Need to offramp very old (no SOF) crypto to buy house ES

[JohnnySilverhand]

Hi all, new member here !

I have a "friend" who wants to find a way to offramp crypto (6 figure) to buy a house in Spain. The crypto he holds dates back to circa 2015 and moved through many wallets and Defis there is no way to trace it back or provide a clear SoF for it. Some of it comes from investing in ETH when it was announced and some he earned making crypto related software/consulting. He also still owns wallets that date back to 2013 that held more that what he currently wants to convert/use if that can be helpful somehow.

He would like to purchase a house in southern Spain (sub 500k) and is looking for a clean way to offramp the crypto or directly use it to purchase. The tax and bank rules feel like a minefield so he needs some advise.

- He himself is not a European citizen but is resident in Spain. His wife is European citizen and also owns some crypto that can be justified with SOF through exchanges but he would like to keep that as a security for her.

He originally opened a Swiss Quote account which only asks you to sign and certify that you own your wallet, and he was planning to just convert through them but he is afraid he will have issues when he would use the fiat and SoF is demanded from him.

He is looking for advise/services and would prefer to do it directly in Spain.

However, as he is also a freelance developer, has always wanted to setup an offshore company, and often works with international clients, he would consider a solution involving something like Dubai IF that is the most recommended path. He is not in rush and prefers to take the safest path but his priority is really to purchase a house for now.

Cheers,

 

[Meta]

Hi. It's very similar to my situation (I've bought a property in Spain with crypto proceeds, though I wasn't a resident at that time), so I can offer some advice.

- If he is Spanish tax resident and he has not declared crypto with tax authorities, he is probably in law violation.
- I was asked by banks and lawyers to produce a tax return. The deal amount is, say, 500k and you need a tax return showing income of 500k. Otherwise this money is considered "not declared bad money". Yeah, you are selling crypto in 2025 and supposed to declare in 2026, but nobody cares. "You can wait until next year". Maybe not universal rule, but keep in mind.
- Your friend will need to pay capital gains taxes on the crypto.
- Oh and ~10% when buying property.
- Seller will strongly prefer transfer from a Spanish bank, though EU/Switzerland can be ok.

Sorry, no solution for you. Maybe speak with Swissquote/alt.co/Mt. Pelerin regarding source of funds... I just want to point out that tax/rules of Spain are difficult to deal with even before considering SoF. I found the process very burdensome, expensive and unpleasant. Not recommended at all actually.

 

[BlackVault]

Only solution is to "create" a SOF.

 

[asaud]

Then here is one big beautiful question; "how?"

 

[bubbledouble]

There are a few service provider around OCT that are able to help with it, try @ActionMan or look inside the marketplace and other forums, use search function on OCT.

 

[JohnnySilverhand]

Thanks all for the advice.

@Meta After researching a bit more it seems making a Crypto backed loan will be the best way to get SOF and avoid to be taxed. Otherwise it's really not worth it to declare and pay so much tax for something that governments were saying not long ago is illegal and a ponzi scheme. Now they are trying to hoard it as a reserve until the fiat ponzi scheme collapses. Honestly better keep renting in that case.

@bubbledouble thanks for the tip I will check. I guess you mean OTC and not OCT rignt ?

 

[erni]

There are people around OCT that offer this service, you only need to search for them here. @CryptoCashKitty is also one @ActionMan and many more, also check the mentor group gold abandoned marketplace, lot's of services there https://www.offshorecorptalk.com/forums/abandoned-marketplace.86/

 

[ActionMan]

Feel free to DM. we have done this multiple times, taking aged coin through a clean corridor and landing it in fiat that passes a compliance sniff test. Everything runs audit-tight from first handshake to settlement, so if someone ever decides to lift the hood on the transaction, the file holds.
FYI, Before anything moves we build the source file. KYT, travel rule, narrative engineering, so the MT103 the receiving bank sees lines up with the contract set we’ve prepped. That way the wire reads like it belongs in their inbound queue, not their exception report. Once the structure is locked, the flow is just execution, capital clears the desk, credits on ledger, and lands where you want it.
We’ve taken profiles with chain history messier than a DeFi farm dump (multi-hop mixers, staking rewards from defunct protocols, illiquid alt dust sweeps, cross-chain bridge remnants, and unwrapped tokens from old smart contracts) and had them settle clean into Portugal notary tables without a hiccup (a lot went for golden visa applications, mostly Chinese applicants). If his target is sub-500k in southern Spain, we can frame it so the bank and the notary see exactly what they expect, nothing more, nothing less.
If he’s serious about getting it done right the first time, send me a message and we can talk lanes.

 

[sebastian]

What's your fee for such transactions with say 200K euros?

 

[ActionMan]

For that ticket size it depends on the lane, the asset, and the destination. All of our exits are structured and fully documented, so we build the fee around the route that clears the cleanest. Drop me a DM and I can outline the lanes and the all-in cost.

 

[Moj]

@ActionMan pm me please

 

[JohnnyDoe]

@ActionMan pm me please

You have just received a pm from the right person 😉

 

[CEO]

You have just received a pm from the right person 😉

It's money laundering 😅

 

[JohnnyDoe]

It's money laundering 😅

Definitely not

 

[CEO]

Definitely not

Why? Explain it if possible

 

[JohnnyDoe]

People throw “money laundering” around like it means “money I don’t like.” The law says otherwise.

Article 301 of the Spanish Criminal Code (Código Penal):​

“El que adquiera, posea, utilice, convierta o transmita bienes, sabiendo que estos tienen su origen en una actividad delictiva… será castigado…”

Key words: origen en una actividad delictiva. No crime at the root, no laundering.

Directive (EU) 2018/1673 on combating money laundering by criminal law:​

“Money laundering shall apply to conduct when it concerns property derived from criminal activity.”

Again, the foundation is criminal proceeds.

Some case law:

• CJEU, Case C-255/14 (Balogh): laundering presupposes proceeds of crime.
• Spanish Supreme Court, STS 974/2012: an irregular paper trail ≠ laundering.

Crypto mined, earned, or invested in since 2013–2015 is not heroin cash. It’s just old digital money. Moving it through wallets or DeFi doesn’t criminalize it. The only real problem is today’s compliance monkeys in banks and notaries, who want tidy paperwork for something that didn’t exist in their risk manuals back then.

In short: no criminal origin, no laundering. It’s not a crime. It’s a paperwork matter.