1,000,000 = 7 figure.
How is this hard to liquidate?
Seriously this is peanuts in crypto liquidation terms.
1) HK Fintech/Bank/Exchange OTC
2) Taiwan Banking (Merchant Bank)
3) Banking in Europe/Dubai/etc
As for SOF I can't advise if this is 'black' or 'grey' funds.
But what i will say -> that would be the quickest, less costly way to liquidate anything above 6 figures and with minimal fees (0.01%-0.02%) as HK corporations are (like many in Asia) are getting Stable-coins which they can then liquidate into $ which can be transferred to HK/China/etc where the Central Banks get the EURO or $ they desperately need to pay down the interest on their state, corporate, EURODOLLAR debts.
Think our rates are something like 0.01% and we get on-par or above-par value of exchange rate in traditional currency conversion (interbank).
*Correction just checked, fees - 780,000 HKD (100,000$) have fees of 1.085% above 780,000 HKD fee gradually declines to 0.01% at over 7,800,000 HKD (1m $ roughly).
So no 'premiums for liquidating'. ~ basically the price of a Swift.. and Taiwanese merchant banks have access in some cases to the SEPA network so funds can be moved near instantly opposed to waiting for snail mail and the funds routing all around the world before ending up in Germany.
If it's black or grey funds -> i won't comment.
But for legitimate funds (personal/corporate) that's the way to go ~ usually you will have a account manager (we do).
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As for non-prior declaration -> negotiate a settlement, pay the toll road fee.
Should have been smarter and given it to a fund to manage (legitimate one i might add) then it would only be taxable on the entire value when liquidating, not the exchanges over the years or moved abroad the moment you needed to do one exchange realising it was going to continue to rise and you needed to reduce future tax burdens).
wellington said:Should have been smarter and given it to a fund to manage (legitimate one i might add) then it would only be taxable on the entire value when liquidating, not the exchanges over the years or moved abroad the moment you needed to do one exchange realising it was going to continue to rise and you needed to reduce future tax burdens).
Having said that...
You might actually be able to do that still...
If you have Bitcoin etc you price it as an asset you invest that asset (you go on it's euro value) into a fund.
Fund manages it and in a few years liquidate and you have x Euro's sent to your bank in Germany.
Now of-course there may be questions on SoW/SoF by the fund, but in Germany i'd imagine ultimately you have the Bitcoin (similar) already you are not realising it so there's no tax it's a asset -> a asset deployed into a investment.
I'd imagine a lawyer/accountant could certainly find a legal manner to structure that so you don't have a liquidation tax or similar, it could even be done as a private 'euro-dollar' debt like instrument i.e asset as collateral repayment in Euro/BTC or other + % of fund performance / or interest.
Or a straight deposit as a investment (asset with Euro Value).
Of-course i'd probably in your shoes have it spread around a few funds (Europe ->standard return, HK -> exotic (shitcoin growth) returns).
At the end of it you have returns and a reinforced paper-trail.
Last edited: Dec 17, 2023
