Crypto problem.

[Semper]

I plan to cash out some of my crypto stash, which is around eight figures. I am from Western Europe, and my residency is currently in Western Europe. My tax situation is optimal, and I can provide documentation.

My problem is that I have two piles of crypto:

Pile 1 represents 60% of the stash and is a very well-documented and simple-to-trace source of funds.
Pile 2 is the other 40%, and I don't have any documents to prove its origins.

Both piles are 100% of legal origin, completely separated, and have never been commingled.

My idea is to have two different brokers/banks in two countries and provide the same documentation and KYC information for both piles that I have for Pile 1. One problem that I see with this is that I will always have to lie about my total net worth if asked.

Please poke holes or give me recommendations. I'm also happy to listen to other solutions.

I appreciate your help.

 

[wellington]

Just get a lawyer to write a explainer / cover letter for stash two based on then evidence you have

FYI I don't know what's happening in the West but I doubt they become absolutely painful unless you are doing stupid amounts in huge lumps

 

[jafo]

Semper said:
I plan to cash out some of my crypto stash, which is around eight figures. I am from Western Europe, and my residency is currently in Western Europe. My tax situation is optimal, and I can provide documentation.

My problem is that I have two piles of crypto:

Pile 1 represents 60% of the stash and is a very well-documented and simple-to-trace source of funds.
Pile 2 is the other 40%, and I don't have any documents to prove its origins.

Both piles are 100% of legal origin, completely separated, and have never been commingled.

My idea is to have two different brokers/banks in two countries and provide the same documentation and KYC information for both piles that I have for Pile 1. One problem that I see with this is that I will always have to lie about my total net worth if asked.

Please poke holes or give me recommendations. I'm also happy to listen to other solutions.

I appreciate your help.
Click to expand...

What are we buying with eight figures that are so essential? 🙄

 

[EliasIT]

Semper said:
Pile 2 is the other 40%, and I don't have any documents to prove its origins.
Click to expand...

how much are we talking here?

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[Martin Everson]

Semper said:
My idea is to have two different brokers/banks in two countries and provide the same documentation and KYC information for both piles that I have for Pile 1. One problem that I see with this is that I will always have to lie about my total net worth if asked.
Click to expand...

If all your worried about is not telling the broker/bank about your total net worth then you would be in same came as 99.9% of wealthy individuals who do the same to protect their wealth even when dealing with their private banks.

The only unlikely situation where this would be a problem is if they ask a year later to see your tax return.

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

 

[wellington]

On a serious note - what on earth is leading you to cash out crypto JUST as the g7 debt refi cycle gets underway where they debase in mass liquidity into the system pushing monetary inflation hedges up?

 

[jafo]

wellington said:
On a serious note - what on earth is leading you to cash out crypto JUST as the g7 debt refi cycle gets underway where they debase in mass liquidity into the system pushing monetary inflation hedges up?
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Preach! 😎

PS. It took me a while to understand this, but now...I developed an extra chromosome, which is responsible for understanding this. smi(&%

 

[Semper]

Just get a lawyer to write a explainer / cover letter for stash two based on then evidence you have
Click to expand...

Unfortunately, I don't have much to give them regarding evidence but thank you for the idea.

On a serious note - what on earth is leading you to cash out crypto JUST as the g7 debt refi cycle gets underway where they debase in mass liquidity into the system pushing monetary inflation hedges up?
Click to expand...

I always plan to keep a sizeable amount in crypto; it's the only thing that gives me some financial independence from the state. However, I am concerned that crypto will get too big someday, and states will regulate it or try to kill it, so I want to be more diversified.

What are we buying with eight figures that are so essential? 🙄
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Stocks

how much are we talking here?
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Around seven figures.

The only unlikely situation where this would be a problem is if they ask a year later to see your tax return.
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Thank you for pointing out this. It would not be a problem at the moment, but it might become one in the future. Do they require this often?

Last edited: Sep 12, 2024

 

[JackAlabama]

Semper said:
Unfortunately, I don't have much to give them regarding evidence but thank you for the idea.


I always plan to keep a sizeable amount in crypto; it's the only thing that gives me some financial independence from the state. However, I am concerned that crypto will get too big someday, and states will regulate it or try to kill it, so I want to be more diversified.
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That fear makes not much sense if you intend to invest into a pure fiction construct upheld by state power and legislation ( which are stocks ).
Plus all recent developments point exactly into the opposite direction.

Semper said:
Stocks



Around seven figures.




Thank you for pointing out this. It would not be a problem at the moment, but it might become one in the future. Do they require this often?
Click to expand...

 

[wellington]

Semper said:
Unfortunately, I don't have much to give them regarding evidence but thank you for the idea.


I always plan to keep a sizeable amount in crypto; it's the only thing that gives me some financial independence from the state. However, I am concerned that crypto will get too big someday, and states will regulate it or try to kill it, so I want to be more diversified.


Stocks



Around seven figures.




Thank you for pointing out this. It would not be a problem at the moment, but it might become one in the future. Do they require this often?
Click to expand...

States are already killing it - that's what ETfs are for - bringing it into the system

But they can't win as it's world wide they can just remove it in the west and even then it will go underground

 

[jafo]

Semper said:
Stocks
Click to expand...

Now? Or do you want the stash to wait for the correction?
Do NOT listen to financial advisors. If they knew anything, they would be doing it, not talking about it. 😉