How risky is that setup?

[wdf123]

Hello.

That's my first post. I'm fascinated by the info here and I'm willing to pay for the gold membership, but I was wondering if I could get some initial enlightenment.

How risky is a setup where:

1. You get paid by a company in the U.S though Bitwage, set to receive 100% in BTC.
2. When you need to cash out, you send some coins to AdvCash and Crypterium cards.
3. You take cash from an ATM.

Any thoughts on the weakness of such setup?

 

[troubled soul]

Regarding Tax⁢ ??
There is nothing wrong in your setup.
What worries you , Can you give︀ detail ?

 

[wdf123]

Yes, I just happened to know about these international agreements (like CRS) and I've been‌ digging into all of that. I always avoided using local exchanges/banks because I'm pretty sure‍ the IRS knows about every single transaction, but with these international agreements, I'm now worried⁠ that it may not be enough and I'm actually worried about how my local government⁤ could know about my earnings through Bitwage and/or via these cards.

 

[troubled soul]

IF the account is in your name sooner or later IRS will find out⁢ .
If your income is high register offshore company for tax reduction .

 

[wdf123]

Right, any ideas on a minimum cost required to set that up?

 

[troubled soul]

https://e-resident.gov.ee/start-a-company/
Do check out here.

P.S. I am not expert professional. Just sharing my knowledge‌ here

 

[tyrexoid]

Is Estonia crypto friendly in terms of taxation on‍ cashed out bitcoins? I have E-residency from a few years ago which I didn't use⁠ much, but this year I did some $ in crypto and don't want to give⁤ most of it away as tax (my scale is relatively small around 80k$ so I⁣ have no idea if I should even bother setting up a new LLC in Estonia⁢ to lower the tax.. does that make sense for me or I should just pay︀ the local US capital gains tax and be done with it? less hassle for my︁ small amount of $? ange¤%&)

 

[troubled soul]

https://www.emta.ee/eng/private-cli...other-income/taxation-private-persons-virtual
Hope this help

 

[troubled soul]

For Small amount , Buy Gift‌ card https://www.bitrefill.com/buy/?hl=en

or Use Visa/Master Card loaded with bitcoin for cash withdrawal

 

[12345]

bitrefill is a great site, good recommendation, I bought a lot of giftcards there in‌ the past and no problems, took me very long time to find such a good‍ website, for example if you buy amazon giftcards you can request custom amount, awasome for⁠ my purposes. Fees are also not that bad if I remember well, thanks for sharing⁤ it with others @azb1

 

[troubled soul]

Thanks . That makes my day⁣ 🙂

 

[Zaki]

same position
is it‌ ok to take cash out from an ATM in an African country that prohibits BTC??‍

 

[uplana]

Not any longer 😀 It's Africa and‍ if there are still ATM's that have any money or coins there why not use⁠ them.. It's the wild west there, I think they have bigger problems.