Proof of Funds for Bank Deposit from Crypto

[Maestro]

Hi there All;

I got paid for my services with cash-in-hand or crypto due to very high tax rates (35% for personel and 30% for corporate) in Turkey. With that cash, I always bought crypto as OTC transactions. Now, I have made good profits with crypto and I want to cash them out in the bank and buy some real estate. Though, turkish banks are not very crypto friendly and they will ask every document about where the money is originated. The amount that I like to cash out is in 7 digits so the bank will definetly ask questions which I do not want to reply. Any idea for my situation or any idea for proof of funds.?

 

[VESTANON]

Hi there All;

I got paid for my services with cash-in-hand or crypto due to very high tax rates (35% for personel and 30% for corporate) in Turkey. With that cash, I always bought crypto as OTC transactions. Now, I have made good profits with crypto and I want to cash them out in the bank and buy some real estate. Though, turkish banks are not very crypto friendly and they will ask every document about where the money is originated. The amount that I like to cash out is in 7 digits so the bank will definetly ask questions which I do not want to reply. Any idea for my situation or any idea for proof of funds.?

Your scenario Sir, would be tricky...EMIs/Banks would sure let you pass through a tightrope...
7figures cashing outrightly could be done in bits, not at once...as we all know BTC is currently on a spike.

Try out OTC methods Crypto>Fiat with a local within your vicinity...

Get an anonymous crypto loadable card( where the opsec and criteria is strictly wallet > card >ATM) with to 3500$ daily,average weekly 10k$-15k$..and an approx 40k-60k monthly....

as you stated 7figures would have to be a slow burn out/cash out scenario...

Perhaps few members could suggest various scenarios/paths that could get him started..

 

[Maestro]

OTC is the way that I changed my cash to crypto. But to do it in reverse is not the way to go because I dont want cash in hand, I want that in my bank account to be able to buy real estate.

 

[CoffeeExpert]

Hi there All;

I got paid for my services with cash-in-hand or crypto due to very high tax rates (35% for personel and 30% for corporate) in Turkey. With that cash, I always bought crypto as OTC transactions. Now, I have made good profits with crypto and I want to cash them out in the bank and buy some real estate. Though, turkish banks are not very crypto friendly and they will ask every document about where the money is originated. The amount that I like to cash out is in 7 digits so the bank will definetly ask questions which I do not want to reply. Any idea for my situation or any idea for proof of funds.?

Don't they have crypto atm machines or booths in Turkey? I heard they have those. There should be at least one known crypto friendly bank in Turkey, most countries have at least one.

 

[Maestro]

No crypto atms in Turkey, at least I havent seen or heard of any. There is one or two banks but they require round trip. I mean first you have to send money through them to an approved crypto exchange and then only from that exchange you can withdraw cash to ur bank account and only compliable with what u have sent.

 

[RustCohle]

Get an anonymous crypto loadable card

Anyone here tried them who can share more details?

 

[Fred]

Anyone here tried them who can share more details?

That's definitely not the way to go for 7 figures! With 7 figures you can build siginifcant wealth over the next decade - that's for sure not possible if you cashout via an anonymous crypto loadable card.

For significant amount of money in Crypto it's affordable to setup a Dubai company together with 2-3 business bank accounts in local retail banks within the UAE.
We have established some good working schemes that the Crypto funds looking like business earnings. The key is that the whole process of the setup is done right. Starting with matching business plan over to the right choice of business license and working with the right banks is the way to go.

As the UAE lifestyle and the "average joe" is a little bit different in Dubai - there are no questions about 100.000 EUR transfers.
The sums you plan to move from Crypto need to fit the economy and society of the chosen country. Significant money shifting from crypto to fiat simply fit with Dubai as a jurisdiction itself. Things changing fast so better go with a long lasting and reliable setup to gain significant wealth and not loosing money to bulls**t banks in Belize or Dominica.

Think big - after the cash out with the Dubai Company setup you make appointments with big Banks located in the DIFC here in Dubai. Starting from 1-2m+ they will be happy to onboard you. Next step is getting into some passive managed ETF's like other users here suggesting all the time and enjoying life.

