Moving 6 figs from a country with capital controls

[IanKruger]

Hi

Im looking on moving 6 figures and will go into few millions with time from my home country to UAE or Turkey or Oman (open for other alternatives), unfortunately my country apply capital controls.

My option are:

1. Hawala, giving the money in my home country and receiving it cash or wire transfer in the desired country.
2. Buying USDT and selling it OTC in the desired country

my question, when I deposit or the money hit my account, the banks will start asking for the source of funds? I can provide the USDT transaction and for the money I bought the USDT with, I can provide bank statements for my companies accounts in my home country going back years, showing whats equivalent of tens to hundreds of thousands USD going in and out every month. Will that be enough?

3. Third option: forming a company in the targeted country, inserting it as a middleman between my local company and my suppliers, and then inflate the invoices (reasonably) to my local company so I can pay it through official bank channel in my home country (Letter of credit which will release the money, once the goods arrive at the port). although this method is not ideal as I will have to pay taxes on moved money because it will be accounted as profit and may trigger AML.



I appreciate any help.

P.S: any issue in my home country can be handled, my concerns are in the countries that I will move the money to.

 

[forward]

option 2
you're plan to buy usdt w cash?

 

[daniels27]

P.S: any issue in my home country can be handled, my concerns are in the countries that I will move the money to.

Basically your question is only how to offramp crypto or deposit cash?

Then you just need some proof of funds that looks legit?

 

[IanKruger]

option 2
you're plan to buy usdt w cash?

Yes, in my country its easy to buy USDT, you walk in to a store hand the cash and get USDT, I could buy it from crypto exchange with a debit card but due to transaction fee and currency exchange rate (local currency/USD) it will be costly when dealing in large amounts.

 

[IanKruger]

Basically your question is only how to offramp crypto or deposit cash?

Then you just need some proof of funds that looks legit?

basically yes, the source of the funds is legit (for the most part), for example I hand someone 100K in my country I can either take delivery of 100K in cash or a wire transfer to my account in Dubai, but wouldnt that make the bank suspicious? and when they ask for source of funds I can provide docs in my home country will that satisfy their concern or will question why someone who I has no links to wired me the 100K?

offramp crypto is better but do they ask where u get the money to buy crypto with in first place and if so will be satisfied with bank statements from another country?

 

[Cloudbanck]

Ah, this is an interesting problem. I live in a third world country myself with capital controls, but my income is from outside the country so I dont have this problem. I do however need to get money into the country for living expenses and investments, so I do p2p with people who need to get money out of the country, and these are an interesting bunch of people.

You got western legit entrepreneurs and expats paid locally, who just want to get money to Europe. These are the best and safest p2p partners really.

You have regular locals who dont trust the local currency, and want to save in BTC or stablecoins (which is essentially like bringing money out the country). I like to encourage this and have exchanged BTC for local currency regularly for years with a local bitcoiner. Small amounts though.

You have Lebanese businessmen, often remarkably successful, and often doing dodgy deals in one way or another - know one lebanese guy who spent a few months in prison for reselling fraudulently obtained passports, and then came back and kept doing dodgy deals like nothing happened. And you never know if they have ties with a military organisation in Lebanon that has been a lot in the news lately.
So doing p2p with these guys feels risky.

And then you have the big money, held in local currency (a lot in cash) by corrupt local politicians and mid to upper level bureaucrats - and let's face it they are practically all corrupt. These people usually dont have the connections or know how on how to get the money out of the country, so they just sit on it, or buy local real estate - causing the high end real estate prices to be in line with like Manhattan.
Showing these people how to use crypto and buy apartments in Dubai is probably lucrative, but ahem, big questionmark on the legality, so havent really looked into it.

 

[daniels27]

basically yes, the source of the funds is legit (for the most part), for example I hand someone 100K in my country I can either take delivery of 100K in cash or a wire transfer to my account in Dubai, but wouldnt that make the bank suspicious? and when they ask for source of funds I can provide docs in my home country will that satisfy their concern or will question why someone who I has no links to wired me the 100K?

You take the 100k in Dubai. Deposit 25k in bank A. You withdraw 25k from bank A, keep the receipt. Then you deposit 25k in each bank B, C, D and E showing them the receipt from bank A as proof.

offramp crypto is better but do they ask where u get the money to buy crypto with in first place and if so will be satisfied with bank statements from another country?

They normally accept that but YMMV.

@Cloudbanck amazing report.