Pulling Out Bitcoin

[NewMorty]

Hi, I have some Bitcoin in coinbase I want to offload but without sending it to my home country bank (UK) to avoid taxes etc. What is the best way to take it out without the UK finding out about the withdrawal? I can set up businesses offshore if needed I'm just after the best solution to withdraw the BTC.

 

[Don]

Exchange it for cash.

 

[NewMorty]

Hey Don can you elaborate more on this I am not based in UK currently.‌ Is there any platforms for this as most are KYC and report back AROI etc‍

 

[Don]

There are some exchangers who can give you cash for⁠ your bitcoin. Generally fee is around 5% of the market rate.
You can also buy⁤ real estate for your bitcoin and it will not be reported.
For example this approach⁣ works well in uae, georgia, armenia, etc.

 

[JohnnyDoe]

I can help with both real estate and cash

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[diatessaron]

I am 100% sure you can sell it at market price but even get a‌ premium on it using one of the person2person exchanges.

 

[JackAlabama]

You have your Bitcoin in ***Coinbase****, which asks for kyc⁣ or shares your info already. Is it under your real name or do you use⁢ another account?

 

[NewMorty]

All under real name legit money but I am just trying to avoid taxes when‌ pulling it out. I'm not after real estate either. Is there any good person 2‍ person exchanges you guys know about that has no KYC requirements?

Also, can this be⁠ done via a business say I set one up in Dubai and try to offload⁤ it to a business bank under the business name?

Could I use Kraken to send⁣ to and lose the trial then send to a personal wallet like electrum then look⁢ to offload somehow even if it's person to person, I prefer a business-type setup where︀ I can send and use the funds for business-related things.

Ideally, I'm after a business︁ where I can incorporate and get a bank and then offload to that bank so︂ the money is offshore and safe in a bank as opposed to having cash (unless︃ there is an easier way). Then I can use the business as well while keeping︄ myself hid away from UK taxes etc.

 

[Wellington]

If you don't live in the UK, unloading into the⁣ UK should be tax free in the UK, as they have a position, that you⁢ pay taxes where you reside, not where you bank/off-ramp...

Coinbase also shares information with HMRC︀ regardless.

 

[Peachs]

There are actually few P2P conducts small/large scale transaction. In my recent experience which i‌ assist someone from Monaco.

We able to transact his Bitcoin to a Hongkong company which‍ agreed that the BTC Holder transact anonymously.

 

[Martin Everson]

I was wondering‌ the same. He says his home country is UK but then he says he is‍ not based in UK currently. So don't know exactly what he got going on there.⁠ Maybe he is UK non-dom.

Anyway Coinbase reports to HMRC as I have mentioned in⁤ other threads so he will be left to figure it all out with HMRC.

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Coinbase are contacting customers with more than £3,000 in crypto assets to let⁣ them know they're sharing account information with HMRC. The email reads:

"We’re writing to let⁢ you know about a notice HM Revenue and Customs (HMRC) issued to Coinbase under Paragraph︀ 1, Schedule 23 to the Finance Act 2011. This notice requires us to provide information︁ on your Coinbase account to HMRC. The notice requires the disclosure of customers with a︂ UK address who received more than £3,000 worth of crypto assets from Coinbase UK, Ltd.,︃ from April 6, 2020 - December 31, 2020. This includes both purchases or receipts of︄ crypto to your Coinbase account."

------ quote end

 

[Peachs]

@NewMorty sir, just a question. Only the tax implication are you worrying about with regards‌ to Bitcoin withdrawals?