Best offshore setup for cashing out Bitcoin and crypto?

Voltmann

New Member
Hello all,
New here and to the offshore corporation world, and impressed so far by what I'm discovering.

I have cryptocurrency funds that I can't cash out in my EU country due to unbelievably high taxes. However I do not want to settle in some tax haven for now.

Is the following setup realistic/possible?
  1. Open a company (or trust?) with full anonymity in some tax haven not hostile to crypto (which? I'm willing to pay up to 15-20% tax, but 0% would be obviously better).
  2. Open a bank account for the company in another tax haven (I often read that it was better not to have a bank account in the same place). Get a reliable debit card working worldwide, without my name on it.
  3. Open an account in the name of the company in some liquid crypto exchange : Coinbase? Kraken? etc. EUR account preferred, but USD will do.
  4. Sell my cryptocurrency funds at a slow pace. Send the EUR or USD to the bank account on a regular basis. Spend the EUR or USD with the debit card in Europe and the world.
Is this a dream?

Any insight/feedback gladly welcome!
 

Luigi

Building Trust
Entrepreneur
I'd say Seychelles is the best approach. But lets see what the other users think.
 

diablo

Banned User
BANNED MEMBER
Business Angel
Setup a non resident Cyprus company and avoid the corporate tax. Then do some invoicing between the Cyprus corp. and your local one.
 

Voltmann

New Member
Thanks guys.
Diablo, is there a way to spend the cashed out fiat money directly using an offshore company debit card? (without the need of invoices, onshore company, etc.)
I suppose this kind of setup must be commonplace for certain people?
 

skins12

New Member
Hello
I would like to cash in a high amount of btc (about 500000)
The provenance is not entirely legal,
How can I convert them and deposit them in a secure bank?
what procedure can I use?
creation of false companies or gambling sites? convert them to sites like webmoney or other and keep them there?
many thanks
 

bancosantander

Member
Mentor Group
I have the same problem. Any suggestions? A friend recomended me to move my tax residence to panama and to open an offshore company then moving the money from the offshore company to panama.
Actually i do not like this idea too much.
Any recommendations?
Right now i have my bitcoins on my wallet and it grows bigger every month.

If there is information that should not be visible in public send me a private message.
 

cybertrack

Active Member
Why not just cashing out your BTC at bitcoin ATM's ? The fees are very low when selling BTC instead of buying them.
 

bancosantander

Member
Mentor Group
Why not just cashing out your BTC at bitcoin ATM's ? The fees are very low when selling BTC instead of buying them.
I can sell them for cash even with lower fees than your BTC ATMs. So for getting cash i even have better options.
But cash does not help me. Should i deposit all the cash in my bank account? I would get fucked by the tax authority for sure.
What i do with cash is paying some of my expenses from everyday life in cash but not bigger stuff.
Any specialized lawyer on this topic?
 

cybertrack

Active Member
Well there is no magic solution, I'm using offshore companies/accounts since 10 years and if you would like to buy a property or cars then you have to pay taxes, you also get credit advantage to buy an even bigger property, for all other things like holidays, food, hobbies, you can just stay with cash. Did I mentionned that they are plenty of countries where you can also buy properties with cash? Like Poland, I bought my first property there in 2011 only with a bag of cash and my passport as a non resident, now I'm a resident and I sold it for even more and now I have money in my bank account with 0 taxes (in Poland you don't pay property taxes after 5 years of owning a property).
 

bancosantander

Member
Mentor Group
Well there is no magic solution, I'm using offshore companies/accounts since 10 years and if you would like to buy a property or cars then you have to pay taxes, you also get credit advantage to buy an even bigger property, for all other things like holidays, food, hobbies, you can just stay with cash. Did I mentionned that they are plenty of countries where you can also buy properties with cash? Like Poland, I bought my first property there in 2011 only with a bag of cash and my passport as a non resident, now I'm a resident and I sold it for even more and now I have money in my bank account with 0 taxes (in Poland you don't pay property taxes after 5 years of owning a property).
I do not have a problem about paying a amount of taxes that is not too high. The problem is i do not have any documentation about how i bought all my Bitcoins. I have some trading documentation but no documentation about the initial investment. So i have no option to tax them directly as Crypto.
In Poland nobody asks about source of funds? Other countries can not access an property ownership register or something like this?
 

cybertrack

Active Member
Well I bought my house in cash so no they do not ask about source of funds if you are a NON RESIDENT of course. About the property ownership register, there is of course one like in any country but it is not searchable by first name and last name, you need to know the parcel number to get ownership information. And why the hell would Poland check if you pay your taxes somewhere else, you are investing in their country, that is enough for them.
 

bancosantander

Member
Mentor Group
Well I bought my house in cash so no they do not ask about source of funds if you are a NON RESIDENT of course. About the property ownership register, there is of course one like in any country but it is not searchable by first name and last name, you need to know the parcel number to get ownership information. And why the hell would Poland check if you pay your taxes somewhere else, you are investing in their country, that is enough for them.
It seems like they have changed this in Poland and now there is a maximum amount of 62.242.50 PLN. About 15.000 EUR.
 

cybertrack

Active Member
No you are mixing eveything, the 15 000 EUR limit was BEFORE 2017 and it was ONLY for company expenses in CASH, now the limit is 15 000 PLN (3500 EUR) spent on a cash invoice, you can always spend more in CASH but you will not be able to add it to your company expenses (so no tax avoidance possible).

For property buying this DO NOT CONCERN companies, you can buy with CASH, my friend just bought a house last year for 250 000 EUR in cash (and he is a thief so he only have cash and no bank account at all).
 
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