How to transfer 15K$ from PayPal to a cryptocurrency?

[Lullaby]

Hello, I'm italian and I'm working for a US company that pay me through Payoneer, and then the sum will be converted in euros and sent to my Paypal account.
In order to be in compliance with the law I would have to open a VAT number and pay 1/3 of what I receive in taxes, but I didn't do it because what I earn is not much and the taxes are too high. Therefore, until now I have left the savings on Paypal so as not to alert the tax authorities by transferring from Paypal to my bank account. I only transferred the sums I needed to a European current account as the transactions are not reported to the tax authorities but only the final balance (according to the CRS).
Now the amount on paypal is growing too much and I don't trust Paypal, so I am looking for an alternative where to transfer the account balance (about 15-16k $), such as EMI without CRS or stable cryptocurrencies and be able to spend them through a credit card (and earn some interest on the savings if possible).
I was thinking about Crypterium which also stores USDC and offers a UnionPay card issued in the Philippines, a country outside the CRS, but how can I transfer money from Paypal to a cryptocurrency (which I would trade with USDC) without alerting the tax authorities?

Thanks for your help.

 

[John Andrews]

Have you tried transferring it to a TransferWise USD account?

Check this out too: Paypal FAQ | Coinbase Help

 

[anotherone]

You could set up a payment gateway that accepts paypal and send the money to yourself through the paymeny gateway.

 

[Lullaby]

Have you tried transferring it to a TransferWise USD account?

Check this out too: Paypal FAQ | Coinbase Help

The balance on PayPal is in euros and they don't allow me to add a US current account. Only European current accounts are accepted.

You could set up a payment gateway that accepts paypal and send the money to yourself through the paymeny gateway.

Then from the payment gateway where are they transferred? Can I create a gateway even if I don't have a business? Is it risky for my PP account?

 

[extremedox101]

last time i check you can easily with virwox for 20% fees , so paying tax is not much difference .

 

[Lullaby]

If I withdraw a part of the balance every month and transfer it to my European current account and then buy bitcoins by bank transfer (through exchanges with low commissions), do I risk being reported to my tax authority? From what I know the CRS obliges the European banks to report only the balance at the end of the year of the current account and not the individual movements or am I wrong?

 

[anotherone]

@Lullaby, i Think you could open a EURO pervesk.com account. Perbesk is a lithuanian EMI that gives you an IBAN from the bank bankera. Then, you should be able to add your pervesk IBAN to your paypal account and withdraw your money to your pervesk.

You can may be use the payment gateway paddle.com as an individual. So, normally paddle accepts paypal. You should be able to pay yourself through paddle.com
Please let me know about your solution , i would be interested to know.

 

[Lullaby]

@Lullaby, i Think you could open a EURO pervesk.com account. Perbesk is a lithuanian EMI that gives you an IBAN from the bank bankera. Then, you should be able to add your pervesk IBAN to your paypal account and withdraw your money to your pervesk.

You can may be use the payment gateway paddle.com as an individual. So, normally paddle accepts paypal. You should be able to pay yourself through paddle.com
Please let me know about your solution , i would be interested to know.

I think I will try to open an account with pervesk and withdraw not very high amounts monthly from Paypal to this account.
Can you tell me what is the difference between this EMI and for example Transferwise?
Since I will be given a Bankera IBAN, shouldn't it be considered as a current account subject to CRS?

Thanks for your help.

 

[sellittwice]

Hello, I'm italian and I'm working for a US company that pay me through Payoneer, and then the sum will be converted in euros and sent to my Paypal account.
In order to be in compliance with the law I would have to open a VAT number and pay 1/3 of what I receive in taxes, but I didn't do it because what I earn is not much and the taxes are too high. Therefore, until now I have left the savings on Paypal so as not to alert the tax authorities by transferring from Paypal to my bank account. I only transferred the sums I needed to a European current account as the transactions are not reported to the tax authorities but only the final balance (according to the CRS).
Now the amount on paypal is growing too much and I don't trust Paypal, so I am looking for an alternative where to transfer the account balance (about 15-16k $), such as EMI without CRS or stable cryptocurrencies and be able to spend them through a credit card (and earn some interest on the savings if possible).
I was thinking about Crypterium which also stores USDC and offers a UnionPay card issued in the Philippines, a country outside the CRS, but how can I transfer money from Paypal to a cryptocurrency (which I would trade with USDC) without alerting the tax authorities?

