

 

[JohnnyDoe]

semas2 said:
Other than that is there any possiblity like B2C or OTC where i can offer them to buy my crypto for -5 to -7% of the current price chart to avoid any KYC ?
Click to expand...

sure thing, but you can't find legit buyers on google

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[semas2]

Sols said:
Let's DeLorean back to the youthful days of 2019. What were you doing to obtain this crypto?
Click to expand...

- I obtained them through local trades hence buy/sell whenever i could make profit.

So this also hides risk that i dont know where the crypto originally comes from.



Is it somehow possible to be a investor for good running companies ( especially digital focused ) without doing a due dilligence audit?

If a CEO would be fine taking amount X via crypto to give me X % of the company without doing due dillegence, no further questions will be asked on authority side, why he gave me shares for no Fiat on the paper?

I would be also fine to be an employee and get 5-10k net ( after tax ) salary monthly and pay the CEO the gross amount + % .

Does something like this exist?

 

[wellington]

Austrian?

There's no tax when buying.

Tax when selling.

You shouldn't need SoF's unless your pulling out heaps monthly....

Just ensure you pay the taxes on what you do owe.

If its sizeable move offshore for a year or two.

 

[semas2]

Well, i dont want to take a risk and start to cashout through an exchanger to my personal bank account.

As long as i didnt cashout anything there is nothing to tax. Even tho if there is something to tax, then maybe some transactions in the past which i didnt declare in my tax declaration ( i never filed a tax declaration, so i didnt hide or lied about anything ).

So i would like to have an intermediary for a cashout service and have good SoF which can be provided for the bank when receiving the funds.

 

[wellington]

If these funds are clean and it's merely a case of lack of SOF

Then a simple approach is spread out payments over a period of time like you said as a income like payment.

There's nothing illegal in that approach.

There's no legal requirement to redeem crypto to fiat in one lump sum.

Pay the appropriate taxes and be on your way.

Seems simple enough unless those funds are dirty.

And if they are dirty - then I'm not gonna advise but seeing as the UN explained how dirty crypto is laundered wholesale in SE Asia at casinos just today”¦

I imagine there's plenty of people doing that going by the reporting.

But in Europe - not a chance (MiCA etc)

semas2 said:
Well, i dont want to take a risk and start to cashout through an exchanger to my personal bank account.

As long as i didnt cashout anything there is nothing to tax. Even tho if there is something to tax, then maybe some transactions in the past which i didnt declare in my tax declaration ( i never filed a tax declaration, so i didnt hide or lied about anything ).

So i would like to have an intermediary for a cashout service and have good SoF which can be provided for the bank when receiving the funds.
Click to expand...

if it's just past non tax compliance (evasion) just pay the bill and that will likely be the end of it.

But if it's a sizable amount - move overseas

Better to pay a return tax than be used as an example.

Never understood you Europeans - invaded half the world and caused us to get involved or left behind - showed you how to do it properly I might add, and these days seem unwilling to even leave the region for more than a jaunt.

What the EU needs is an amnesty”¦ mind I bet half the f**k wits will still stay silent instead of clearing up a mess.

Never understood the unwillingness to pre plan but the willingness to speculate without a protocol in place for exiting.

Far better to loose a few k in setting up a system than loose 30% ~ 80% on being lazy and just chancing it.

Last edited: Jan 15, 2024

 

[semas2]

i would love to at least buy a real estate in EU with the crypto but seems to be an impossible thing.

i think there are only few options left, one would be to wait 10 years and then cashout so statute of limitations should apply to every single transaction no matter which reason

Last edited: Jan 15, 2024

 

[JohnnyDoe]

semas2 said:
i would love to at least buy a real estate in EU with the crypto but seems to be an impossible thing.
Click to expand...

I will be happy to sell you my real estate for crypto

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[wellington]

semas2 said:
i would love to at least buy a real estate in EU with the crypto but seems to be an impossible thing.

i think there are only few options left, one would be to wait 10 years and then cashout so statute of limitations should apply to every single transaction no matter which reason
Click to expand...

honestly it's not...

Rome, developers work in cash and want crypto...

 

[semas2]

if i sell a real estate which i obtained by crypto, and receive the FIAT to my bank account, could the bank dig deeper and ask for the source of funds i used to buy the real estate or they dont care?

 

[JohnnyDoe]

semas2 said:
if i sell a real estate which i obtained by crypto, and receive the FIAT to my bank account, could the bank dig deeper and ask for the source of funds i used to buy the real estate or they dont care?
Click to expand...

Never saw this happening

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[intheclub]

semas2 said:
if i sell a real estate which i obtained by crypto, and receive the FIAT to my bank account, could the bank dig deeper and ask for the source of funds i used to buy the real estate or they dont care?
Click to expand...

https://www.oesterreich.gv.at/themen/dokumente_und_recht/erben_und_vererben/3/Seite.794050.html

 

[JackAlabama]

semas2 said:
if i sell a real estate which i obtained by crypto, and receive the FIAT to my bank account, could the bank dig deeper and ask for the source of funds i used to buy the real estate or they dont care?
Click to expand...

its possible but quite unlikely as of today. Maybe in the future its possible, depends on what the fatf/oecd terrorists focus on next.

 

[FinCent]

JackAlabama said:
its possible but quite unlikely as of today. Maybe in the future its possible, depends on what the fatf/oecd terrorists focus on next.
Click to expand...

JohnnyDoe said:
Never saw this happening
Click to expand...

How do you declare to the TAX authorities back home. That you all of the sudden have a 200-500k property abroad?

 

[JohnnyDoe]

FinCent said:
How do you declare to the TAX authorities back home. That you all of the sudden have a 200-500k property abroad?
Click to expand...

Of course you have to declare your real estate abroad, if required to do so in your country.

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[FinCent]

JohnnyDoe said:
Of course you have to declare your real estate abroad, if required to do so in your country.
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Yeah, but wouldn`t the taxman wonder where those 200-500 K came from? Since he didn`t declare his crypto to begin with.

 

[flyco]

Did you find a solution to your problem?

 

[JackAlabama]

dont the austrian guys have the nice treatment when exchanging into usdt/usdc that being a non tax event?

 

[wellington]

FinCent said:
Yeah, but wouldn`t the taxman wonder where those 200-500 K came from? Since he didn`t declare his crypto to begin with.
Click to expand...

Depends on Countries, i know when the UK were de-banking i had a call with my bank and they wanted to know the ins and outs of a donkeys a*s, as a non resident i didn't see the reason they needed to know about my wealth.

Just answered (lying to a bank is criminal).

They then do the reporting to HMRC.

So i imagine something similar in Austria.

- Answer here is move abroad and never return (what i've done) and never bank in your birth nation (i didn't - just kept a dormant account with 3k in it).