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Moving 6 figures from US LLC to EU

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bsdc

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Oct 7, 2024
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Hi everyone,

I formed a US LLC in 2023 as an italian resident and citizen.
Never declared, never moved money to europe, and have both a Chase account (opened physically there) and a couple neobanks.
Only moved small sums to US LLC Wise and then to Personal EU wise.

Since 2024 i am effectively unemployed to the government.

I am looking to buy a house here, so i'd like to figure out how: either move money to Europe somehow (obviously paying taxes, but without busting the whole LLC ideally) or figure out a setup where i can use the money without moving (impossible i think)

Invoicing myself from an italian company seems extremely risky, buying crypto and cashing out perhaps?

Or just open a local business and have fresh money flow there instead of US?

I could get people i know IRL, family members and such, to open local companies if that could help.
Same option feasible in the US, and in 1 other non-EU country i won't disclose.

Any other idea?
 
just pay your taxes, sooner or later they will anyway find out. Currently FATCA changes‌ are underway that forces US banks to report
 
I get‍ that and i don't mind paying, but realistically how would i go about that?
Distribute profits and pay dividend tax on that?
Or register LLC as resident and then? Accounting⁠ requirements in USA and Italy are vastly different, i don't know if i can provide⁤ receipts for all my transactions.
 
fatca works the‌ other way. its not from us to eu in any meaningful way last time i‍ checked
 
His name is FATCA, the‍ same as the system.

Where is the spelling mistake?
 
Ok, legally you are liable to⁤ pay tax to Italy when you earn it in your US LLC, even if you⁣ just keep it there and dont send it anywhere. You may get away with it⁢ though, as despite clauses of bilateral reporting exist, in practice US banks and authorities dont︀ report much to foreign countries.

Why is it so obvious to pay tax on transferring︄ funds from the US LLC to you personally, but not on the US LLC profits?︅

It's primarily the tax on personal income that is ridiculously high in Italy and in︆ Europe in general, and that causes Europe to be a lot poorer than what it︇ should be.

And to resolve the problem of not paying crazy taxes when receiving money︈ from your US LLC, the only reasonable solution without taking legal risks is to stop︉ being a tax resident in Italy. Just register in AIRE somewhere, have your habitual abode︊ and close family outside Italy and stay away at least 183 days. Nobody ambitious, who︋ wants to make a good career or who is starting/running a business should be a︌ tax resident in a tax hell country anyway. (But it's fine to visit such countries.)︍

Italy actually recently made it easier to stop being an Italian tax resident, in that︎ they removed business and economic interests in the domicile test, leaving just familial ties. Meaning️ you can for example have a house for investment purposes in Italy without being a‌ tax resident there.
 
Pay that money is as capital inot a LLC in a region with no corporate‌ income tax and buy the house for that company. Everything 100% legit and no tax.‍
 
1) convert the︅ crypto into stablecoins for keeping things simple
2) register a permanent establishment of the US︆ company in Estonia
3) move the stablecoins so they are legally owned by the Estonian︇ PE. The PE will open a crypto exchange account.
4) the PE is entitled to︈ withdraw equal amount of assets in EUR equal to the previously contributed amounts to PE︉ without tax. So if you exchange stablecoins for cash and then withdraw there is no︊ tax. If there is some capital gains and you withdraw more then initially contributed you︋ pay some tax, which can also be great for future SOF.

I think best would︌ be to exchange to FIAT as a corporation and then lend to other holding entities︍ for acquiring real estate.
If you don't have great SOF docs then better to avoid︎ notaries, which is possible in some jurisdictions.

This is still a good setup, but looking️ ahead if you want privacy know that most western countries are soon implementing CARF(crypto asset‌ reporting framework) so crypto exchanges will also start automatically reporting close to all transactions, unless‍ you structure the entity as non reportable.
 
So your already a criminal now 😕.

So now you want to launder the proceeds of crime doh948"".

You will end up being on TV.︀ You will be one of those people having their house raided by masked police while︁ their luxury car is loaded onto a flat bed. All being filmed by a TV︂ network while neighbors hold their hands over their mouths to stifle their shock.

Your already in a bad spot. See if you︄ can regularize your affairs is best option. Otherwise move abroad and come back in some︅ years with your fortune.
 
I guess that would mean never come‌ back to EU for op.
Maybe he can still regularize his situation tho, probably won’t‍ be cheap.
 
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