crypto to fiat?

[dor]

how to convert crypto to fiat?
banks require proof of income and source of wealth...once you mention crypto your account is blocked and erased... lost several banks in several eu countries

 

[Gediminas]

Hey,

Try Bankera. They can ask for the source of funds, but they are crypto-friendly.

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[dor]

how to produce source of funds?

 

[tacokai]

AdvCash, never ask for any documents, they don't care and are crypto friendly.

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[dor]

advcash is long dead, all they cards were blocked, they have lost access to fiat banking
for several months already
i have used them

 

[dor]

I am talking about let's say 20 000 euros, how to withdraw? or buy an apartment, you cannot do that with cash in Europe
but if you send such large sum, instant bank block on both sides

 

[Martin Everson]

The solution I used to tell people on here was bitonic.nl -> bunq.com for any amount KYC free. However that game changed now and they started asking lots of KYC questions.

In 2021 even mycoins.ge to -> BoG (Georgia route) is a problem as they ask questions now. I would say avoid banks and buying property if you have no source of funds paperwork.

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

 

[dor]

it is all theories, any new on real world?

 

[troubled soul]

I search same solution.
I do not find any
The New type of "Solution" come, people overuse it .
And Regulator ban them.

That's the story so far.

I find in my search that If some bank today accept next day they will not accept .
It is very difficult for converting BTC->USD more than $10,000 cash out.

 

[OffShore1950]

I thought about this one time. in Spain for example you can set up company and tell government you are doing bitcoin mining. You need to prove you are mining (for example renting some dedicated servers). You only pay 25% tax income in spain. VAT doesn't apply because spain's tax agency said its not applicable. I want to try it but it seems in spain you can do it. the problem is to find some crypto-friendly bank that allow you to have income from crypto (for example kraken) and then prove it with technical resources if you have some investigation...

Hey but, I think if you have 100€ spend of rent dedicated server don't have 100k euro per month income, it's not true... But you rent a lot of servers and try to resell in forums with another company you have... There is a lot of ways to do it I think. But you need to do it right.

Sorry if I dont write correct english, I'm trying to improve it.
Have nice day

 

[RobertNozick]

I find myself in a similar situation. I have some bitcoin (6 digits USD equivalent) and I would like to sell them for fiat currency in a checking account. I am Italian and I was thinking of moving my tax residence to Portugal. There are no taxes for crypto trading, but it is difficult for me to prove my source of funds. Can it work?

 

[protonalex]

Martin Everson said:
The solution I used to tell people on here was bitonic.nl -> bunq.com for any amount KYC free. However that game changed now and they started asking lots of KYC questions.

In 2021 even mycoins.ge to -> BoG (Georgia route) is a problem as they ask questions now. I would say avoid banks and buying property if you have no source of funds paperwork.
Click to expand...

Why not buying property? What can happen with property? What can happen with bank account is clear - just blocked account.

 

[Martin Everson]

protonalex said:
Why not buying property?
Click to expand...

You can be hit with source of wealth questions down the line.

protonalex said:
What can happen with property?
Click to expand...

Seized

protonalex said:
What can happen with bank account is clear - just blocked account.
Click to expand...

Yes

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