300k in crypto (no proof of source). willing to pay taxes but afraid of money laundering accusations

idontreallyknow27 said:

setup a company in the EU with the real identity and setup another offshore company with darks and then write invoices to the company and get paid via the offshore companies EMI or even in crypto.

that works very well, 300K even EURO is not that much again. You can see lot's of threads inside mentor and in the public forums similar to yours.

Unless you find a service where you pay between 10 and 20% for them to handle the transaction you can do this setup and move the btc to fiat around.

I'm doing it for a year already.

idontreallyknow27 said:

but what if in maybe 10-15 years they'll do a background check

You will terminate the company after 2 years and no one is looking into it. It's not complicated with 300K euro you are over thinking this thing!

If you would have told me it was 3 million or 30M, 300M the story would have been different, that would make Switzerland, Bahamas, Georgia or even Delaware with substantial setups the only solution.

A cheap solution is only going to come back and bite you later.
Fly and open your account in person.
If I was in this situation I would relocate to the UAE, They have no restrictions currently especially for EU citizens.
Set up a company and obtain residency (takes 1 week), open a bank account and feed the account whilst living there. Rent is cheap right now in the nice areas.
There are plenty of buyers of coins in the UAE so you can get a payment from established companies and individuals there.
Then payments to your account are not scrutinized as they are local payments.

CaptK said:

A cheap solution is only going to come back and bite you later.
Fly and open your account in person.
If I was in this situation I would relocate to the UAE, They have no restrictions currently especially for EU citizens.
Set up a company and obtain residency (takes 1 week), open a bank account and feed the account whilst living there. Rent is cheap right now in the nice areas.
There are plenty of buyers of coins in the UAE so you can get a payment from established companies and individuals there.
Then payments to your account are not scrutinized as they are local payments.

via OTC wire (localbitcoins)? what will the legal status of that money look like? Last time I checked crypto cashouts still need an invoice to support source of funds, or will they simply not care for that amount of money?

idontreallyknow27 said:

Hello everybody, the title basically says everything.

Let's assume we know someone who has 300.000€ in BTC, but this person can not provide a proof of source. This person lives in Europe and is even potentially willing to relocate.

What can this person do to exchange the crypto to fiat in a bank account in the EU?

It's not really a problem to exchange the BTC for cash. The person could just go to a crypto ATM and withdraw 10k daily with no questions asked
But how to get it into a bank account with no questions asked?

My ideas are the following:
setup a company in the EU with the real identity and setup another offshore company with darks and then write invoices to the company and get paid via the offshore companies EMI or even in crypto. But I feel like this is "obvious" too. They will probably find out sooner or later. I suppose they will assume that the company owners are one and the same person in the end. What do you think?

I also found this thread which is asking almost the same question:
https://www.offshorecorptalk.com/th...-to-a-company-want-to-form-need-advice.32161/
Another thought I had was about relocating. Right now it's difficult because of the restrictions. But as far as I know it should be a lot easier to do this in country outside of EU. What are you recommendations? It would be best if this is on the European continent. No flights required

I saw someone in the basic forum suggesting that you could go to a bank in the Ukraine. They will ask no questions even if you deposit a higher amount. What else is possible and how secure is it? The scenario shouldnt be like: you're going to a sketchy back room, losing 300k and getting your head chopped off.

Just say that you bought the coins 10 years ago and it rose in value. And now you want to cash out.

Make sure to have a zero tax residency.

Dandyline said:

Just say that you bought the coins 10 years ago and it rose in value. And now you want to cash out.

Make sure to have a zero tax residency.

are you trolling? do you have any experience with cashing out crypto in uae (at least mid 5 figures)? I assume they will need proof for source of funds if you cash out to your bank account from an exchange

As other people said, 300k is not a big sum to worry about. It you are happy to pay taxes, get somebody to pay you invoices for crypto and voilà!

LondonOTC said:

As other people said, 300k is not a big sum to worry about. It you are happy to pay taxes, get somebody to pay you invoices for crypto and voilà!

Specifically for UAE banks? Because in EU having 300k in a bank topped-up via wire payment/cash deposit will trigger all sorts of checks. Even if you structure it in 10 20k-30k payments, even stretched for a year that will still raise red flags.

UAE won't ask for invoices if you start getting 6 fig cash to your fresh account?

freeroamdev said:

via OTC wire (localbitcoins)? what will the legal status of that money look like? Last time I checked crypto cashouts still need an invoice to support source of funds, or will they simply not care for that amount of money?

