Card with real name.

[Pinia]

Hello,

Got about free 50k in crypto which I want to spend for online shopping. Thinking about setup crypto to advcash on my real details and use card for shopping.
How safe to use it for shopping outside of my resident country ?
How safe to use it for shopping inside my resident country ?
Is anyone got reported to local tax inspectorate by advcash ?
Maybe it's better use dark documents for advcash or another EMI and spend this money for shopping ? Which one you will recommend ? Do i need in this case send everything on fake addresses ?

Also I have another 50-70k crypto which I want to legalise to invest in ETF and stocks, but I can't proof source of them. All crypto is bought from hands for fiat. Any suggestions for this small amount ?

I'm from Europe.

 

[CaptK]

Residency and Citizenship?

If you open all the EMI's available to you then split the money between all of them you should be ok.

On getting the funds into EFT's you can sell via an OTC transaction or move the Crypto to an exchange like Etoro and trade and then move it to buy the EFT.

 

[Pinia]

CaptK said:
Residency and Citizenship?
Click to expand...

Lithuania.

CaptK said:
If you open all the EMI's available to you then split the money between all of them you should be ok.
Click to expand...

Which EMI's will be better for crypto deposit in it ?

CaptK said:
On getting the funds into EFT's you can sell via an OTC transaction or move the Crypto to an exchange like Etoro and trade and then move it to buy the EFT.
Click to expand...

How I will explain from where starting deposit in my Etoro account to my tax institution ? Or they will not ask ? Also, can Etoro send my balances and other information to my tax inspectorate ?

 

[CaptK]

You only really have 2 options

Nominee or set up a bank account in a different country.

 

[Pinia]

CaptK said:
Nominee or set up a bank account in a different country.
Click to expand...

Which countries you can suggest ?

 

[CaptK]

BVI, UAE, Malta, Cyprus, UK, Montenegro and Moldova.

The first 3 you will require a company and UAE you will need to travel there.

UK, Montenegro and Moldova you can open personal and business accounts remotely but you need to set yourself up as a local residents with utility bills.

 

[Spinat]

AdvCash will work well in this situation depending on how you setup things.

For instant if the purpuse is to get things out without to pay taxes there is no way to invest that money again legally unless you find a company that can "wash" the money for you i.e. you get an invoice from that company, pay in crypto and they will return money to your bank account. Something like that at least.

With advcash you can setup a anonymous account and you can get out the money by debit card, max 2500 euro on ATM's per day, sounds not much but you only have 50K so the amount is not that high.

Alternative you setup AdvCash with a set of darks which then again is used to setup a company with the same darks, so you setup another account say with TW or similar EMI which don't care where you send the money to from there.

In that way you will be able to manage every step yourself. Not cheap 5 - 7K in expenses but it's a solution.

Otherwise go with what @CaptK said.

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[DavidS]

CaptK said:
You only really have 2 options

Nominee or set up a bank account in a different country.
Click to expand...

Won't everything get reported to Lithuanian tax man due to OECD CRS rules? All fin institutions require beneficiary owner documentation now, so nominee director doesn't help much.

 

[DavidS]

TRX said:
With advcash you can setup a anonymous account and you can get out the money by debit card, max 2500 euro on ATM's per day, sounds not much but you only have 50K so the amount is not that high.
Click to expand...

Won't the ATM operators pick up on suspicious frequent large amount transactions and forward that to respective institutions?

Also, let's say one wants to cash out crypto and get into stocks? What is most tax efficient way of doing this? Will it work with ADVCash?

 

[Pinia]

TRX said:
With advcash you can setup a anonymous account and you can get out the money by debit card, max 2500 euro on ATM's per day, sounds not much but you only have 50K so the amount is not that high.

Alternative you setup AdvCash with a set of darks which then again is used to setup a company with the same darks, so you setup another account say with TW or similar EMI which don't care where you send the money to from there.
Click to expand...

What you mean by anonymous account ? What is the difference between anonymous and dark account ?
If anonymous account it's unverified account then they don't provide cards for those accounts.

 

[newNomad]

CaptK said:
BVI, UAE, Malta, Cyprus, UK, Montenegro and Moldova.

The first 3 you will require a company and UAE you will need to travel there.

UK, Montenegro and Moldova you can open personal and business accounts remotely but you need to set yourself up as a local residents with utility bills.
Click to expand...

This part I don't get; if he sets up himself as a resident of Montenegro won't it just be shifting the tax problem from LT to Montenegro since now he will be reported to the Montenegro tax authorities and since registered as a resident there will be subject to some taxes, in addition to perhaps Montenegro passing the tax info to the LT authorities.
Or you meant like a fake resident, i.e. has utility bill but nowhere registered as a real resident (i.e. police, local tax office...)?

 

[CaptK]

newNomad said:
This part I don't get; if he sets up himself as a resident of Montenegro won't it just be shifting the tax problem from LT to Montenegro since now he will be reported to the Montenegro tax authorities and since registered as a resident there will be subject to some taxes, in addition to perhaps Montenegro passing the tax info to the LT authorities.
Or you meant like a fake resident, i.e. has utility bill but nowhere registered as a real resident (i.e. police, local tax office...)?
Click to expand...

In Montenegro his tax liability as a non resident can be brought down to 5%. Montenegro will not inform LT as he has paid there and as far as they are concerned he has concluded his liabilities.

 

[jangpark]

CaptK said:
BVI, UAE, Malta, Cyprus, UK, Montenegro and Moldova.

The first 3 you will require a company and UAE you will need to travel there.

UK, Montenegro and Moldova you can open personal and business accounts remotely but you need to set yourself up as a local residents with utility bills.
Click to expand...

UK bank account can be opened remotely??

How, please? Which bank?
UK Banks from what I know need applicants to come to branch and show proof of identities.

 

[CaptK]

If everything is structured correctly you can do it with HSBC and NatWest