Cashing Out 7 Digit Crypto Earnings

[jeertweet]

Hey guys,

New to the forums but I've been quietly reading it for a while now.

I have a personal situation where I have pretty much all my net worth built with crypto (over 1M usd and growing at a fast rate) and didn't cash out anything.

I don't have the option of cashing out in my current home country for multiple reasons (taxes are just one of them).

My plan is to put it all in a stable jurisdiction that is crypto friendly. As I make more money I feel the need to have a good amount safe in banks so I can have some peace of mind regarding my financial future etc.

The problem is, I can't really provide anything related to the source of my crypto gains. I'm not involved with anything shady or blatantly illegal but all my gains come from running an unregistred business.

Is there any (easy) workaround to this? I know there are costly and/or shady options but I'd like to find the simplest possible solution or hear experiences with similar histories.

Thanks!

 

[Old Spice]

Why not buy gold with the Crypto. Then sometime in the future convert the gold into your currency of choice.

 

[bombo]

Old Spice said:
Why not buy gold with the Crypto. Then sometime in the future convert the gold into your currency of choice.
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Where? The only place I know - Bullionstar has 5% fee on crypto purchase.

 

[Andrew Gooden]

Old Spice said:
Why not buy gold with the Crypto. Then sometime in the future convert the gold into your currency of choice.
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That very cool thinking. Cheers!

 

[Andrew Gooden]

bombo said:
Where? The only place I know - Bullionstar has 5% fee on crypto purchase.
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Try Vaultoro - The bitcoin gold exchange and find a Gold storage account offshore like in Panama. Then convert the Gold to cash later or just hold it for long term financial gains. Ensure that you research them properly because I cannot claim how legal they are. Good luck!

 

[jeertweet]

honestly if i were to buy gold id prefer 1000x to just hold crypto lol

 

[Gamblord]

Which country? I know we are anonymous but it's hard to help with no details. Makes a big difference if you are a US citizen or not.

Banks and tax authorities only care that you provide transactions pulled from exchanges. Your cost basis can be zero but you will get taxed harder. Hopefully the country you are in has capital gains discount.

I think Roger Ver renounced US citizenship and got a Saint Kitts and Nevis passport. After that he sold his Bitcoin and paid zero tax, all done legally.

 

[jeertweet]

brazilian resident / citizen + spanish citizen

moving overseas is an option

 

[Gamblord]

Cetme308win said:
Moving overseas is a good option,there are some banks like TBC bank in Georgia or Sterling Global Financial in Cayman Islands open to crypto money
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How do you send fiat from exchanges when you don't have local ID? Exchanges normally want you to prove your residence before they will send to your bank.

What will happen if you give the exchange CRS passport, CRS driver's licence (let's say CRS country is South Korea) but then you ask them wire the money to TBC bank in Georgia? Assume crypto exchange is in non-CRS country.

 

[OTR365]

Gamblord said:
How do you send fiat from exchanges when you don't have local ID?
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Some exchanges send to a country where you are not resident, others don't. I suspect the best would be to find a local exchange (=in a country where your bank is), sell the crypto there, and withdraw by a domestic bank transfer.

Georgia allows crypto businesses (such as bitcoin mining), but their banks are not necessarily crypto-friendly. Even if the exchange would send the money, it is not a guarantee that a Georgian bank would accept the transaction.

Whatever the Georgians themselves think, I would not keep 7-figures in any of their banks.

 

[Gamblord]

OTR365 said:
Some exchanges send to a country where you are not resident, others don't. I suspect the best would be to find a local exchange (=in a country where your bank is), sell the crypto there, and withdraw by a domestic bank transfer.

Georgia allows crypto businesses (such as bitcoin mining), but their banks are not necessarily crypto-friendly. Even if the exchange would send the money, it is not a guarantee that a Georgian bank would accept the transaction.
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Never considered that, thanks.

 

[OTR365]

^ I am not a resident in Georgia, but I have withdrawn from two crypto exchanges to a Georgian bank, so it is possible. However, Georgia is not a crypto paradise. Just opening a bank account there is becoming much harder than it was before.

If I had a large amount of crypto profits to withdraw (maybe I have....), I would not look for one solution in one country, but many. This thread by @darkster is golden.

 

[Jonny Cage]

OTR365 said:
Some exchanges send to a country where you are not resident, others don't. I suspect the best would be to find a local exchange (=in a country where your bank is), sell the crypto there, and withdraw by a domestic bank transfer.

Georgia allows crypto businesses (such as bitcoin mining), but their banks are not necessarily crypto-friendly. Even if the exchange would send the money, it is not a guarantee that a Georgian bank would accept the transaction.

Whatever the Georgians themselves think, I would not keep 7-figures in any of their banks.
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I am Georgian and would not place 7 figures in Georgia myself. In fact, I would not place it in any of country with less than AAA rating.
However, there are certain preveleges that I, as a Georgian can get from local banking. Cashin crypto is one of them. For residents its much much easier to cashout.
Besides there's Bank of Georgia wealth managment department, that can close eyes on certain things, provided that you place at least 100 000 USD on your account as a term depostit.

 

[OTR365]

Jonny Cage said:
However, there are certain preveleges that I, as a Georgian can get from local banking. Cashin crypto is one of them. For residents its much much easier to cashout.
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Sounds like it is possible to do a lot in Georgia by being a resident and with the right contacts in right banks. I have had, and also heard about some negative banking experiences recently, and was already giving up on Georgia a little bit.

It is great to have a Georgian person here. I am sure many people on this forum, including me, appreciate your knowledge.

 

[jeertweet]

the more i research and talk to people in the offshore business, the more i see that the solution to cashing out high amount of crypto is to either do it very slowly, over years, or to find banks that are very light on compliance (or, of course, go the laundromats route).

i suspect that finding good, well connected local lawyers can also provide solutions for this kind of issue (probably the safest and easiest route tbh).