 

[Maestro]

That's definitely not the way to go for 7 figures! With 7 figures you can build siginifcant wealth over the next decade - that's for sure not possible if you cashout via an anonymous crypto loadable card.

For significant amount of money in Crypto it's affordable to setup a Dubai company together with 2-3 business bank accounts in local retail banks within the UAE.
We have established some good working schemes that the Crypto funds looking like business earnings. The key is that the whole process of the setup is done right. Starting with matching business plan over to the right choice of business license and working with the right banks is the way to go.

As the UAE lifestyle and the "average joe" is a little bit different in Dubai - there are no questions about 100.000 EUR transfers.
The sums you plan to move from Crypto need to fit the economy and society of the chosen country. Significant money shifting from crypto to fiat simply fit with Dubai as a jurisdiction itself. Things changing fast so better go with a long lasting and reliable setup to gain significant wealth and not loosing money to bulls**t banks in Belize or Dominica.

Think big - after the cash out with the Dubai Company setup you make appointments with big Banks located in the DIFC here in Dubai. Starting from 1-2m+ they will be happy to onboard you. Next step is getting into some passive managed ETF's like other users here suggesting all the time and enjoying life.

What you are saying is something I am considering. Though, there are some issues to think about.
First, the main reason of cashing out is to buy a real estate in Istanbul, my home town while the prices are good now. With your offer, how can we handle that issue.?
Secondly, (as far as I know, but I might be wrong or my information might be outdated) right now UAE is not accepting Turkish nationals due to pandemic black list but we know it is a political case. How are we gonna overcome this problem.?

 

[tsu458]

Do you got any proofs for the services or on-chain data to verify the route from OTC to investments and the resulting gains?

If you can track down your crypto wealth to, say, 10k in initial funds? Which were earned and not bought on a exchange. I would assume that if the overall income at that time matches the 10k, you could cash out 100k or more resulting out of these funds.

 

[Fred]

What you are saying is something I am considering. Though, there are some issues to think about.
First, the main reason of cashing out is to buy a real estate in Istanbul, my home town while the prices are good now. With your offer, how can we handle that issue.?
Secondly, (as far as I know, but I might be wrong or my information might be outdated) right now UAE is not accepting Turkish nationals due to pandemic black list but we know it is a political case. How are we gonna overcome this problem.?

Regarding the real estate send me PM.

I'm not aware that Turkish Nationals are currently blacklisted. We just filed last week the Visa Application for a Turkish national that got already approved.
That can change from day to day so just checked now again and even today Turkish nationals aren't blacklisted.

 

[Fred]

Do you got any proofs for the services or on-chain data to verify the route from OTC to investments and the resulting gains?

If you can track down your crypto wealth to, say, 10k in initial funds? Which were earned and not bought on a exchange. I would assume that if the overall income at that time matches the 10k, you could cash out 100k or more resulting out of these funds.

Tried this already as I bought Ethereum worth 20k in January 2016 but due to deposits and withdraws and some other movements no bank even the so called crypt friendly ones could verify it even with an audit from Kraken. When it comes to 7/8 figures it's a nightmare in practive even today in 2021. That's why I figured out some workarounds in the UAE that are not limited to the proof of funds.

 

[CaptK]

SEBA Bank in Switzerland will definitely help you and banks in Liechtenstein like Bendura.

Easier countries with no issues with regards to Crypto are Montenegro and Moldova especially.

 

[CoffeeExpert]

What you are saying is something I am considering. Though, there are some issues to think about.
First, the main reason of cashing out is to buy a real estate in Istanbul, my home town while the prices are good now. With your offer, how can we handle that issue.?
Secondly, (as far as I know, but I might be wrong or my information might be outdated) right now UAE is not accepting Turkish nationals due to pandemic black list but we know it is a political case. How are we gonna overcome this problem.?

Some developers and realtors accept Bitcoin in Turkey, you don't have to convert to cash.

 

[Fred]

Bendura Bank is for sure not crypto friendly.

See attached press release of 31.03.2020