Depends on who is paying you. If it's an established UAE company or from an Emirati then they don't bother you.

For your own sake get an invoice, just incase they ask if you return back home.

freeroamdev said:

are you trolling? do you have any experience with cashing out crypto in uae (at least mid 5 figures)? I assume they will need proof for source of funds if you cash out to your bank account from an exchange

freeroamdev said:

are you trolling? do you have any experience with cashing out crypto in uae (at least mid 5 figures)? I assume they will need proof for source of funds if you cash out to your bank account from an exchange

Source of funds is trading. You earn money on crypto trading and then cash out.

I dont think any bank would care if its a business account.

I mean just setup a crypto trading company in Dubai, cash out earnings to the business account and then pay out everything as salary to your private account.

Last edited: Jan 28, 2021

Dandyline said:

Source of funds is trading. You earn money on crypto trading and then cash out.

I dont think any bank would care if its a business account.

I mean just setup a crypto trading company in Dubai, cash out earnings to the business account and then pay out everything as salary to your private account.

Dandyline said:

I mean just setup a crypto trading company in Dubai,

I simply have a hard time believing it's easy to just arrive to UAE and incorporate a FZ company as a non-resident without connections or A LOT of actual fiat on your hands already. Let alone a crypto trading company. @CaptK Am I wrong? It seems that you're quite knowledgeable on that topic

freeroamdev said:

I simply have a hard time believing it's easy to just arrive to UAE and incorporate a FZ company as a non-resident without connections or A LOT of actual fiat on your hands already. Let alone a crypto trading company. @CaptK Am I wrong? It seems that you're quite knowledgeable on that topic

Its very easy to setup a free zone company, you can do it from your kitchen table within 24 hours.

Then you can fix residency within 3 weeks, just as easy.

It's fairly known.

freeroamdev said:

I simply have a hard time believing it's easy to just arrive to UAE and incorporate a FZ company as a non-resident without connections or A LOT of actual fiat on your hands already. Let alone a crypto trading company. @CaptK Am I wrong? It seems that you're quite knowledgeable on that topic

As the saying goes "money talks and bulls**t walks".
If on day one you have at least $150K I can walk you into the bank and get an account open. There is even s way to withdraw nearly all of it 95% approximately 2 weeks after you put it in.

If you cash the Fiat out in Dubai via OTC from a resident individual or company of substance. It's a walk in the park.

Dandyline said:

Its very easy to setup a free zone company, you can do it from your kitchen table within 24 hours.

Then you can fix residency within 3 weeks, just as easy.

It's fairly known.

It can be done in 3-4 days working days Sunday-Thursday.

Day one
Bloods and biometrics
Day 2 visa change
Day 3
ID card.

CaptK said:

As the saying goes "money talks and bulls**t walks".
If on day one you have at least $150K I can walk you into the bank and get an account open. There is even s way to withdraw nearly all of it 95% approximately 2 weeks after you put it in.

If you cash the Fiat out in Dubai via OTC from a resident individual or company of substance. It's a walk in the park.

It can be done in 3-4 days working days Sunday-Thursday.

Day one
Bloods and biometrics
Day 2 visa change
Day 3
ID card.

Yes, im sure. Even though, most freezones I've been talking to lately says around 3 weeks.

5 days to receive the licence
1 week visa status change
1-2 weeks residence

Dandyline said:

Yes, im sure. Even though, most freezones I've been talking to lately says around 3 weeks.

5 days to receive the licence
1 week visa status change
1-2 weeks residence

There is an express service. If you want things done fast.
But it has a cost for it. Normal and Express.

CaptK said:

A cheap solution is only going to come back and bite you later.
Fly and open your account in person.
If I was in this situation I would relocate to the UAE, They have no restrictions currently especially for EU citizens.
Set up a company and obtain residency (takes 1 week), open a bank account and feed the account whilst living there. Rent is cheap right now in the nice areas.
There are plenty of buyers of coins in the UAE so you can get a payment from established companies and individuals there.
Then payments to your account are not scrutinized as they are local payments.

Can not agree more

CaptK said:

If you cash the Fiat out in Dubai via OTC from a resident individual or company of substance. It's a walk in the park.

What are reputable OTC desks in Dubai? How to connect with them?