still found crypto your assessment

[daniel02k]

hi guys,

how would you assess the possibilities: 11 years ago i put a few thousand usd into crypto via face2face cash and i simply forgot about the coins. The coins have not been moved until now and are now worth several million.
If I look at the source of the coins, they come more from the dubious crypto exchange direction from back then. I no longer have proof that I bought them.

How do you assess the situation and how would banks and crypto exchanges react? how would you proceed?

I would be happy for any assessment.

 

[void]

do you want to cash out to fiat? now? all of it?
how about your country of residence?

 

[JohnnyDoe]

First step is to explore the Mentor Gold Group 😉

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[daniel02k]

austria but am ready to move. want to keep it in crypto first convert it to stablecoin and then generate monthly yield and use 2-5k per month simply with credit cards and bank account to live.

I will join Mentor Gold Group.

 

[W Fish]

Keep BTC, sell as much as needed to cover living expenses on P2P, to me if you want.
I would put it also on to a company "name". Estonian or Latvian company - so no income tax on company level. The legal system of these countries is based on german law, so familiar to you.
In case you want to diversify (which i do NOT recommend), it is easy to buy those investments for the company.

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[void]

daniel02k said:
then generate monthly yield
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how can a guy like you who made this money (by accident) think about generating yield using different assets? 😉

daniel02k said:
use 2-5k per month simply with credit cards and bank account to live.
Click to expand...

this must be easy for you to find a person with the opposite problem and get cash....

don't overthink it and enjoy

 

[daniel02k]

walking around with cash all your life is no solution either.
If I turn 1000 euros into a million, will the banks ask where I got the 1000 euros after such a long time?

 

[drillbill]

daniel02k said:
If I turn 1000 euros into a million, will the banks ask where I got the 1000 euros after such a long time?
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No, and if you can show them in the wallet, exchange etc. that you started by paying in the 1000 euro there is no problem if you ended up with a million. The tax man will want to hear from you in this case.

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[daniel02k]

Sale after 1 year is tax-free here. I just can't provide proof of exchange or account data. I only have the wallet

 

[wachtwoord]

daniel02k said:
Sale after 1 year is tax-free here. I just can't provide proof of exchange or account data. I only have the wallet
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Then you have extremely obvious on-chain proof as the coins haven't moved in 11 years right?

As long as in Austria you don't have to provide the tax authority with an overview of all your assets (like in some countries) you are in full compliance.

 

[Meta]

Talk to https://alt.co/ They specialize on explaining crypto stuff to banks. Just tell them literally what you told in your first message. If you can demonstrate that you had a job 11 years ago (so this few thousand eur are from salary, not suspicious sources) and have conversation with seller in e-mail, you are golden. If not, still fine probably.

To be honest, if you just want to spend a few thousand through a card, go ahead and do it, you need nothing more. You will not be seriously questioned regarding this amount. Register at Kraken, show them coins from 11 years ago, they will understand. Withdraw to N26 monthly, spend with card, they don't care.

Be careful with moving coins. Now you have perfect proof - the coins sitting at the address for 11 years. Everybody can understand that. If you do some creative things with exchanges-DEXes-staking etc, a year later you may find yourself in situation where nobody likes you because they don't understand half of this creative things, cannot check and think it's suspicious.

Cheers.

 

[JimBeam]

One way ticket to Dubai, stay there for couple of years, cash out, enjoy your life a bit.
The money you will spend there (unless you go crazy with buying lambos) will be same or less you would pay taxes in other country - so all that will be - free actually.

Thank me later.

 

[bwy]

JimBeam said:
One way ticket to Dubai, stay there for couple of years, cash out, enjoy your life a bit.
The money you will spend there (unless you go crazy with buying lambos) will be same or less you would pay taxes in other country - so all that will be - free actually.

Thank me later.
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If he went from Austria to Dubai, then tried to cash out after getting residency etc, would the banks/offramps ask for his tax residency during the other years? Considering it is multi millions

 

[AlicaFunk]

he never went back to explain further. It's fiction!

 

[JimBeam]

bwy said:
would the banks/offramps ask for his tax residency during the other years
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Who said banks. You can CASH out LOL Machine goes brrrrrrrrrrrrr 🙂
Tax residency? No if you're resident in UAE and have Emirates ID banks won't ask you anything as they consider you as resident.

Also, there are OTC places and there are local licensed exchanges (like rain.com) where you can sell and transfer to local bank account.