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

#22
daniels27 said:
It was just his cats. They ran back after he moved. But he it stuck.
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Haha in the end I was able to give away all the kitties but stuck with the mother and she's great! But she's still a little feral so she's not so easy to handle, which wouldn't make things easy to travel a lot, catch flights, etc.

Otherwise I would've already gone to Panama to bang some crazy latinas while enjoying my 0%!!!
 
#23
Some crazy good answers in this thread, and also some private messages received, thank you so much for the help! I'm going through all this these days and trying to fi ally make a decision. It's not easy to leave Spain but given I'm gonna have to do my fair share of crime I would rather leave (while also being able to eventually offramp from Portugal at close to 0% vs ~25% in Spain).
 
#25
Just learned today that France recently implemented tax by nationality. That's absolutely insane and with the communist government we have in Spain I'm extremely certain that they already have taken notes and will be implemented very soon. The commies in the government have been even ahead of Europe in many topics regarding taxation (for example in crypto), all while raising taxes every year. And tax by nationality is a very popular measure because you just f*ck 0.1% of people.

Should I go through all the problems of changing my residency to Portugal, only to have to pay taxes here in a couple years when I actually want to offramp the big chunks of my money (and tbh very likely low-mid 7 fig at that point? Hmmmm
 
#26
MrTambourineBTC said:
Just learned today that France recently implemented tax by nationality. That's absolutely insane and with the communist government we have in Spain I'm extremely certain that they already have taken notes and will be implemented very soon. The commies in the government have been even ahead of Europe in many topics regarding taxation (for example in crypto), all while raising taxes every year. And tax by nationality is a very popular measure because you just f*ck 0.1% of people.

Should I go through all the problems of changing my residency to Portugal, only to have to pay taxes here in a couple years when I actually want to offramp the big chunks of my money (and tbh very likely low-mid 7 fig at that point? Hmmmm
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Totally incorrect. There is NO tax in France based on citizenship. The extreme left political party (LFI, with the ridiculously stupid Jean-Luc Mélenchon) proposed it and would love to implement it in France, but it is not the case. Nobody knows what could happen in 10, 20, or 50 years, but as of now, NO
 
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#27
toums said:
Totally incorrect. There is NO tax in France based on citizenship. The extreme left political party (LFI, with the ridiculously stupid Jean-Luc Mélenchon) proposed it and would love to implement it in France, but it is not the case. Nobody knows what could happen in 10, 20, or 50 years, but as of now, NO
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Yeah the Spanish YouTube channel I watched it said it was already passed, but watched another one where it gives the correct information.

Europe is such a cuck place anyways and I think more countries will follow, and honestly would bet money the Spanish government implements something similar within the next 3 years...
 
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#28
hlepic211 said:
For Spaniards moving to Portugal & Andorra I think the risk is high that they'll report you.
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do you mean that Spanish hacienda will accuse me of having my center of interests etc in Spain and so that I will have to pay tax in Spain despite living in Portugal?
If so, yes that's a concern for me as I do have a house here in Spain (paid with legal money through a donation)
 
#29
When you notify Hacienda about the 030 form, there is a very high chance you will receive an audit for the previous four years, and questions about any source of income or accounts including any undeclared EMI accounts, crypto etc. This is just a provisional measure. Additionally, you will be added to their list, and after-the-fact they can claim that you have your center of vital or economic interests in that location. Ideally, your house should not be in your name; it’s better to hold it under a company, and even better if someone else is living there and you can demonstrate it.


IMG_1023.webp
 
#30
nurredon said:
When you notify Hacienda about the 030 form, there is a very high chance you will receive an audit for the previous four years, and questions about any source of income or accounts including any undeclared EMI accounts, crypto etc. This is just a provisional measure. Additionally, you will be added to their list, and after-the-fact they can claim that you have your center of vital or economic interests in that location. Ideally, your house should not be in your name; it’s better to hold it under a company, and even better if someone else is living there and you can demonstrate it.


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Damn really?? This is the first news I read about getting an audit just because of sending 030 model...

My crime for the last 4 years is spending average 15-20k€/yearly on crypto.com/nexo cards, nothing else that can get me in trouble. That would be like 10k total in fines potentially.

The only big problem I see from an audit is if they decided the wallets I sent crypto to crypto/nexo to sell for EUR are mine. But is it really a thing or is it even legal? I could have received the money for whatever reasons right, doesn't necessarily mean those were my wallets and I owe now a s**t ton of money..
 
#31
I wouldn’t take the risk with Hacienda. Depending on your net worth, it might be better to stay under the radar and maintain your residency in Spain by keeping your companies offshore. The penalties for not declaring the 720 model are no longer applicable in Spain, so you currently do not need to disclose any offshore holdings.
 
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#33
This is what you pay for crypto in Spain btw

Savings taxes before our commie government were kinda ok, but since 2021 they have raised them every year. This next year (it's already passed) max bracket will be...30% lol

Those taxes are already insane and the latest they have said is that they want to equate it with work taxes (rendimientos del trabajo). How would that work, savings taxes at >40%???

I understand all of you who say leave Europe.
 

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#34
Nothing bad with leaving the EU dumpster. You still can go back for holidays, etc. Main question is always - where to settle? Just don't have anything under your name in the EU if they decide to chase you. Hold BTC and diversify into assets all over the world.
 
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#35
daniels27 said:
Buy a used car, sell it in cash and add some more.

Buy some cryptos with cash, sell them use the transaction record to withdraw the money from coinbase to 5 different bank accounts.

Move some money offshore to an account. Repeat. But a plot of land, build houses, sell it.
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Curious, why crypto purchase via cash is better SoF than a bank transfer to an exchange, if funded by easily proven income, e.g. salary?
 
#37
nurredon said:
When you notify Hacienda about the 030 form, there is a very high chance you will receive an audit for the previous four years, and questions about any source of income or accounts including any undeclared EMI accounts, crypto etc. This is just a provisional measure. Additionally, you will be added to their list, and after-the-fact they can claim that you have your center of vital or economic interests in that location. Ideally, your house should not be in your name; it’s better to hold it under a company, and even better if someone else is living there and you can demonstrate it.


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How true is this?
can they just make your life hell for leaving
 
#38
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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If you not already did you need to upgrade your account to mentor group gold and find some really sweet solution to all such problems there. It's not that complicated you just need to learn how you are going about it and take action.
 
#40
mytoofood said:
If you not already did you need to upgrade your account to mentor group gold and find some really sweet solution to all such problems there. It's not that complicated you just need to learn how you are going about it and take action.
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What are the main benefits of mentor group gold?

To be fair, I've already for 3 different tax consultations in the last couple months and they solved close to nothing lol
 
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