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

#81
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daniels27 said:
@MrTambourineBTC yes, you can also deposit legal money if you have that.

For the tax plan, it is risky. When you go to Portugal, I would not withdraw the cash there and declare as little as possible as they may investigate and in the worst case inform the Spanish about the true origin of funds. I would do this later on in Panama or somewhere where nobody cares.
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Yes I don't plan on offramping all my money for now. Yields and opportunities are so insane in crypto that for me it would make sense to keep my bag in crypto until low-mid 7 fig hopefully in a few years. And cash out smaller amounts legally in the meantime.

If I sold my house for 150k, that's 200k€ of legally sourced money I can deposit into crypto (risk of 100% of all my assets into crypto for a while is not nice btw, could try to sell at least some to cash) and at 50% average APR that's already some very nice amount of money that won't raise flags, earned in a legit way, with proper source of funds. This earnings shouldn't be an issue. (I'm not convinced on the house, but renting it to relative/friend is the inferior option regarding Spain making retarded claims.)
rss said:
You should consider moving within the next few months or you will waste 1 entire fiscal year. The more you drag this the less options you are going to have in the future.
There is no clean way to do this, you have to do your fair share of shady stuff to make sure you come out of this clean and the best solution is to leave Europe.
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Yes I'm aware and trying to start solving it in early 2025. Will continue to give it thoughts and appreciate all the help.

Portugal is a very decent solution though. I wish I could just flee to Panama...
 
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#82
daniels27 said:
@MrTambourineBTC yes, you can also deposit legal money if you have that.

For the tax plan, it is risky. When you go to Portugal, I would not withdraw the cash there and declare as little as possible as they may investigate and in the worst case inform the Spanish about the true origin of funds. I would do this later on in Panama or somewhere where nobody cares.
Click to expand...
Portugal doesn't work for him because he already fucked his situation up by using the wallets for funding his kyc debit cards? If this wasn't the case he'd be able to do it there?
rss said:
You should consider moving within the next few months or you will waste 1 entire fiscal year. The more you drag this the less options you are going to have in the future.
There is no clean way to do this, you have to do your fair share of shady stuff to make sure you come out of this clean and the best solution is to leave Europe.
Click to expand...
Any particular place that is suitable for Europeans with loaded wallets? A place where you can comfortably can stay at least 6 month every year with enough freedom. Declare everything over some time and come out with everything nicely documented as a law abiding resident. The here named places don't give you the best banking options. No place where you need to pay a lot to enter because banked resources in such cases are usually low. You can always use the utility bill of a holiday home but isn't this fraud and the bank can get pissed in case they find out? If it's not yourself who is doing the dirty work and instead a gypsy or ukranian then i guess it's from a risk based approach more acceptable.
 
#83
Yes, move to Portugal, sell house, buy cryotps, sell crypto at profit tax-free, live there for a while, then go to Panama. You could also move to Germany, if you hold onto cryptos for over 1 year, there is no tax. And Germany is much, much less suspect than Portugal.

Where is the house? I think @Radko may be interested in a house swap in Spain :)
 
#84
MrTambourineBTC said:
If I sold my house for 150k, that's 200k€ of legally sourced money I can deposit into crypto
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So all you have to do is go from 200k to 850k in 2-3 years, as a professional shitcoin trader that's not hard at all.

There are plenty of multi-million dollar mkt-cap shitcoins listed on centralized exchanges, where you (your friend) can wipe the entire sell-side liquidity with less than $1k and decide what price of that shitcoin is going to be for a second or two. Do with that information what you will.

You could potentially be the best shitcoin trader of all time and win 100% of the time (don't do this), or you could fly under the radar and mix hundreds of legit trades with one or two shitcoin adventures per year.
 
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#85
rss said:
So all you have to do is go from 200k to 850k in 2-3 years, as a professional shitcoin trader that's not hard at all.

There are plenty of multi-million dollar mkt-cap shitcoins listed on centralized exchanges, where you (your friend) can wipe the entire sell-side liquidity with less than $1k and decide what price of that shitcoin is going to be for a second or two. Do with that information what you will.

