Fiat off-ramp

[Harry3]

I'm Cypriot, living in Cyprus, and the last 2 years I have been accumulating crypto assets via this route: Hellenic Bank > Revolut > Nexo (Swap EUR to USDT) > Send USDT to various CEX/DEX (Swap USDT to an altcoin) > Send the asset to my personal crypto wallet and hold. When the time comes, I will swap my altcoins to USDC/USDT and a) I can keep USDT pay/buy everything with it or b) Swap USDT to EUR in Nexo. If I swap to EUR I can keep the EUR in Nexo or make a bank transfer to my local bank (Hellenic Bank). Nexo gives you a Maltese IBAN in your name.

I don't trust to keep large amount in Nexo because it is an exchange and not a bank. I asked Hellenic Bank if they will accept me to transfer €100,000 from my Maltese IBAN to my Hellenic Bank account and they said no because the source of funds are related to crypto. My current crypto portfolio value is €50,000 so there is a possibility to be able to cash out mid 6 figures in the upcoming bull run. (Let's say I will cash out when/if my portfolio goes to €500,000).

The easy way is to keep the profits in USDC/USDT but I don't trust to hold stablecoins. I prefer to hold EUR in bank accounts. Ideally, I would like to split the amount in 5 bank accounts (€100,000 to each account).

My questions are:

a) Will all other cypriot banks reject my request to transfer €100,000 to them? Do you know if there is any bank in Cyprus that will accept me to open an account and put €100,000? By the way it's a bit ridiculous to ask this. Banks normally should beg you to do this
b) If there isn't, plan B is to use some of these foreign banks to off-ramp and keep EUR? (Top 10 Most Reliable Neobanks In The World – Plus A Bonus Challenger Bank)

What would you guys do if you were in my position? Is there any other option that I miss?

 

[Sols]

I am aware of Eurobank and Alpha Bank sometimes accepting crypto related transactions if everything is absolutely clean, every step carefully documented, and all taxes have been paid. You should ideally already be a wealth management client. It's a huge pain and success isn't guaranteed even if you jump through all the hoops. But if you absolutely have to have the money in Cyprus, they might be your best/only bets.

Hellenic and Bank of Cyprus are still sitting around waiting for a fax from the Central Bank about what to do with crypto.

Not sure about the rest. They're probably waiting for their fax machines to be delivered.

 

[dany]

Hellenic and Bank of Cyprus are still sitting around waiting for a fax from the Central Bank about what to do with crypto.

That's really a nice image you painted there.

 

[polonieth]

I'm Cypriot, living in Cyprus, and the last 2 years I have been accumulating crypto assets via this route: Hellenic Bank > Revolut > Nexo (Swap EUR to USDT) > Send USDT to various CEX/DEX (Swap USDT to an altcoin) > Send the asset to my personal crypto wallet and hold. When the time comes, I will swap my altcoins to USDC/USDT and a) I can keep USDT pay/buy everything with it or b) Swap USDT to EUR in Nexo. If I swap to EUR I can keep the EUR in Nexo or make a bank transfer to my local bank (Hellenic Bank). Nexo gives you a Maltese IBAN in your name.

I don't trust to keep large amount in Nexo because it is an exchange and not a bank. I asked Hellenic Bank if they will accept me to transfer €100,000 from my Maltese IBAN to my Hellenic Bank account and they said no because the source of funds are related to crypto. My current crypto portfolio value is €50,000 so there is a possibility to be able to cash out mid 6 figures in the upcoming bull run. (Let's say I will cash out when/if my portfolio goes to €500,000).

The easy way is to keep the profits in USDC/USDT but I don't trust to hold stablecoins. I prefer to hold EUR in bank accounts. Ideally, I would like to split the amount in 5 bank accounts (€100,000 to each account).

My questions are:

a) Will all other cypriot banks reject my request to transfer €100,000 to them? Do you know if there is any bank in Cyprus that will accept me to open an account and put €100,000? By the way it's a bit ridiculous to ask this. Banks normally should beg you to do this
b) If there isn't, plan B is to use some of these foreign banks to off-ramp and keep EUR? (Top 10 Most Reliable Neobanks In The World – Plus A Bonus Challenger Bank)

What would you guys do if you were in my position? Is there any other option that I miss?

With the way workable FIAT off-ramps come and go, you'd be better off asking in 6 months when your portfolio has done 10x...

 

[Sols]

Edited/removed posts that were well intentioned but off-topic. The topic isn't crypto investment as such. It's off-ramping crypto investment. Maybe OP can share their crypto investment strategies and thoughts in another thread, but let's keep this one on topic.

 

[jafo]

Let's say I will cash out when/if my portfolio goes to €500,000).

Why?
Does any family member need a life-saving/emergency surgery?

What would you guys do if you were in my position?

Staying the course! Exactly what you have been doing that has made you a winner ALL this time.

 

[EliasIT]

Wonder if @CyprusLawyer101 , @CyprusBusiness or any of the Cyprus service providers around here have a solution.

 

[McPoquito]

Why?
Does any family member need a life-saving/emergency surgery?


Staying the course! Exactly what you have been doing that has made you a winner ALL this time.

99.9% in bitcoin. need to transfer some euro to a bank to purchase apartments in greece. Know of a different way to do it?