Cashing out Bitcoin Earnings

[Frederic]

Hey Guys,

A friend run a website which is quite successful and it earned me a few bitcoins. No illegal matter, but he never registered a company. He is sitting on around 100k worth of Bitcoin and sold his part of the website to a friend.

Now the question: how can he cash out?
He never registered a company as he has already a good paying job and this would bring him into a very bad tax situation.

So everywhere he is going to cash out he will be asked for the source of income.

He is thinking currently about an offshore Bank Account, but how to get a kyc Account on an exchange then without revealing the true identity?

These crypto credit cards are nice, but he wants to re invest into another venture and needs the full stack on a Bank Account. EU jurisdication.

 

[Martin Everson]

1. He wants to cash out crypto anonymously is all you wanted to say right?

2. Then he wants to re-invest the money in something else via having the money in an EU bank.

Point 2 is going to create tax implications if i.e it came near his name.

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

 

[Frederic]

Thank you Martin,
1. yes
2. eventually - his plan was to buy a coffee shop with the money, but still he will need to exit to fiat at some time.
If he purchases a bank account from the company, advertising on this forum

he still will need to kyc with an exchange. Interesting would be the regulations of these exchanges, when do they report to tax authorities (and if).
I found this solution for him, but there is a limit of 5k bity.com -

Does anyone have any insights on how these exchanges report?

How do others do it?

 

[myhand]

he could setup another EMI with a debit card and which is setup with darks( you are mentor group so you can checkout there) however, if it's a lot of money then it can take some time. You could put it in Gold after that and then re invest it in whatever you want.

Toggle signature
I do services that no one does at OffshoreCorpTalk - Get in touch with me e-mail - Do you have a problem, get in touch. Be clear to what you want, sneaky questions are ignored!
UK LTD with Nominee Shareholder & Nominee Director, passport and utility bill available, 2 days delivery - learn more!

 

[Frederic]

Thank you, Khan.
Heading the semi-legal route without any fake accounts which country would be a good choice to open a bank account with real data?
Which are crypto-friendly, known for secrecy and accessible? Or is there even kind of a trustee service?

 

[Ftdev]

Dear Frederic, my name Chuck from Rome.
Well I'm new in the house as you can. I was actually browsing through various categories of this forum before I stumbled across this thread.

Pls advice your friend not to worry about this whole stuff b/c,it's possible except for the fact the he/she need to make certain declaration.

Thanks
Ftdev

 

[Cato]

khan said:
he could setup another EMI with a debit card and which is setup with darks( you are mentor group so you can checkout there) however, if it's a lot of money then it can take some time. You could put it in Gold after that and then re invest it in whatever you want.
Click to expand...

What do you mean by reinvest after buying gold with it? He still needs to declare where the gold comes from, doesn't he? Need advice about that too.

 

[myhand]

If it is less than €10K at a time NO you don't need to declare it at all. Even if it is 15000 euro in Gold you sell you only have to provide a passport copy 😀

Toggle signature
I do services that no one does at OffshoreCorpTalk - Get in touch with me e-mail - Do you have a problem, get in touch. Be clear to what you want, sneaky questions are ignored!
UK LTD with Nominee Shareholder & Nominee Director, passport and utility bill available, 2 days delivery - learn more!

 

[Cato]

@khan

After I sold the gold: I just bring the money to the bank?

I think German bank will ask about the origin...right? Can I bring the cash money bills to any third world country bank and open a bank account with it? How can I invest the money in stocks after?

 

[t4t1fati]

I can make btc to cash which country you want your money you have whatsapp or something