How would you go at preferably cashing out or converting to another hard asset like gold bars about
200-400k € in BTC that is not connected to the person in question in any kind of way but the person cannot provide any source of funds / proof of origin.
A legitimate business exists in a low tax EU location (the certain small island) as well as double that amount in legit cash. No tax is being paid on foreign income and foreign income also does not have to be declared. Again though with CRS etc questions about origin of funds could not be answered if they were asked.
The BTC are actually legit however the person in question does not in any kind of way no matter what want to be associated with the origin so proof / source of funds is out of question and as such also official taxation whatever unless it can be mixed into the legit business securely.
Cashing out via cards in other countries (btse?) or bullion (bullionstar?) would be an option. Person in question just does not want to hold the full amount in BTC so e.g. buying gold bars via btc in Singapore via bullionstar would be option and they dont seem to report but still will require personal details of course. Not sure how risky that would be. Question of importing said gold in the EU would also be an issue i guess since bullion is vat/import tax free but has to be declared as such afaik.
Timeframe in question would be 12-24 months. Person is traveling extensively in the EU and US so could pull cash out of ATMs easily and has no problem in storing the cash.
There is a big appetite for BTC in the UAE. Transactions can be done in cash, gold or even set up a HNW account there and have the cash placed there with a card and online banking facility.
Alternatively get a Nominee account on both the wallet and bank account. Then you have full access to the funds at your leisure.
You will have to setup your own source of funds.
i.e one statement showing you acquired the crypto (i.e BTC) in 2010 and a second statement showing you converted the crypto to another crypto (i.e ETH) recently. The first statement can come from a long dead non-traceable crypto company. The second statement from an existing exchange.
I don't think those asking will dig any deeper. They just want paperwork not BTC addresses etc.
Sounds plausible. How would one go at the whole issue of CRS etc reporting if the person would do the above and use advcash/wirex/btse to cash out via their cards afterwards?
Once cash is in hand it is a non issue anymore as it would just easily mix with existing assets.
Any suggestions for above dead crypto company?
Are there any services on the forum here for said statement generation hypothetically?
jermird said:Sounds plausible. How would one go at the whole issue of CRS etc reporting if the person would do the above and use advcash/wirex/btse to cash out via their cards afterwards?
Once cash is in hand it is a non issue anymore as it would just easily mix with existing assets.
Any suggestions for above dead crypto company?
Are there any services on the forum here for said statement generation hypothetically?
We would assume you are talking about Malta, they are CRS compliant. As the Oracle @Martin Everson said the traiding of the BTC before cashing out should suffice for POF. Your exchange statement should be enough proof to show your credibility.
Last edited: Aug 15, 2020
Ah with the idea also being that the old statement serves not just as source of funds should e.g. advcash ask but also should it be reported and certain island agencies ask one day?
ADVCash wont trouble you but if the question is asked they will have to answer it.
The statement will be enough proof going forward so it's a good place to start.
jermird said:Any suggestions for above dead crypto company?
Any foreign non-European crypto company.
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