How to Legitimize Crypto Funds for Real Estate Purchases in Europe?

[WormCasting]

I'm curious about the best ways to appear more legitimate when using legally obtained crypto funds to purchase land, apartments, or houses in Europe.
Unfortunately, being a "crypto bro" often comes with judgment from banks and society.

Could you buy items like jewelry, watches, or cars with crypto, then resell these items officially and use the sales receipts as proof of funds.
But would this actually work, or would you still be asked to show where you got the money to purchase those items in the first place?

Asking about Europe.

 

[jude1337]

As long as the cryptocurrencies are legally obtained and you have proof of this, you don't have to care what banks think of it. It's true that the conventional cryptocurrencies don't like it, but there are still many neo-banks that accept it nowadays. I think you'll find more than enough resources for your personal concerns here in the forum, which exchangers in combination with a suitable neo-bank seem appropriate. Then I would just make the purchase through the neo-bank. The question is whether that would work for you or whether you would rather look for an “official” bank.

Then to the second question. Again, it's not possible to say directly, it usually depends on many factors. If you have just become an adult, they will ask more questions. If you already have a certain amount of assets, they will ask less, but here too the question is how the relationship between the existing assets and the amount of the deposit stands.

What I always like to do is to make an appointment and just ask them. You will be able to tell from their attitude towards cryptocurrencies whether there will be any problems, and the employees can usually give the best answers because they also have access to internal resources.

Last edited: Aug 16, 2024

 

[Martin Everson]

If you have a source of funds I can see no issue. Work with crypto friendly EMI's and banks to facilitate payments for real world assets and be done. People do this everyday in Europe.

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

 

[jafo]

WormCasting said:
I'm curious about the best ways to appear more legitimate when using legally obtained crypto funds to purchase land, apartments, or houses in Europe.
Unfortunately, being a "crypto bro" often comes with judgment from banks and society.

Could you buy items like jewelry, watches, or cars with crypto, then resell these items officially and use the sales receipts as proof of funds.
But would this actually work, or would you still be asked to show where you got the money to purchase those items in the first place?

Asking about Europe.
Click to expand...

Two MAJOR warnings:

(1) Before you start to buy real estate in Europe other than for YOU to live in, read this forum extensively! Rent control is incoming, and also don't forget "refugee" squatting. Start here: How on earth is EUSSR still standing?
This is so tiring for me to keep pointing this out stupi#21

(2) Remember, also, about wealth taxes and property taxes. If you are going to behave like a few of my relatives and purchase nice homes and then coast through life...the parasitic self-appointed political class has news for you: If you don't pay your wealth taxes or your property taxes, they WILL put your home up for auction after their gang member, the judge, signs a tax lien sale!
Your home will be auctioned off BELOW its market value and BELOW what you owe (to "political friends"), so you will have a HUGE tax debt for the rest of your life!

After this full disclosure...

You can follow the suggestions of the people in this thread. I'm just too tired to discuss it all further. 🙄

 

[wellington]

WormCasting said:
I'm curious about the best ways to appear more legitimate when using legally obtained crypto funds to purchase land, apartments, or houses in Europe.
Unfortunately, being a "crypto bro" often comes with judgment from banks and society.

Could you buy items like jewelry, watches, or cars with crypto, then resell these items officially and use the sales receipts as proof of funds.
But would this actually work, or would you still be asked to show where you got the money to purchase those items in the first place?

Asking about Europe.
Click to expand...

Turning up with ten receipts for watches, bags etc will just scream layering

Just do what normal people do

Crypto exchange/otc -> bank -> lawyer

During those three stages they will do compliance anyway

 

[jafo]

wellington said:
Crypto exchange/otc (~3% fee) -> bank (~6% fee) -> lawyer (~20% fee) ->TAXES (~50% fee)
Click to expand...

There! I fixed it for him! smi(&% rof/%

 

[JohnnyDoe]

wellington said:
Crypto
Click to expand...

I fixed it further.
Just keep your valuable crypto, don't exchange it for garbage and spend what and when needed.

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

 

[jafo]

JohnnyDoe said:
Just keep your valuable crypto, don't exchange it for garbage and spend what and when needed.
Click to expand...

This is the MOST important lesson to learn! If I had a son now, I would inculcate this in him! ange¤%&

 

[wellington]

jafo said:
There! I fixed it for him! smi(&% rof/%
Click to expand...