You could potentially be the best shitcoin trader of all time and win 100% of the time (don't do this), or you could fly under the radar and mix hundreds of legit trades with one or two shitcoin adventures per year.
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Just put an NFT on the market, and sell it. You can then buy it yourself for all the 888k in shitcoins you have. You hold it for one year and then off-ramp in Germany. No tax, and all issues solved.
 
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#86
daniels27 said:
Just put an NFT on the market, and sell it. You can then buy it yourself for all the 888k in shitcoins you have. You hold it for one year and then off-ramp in Germany. No tax, and all issues solved.
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There are too many eyes watching the NFT space, fat fingers on low liquidity centralized exchanges happen all the time and nobody really cares or seems to understand why they happen in the first place.

NFTs are great if you plan on investing in a really liquid market (like cryptopunks) put 100k in and take 120-130 out and re-sell that nft instantly to someone random for 95k.
 
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#87
rss said:
So all you have to do is go from 200k to 850k in 2-3 years, as a professional shitcoin trader that's not hard at all.

There are plenty of multi-million dollar mkt-cap shitcoins listed on centralized exchanges, where you (your friend) can wipe the entire sell-side liquidity with less than $1k and decide what price of that shitcoin is going to be for a second or two. Do with that information what you will.

You could potentially be the best shitcoin trader of all time and win 100% of the time (don't do this), or you could fly under the radar and mix hundreds of legit trades with one or two shitcoin adventures per year.
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Lmao the crimeometer on this thread is through the roof!!

I'm definitely not writing down any of this ✍

I would use the last strategy in a more shady/small (yet KYC) cex. I'm sure binance/bybit can have eyes on such activities and flag both accounts the first time it happens especially for bigger amounts.
 
#88
MrTambourineBTC said:
I'm definitely not writing down any of this ✍
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Well, in that case... 64m usd market cap
https://coinmarketcap.com/currencies/staika/

2268 usdt market buy wipes the entire sell side liquidity: https://www.bitget.com/spot/STIKUSDT

zzzzz.webp
 
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#95
rss said:
You should consider moving within the next few months or you will waste 1 entire fiscal year. The more you drag this the less options you are going to have in the future.
There is no clean way to do this, you have to do your fair share of shady stuff to make sure you come out of this clean and the best solution is to leave Europe.
Click to expand...
Moving to what country would be the best option?
 
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#96
ketoz said:
Moving to what country would be the best option?
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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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#97
MrTambourineBTC said:
Perhaps I wasn't stressing enough my main concern is being able to eventually offramp. (Portuguese tax man is not a concern plus some tax benefits for crypto. Spanish if you start to file tax slowly on the A money shouldn't be a big concern if I don't do anything stupid. I could potentially go somewhere else in a 3-4 years.)

I was thinking of depositing my 50k of taxed money in binance/kraken and from there for a few years build credible tax reports with legit source of funds while growing the portfolio agai,

And hopefully/eventually find a legit way to add to my A portfolio funds from the other portfolio in a sensible manner. That's just the option that makes the most sense for now but I'm sure I'm missing many other good possibilities.
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Get a tax residency where tax for crypto is zero. Sell and rebuy, and wait a few years, and slowly invest in business, stocks,etc. then sell the stocks, i would still be in dubai , and reinvest in Spain. It's very easy at your level (crypt, non brick business)
 
#99
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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Crypto sales is zery in portugal. Don't make any moves to the wallets you don't want to spend money from. Wait till the transactions are a little bit old, 4-5 years, so they won't be able to check backwards, sell your crypto, and rebuy it in portugal. You pay 0% tax. Revinest if you want, then go back to Spain and pay taxes there. or just go back and say you want to go back and how you miss spain so much
 
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#100
daniels27 said:
We are talking about how to off-ramp.

About his other issues, I told him many times to run asap
D

Post in thread 'Crypto high 6 fig with no source of funds no tax returns looking to offramp'

Guys, run from Spain. Now!
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So if you would run from Spain, move to some place like HK, Dubai etc. The audit will not become a problem you think?
 
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