Selling BTC and sending money

[mikemat]

Hello Guys!

I'm happy to join this group and baord in general.

Since 2015 I was making money on crypto investing and tradeing (holding, crypto-to-crypto arbitrage, gambling and getting payment for webdesign service). Currently I have +100 BTC savings which I want to transfer into FIAT. I want to transfer it in legit way to invest into properties and earning from renting.

For some reasons I can't sell BTC and get money transferred to my personal bank directly. Mostly due the highier personal income tax (20-35%) and risk of tax audit.

So I'm looking for safest solution to transfer money with offshore company. I've contacted with offshore agent and made some research to find way to solve this problem.

I plan to open Belize company (seller of virtual goods) and Cyprus bank account (I want to avoid EMIs due the CRS).

If Cyprus bank is ok with crypto I can sell BTC on exchange and withdraw EUR. If not I can use some payment processor to transfer BTC to EUR. (OR maybe you have another solution?)

Then Belize company pays to my local company for webdesign service, my company buys commercial property to rent it and I do not pay any income tax.

What do you guys think? Also what do you think about Delaware company to do the same?

 

[mikemat]

Can you please advice? Now I assume that mentor group is dead...

 

[JohnLocke]

First of all, welcome to the Mentor Group, don't expect miracles, people will answer as they have time and if they know the right answer!

Cyprus banks will not allow any BTC nor crypto business. Maybe this will change in the future but as it is now they will reject any crypto business.

You need to open a business account for instant with Mister Tango (They charge EUR 500 / month ) to do the exchange. or you open a personal accounts with them with darks i.e. your picture fake data and get it verified. So you can transfer the money from there to any bank i.e. Cyprus banks.

That's how many have done it so far!

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[Martin Everson]

Sorry been away for some days....back now. Why not bypass the banking system as a whole and look for people/businesses selling assets such as property directly for crypto. Naturally the buyer would be using a provider that converts it to fiat but you can at least choose who you work with etc etc.

Alternatively you can setup a Foundation and gift the crypto to the Foundation as the new owner. You can act as web design consultant to the foundation and draw down from it when needed. The Foundation can also own global assets which are in the name of the foundation and hence a separate legal entity. This will offer you asset protection and privacy also.

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

 

[bountymounty]

Martin Everson said:
Sorry been away for some days....back now. Why not bypass the banking system as a whole and look for people/businesses selling assets such as property directly for crypto. Naturally the buyer would be using a provider that converts it to fiat but you can at least choose who you work with etc etc.
Click to expand...

Isn't that for Switzerland only? or are there other countries where it's possible to by property, cars etc. for BTC ?

 

[Martin Everson]

No its not just Switzerland it is global

http://bitcoin-realestate.com

https://www.denisonyachtsales.com/use-bitcoin-to-buy-your-next-yacht

You can buy not just real estate but many high-end assets with bitcoin if you look carefully. I won't list them all as its pointless but pretty much anything you can buy 🙂

If you do decide to go with a Belize company for example then avoid having a bank account for the company and use BTC wallet as companies account.

Remember it is still very likely that you will owe capital gains tax in your country once you sell the bitcoin. It's down to you how to resolve that one 🙂

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

 

[mikemat]

Hello Guys and sorry for being impatient.

Admin said:
You need to open a business account for instant with Mister Tango (They charge EUR 500 / month ) to do the exchange.
Click to expand...

Yes, I took steps to do it through Belize corp with Mister Tango for exchanging crypto and Cyprus bank to transfer money to my domestic company (or directly from Mister Tango).
I opened Belize corp successfully, veified MT personal account in like 5 min but after sending them comapny's documents there is no info for over one week. How long does it take usually?
I have concern about CRS. Both Lithuania and Cyprus financial companies can report my accounts. If not today, it can happen someday. After that my gov will know that I'm UBO and ask me to pay VAT + risk of criminal charges of ML.

Martin Everson said:
Why not bypass the banking system as a whole and look for people/businesses selling assets such as property directly for crypto. Naturally the buyer would be using a provider that converts it to fiat but you can at least choose who you work with etc etc.
Click to expand...

I want to buy properties in my own country. I know the market and I know how to buy them under market value. Thing is I do not have enough income od clear money to mix it with money from BTC to cover it. So I have to transfer money to my country in safiest way and buy properties here for clear money. These money means to much for me to buy unknown house on end of the world. Especially for BTC. I do not know condition, market, law etc. But thank you for the suggestion.

Martin Everson said:
If you do decide to go with a Belize company for example then avoid having a bank account for the company and use BTC wallet as companies account.
Click to expand...

Can you tell me more why should I avoid having company BTC wallet? On of the my options is to open Belize comapny with nominee and receive payments in other cryptocurrency like ETH.

Martin Everson said:
Remember it is still very likely that you will owe capital gains tax in your country once you sell the bitcoin. It's down to you how to resolve that one 🙂
Click to expand...

This is my main problem to deal with.

 

[diablo]

You can order darks with your photo but with fake data, that's how I have sorted many Video Verification EMI's out. they have my picture but it is worthless because all other data is wrong. So someone has to proof that it's me that faked the documents and not someone that took my picture from facebook and faked the verification.

 

[Martin Everson]

mikemat said:
This is my main problem to deal with.
Click to expand...

Check what your capital gains rates are. They are usually lower than standard tax rate.

mikemat said:
Can you tell me more why should I avoid having company BTC wallet?
Click to expand...

I didn't say to avoid BTC wallet. I said avoid a bank account and use a btc wallet.

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

 

[bountymounty]

diablo said:
You can order darks with your photo but with fake data, that's how I have sorted many Video Verification EMI's out. they have my picture but it is worthless because all other data is wrong. So someone has to proof that it's me that faked the documents and not someone that took my picture from facebook and faked the verification.
Click to expand...

Someone told me you can do video verification without my picture and data? can you do that with Mister Tango?

 

[JohnLocke]

bountymounty said:
Someone told me you can do video verification without my picture and data? can you do that with Mister Tango?
Click to expand...

I don't believe without your picture but for sure without your data!

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[blizz]

Works without your data, but you need to use your picture so it is a 80% anonymity!

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[bountymounty]

@diablo are you able to help with verified MT account? please PM me.