Can't cash out my crypto and live my life...

[wellington]

As for Third World countries to elaborate as there appears to be confusion.

The Thai Banking system is probably 1st world, the US banking system is likely 2nd world.

Burma is what you call 3rd world, having said that Thailand perhaps has opened banking there since i was last there as they were spreading regionally... the bank back in 2012 was a building without power let alone a ATM lol

 

[latindev]

I've been thinking of just creating an nft sale and just buying it all up with my other wallets.

Boy you're screaming: "Get me into jail NOW" You know there are ways to connect wallets right? I mean, currently there is a Coinbase employee and an OpenSea employee in the jail because of simple stuff like that.

I already told the simpler solution: Make a record of all since ALL of the transactions with your cryptos are traceable, if you used different wallets it's also easy because you just need to connect the "genesis" of the new wallet with a transaction with the old one.

I did that, zero issues with banks, money went into the stock market and real state. If everything is legit I don't see why not just creating the damn record of transactions. You don't even need to specify all of them, it's just to create the history of them. Zero business, zero projects, zero fake salaries... NOTHING! just a damn record explaining everything.

That you used an exchange/service/etc that doesn't exist anymore? WHO CARES! It's not about what happened inside the service, it's the simple: "X amount entered, Y amount went out doing Z inside the service"

 

[blancmon229]

if you're interested anyway I can help you find the seller

I would be interested in that as well. Let me know if you have a seller .

Move your crypto to Nexo.com.
Borrow Fiat against your crypto as collateral.

Huh? Nexo? They are all a front and a scam for the Bulgarian mafia. Read the news. There was even recently a raid in their offices.

https://decrypt.co/119006/nexo-under-investigation-bulgaria-alleged-money-laundering-tax-offenses
https://cointelegraph.com/news/bulg...ividuals-following-raid-on-nexo-office-report
https://www.rferl.org/a/bulgaria-nexo-fraud-allegations/32220986.html

 

[JackAlabama]

Third world banks usually don't have much access when it comes to corresponding bank relationships, so even if you cashed out into their shitcoin (currency) you'd likely have issues getting the money into the 1st/2nd world and get frozen or SARs which will cause a world of pain by escalating your current SoF issues. lol

Oh and don't do fake documents, thats bank fraud, money laundering, and likely international money laundering, oh and tax evasion, computer crime and so on.

Just cash out and pay the tax and pray the gov is just happy with their cut.


Adding to this, i've had 'access' to the Thai Gov FBI equivalent system for people in the country (foreigners).

Let me clue a few people in, the archive system of information they have in there connected to just about every aspect of a resident in Thailand (or tourist) would make the Gestapo proud.

Seems to work indeed very well if one looks around who hangs around there. The key is not to just gather all kinds of data and collect it so how its done its creating a big mess impossible to deduct any meaningful insight. This can be easily seen from newspaper articles which proves such endeavors moot. Especially fellas from 2 quite big countries are well aware of this fact. Also the background checks seems to be very basic (again deducted from just newspaper articles whitout some magic insights. )

As for Third World countries to elaborate as there appears to be confusion.

The Thai Banking system is probably 1st world, the US banking system is likely 2nd world.

its facade is just very nice looking, but its clearly not a 1st world system. There are many issues with banking (like you said with the gestapo aml proceed sharings etc, due process etc. ) and the very big informal market / gdp is also not exactly indicating a 1st world banking system.

Burma is what you call 3rd world, having said that Thailand perhaps has opened banking there since i was last there as they were spreading regionally... the bank back in 2012 was a building without power let alone a ATM lol

indeed a failed state.

 

[Mercury]

Huh? Nexo? They are all a front and a scam for the Bulgarian mafia. Read the news. There was even recently a raid in their offices.

This is old FUD, check the dates.
Meanwhile Nexo is still there standing, unlike Celsius.

Anyway, if you don't trust them you don't need to let your cryptos there.
Once the Fiat loan and transfer are made, just refund with crypto the next day. You'll have to pay at least 1 month interest as per their conditions though.

Crypto is not a risk-free industry, everyone should decide accordingly.

 

[blancmon229]

Once the Fiat loan and transfer are made, just refund with crypto the next day. You'll have to pay at least 1 month interest as per their conditions though.

