Hi from a newbie trying to work it all out.

[jim7]

Hi all,

I'm Jim, and I'm non-US citizen currently residing in Argentina.

Been here for quite a few years after risking walking through an airport with over US$200,000 cash in my pockets. Wouldn't do the same thing now, but I was young a dumb.

I've been living off of the tax radar mostly working in IT, for crypto. I have a tax ID but they've never communicated with me nor I with them.

But now I've got kids, I wanna clean myself up a bit should I die etc... work 100% full-time on a site like Upwork and accept USD payments.

Stage 1:-

Setup a New Mexico LLC.

Stage 2:-

US Business bank account.

Stage 3:-

Fly to USA, open personal bank account.

This is where I am at. I don't wanna bring any dollars into the country. I am guessing I can buy crypto with my US personal bank account and once I have assets in crypto I know what to do from there! What I would prefer is the LLC bank account buys crypto but I am not sure if I can take owner's draw in crypto so this is where it gets complicated! (or if I want to "dirty" what will be a clean LLC by involving crypto with it - better my personal account for that I think?).

Anyhow, great forum - I hope to find all my answers here!

 

[jim7]

No thanks. I can change bitcoins above market value. Problem is I want somewhere somehow to start to get things "legit". Now I don't wanna buy a new car or buy a house if that means I need to be legit. I can continue renting, with the costs (and taxes) to maintain a car if I wanna go somewhere it'd be cheaper paying for a 2000km taxi drive.

I am more thinking of when I die, what I can leave my kids with rather than a series of crypto wallets, and also in having something "legit".

 

[JohnLocke]

Welcome aboard, sadly you already got a welcome from a spammer around here, just removed him with a perma BAN.

Enjoy your stay

 

[exprtadvisrdev]

Hi buddy, a latin here with multiples US LLCs.

To be honest I don't recommend you to deal with cryptos that aren't pegged to US dollar with a US LLC since these days the IRS it's been a pain in the a*s with the subject. To fully deal with cryptos is easier to use another setup.

Yes you can buy cryptos with your LLC and pay with that, no problem there, the difficult part is in the books so I recommend you to pay an accountant to do it for you.

Also there are banks that don't like to deal with cryptos but Mercury works with it as long as you show them a proof of why you sent/received money from an exchange (I also work in the IT sector and they accept commits of code as proof)

 

[jim7]

Enjoy your stay

Thanks Admin, yeah that spammer was very spammy

I also work in the IT sector and they accept commits of code as proof)

Thanks for your reply. I have heard a lot about Mercury and they were the bank I was planning to use once LLC established.

Problem with showing commits of code is with IP and I'd be breaking my contract showing my client's code. I have just signed a contract for a gig on Upwork (high pay/longterm). I am guessing once I get my LLC established I can get them to remake contract to be with my LLC rather than me personally with no problems, and fix the current rate in there.

I presume just showing Upwork timesheets would be enough for me to buy crypto as them being proof of legit funds?

And how do I take the crypto out of my LLC? Disguise it as some payment to a freelancer somewhere or can I take it as a official owner's draw?

 

[exprtadvisrdev]

presume just showing Upwork timesheets would be enough for me to buy crypto as them being proof of legit funds?

Yes that should be enough, you can message them asking that, they answer quickly most of the times.

And how do I take the crypto out of my LLC? Disguise it as some payment to a freelancer somewhere or can I take it as a official owner's draw?

As I said with US LLCs it's a pain working with non-us dollar stablecoins because some accountants say you trigger a capital gain when you pay with cryptos like BTC, ETH, etc. Yes you can pay yourself as a normal owner withdrawal because all money the LLC has will be taxed in your home country as a personal income but I suggest to do withdrawal that makes sense, not withdrawing 90% of the funds each month for example.

 

[jim7]

Yes you can pay yourself as a normal owner withdrawal because all money the LLC has will be taxed in your home country as a personal income

So I can receive say $1000 to my LLC bank account from Upwork client.
Buy $900 worth of Tether..(let's say I get 899 Tether due to commission) using Coinbase Corporate (or similar for LLC).
Send those 899 Tether to any address as a "owner's draw" ?
Keep $100 in my LLC bank account for a rainy day.

 

[exprtadvisrdev]

So I can receive say $1000 to my LLC bank account from Upwork client.
Buy $900 worth of Tether..(let's say I get 899 Tether due to commission) using Coinbase Corporate (or similar for LLC).
Send those 899 Tether to any address as a "owner's draw" ?
Keep $100 in my LLC bank account for a rainy day.

Yes, you can do it but since almost all of the money is being pulled to the owner you will loose the limited liability feature because the US could treat your LLC as it doesn't exists. You will only pay taxes in your home country for the $1000 income

 

[jim7]

...but since almost all of the money is being pulled to the owner you will loose the limited liability feature because the US could treat your LLC as it doesn't exists. You will only pay taxes in your home country for the $1000 income

So what am I supposed to do with the money then if not pull it and spend it on fast cars & faster women?

 

[exprtadvisrdev]

So what am I supposed to do with the money then if not pull it and spend it on fast cars & faster women?

I don't know, maybe using it in something more productive . But yeah that's the bad part of it.

 

[topleaders]

So what am I supposed to do with the money then if not pull it and spend it on fast cars & faster women?

Crypto is the only option that you're considering? Why not some other types of asset allocation and investments?

 

[jim7]

Crypto is the only option that you're considering? Why not some other types of asset allocation and investments?

Crypto is to get Argentina "dollar blue" rate (i.e. right now 159 pesos vs 91 pesos for official rate).

I can sell crypto easily under the counter. I couldn't give a s**t about tax authorities here - not planning on even buying a car to avoid registering somewhere. Worst comes to the worst and I ever get a visit, an invitation to an asado and a nice pie full of some billetes fixes everything.

 

[tellmehowitis]

Hey Jim love how you just landed there with 200k cash one day bet that was an Adeline rush at the time lol.