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

#101
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What are the facts here about an audit. Tens of thousands of people leave Spain every year. Is this normal?

I imagine they will ask for a tax certificate from your new location if your a big earner.

Why would they audit you?

Moving to another location and ignoring an audit. Won’t you be penalised and found automatically guilty?
 
#104
MrTambourineBTC said:
Lmao the crimeometer on this thread is through the roof!!
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But you're posting about not reporting your cryptos for years... which is technically a crime. Just ask Roger Ver who's currently sitting in your Spain, waiting to be extradited to the U.S for "tax evasion" (which is bs).

I don't have a problem with you protecting yourself from govt. aka mafia extortion, but maybe it's unwise to talk about your wealth and situation on a public forum, where you don't know how many spooks are frequenting it.

I hope you're using a VPN/ tor to post here, because the "030 squad" or the hacienda just have to trace the IP back to your posts. The thing that got Shakira, Roger Ver and other famous people in trouble was their publicity and talking about their wealth. Don't fall into that trap.
 
Reactions: vehzag, rss, daniels27 and 1 other person
#105
Not that I would recommend this, but can't you get a second residency in e.g. the UAE, use that residency for KYC with exchanges and banks in the UAE and then just keep everything there? Unless they report to your citizenship country, the information should stay there? You could also buy an apartment with crypto and later sell the apartment.
You could invest into stocks as well.
The only risk would be leaks (like the real estate registry being leaked a couple of years ago) or CRS reports to the citizenship country.
 
#108
JustAnotherNomad said:
I believe maybe Cyprus accepts crypto for buying real estate? But the UAE does for sure. It's a money laundering hub... Why do you think real estate is so popular there...
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You WILL get questioned about the source of your wealth when it's time to move money outside of the UAE.
He should make sure he can explain how he obtained his crypto assets first, then worry about what he should or shouldn't do with it.

He could skip most of this headache if he invests in a Mentor Group Gold membership, a good friend of mine solved this exact issue just by DMing the right guy in there
 
Reactions: vehzag and JohnnyDoe
#109
rss said:
You WILL get questioned about the source of your wealth when it's time to move money outside of the UAE.
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Why would he move the money outside the UAE? I have to say I don't have experience with stuff like this (since I have always done everything 100% correctly - I would rather move than break any laws), but then just use a UAE-based broker to buy stocks, then sell the stocks? Then you have proof of funds - you made your money selling the stocks.
Or just buy an apartment in the UAE with crypto and sell it, then you have proof of funds? Set up a company and pay yourself salary/dividends from that company into your UAE bank account? The UAE is known not to be very strict about this (that's why they are on the grey list). I can't imagine it would be that hard.
People like Fred used to offer cashing out crypto as a service even, he's hardly the only one.

Anyway, my main point was: Can't you just set up a second residency and then use that for all your crypto stuff? Just avoiding reporting? But I guess there will always be some risk that someone will report to your residency country, so it's probably not a perfect solution.
 
#110
You still have to prove where your crypto assets came from if you want to enjoy that money outside of the UAE.
If he becomes a Dubai resident and wants to enjoy his money there, he doesn't need banking at all. There are plenty of places that accept crypto for all kind of services, and if they don't accept crypto, they accept cash, which you can get from any OTC desk with no questions asked.
 
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#111
There will be no crypto assets?
You buy an apartment in the UAE with crypto and sell it - your source of funds is the sale of real estate.
You buy stocks through a UAE broker and sell them - your source of funds is the sale of stocks.
You put the money into a UAE company and pay yourself salary/dividends - your source of funds is salary/dividends (or you just invest through the company outright).
Why would anyone ask about crypto?
 
Reactions: cryptofriendly and vehzag
#112
Because that's how you bought these assets in the first place.
Sometimes monkeys will also ask for a source of wealth document where you are required to show how you were able to purchase your very first crypto-asset, even if you started with a $5k investment which is now worth $50m, they will still ask how you were able to obtain that first $5k.

When "cashing out" crypto, you need to make sure you are 100% unattackable and have proof for every single step or your adventure won't last very long.
 
Reactions: vehzag and JustAnotherNomad
#116
who is "they" in this case?
 
#118
Honduras said:
What if they start asking you about how did you manage to pay back that loan you took?
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the bank, the notary? They won't know I did. I won't inform anyone that I did. In this case the one who would need to inform would be DEFI institution (summer . fi etc), but they don't even have my name, there is no KYC
 
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#120
5K1PP3R said:
the bank, the notary? They won't know I did. I won't inform anyone that I did. In this case the one who would need to inform would be DEFI institution (summer . fi etc), but they don't even have my name, there is no KYC
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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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