Before getting the loan,do they require SoF for the initial onboarding the crypto to their platform?

Do they have a min/max they can loan out based on the crypto amount and at what interest percent usually?

 

[Mercury]

Before getting the loan,do they require SoF for the initial onboarding the crypto to their platform?

Do they have a min/max they can loan out based on the crypto amount and at what interest percent usually?

I don't know about SoF, I assume (?) they check if your cryptos are "tainted" when you receive it in your account.

LTV ratio varies depending on the collateralized crypto asset. BTC: 50% LTV, USDT: 90% LTV ...

Interest rate depends on your Loyalty Tier, which is determined by the ratio between the value of your NEXO Tokens against the rest of your portfolio:
Base: No NEXO Tokens are needed; interest on your outstanding credit line balance is 15.9%.
Silver: The ratio of the NEXO Tokens in your account against the rest of your portfolio must be at least 1%; interest on your outstanding credit line balance is 14.9%.
Gold: The ratio of the NEXO Tokens in your account against the rest of your portfolio must be at least 5%; interest on your outstanding credit line balance is 10.9% if your LTV is above 20% and 2.9% if your LTV is below or equal to 20%.
Platinum: The ratio of the NEXO Tokens in your account against the rest of your portfolio must be at least 10%; interest on your outstanding credit line balance is 7.9% if your LTV is above 20% and 0% if your LTV is below or equal to 20%.

https://nexo.com/borrow
You may want to check their website or contact them directly for more info.

 

[JimBeam]

Because you can't really cash out multiple millions from an ATM and keep it all in cash, that's just retarded.
I'm looking to have money in the bank to invest into traditional markets and buy real estate with.

Habibi - come to Dubai!
You buy property with Crypto here.
You can rent it and have cash flow OR you sell it and get clear cash straight into your bank account.

 

[Mercury]

Habibi - come to Dubai!
You buy property with Crypto here.
You can rent it and have cash flow OR you sell it and get clear cash straight into your bank account.

Let's say you want USD. You are the average guy who bought at standard market price an OK property that you are able to sell in the shortest term with no capital gain or loss.

From your experience, how much in % will this crypto cash-out cycle cost including all agent/bank/structure fees, currency conversion, government taxes,... to finally get USD in a proper personal bank account?

 

[meze99]

I'm pretty sure that it will be next to impossible to find a bank that will accept a 7 figure loan from Nexo or a similar company without asking questions about collateral to the loan. I think even for 6 figure loans banks will give you hard time.
Real estate resale route comes with a 15-25% loss if you count in real estate agency fees, stamp duties and a discount to the market to sell real estate fast (still can take months).
5K1PP3R, your SoF documents will be some kind of a loan or a sale of goods that are exempt from capital gain tax?

 

[SunayB]

Don't get too exited of the idea of having millions of $ in fiat money and don't buy a Lambo for now . Go to Dubai and research the residential/commercial property market . Wait for the next bullrun . Go to Dubai again and invest in top location/high yield properties . Find some reputable estate agents and rent them out. Start improving your lifestyle with the rent you receive .

 

[JimBeam]

Let's say you want USD. You are the average guy who bought at standard market price an OK property that you are able to sell in the shortest term with no capital gain or loss.

From your experience, how much in % will this crypto cash-out cycle cost including all agent/bank/structure fees, currency conversion, government taxes,... to finally get USD in a proper personal bank account?

If you buy 2M+ AED property (around 500k EUR/550k USD) and you'll get a 5 year investor visa with and Emirates ID. You can also buy multiple properties in that value.
Emirates ID is sufficient to get a bank account from your phone in a good bank and your cards and checkbook delivered to your door step.

If you buy property off plan (in a construction phase, form a developer) you would have to pay 4% DLD fee on top of the price but that's already in the contract and part of the selling price so you don't need extra cash for that.
If you rent it you can get usually 6-8% ROI on your capital. In case you want to sell it the buyer pays the 4% DLD fee and the real estate agency commission so you'll get basically all the full amount.
So the only thing is how well can you buy and sell it and you could potentially earn if the property appreciates.

In case you want to cash out 3-4-5 M I would buy couple of properties to keep/rent (needed for investor visa) and other just to go from crypto to cash.
There are also places where you can convert do crypto to cash for living expenses etc.

