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- Oct 2019
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Hey,
May I ask what is the source of your crypto holdings? How did you initially acquire your crypto?
I'm looking for ideas on how to cash out 4/5 figures GBP worth of crypto in the UK, I'm OK with paying tax, but I do not have proof-of-source-of-funds which I suppose is my main challenge to overcome. I'm aware there are various options but I'm requesting help to identify the solution(s) which are most suitable for my needs.
This is what I've done already:
This is what I'd like advice about:
Hey,
May I ask what is the source of your crypto holdings? How did you initially acquire your crypto?
Gediminas said:Hey,
May I ask what is the source of your crypto holdings? How did you initially acquire your crypto?
From undocumented casual freelance web dev jobs starting in 2015. Since then its value has appreciated, and I've traded, gambled extensively.
RBraun said:From freelance web dev jobs starting in 2015. Since then its value has appreciated, and I've traded, gambled extensively.
Would you be able to prove such transactions with agreements/invoices? Then it would be easy.
can't invoices easily be faked for that purpose? There are guys around here who claim it works, personally I tried it a few times and bank was satisfied.
SoNewToAllShit said:can't invoices easily be faked for that purpose? There are guys around here who claim it works, personally I tried it a few times and bank was satisfied.
I imagine that's possible, however I've never done such a thing. It would be entertaining to see that in action, as a thought experiment.
You have number of options.
Get a loan against your crypto which can give you source of funds.
OTC with an invoices for the business that you are currently in.
Move to a more tax friendly jurisdiction and cash out when you arrive.
Just make a few invoices yourself - problem solved.
Doing it for years without issues with banks around the world.
They haven't verified once if the company I have invoiced actually existed.
Every day i learn something new :)
Thank you gents.
We are all here to learn how we can get things cheaper. It's how things work.
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