Our OTC is 0.075% or 0.05% (dependent) -> interbank exchange rate transfer after.

Not sure what alley you are exchanging down lol

JohnnyDoe said:
I fixed it further.
Just keep your valuable crypto, don't exchange it for garbage and spend what and when needed.
Click to expand...

Unless you are buying one of Johnny Doe's properties (he accepts crypto, XX questions asked)

** There fixed it ROFLMAO.

jafo said:
There! I fixed it for him! smi(&% rof/%
Click to expand...

bank (~6% fee) -> lawyer (~20% fee) ->TAXES (~50% fee)

Bank shouldn't have any fee(s) unless you are using a fake private bank which is really just a nightmare (can't remember the name of the one in Geneva).

Lawyer i'm unsure what the fee would be related to normally it's like 0.5-1-2% brokering/compliance etc

As for taxes, those suck for people living in countries like that.

FYI i have a converted office to 4 bedroom townhouse in Phuket (i'd take crypto for it). 😉

Also some land 500m back from the ocean Krabi / I'd take crypto for it (760sqm)

I don't want filthy fiat

Don't know where it's been

Last edited: Aug 16, 2024

 

[jafo]

wellington said:
Bank shouldn't have any fee(s) unless you are using a fake private bank which is really just a nightmare (can't remember the name of the one in Geneva).

Lawyer i'm unsure what the fee would be related to normally it's like 0.5-1-2% brokering/compliance etc
Click to expand...

When all is said and done, and the smoke cleared...that's what I calculated a LOT of people paid. They couldn't believe it either. doh948""

I barely offramp, so this doesn't apply to me. However, I do know a lot of people who are being taken to the cleaners. I had a banker at a bank in CH tell me flat-out: "Our bank is an extension of the government." 😳

I politely excused myself. I never answered his calls or emails again! Totally ghosted him smi(&%

Don't even get me started on what the Monégasques are charging. 🙄

Of course, I always tell them I am "asking for a friend" smi(&% rof/%

wellington said:
Our OTC is 0.075% or 0.05% (dependent) -> interbank exchange rate transfer after.
Click to expand...

This blew my mind! Even my "neighbors" in third-world countries charge more than this.hi%#

 

[toums]

If it's using crypto for buying only real estate :

- You can use stable coins to buy directly in some countries (mostly outside EU I think, like UAE or south America)..
- If in EU mandatory, choose countries where money don't have to pass by the notary/lawyer for transactions (like avoid France, italy etc...). This is easy to do in central europe and Budapest for example (Hungary). You pay directly the amount to the seller, so one 'SOF' less.. but you still have to handle to put the money at the bank first .. or bring cash. If these countries, cash payment are still largely used, if you dont have other alternative..

 

[wellington]

jafo said:
When all is said and done, and the smoke cleared...that's what I calculated a LOT of people paid. They couldn't believe it either. doh948""

I barely offramp, so this doesn't apply to me. However, I do know a lot of people who are being taken to the cleaners. I had a banker at a bank in CH tell me flat-out: "Our bank is an extension of the government." 😳

I politely excused myself. I never answered his calls or emails again! Totally ghosted him smi(&%

Don't even get me started on what the Monégasques are charging. 🙄

Of course, I always tell them I am "asking for a friend" smi(&% rof/%


This blew my mind! Even my "neighbors" in third-world countries charge more than this.hi%#
Click to expand...

Thought it was normal (rate)

Both are backend clearing houses of sorts and we are fully registered / validated / checked etc

A idea people rarely consider yet is lucrative I imagine as Europe turns into an amusement park is those 1 Euro homes in Italy

Buy for 1 Euro and you have to spend 50k upwards doing them up - most of that is to tradesman - and you'd likely find a few that want crypto directly as everyone knows the ECB is debasing the currency year on year in line with the FED.

Last edited: Aug 17, 2024

 

[JackAlabama]

wellington said:
Thought it was normal (rate)

Both are backend clearing houses of sorts and we are fully registered / validated / checked etc

A idea people rarely consider yet is lucrative I imagine as Europe turns into an amusement park is those 1 Euro homes in Italy

Buy for 1 Euro and you have to spend 50k upwards doing them up - most of that is to tradesman - and you'd likely find a few that want crypto directly as everyone knows the ECB is debasing the currency year on year in line with the FED.
Click to expand...

good idea, bonus points awarded if one manages to register as welfare recipient on top of getting such a house.

