Yes It's very strange. As it becomes clearer by the day that crypto is the future and that fiat money is dying, some seem to have the irrepressible urge to cash out into a banking system teetering on the brink of collapse. Or to buy crappy overpriced real estate becoming more and more the piggy bank of cash strapped countries around the world.
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Legally cash out $1+m in crypto - what are the options?
- Thread starter hallcall
- Start date
The taxable event occurs upon the sale of the crypto. Therefore, he must first establish a new tax residency before selling it.
You guys don’t get it.
1) You can do the property thing in Dubai or wherever, but once you start moving the funds to another jurisdiction or sometimes try to purchase something in the same jurisdiction you need the FULL history and supporting documentation (most asked question - Provide supporting docs for the initial purchase of your crypto). Which has to be (logically) a tax return where it clearly shows where the money came from and after that the transfer confirmation of those funds to the crypto exchange. And then case by case but usually its either your trade history and profits or crypto exchange account balance(this is is preferable because now you know why and how).
2) Moving funds from Dubai is a pain in the a*s. Check multiple threads on this forum. Even if you have SOF it’s still coming from UAE and you spend months in trying to prove that the funds are legit. Ofc depends on your citizenship, the docs you have etc.
The solution is to show them what they want. Legit business with legit dividends coming from a legit country (not 0% tax banana republic) and you’ll notice how things get much easier. But to do this you have to build everything from scratch (your story).
1) You can do the property thing in Dubai or wherever, but once you start moving the funds to another jurisdiction or sometimes try to purchase something in the same jurisdiction you need the FULL history and supporting documentation (most asked question - Provide supporting docs for the initial purchase of your crypto). Which has to be (logically) a tax return where it clearly shows where the money came from and after that the transfer confirmation of those funds to the crypto exchange. And then case by case but usually its either your trade history and profits or crypto exchange account balance(this is is preferable because now you know why and how).
2) Moving funds from Dubai is a pain in the a*s. Check multiple threads on this forum. Even if you have SOF it’s still coming from UAE and you spend months in trying to prove that the funds are legit. Ofc depends on your citizenship, the docs you have etc.
The solution is to show them what they want. Legit business with legit dividends coming from a legit country (not 0% tax banana republic) and you’ll notice how things get much easier. But to do this you have to build everything from scratch (your story).
You can definitely wire out from Dubai to other countries but depending on your profile and bank they will ask you many questions and can take several months to get the money out. This is real experience from myself and from many friends I personally know
Thai tax authority website seems to disagree with you, unless my translation is wrong. Or do you want to argue that someone selling crypto in Thailand is not using a wallet located in Thailand?
https://www.rd.go.th/fileadmin/user_upload/lorkhor/information/manual_crypto_310165.pdf
I see this om
this is exactly what my discussion with the revenue department determined that as the person in control of the wallet is in Thailand it’s therefore a domestic taxable event even if the activity occurs overseas
And the only way to go around this is via an overseas company and paid dividends overseas in fiat.
not relevant for me so idk but i noticed the stated dates.
This one is from January 2022 and @Mercury source is from 18.03.2022 so id bet on @Mercury being right.
When did your discussion took place and have you smth in writing? (otherwise it can just be an ill informed answer by a lowly motivated employee or lost in translation).
Yours is from Jan22 and @Mercury s from March 2022.
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I'm a bit confused. The OP has some cryptocurrency without KYC requirements and wants to exchange it for fiat currency. Why bring Dubai into this? Firstly, Dubai is generally considered on gray or blacklists in many places. Secondly, the only practical way to cash out in Dubai is to find someone who will exchange crypto for cash (USD) for a fee of 3-7%.
So, if you fly there, you might need to carry around $10,000 on the way back to return to your home country. Considering the stress, cost of the flight, and other factors and I hope the OP isn't in Europe. If they are, they would also need to convert the cash into Euros having other fees.
If you're serious about exchanging your cryptocurrency for fiat currency, consider setting up a Delaware company LLC. Transfer your crypto to Kraken, then send it to Mercury and enjoy.
So, if you fly there, you might need to carry around $10,000 on the way back to return to your home country. Considering the stress, cost of the flight, and other factors and I hope the OP isn't in Europe. If they are, they would also need to convert the cash into Euros having other fees.
If you're serious about exchanging your cryptocurrency for fiat currency, consider setting up a Delaware company LLC. Transfer your crypto to Kraken, then send it to Mercury and enjoy.
If you transfer 1m via kraken to Mercury in the name of the Delaware llc, Mercury is not going to ask how this crypto was obtained?
Crypto held offshore does not mean a cold/hot wallet you have with you. It means crypto held on a CEX/company/wallet located outside of Thailand. These crypto proceeds are not taxable as long as not remitted into Thailand as per Sherrings statement.
But how would ANYONE know this?
It could be my mother sending out crypto for me or a "crypto paymaster" financing me. How would ANYONE know who the crypto belongs to if one doesn't confess and even confessions are "sketchy" AF.
Source: False Confessions
Now, we also know that "Bitcoin address is located on the blockchain; thus, there are no physical locations tied to it." In other words, right now, in sections of my personal life, eight people have access to a Bitcoin address. They can "pull or spend" the funds. They all have the master private key. Bitcoin is a ledger—a record book of transactions. Things go in, things go out, and this ledger keeps a record of everything.
I'm legitimately trying to find out if the Thai Revenue Department, or anyone else, has methods to detect/discover if the "Bitcoin address" is in Thailand and how this method works.
Is there a way to discover if more than one person can pull or spend the funds?
Watch out for projects like Arkham: "Arkham Intelligence provides deanonymization and intelligence on the blockchain, such as addresses, entities, individuals, and assets."
Just spend your crypto to buy stuff (as suggested in this forum) and sooner or later state authorities will find out your crypto wealth. It's just a matter of time.
Thank you for sharing!
I'm going to read their whitepaper and then ask them the pertinent questions about the narrow legal issue.
one needs to know a little bit about all of that and its easy to bypass detection (even on bitcoin).
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