Thanks for your help.

Hi. Maybe stupid question, but how u transfer money from Payoneer to PP account. Help me with advise. Thanks

 

[Lullaby]

Hi. Maybe stupid question, but how u transfer money from Payoneer to PP account. Help me with advise. Thanks

They asked me to open an account with Payoneer, I think in agreement with the company I work for, and made me choose where I wanted to receive the amount after the conversion from USD to euro and the only two options were Paypal or bank transfer (with higher commissions). Payoneer acts as an intermediary by converting the payment currency and transferring the amount to Paypal (with a commission).

 

[Spinat]

So you are going to open a Payoneer account with the assitance fro mthe guys that referred you to them. It's easy like that. Forget about tax evasion in this case.

 

[Lullaby]

So you are going to open a Payoneer account with the assitance fro mthe guys that referred you to them. It's easy like that. Forget about tax evasion in this case.

Sorry, I don't understand. What do you mean?

 

[Spinat]

You want to use the Payoneer account for whatever you need it for

 

[Lullaby]

You want to use the Payoneer account for whatever you need it for

I still don't understand. I only answered the sellittwice question and this thread is not related to Payoneer.

Anyway, I'm still looking for a way to transfer money from Paypal to an EMI or directly to a crypto wallet without automatic CRS.

 

[Aten]

Most of Fintech companies are part of CRS. Including paypal. Because paypal has banking licence in Europe(Luxembourg). So whatever you do your country already knows about your money. Or will know in the end of the year when exchange of information between countries takes place.
Interesting question here is if there is any crypto exchange which accepts paypal as deposit method. For Crypto to paypal there is Coinbase. But even coinbase does not accept paypal to crypto.

 

[Lullaby]

Most of Fintech companies are part of CRS. Including paypal. Because paypal has banking licence in Europe(Luxembourg). So whatever you do your country already knows about your money. Or will know in the end of the year when exchange of information between countries takes place.
Interesting question here is if there is any crypto exchange which accepts paypal as deposit method. For Crypto to paypal there is Coinbase. But even coinbase does not accept paypal to crypto.

Yes, I know, but from what I understand, the CRS consists in the exchange with the tax authority of the balance at the end of the year and not of all the transactions during the year. Therefore I could transfer the money from Paypal to an EMI or foreign bank account and then make a transfer to a crypto exchange to buy cryptocurrencies and the tax authority of my country would not know unless it requests all the transactions from the bank or EMI, as the balance at the end of the year would always be 0. Am I wrong?

 

[Aten]

If governments are as naive as to exchange only end year balance than you can use any bank. Connect it with paypal. Withdraw from paypal to bank. And make deposit to a crypto exchange.

 

[Barabus]

From my experience the PayPal does not report yet via the CRS, at least that is the case in Slovenia. About 3 months ago one of my colleagues had a visit from the Tax guy. He was flagged for trading crypto and the Tax guy brought along all transactions from domestic bank accounts and foreign accounts. However, nothing related to PayPal and credit / debit card withdrawal was presented. He would have been totally screwed had they had that info but in the end he got away with 800€ fine. They may receive the info later on though but as of November 2019 nothing was received (or processed).

 

[Ftdev]

You could set up a payment gateway that accepts paypal and send the money to yourself through the paymeny gateway.

Cross-tranfering fund to yourself no longer work. This will only complicate thing's

Thanks
Ftdev

 

[Ftdev]

Ok, let me help you.

Now, you are trying to go through some risk here. Why do you allow such an amount to accumulate in one paypal account.?should have splitted the fund into smaller part and transfer to different paypal account in your name.

Secondly, while go for a bank or prepaid card in philipines when you can easily get a better anonymous debit card in UK After verification process, the card still work anonymously.

In this way nobody will chase after you for tax declaration .

Thanks
Ftdev