 

[blancmon229]

Emirates ID is sufficient to get a bank account from your phone in a good bank and your cards and checkbook delivered to your door step.

You can open up a personal account in UAE bank remotely with just the Emirates ID? What banks?
And I am assuming you will need a UAE phone number.

 

[JimBeam]

You can open up a personal account in UAE bank remotely with just the Emirates ID? What banks?
And I am assuming you will need a UAE phone number.

Yes, you'll need a phone number anyway. And if you have Emirates ID - you're considered resident. You can easily get a cell phone number.

You can open personal account in almost any bank (Mashreq, Emirates NBD, Mashreq, DIB, FAB...) just scan your Emirates ID during the setup and that's it.

 

[blancmon229]

You buy property with Crypto here.

Is there KYC? Where would you find people selling their property for crypto? How can you sell without taking a huge loss if there is so much oversupply?

 

[Mercury]

I'm pretty sure that it will be next to impossible to find a bank that will accept a 7 figure loan from Nexo or a similar company without asking questions about collateral to the loan. I think even for 6 figure loans banks will give you hard time.

A part of Nexo's business model is making money from their loans, therefore I'm pretty sure there should be some banks that deal with Nexo. The only one who can surely answer this banking question is Nexo, so better to ask them.

We agree that the underlaying issue is always the same with cryptos: find crypto-friendly banks that will accept fiat transfers (small and large amounts) from/to crypto platforms be it Nexo, Kraken or Coinbase...

Relevant thread idea: Crypto-friendly Banks (no EMI) + Conditions

 

[5K1PP3R]

so the previous post was removed because mods thought I am offering some service. I cleared the situation with @Sols and to clarify again: this is not a service but a solution for OP to sell crypto to someone who has clean money and needs crypto. You and the buyer make a contract of purchasing an intellectual property asset. But as mentioned you better change tax residency not to pay European income tax, but this is optional.
Original post:
I will give you clean money and documents, you will give me crypto. We can make the transaction via binance as normal. But you will probably need to couple it with another residency, you could start with Georgian 1% income tax, (there is a yearly limit though of about USD 200k) you don't even need to live there or Cyprus 2.5% profit tax using IP box + 0% dividends using 60 days tax residency. I have experience in all this.

Let me know if you are interested, PM me or I can but the plan and PM you

 

[wellington]

Just gonna add, this post has gone from pointing someone in the direction for a 'clean-clear' exit to potentially money laundering advice.

 

[JimBeam]

Is there KYC? Where would you find people selling their property for crypto? How can you sell without taking a huge loss if there is so much oversupply?

You can buy it off-plan directly from the developer and pay with crypto:
Buy Dubai Property with Bitcoin and Ethereum - DAMAC is one of the biggest developers (not the best LOL)

Since you bought it off-plan (under construction) it's usually a bit cheaper as you need to wait for the project to complete and as it gets ready the price usually increases.
So, you could resell it for a profit along the way or once its complete.

You can also rent a place with crypto while you await your project to complete to move in:
https://www.propertyfinder.ae/en/pl...ubai-al-barari-the-neighbourhood-9848926.htmlhttps://www.propertyfinder.ae/en/pl...ubai-al-barari-the-neighbourhood-9851348.htmlhttps://www.propertyfinder.ae/en/pl...ubai-al-barari-the-neighbourhood-9850979.htmlhttps://www.propertyfinder.ae/en/pl...t-and-spa-jumeirah-gate-tower-1-10010770.html
You can also find built properties for sale and pay crypto:
https://www.propertyfinder.ae/en/pl...-jumeirah-la-mer-port-de-la-mer-10133189.htmlhttps://www.propertyfinder.ae/en/pl...dubai-al-furjan-murooj-al-furjan-9926944.html
Even in Burj Khalifa:
https://www.propertyfinder.ae/en/pl...-burj-khalifa-area-burj-khalifa-10059935.html

 

[meze99]

Never buy anything under construction in UAE (or elsewhere).
There is or was a major UAE developer that was 3 YEARS late (basically high way robbery) and UAE judge took the side of the developer, so buyers were kindly asked to have more patience and keep waiting for their luxury apartments.