cryptocurrency again

[janes1]

Hello fellows, I would like to buy second citizenship in St. Kitts & Nevis for money from investment in cryptocurrency. The problem is that I can't show and explain source of accumulated wealth. I currently own BVI LLC company (IT, computer programming), under my real name, but without any activity, only website. Maybe I should create a bank account for this company, but, how would I transfer money for this purpose? I need at least 250'000 USD, so any bank would notice such type of transaction. What do you think? What better to do in this situation.
And second question, how and where to parking money from cryptocurrency, source of which you can't explain. Would very appreciate for any advice.

 

[franzel]

Oh boy... though case.

You know almost every bank will ask you about your source of income. if you mention crypto´s you´re 90% out with this amount, unless you can proof your source (trading logs, buying logs, and so on).
Honestly, you should consider to "fake" a business activity in order to get your money into a bank account. Sure this will go into money laundering, but if you can not proof your source of income or you don´t want to - people are going to assume the worst case.

Your deposit should also split and not go as a whole to one bank, as the chances that they will freeze your account are quite high.

Do you own a crypto atm or do you have the 250k in cash? This is also important to know. Other ideas you can open a ltd. and open the ltd. with a capital of XXX k, or you could buy some real estates and transfer them to the ltd. In this case you have a ltd. as an asset. this can be more beneficial than going to a bank with 250k from crypto´s.

 

[void]

I'm no expert here but seems kind of easy to solve...
Say your BVI software company developed a trading software for bitcoin exchanges or whatever. Legit case anyone will believe. You have bunch of customers using this tools. You get paid in BTC (obviously, no surprise for anyone again). This way you accumulate a needed amount of bitcoin earned by you company. Get yourself bank or EMI account for your BVI software company (shouldn't be a problem). Cash out your company's bitcoin to EUR/USD account - no problem with origin of wealth - software development.
As the business owner (person) take the profit from your company and pay your taxes according to your personal tax residence. You've clean money.
Is there a problem in such a scenario?

 

[void]

I would like to buy second citizenship in St. Kitts & Nevis

I hope this is not too off topic. Could you please tell us why do you want to do this, what are the benefits, how much does it cost, etc.?

 

[negon]

Say your BVI software company developed a trading software for bitcoin exchanges or whatever. Legit case anyone will believe. You have bunch of customers using this tools. You get paid in BTC (obviously, no surprise for anyone again). This way you accumulate a needed amount of bitcoin earned by you company. Get yourself bank or EMI account for your BVI software company (shouldn't be a problem). Cash out your company's bitcoin to EUR/USD account - no problem with origin of wealth - software development.

I agree to this, easy to solve!

 

[janes1]

Thanks for the advice's.
What do you think about jurisdiction and banks what should i consider in this case (i'm ready to open in personal).
How should i send payments in such cases (create invoice to myself)? In what amount should i divide transactions (for example, through mistertango or epayments 5'000-10'000 usd for once?), and i probably should to divide final amount between 3-4 banks. What do you think about this scenario? I will appreciate any help.

 

[janes1]

I'm no expert here but seems kind of easy to solve...
Say your BVI software company developed a trading software for bitcoin exchanges or whatever. Legit case anyone will believe. You have bunch of customers using this tools. You get paid in BTC (obviously, no surprise for anyone again). This way you accumulate a needed amount of bitcoin earned by you company. Get yourself bank or EMI account for your BVI software company (shouldn't be a problem). Cash out your company's bitcoin to EUR/USD account - no problem with origin of wealth - software development.
As the business owner (person) take the profit from your company and pay your taxes according to your personal tax residence. You've clean money.
Is there a problem in such a scenario?

What do you think about emi restrictions? Will it work out with 25'000 usd per one transaction, or its better split into several transactions?
The whole things may look like this (draft):
Cryptoccurency (equivalent of 25'000 at once)->EMI(if emi ask about sources i will claim that money from software development and show them invoice)->Company bank account->Personal bank account.
Issues:
1. To accumulate 250'000 i must send the same amount several times, so i must using few bank accounts, and few EMI's.
2. I Don't know how to create invoice, don't know if 25'000 per transaction is ok.
I'm pretty sure there's exist better solutions.

 

[janes1]

Also don't know which emi will fit for operating with such amount (25'000) per one time.

 

[Spinat]

What do you think about emi restrictions? Will it work out with 25'000 usd per one transaction, or its better split into several transactions?
The whole things may look like this (draft):

so far didn't had problem with advcash!

 

[janes1]

so far didn't had problem with advcash!

You tried to make it with approximately 25'000 per transaction? Did they have any questions? Did you make any invoices? Thanks.

 

[Spinat]

yes and even more. Didn't had problems at all and didn't got any e-mails nor tickets from their support.

I don't keep that money in the account but use it for transit only.

 

[extremedox101]

yes and even more. Didn't had problems at all and didn't got any e-mails nor tickets from their support.

I don't keep that money in the account but use it for transit only.

they don't monitor accounts(very underground site)
what your withdraw method from advcash? but interesting story

 

[Spinat]

they don't monitor accounts(very underground site)
what your withdraw method from advcash? but interesting story

credit Card.. Works well. From time to time I send btc to another wallet to Cash out to a local taxed account.

has been a pleasure to use advcash so far

 

[extremedox101]

credit Card.. Works well. From time to time I send btc to another wallet to Cash out to a local taxed account.
has been a pleasure to use advcash so far

takes days but good one , yes it's has multi options . my preferred method to use it with changer because it's offer low fees and instant .
i then receive crypto in minutes , if i want to exchange to make micro altcoin payment i head to kassa .

 

[Spinat]

takes days but good one ,

days for what? when I withdraw to credit card it is there at the same time as I withdraw.

 

[extremedox101]

days for what? when I withdraw to credit card it is there at the same time as I withdraw.

you don't use funds transfer feature ?
Transfers to Visa and Mastercard cards. Completion: 0-3 business days

 

[Taxidermista]

so far didn't had problem with advcash!

Excuse me, how is this possible? Advcash card was shut down in January with Wave Crest debacle, as many others.

 

[Spinat]

Well, you can withdraw money to any Visa / MasterCard so it's really not a problem to use AdvCash for this purpose.

 

[void]

Well, you can withdraw money to any Visa / MasterCard so it's really not a problem to use AdvCash for this purpose.

Posts like this make me feel little bit greedy sometimes
Are you really willing to pay 6 $/€/£ + 2.95% for card withdrawal? 300 from 10k? crazy fee

 

[Spinat]

Posts like this make me feel little bit greedy sometimes
Are you really willing to pay 6 $/€/£ + 2.95% for card withdrawal? 300 from 10k? crazy fee

LoL NO NO NO - but what are my options if I don't want my name to appear anywhere?