How to cash out crypto money ?

[lostman]

I did 30-40k EUR btc to cash transactions a few years ago on localbtc. The guy didn't ask me for any ID. We just met near a bank, I got some of the bills double-checked to make sure they weren't fake and then we did the deal. Of course this carries some risks, eg. you might get robbed. Easier to just order a bunch of crypto cards these days and withdraw funds daily.

this is unusual don't you think so?

 

[Aleksandr Prilepa]

this is unusual don't you think so?

Yea it was sketch as f**k.

 

[franzel]

I did 30-40k EUR btc to cash transactions a few years ago on localbtc. The guy didn't ask me for any ID. We just met near a bank, I got some of the bills double-checked to make sure they weren't fake and then we did the deal. Of course this carries some risks, eg. you might get robbed. Easier to just order a bunch of crypto cards these days and withdraw funds daily.

There is a safe way to do this and also kind of my procedure when going for more than 25k. You can

a) rent a room from a business center (50€ day) including a cash machine to check for fake´s and to count faster.
b) go to your local bank and ask for transaction support. Not all banks offer this service tho. It is kinda like a trustee service. The bank will count the money and check for fakes, than you can release the btc transaction. All in a safe room inside a bank, with certain security standards... it´ll just cost round about 50-200€.

Sure b) is not that anonymous...

 

[Aleksandr Prilepa]

I like the idea of renting a room and a cash machine. Thanks for the tip.

 

[void]

It's a good point. One should keep in mind that in many (if not all) EU countries any face to face cash transaction like this over 10k EUR is illegal and theoretically there is a risk of penalty of 20k EUR for personal transaction and many times more if you act on behalf of a company.

 

[PhilippJumpertz]

Warning, in case you didn't know:

Legal vehicles, as well as incorporating them, are over-prized commodity products.
Without bank accounts, they're worthless.

Stay away from advice, that doesn't answer the bank account problem and only telling you in which jurisdiction you should incorporate (and which provider you should use).

 

[PhilippJumpertz]

Hi I read several threads in here about how to cash out crypto money and avoid the insane tax of my country but couldn't find a full and accurate answer.

Its no dirty money its only crypto gains that I legally earned, but in my country, France, we have the highest taxes of the Western Countries. They can take up to 63% of my gains and its not gonna happen bois.

I read that Cyprus non resident company would be the best, but do I need Nominees? a bank account at my name ?Where do I open the bank account ? Which offshore company provider would you recommend to set up the cyprus company ?

And how to bring back the funds in my country ?
Thanks a lot

Banks in Cyprus only open company bank accounts for very few business activities. I heard from experiences that they don't even accept e-commerce.

And I think it's not possible to open bank accounts there without holding the residency. For EU citizens this is a cheap no-brainer, but for non-EU citizens, you should calculate with around EUR 150k investment.


Banks in Georgia open accounts for non-residents (natural/legal persons) and have been described as crypto-friendly.

This is only second-hand information, since I'm not into this whole crypto gambling thing. In about 2 months we will open accounts there too.