 

[JohnnyDoe]

toums said:
- If in EU mandatory, choose countries where money don't have to pass by the notary/lawyer for transactions (like avoid France, italy etc...).
Click to expand...

You are not required to do that in Italy. As @wellington suggested, you just send me any decent crypto of your choice (I will give you a 5% discount over the fiat price) and we declare to the notary that I already have received the payment.

Ps. I don't have anything available for sale right now, come back in a couple of years.

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

 

[void]

JohnnyDoe said:
You are not required to do that in Italy. As @wellington suggested, you just send me any decent crypto of your choice (I will give you a 5% discount over the fiat price) and we declare to the notary that I already have received the payment.

Ps. I don't have anything available for sale right now, come back in a couple of years.
Click to expand...

I can confirm it works Italy, I sold an apartment for BTC about a year ago

I know about another small one at Lago di Garda where the seller will accept crypto

 

[JohnnyDoe]

Of course everything becomes even easier when the real estate is owned by a SPV and the SPV, not the real estate, changes hands.

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

 

[JosephLL]

JohnnyDoe said:
You are not required to do that in Italy. As @wellington suggested, you just send me any decent crypto of your choice (I will give you a 5% discount over the fiat price) and we declare to the notary that I already have received the payment.

Ps. I don't have anything available for sale right now, come back in a couple of years.
Click to expand...

Why don't I have a bookmark button on Johnny's posts
anymore ???

 

[jafo]

JosephLL said:
Why don't I have a bookmark button on Johnny's posts
anymore ???
Click to expand...

JohnnyDoe said:
Of course everything becomes even easier when the real estate is owned by a SPV and the SPV, not the real estate, changes hands.
Click to expand...

I thought I was the only one doing this to avoid the taxes and notary fees. rof/% smi(&%
I used to use AVVs, but I don't care for real estate anymore as the State can invent any Kakamania story and still get paid 50% of everything I pay the lawyer they licensed in their State. F*ck that!

wellington said:
Thought it was normal (rate)
Click to expand...

You have awesome contacts and awesome rates. My contacts can't even come close to those rates. The only way for me to "get those rates" is to pay crypto to crypto. Of course, at this point, I am NOT exchanging or off-ramping, so rates don't come into play!

Last edited: Aug 17, 2024

 

[toums]

wellington said:
A idea people rarely consider yet is lucrative I imagine as Europe turns into an amusement park is those 1 Euro homes in Italy

Buy for 1 Euro and you have to spend 50k upwards doing them up - most of that is to tradesman - and you'd likely find a few that want crypto directly as everyone knows the ECB is debasing the currency year on year in line with the FED.
Click to expand...

I was looking at this, years ago in Puglia region, but as I understood, to benefit of these ' 1 euro houses' you really have to move in Italy in this house (at least majority part of the year, so as a IT tax resident most probably). As the goal of these incentive are to renovate the old houses AND to repopulate these villages etc..

JohnnyDoe said:
You are not required to do that in Italy. As @wellington suggested, you just send me any decent crypto of your choice (I will give you a 5% discount over the fiat price) and we declare to the notary that I already have received the payment.

Ps. I don't have anything available for sale right now, come back in a couple of years.
Click to expand...

Ok interesting, I though it was mandatory in Italy, as in France. Or maybe I mix with the deposit?
I forgot if in Malta you can also bypass the notary/lawyer for the payment.

wellington said:
Our OTC is 0.075% or 0.05% (dependent) -> interbank exchange rate transfer after.

Not sure what alley you are exchanging down lol
Click to expand...

In Asia?

Last edited: Aug 17, 2024

 

[JackAlabama]

toums said:
I was looking at this, years ago in Puglia region, but as I understood, to benefit of these ' 1 euro houses' you really have to move in Italy in this house (at least majority part of the year, so as a IT tax resident most probably). As the goal of these incentive are to renovate the old houses AND to repopulate these villages etc..
Click to expand...

yeah, but if you dont have much money (tax resident doesnt matter at all) and if one can manage to collect welfare even, its a pretty good deal.
Id often hear from young folks everything is so hard if one has no money and getting a lot of money being quasi impossible. While this is often true no doubt, and not everyone can get rich, this is a good way out to do something with ones life (if not born privileged and had not success making money).