Offshore and bank account, to sell crypto: help me

fuorissimo

Active Member
Hi everyone, I live in Europe.
I have about $ 1 million in Litecoin, which I bought in 2014, and I don't want to get caught by the tax authorities.

Initially I decided to use this scheme:

(1) BVI + NOMINEE DIRECTOR (and POA)> EPB bank account> debit card

I would sell the Litecoins through Kraken, where I would open a company account, still in the name of the BVI. Kraken is based in the USA, while the funds are sent by Kraken to my account, from Germany (if I sell Ltc / Euro) or from the USA (if I sell Ltc / Usd).

But then I read on this very useful forum that:
1. the EPB debit card is issued in the UK: problems with CRS or not, since the card is debited to the company account?
2. you all talk badly about the EPB

I wondered then if the following solution is better:

(2) DELAWARE LLC + NOMINEE DIRECTOR (and POA)> US BANK ACCOUNT IN USD / EURO> debit card in Euro (issued in the US).

Eventually, but perhaps it creates a problem with opening the account in the States:

(3) BVI + NOMINEE DIRECTOR (and POA)> DELAWARE LLC (need the nominee? Should it be the BVI?)> US BANK ACCOUNT IN USD / EURO> debit card in Euro (issued in the US).

(**) One of my doubts is that Kraken is in the USA, my company would be in Delaware, if I sell my crypto, does it become a taxed operation, because both companies are inside the States?

Maybe I have to go to the US to open the account? Is it a better solution than the BVI + EPB solution? I forget something?

My needs are very simple, because it would be a one-shot operation:

* don't let me steal money from the tax authorities
* to be in a solid and reliable place for many years
* to be able to have a debit card without the CRS problem
* being able to eventually buy real estate with the company

Making a summary and not wasting your time, the best solution for my case, what is it? (1), (2) or (3)? Don't forget to consider the (**).

If instead you have even better solutions, please tell me.

Thank you so much if you want to help me.
 

Educate

Building Trust
Entrepreneur
Offshore jurisdictions will report your bank account balance at end of year as per CRS. So you will be screwed.
 

Cetme308win

Building Trust
Entrepreneur
try Georgia or Armenia for that.....but the best thing is leave your country and go to another country with a territorial taxation system
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
It's not the offshore jurisdiction that will report you but rather the bank where you have your money that is going to report you. That's a FACT so don't fall for any solution where a real bank account is invloved, you get reported! Some of the EMI's around will report your account balance too.
 

Frederic

Mentor Group
Mentor Group
Hi everyone, I live in Europe.
I have about $ 1 million in Litecoin, which I bought in 2014, and I don't want to get caught by the tax authorities.

Initially I decided to use this scheme:

(1) BVI + NOMINEE DIRECTOR (and POA)> EPB bank account> debit card

I would sell the Litecoins through Kraken, where I would open a company account, still in the name of the BVI. Kraken is based in the USA, while the funds are sent by Kraken to my account, from Germany (if I sell Ltc / Euro) or from the USA (if I sell Ltc / Usd).

But then I read on this very useful forum that:
1. the EPB debit card is issued in the UK: problems with CRS or not, since the card is debited to the company account?
2. you all talk badly about the EPB

I wondered then if the following solution is better:

(2) DELAWARE LLC + NOMINEE DIRECTOR (and POA)> US BANK ACCOUNT IN USD / EURO> debit card in Euro (issued in the US).

Eventually, but perhaps it creates a problem with opening the account in the States:

(3) BVI + NOMINEE DIRECTOR (and POA)> DELAWARE LLC (need the nominee? Should it be the BVI?)> US BANK ACCOUNT IN USD / EURO> debit card in Euro (issued in the US).

(**) One of my doubts is that Kraken is in the USA, my company would be in Delaware, if I sell my crypto, does it become a taxed operation, because both companies are inside the States?

Maybe I have to go to the US to open the account? Is it a better solution than the BVI + EPB solution? I forget something?

My needs are very simple, because it would be a one-shot operation:

* don't let me steal money from the tax authorities
* to be in a solid and reliable place for many years
* to be able to have a debit card without the CRS problem
* being able to eventually buy real estate with the company

Making a summary and not wasting your time, the best solution for my case, what is it? (1), (2) or (3)? Don't forget to consider the (**).

If instead you have even better solutions, please tell me.

Thank you so much if you want to help me.
Someone is in a similar situation, though he even would love to pay the tax and withdraw legit. You know - in Germany you can just hold it for 1 year - and if you don't move buy/sell/buy them you can cash out without paying capital gains tax. In terms of crypto Germany is an actual tax haven. Unfortunately, you want to have the source of the litecoins handy, means you might get asked for a transaction receipt where you bought the x,xxxx LTC. If you, let's say, ran an unregistered business and helped with marketing for some ICOs and got paid in LTC without issuing an invoice or other stuff (just an example) you can face problems. Someone paid a guy on this forum to provide hypothetical solution but got only BS, unfortunately. I will forward it to you in a sec.
 

Suzy Emerald

Building Trust
Entrepreneur
Forget about a Euro account and card via a US bank unless you make real big money. Also be aware that US banks havent that much apetite anymore for obvious offshore constructions via an LLC.
 

yndzone

New Member
you dont need to open account in usa, you have a bvi with nominee, when you withdrawal your money from kraken you get money on your bank account. the problem is where you have the residence, if your country allow to make profict in other country and if you will be taxed in your country.
Best solution for you is to go in Malta, take a residence there, after do that, you can withdrawal everything on any bank account, important is you dont bring money in malta.
 
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Educate

Building Trust
Entrepreneur
Completely wrong. If you do not know the subject, please do not reply, rather than write nonsense
Tell me how it is "completely" wrong please. At end of year as per CRS pretty much all countries except North Korea and Somalia do information exchange and send to respective IRS institutions of individuals holding accounts or beneficiary owners.
 

fuorissimo

Active Member
Tell me how it is "completely" wrong please. At end of year as per CRS pretty much all countries except North Korea and Somalia do information exchange and send to respective IRS institutions of individuals holding accounts or beneficiary owners.

Totally wrong. The CRS refers to the financial entities, such as banks, credit / debit card issuers, etc.

If you only have one company, you are not notified, but only the bank account at the end of the year (the bank account balance)
 

Educate

Building Trust
Entrepreneur
Totally wrong. The CRS refers to the financial entities, such as banks, credit / debit card issuers, etc.

If you only have one company, you are not notified, but only the bank account at the end of the year (the bank account balance)
Yes, and you wanted to use a bank account for money sending.

If you only have one company, you are not notified, but only the bank account at the end of the year (the bank account balance)
Yes, the country of company's beneficiary gets data at end of year of annual turnover and all that.
 

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