Advice Needed: Tax Residency and Banking for Large Crypto Conversion

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JohnnyDoe said:
JohnnyDoe said:
Yes. That's how I live. Save for gardeners and a few other salaried people but I'm positive they will eventually switch to crypto.
If a supplier doesn't want crypto, I simply switch to another supplier who does.
To Clients who insist paying fiat I offer a discount for crypto, otherwise I take their fiat and immediately buy crypto.

Can this seem inconvenient? Perhaps, at times. But compare it to the inconvenience of having ”your” fiat frozen/stolen/confiscated (which can all be used synonymously).
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What do you do if you find a great real estate deal but the developer won't take crypto no matter what?
Not to mention that some countries actually want some money to go through the banking system for the deal to be valid. You actually have to bring the payment invoice to the notary.
Both happened to me personally.
 
PinkCat said:
PinkCat said:
What do you do if you find a great real estate deal but the developer won't take crypto no matter what?
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A motivated seller will take everything. If for some reason it is not possible and I really want it, I use some quick conversion solution.
PinkCat said:
PinkCat said:
Not to mention that some countries actually want some money to go through the banking system for the deal to be valid.
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Never saw any such country, and if I do I will quickly run far from it.
PinkCat said:
PinkCat said:
You actually have to bring the payment invoice to the notary.
Both happened to me personally.
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Either you found a stupid notary or a stupid country.
It happened to me that the notary made such request, I just switched to another notary.

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I have a friend in a similar situation, he wants a crypto off-ramp together with tax residency. He is working with a firm in Bali to set up a local company, visas, banking, crypto accounts, and tax residency to benefit from Indonesia's low taxes on crypto transactions 0.1%. Expect a lot of KYC, AML and this works only for people with legitimate earnings. Anything fishy and this setup will not work. I can probably get a good feedback in about 1 to 2 months time when everything is operational.
 
T0m said:
T0m said:
... quadrupled? how?
Feel free to point me to respective thread.
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Simple. Bitcoin was roaming around <10-15K, (can't remember exactly), and I asked a question on Mentor Gold; if my memory serves me right, it was a back-and-forth with several OGs on here, browbeating me to swap my excess USDT (and some other crypto and some cash) to Bitcoin. I finally understood their arguments and did it. It's as simple as that!
No miracles. No inside info. Just went all in! 😉
 
jafo said:
jafo said:
Simple. Bitcoin was roaming around <10-15K, (can't remember exactly), and I asked a question on Mentor Gold; if my memory serves me right, it was a back-and-forth with several OGs on here, browbeating me to swap my excess USDT (and some other crypto and some cash) to Bitcoin. I finally understood their arguments and did it. It's as simple as that!
No miracles. No inside info. Just went all in! 😉
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thats the way of doing it thu&¤# 😎
 
orangekangaroo said:
orangekangaroo said:
crypto off-ramp
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I am NEVER EVER making this mistake again!

I have secured several serious "privileged" business people to whom I give my cryptos, and in return, they give me cash....if I need it.

I should have listened to @JohnnyDoe , @wellington , @JackAlabama , @cryptofriendly, and a few others here on OCT!

I literally had to go into BEAST mode to get my cryptos back, and that is AFTER I went to the regulating body personally and then the cops. I laid the groundwork to show up later at the "exchanges" with bad and evil intentions!

Of course, YMMV!

PS. I am now ONLY looking to on-ramp!

PSS. I'll go into details with proof if any of you want to know why I went batsh1t crazy on these "thieves with neckties under the ruse of exchanges."
 
jafo said:
jafo said:
I am NEVER EVER making this mistake again!

I have secured several serious "privileged" business people to whom I give my cryptos, and in return, they give me cash....if I need it.

I should have listened to @JohnnyDoe , @wellington , @JackAlabama , @cryptofriendly, and a few others here on OCT!

I literally had to go into BEAST mode to get my cryptos back, and that is AFTER I went to the regulating body personally and then the cops. I laid the groundwork to show up later at the "exchanges" with bad and evil intentions!

Of course, YMMV!

PS. I am now ONLY looking to on-ramp!

PSS. I'll go into details with proof if any of you want to know why I went batsh1t crazy on these "thieves with neckties under the ruse of exchanges."
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Would you share with us which exchange was that so we can avoid the same issue?
 
