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Crypto high 6 fig with no source of funds no tax returns looking to offramp

#121
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pomo said:
Aren't all these secured loans? I mean if they accept a DeFi loan they should have some kind of knowledge of how those work and look in to the collateral and ask how you earned that.
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I've never done it but it can look like this. You borrow DAI against BTC. You send DAI to a EU licensed exchange and sell for EUR. You send EUR to your bank which asks POF. You show the loan, print some PDFs from the DeFi website. The f off. Then you buy a house with this money. Same story, you show the loan and the exchange tx history. Then you pay off the loan with your other BTC. Banks/Notary don't have procedures to continue checking if you still have the loan. That's why ChatGPT keeps saying it's not a taxable event when I am asking wtf is DeFi good for.
 
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#122
5K1PP3R said:
I've never done it but it can look like this. You borrow DAI against BTC. You send DAI to a EU licensed exchange and sell for EUR. You send EUR to your bank which asks POF. You show the loan, print some PDFs from the DeFi website. The f off. Then you buy a house with this money. Same story, you show the loan and the exchange tx history. Then you pay off the loan with your other BTC. Banks/Notary don't have procedures to continue checking if you still have the loan
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It's all fun and games till you get stopped at the very first step.

What's the source of your crypto?
Don't have one? Sure, we'll keep your money until you provide an answer that we like, we may or may not keep your money forever hap¤#"
 
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#125
rss said:
I know you haven't read all 7 pages of this thread but did you at least bother to read the very first post, or even the title?
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Of course not. Is this mandatory to read it? He is just a bit late to the party.
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#126
jcabezuelo said:
Hey there,

Still planning that move to Spain or Portugal with your crypto? Here's a simple way to think about it:

My Recommended Steps:
  1. Company: First off, setting up a company (like a US Delaware LLC, a Portuguese Lda, or a Spanish SL or any other limited liability company in other country – we can figure out the best fit for you). Now with brand new company name get business IBAN account in well known bank and also some fintech bank account with multicurrency (could be useful in the future) and some crypto exchange accounts. Note than have a real business plan for the company and create a company website is a must.
  2. Move the Crypto: Next up, you'd move the crypto you're planning to use for buying, selling, or investing into the company's crypto wallets/exchange accounts. Then, you can transfer some of that to the company's online bank account and maybe even a bit to a regular bank with a branch near where you're thinking of living.
  3. Loan Smart: A smart move can be getting a loan in the company's name, using your crypto (or even the fiat you've moved) as collateral. This lets you use that value without selling your crypto right away, which can be a tax win. Plus, your crypto/fiat investments can keep growing! Some of the newer fintech or online banks are making this easier.
  4. Spend Wisely: With that loan money, you can buy whatever you're after – cars, real states, or investments in stocks, bonds, derivatives whatever you're into.
Other Options:
  • Direct Crypto Sale: If you'd rather just cash out some Bitcoin directly, we can handle that too. We can buy your crypto and send Euros to your bank account (depends on the amount, of course) we can use the P2P feature of any crypto exchange. Makes things super simple.
  • Investing & Property Help: Once you've got Euros (whether from a loan or selling crypto), that's where I can really help. I run a Family office desk here in Spain, helping families manage their wealth. My fee is based on how well your investments do (performance fee), so we're on the same team. We can figure out the best way to invest in traditional stuff (stocks, bonds, commodities, derivatives, etc.) and, since I used to be a real estate agent, I can even help you find a great property in Spain or Portugal.
Shoot me a PM if you want and let's chat about what makes the most sense for you!

Cheers,
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Hey there
Please share the web site of your service in pm
Might be interesting
 
#128
daniels27 said:
If you are not afraid from your last residence country, pretty much anything without capital gains tax on crypto will do it. Personal preferences vary, Switzerland, Singapore, Malaysia, El Salvador, Cayman Islands, Bermuda, Puerto Rico, BVI, Georgia, UAE, Panama, Dominican Republic, the list is long. It depends a bit on your trading activities, some countries do tax it if you do it as a business.
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Switzerland is not really an alternative anymore. It is getting crazy. If you got no job or more than 50% of your income during a specific calendar year comes from investments, they may classify you as a professional investor and tax you with income tax
 
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#132
Revoltec said:
Switzerland is not really an alternative anymore. It is getting crazy. If you got no job or more than 50% of your income during a specific calendar year comes from investments, they may classify you as a professional investor and tax you with income tax
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thats not new and has been for many years already like that.
You can however have all activites wrapped inside a company setup to have a "relatively" low rate. Its a lot of admin (unnecessary) work, but it will work at the end. You will get slaughtered otherwise since top tax rate ran into 40% fairly quick if you operate with a 7digit portfolio.
 
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#133
MrTambourineBTC said:
Hello!

I have high 650k in crypto looking to eventually offramp to bank and more traditional investments. Eventually but a house in Spain.

My initial source of funds came from recieving payments in crypto from poker winnings (prof poker player for 15 years) from 2017-2020. No receipts. Played on Chinese apps and the guy paid me on Sundays via BTC and later on usdt.

That was just a few k, my portfolio was 30k at the end of 2020 and made up to 650k in these 4 years in crypto (trading, farming, airdrops, all over defi...).

I never paid taxes on the money, not on my poker days, not on crypto days.

I want to start paying in 2025 and eventually be able to legalize my money and move to tradfi, buy a house etc.

I only consider Spain and Portugal.

I have 50k of legal, banked money.

What would you suggest I do?

I don't have rush, can be patient to start generating tax reports, etc. And eventually be able to comply more with banks to be able to offramp. I could see myself being low-mid 7 fig in a few years.

I'm trying to decide my strat for the next few years, so I'm all open for advice and suggestions.

Thank you very much!
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You can check some businesses who for a percentage can give you back in fiat after taking payment in crypto.You can simply invoice them and get paid back.They will sign an agreement also before the invoicing starts so that everything ties up nicely.Could have given more details but i think it will be against forum rules.
Also as a sidenote: I always wanted to play good poker could you teach me.
 
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#135
JackAlabama said:
thats not new and has been for many years already like that.
You can however have all activites wrapped inside a company setup to have a "relatively" low rate. Its a lot of admin (unnecessary) work, but it will work at the end. You will get slaughtered otherwise since top tax rate ran into 40% fairly quick if you operate with a 7digit portfolio.
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What kind of setup and rate are we talking about approximately ?
 
#136
JackAlabama said:
thats not new and has been for many years already like that.
You can however have all activites wrapped inside a company setup to have a "relatively" low rate. Its a lot of admin (unnecessary) work, but it will work at the end. You will get slaughtered otherwise since top tax rate ran into 40% fairly quick if you operate with a 7digit portfolio.
Click to expand...
But will it have enough substance if you are just a trader and buying and selling stocks/crypto?
 
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