Suppose you are an EU resident and have BTC from +10 years ago. Value is enough that you could retire but without being on the Swiss private banking league (you would need another 2x or so to have better margin). Coins are obviously of legal origin but you have no KYC buy tickets from regular exchanges. You got paid in BTC back then from participating in forums for instance, most of it would come from here. Some amounts were sent back and forth in now dead exchanges. You can point some of them to the payment addresses used for the payments and transactions but some are missing. The random ancient altcoin mining is also there but amounts are irrelevant. The source of funds is incomplete.
In this situation, what I've heard is that you should get your wallet audited. That is, you should run it through one of those firms that scan your addresses (obviously, you send the public addresses, not the wallet file) and if all is good then you present this to a bank of choice, which ideally you want a solid private bank, but if you are not rich enough you will need to find some EMI. You also want a country that will accept your source of funds.
My question is, has anyone done this process of audits in this context? How did it go?
Also, is there a way to know in advance, what countries and banks would be ok with it? I mean imagine you do this whole process, then show up in country X, and after spending half a year there to gain tax residence, the funds get rejected by either the bank or the taxman.
While getting your coins KYC'd isn't great, since it's really a lottery as you have no control of who owned the coins that you got sent and thus those address scanners could pick some blacklisted stuff, what else are you supposed to do? It's just useless 0's and 1's if you cannot use them, and at this point imagine you really need to use these funds. So im looking for solutions. Of course, if having blacklisted stuff could put you in trouble, perhaps it would be better to just forget about this money, but im assuming there is always a reasonable solution. Most people want to pay taxes, but not end up in trouble by being pioneers of this technology and having coins that come from third parties and not Coinbase. And so you never know if in previous hops before you got these coins, someone used some to by weed on some website on something, and then you get audited and have some of these coins, even if a small amount, and it shows up on the audit. What then? From what I've heard, this is not a big problem, but you never know. It doesn't really sound great, but I want to do everything legally and this seems like the way to do it, but I want some guarantees first.
If anyone has experience, ideally being an EU resident and staying within EU zone, then please let me know, as well as anything else I should need to know. I would only move outside of EU if the money justified that, a 4x from here or so, which I don't expect in years. And even then, im not sure I would be happy in some dodgy place that's too foreign.
In this situation, what I've heard is that you should get your wallet audited. That is, you should run it through one of those firms that scan your addresses (obviously, you send the public addresses, not the wallet file) and if all is good then you present this to a bank of choice, which ideally you want a solid private bank, but if you are not rich enough you will need to find some EMI. You also want a country that will accept your source of funds.
My question is, has anyone done this process of audits in this context? How did it go?
Also, is there a way to know in advance, what countries and banks would be ok with it? I mean imagine you do this whole process, then show up in country X, and after spending half a year there to gain tax residence, the funds get rejected by either the bank or the taxman.
While getting your coins KYC'd isn't great, since it's really a lottery as you have no control of who owned the coins that you got sent and thus those address scanners could pick some blacklisted stuff, what else are you supposed to do? It's just useless 0's and 1's if you cannot use them, and at this point imagine you really need to use these funds. So im looking for solutions. Of course, if having blacklisted stuff could put you in trouble, perhaps it would be better to just forget about this money, but im assuming there is always a reasonable solution. Most people want to pay taxes, but not end up in trouble by being pioneers of this technology and having coins that come from third parties and not Coinbase. And so you never know if in previous hops before you got these coins, someone used some to by weed on some website on something, and then you get audited and have some of these coins, even if a small amount, and it shows up on the audit. What then? From what I've heard, this is not a big problem, but you never know. It doesn't really sound great, but I want to do everything legally and this seems like the way to do it, but I want some guarantees first.
If anyone has experience, ideally being an EU resident and staying within EU zone, then please let me know, as well as anything else I should need to know. I would only move outside of EU if the money justified that, a 4x from here or so, which I don't expect in years. And even then, im not sure I would be happy in some dodgy place that's too foreign.