PinkCat said:
PinkCat said:
Have you personally tried to directly pay with crypto for everything else? I've tried. 90%+ of the cases it doesn't work. I'm huge fan of crypto (more than I care to admit) but we are just not there yet. Your advice is great in principle but not yet applyable in practice.
So I completely understand why this person wants to diversify and so far from this whole thread only the UAE recommendation (and apply for swiss bank after tax resident) is actionable. Everything else is empty (and vague) recommendations from people that have not walked the walk.

p.s.
Yes im aware i'll get quite a bit of lash back for this. GO!
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Company runs completely on chain
JohnnyDoe said:
JohnnyDoe said:
Yes. That's how I live. Save for gardeners and a few other salaried people but I'm positive they will eventually switch to crypto.
If a supplier doesn't want crypto, I simply switch to another supplier who does.
To Clients who insist paying fiat I offer a discount for crypto, otherwise I take their fiat and immediately buy crypto.

Can this seem inconvenient? Perhaps, at times. But compare it to the inconvenience of having ”your” fiat frozen/stolen/confiscated (which can all be used synonymously).
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similar barely use a bank these days
 
jafo said:
jafo said:
If you have some time, you should do a Mentor Gold on ETH or list some ETH books and articles you think others may benefit from reading to get closer to your circle of competence on ETH.

PS. I admit...Vitalik used to be in Zug, remember? Something about him did NOT inspire ANY confidence in me. I could just be plain wrong (which is my natural state: being wrong smi(&% ), but it has hampered my ability to really look into ETH deeply. I got turned off. I'm getting more interested now since you and some others here on OCT have mentioned it.
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Not sure what you want to know”¦ was a ETH Dev at one point (one of the numerous)
 
PinkCat said:
PinkCat said:
Would you share with us which exchange was that so we can avoid the same issue?
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I will DM the name to you because I signed a non-disclosure agreement that I will NOT badmouth them publicly, but I reserve the right to tell people I have a financial interest in NOT using them.
 
JohnnyDoe said:
JohnnyDoe said:
Erase “Cash out” and “Off ramp” from your mind
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You are 100% right!
I f*cked up on that one! stupi#21
I had them on a video and audio recording, agreeing to what I wanted. I had notarized written agreements, lawyers as witnesses, and yet they tried to pull a fast one.
I dumped the lawyers and went the way of the penitentiary rec yard! Once the "owners" realized that the penitentiary would be just another vacation for me once more...they coughed up every single penny and the cost of my expenses.

They are ALL a bunch of f*ckers! Now, I am trying to figure out: Who is worse, bank monkeys or crypto monkeys? 🙄
 
wellington said:
wellington said:
Company runs completely on chain
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Yep! You have mentioned this about your company!
I just got dragged in by an unsuspecting and innocent client. stupi#21
It was OUTSIDE my client's circle of competence, so I should have NEVER given it a second thought! stupi#21

Won't happen again!
wellington said:
wellington said:
similar barely use a bank these days
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I'm trying to get here where you, @JohnnyDoe, and a few others here on OCT are. I'm starting to get too pissed off by these grifters disguised as financial professionals! This is NOT good for my health...or liberty. damn_(
 
wellington said:
wellington said:
Not sure what you want to know”¦ was a ETH Dev at one point (one of the numerous)
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I suspected this based on your writing. I just started reading Mastering Ethereum (again, I didn't finish it last time because I had met VB in Zug, and something about him made me feel uncomfortable. I may be just plain wrong about the guy...)

Let me finish reading it to ask intelligent (quasi-intelligent, in my casesmi(&%) questions.

I'll revert back to you! 😉
 
jafo said:
jafo said:
I will DM the name to you because I signed a non-disclosure agreement that I will NOT badmouth them publicly, but I reserve the right to tell people I have a financial interest in NOT using them.
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DM me the name as well pls., it's always good to know what obstacles may get thrown in the way.
 
Recommendations here:
1) tip: spend crypto via credit cards with balances in crypto
PROBLEM: makes your wallet associated with your physical location : a security risk
PROBLEM2: typically bad conversion rate if BTC to USD or bad forex rate for any other currency
2) tip: use stables
PROBLEM: they have the same mechanisms to freeze your USDT/USDC as banks do, but if something were to happen to Tether who are unable to demonstrate their 1:1 backing, you may discover their coins is not even backed by the "worthless fiat"
3) tip: keep looking for a seller of real estate who will accept crypto until you find one
PROBLEM: you typically will find bad deals only. If a real estate deal is truly good, you have to beg the seller (and they dictate the conditions), not the other way around
 
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