Proper Banking for Crypto Cashout Marshall/BVI company. EU Resident

[Mark21]

Hi,

I want to cash out my crypto holdings (around 700k$) split during the next year.

The setup advised is following:

- Residency in malta (EU) with official proof from Maltan GOV
- Company setup in Marshall Islands/BVI
- Bank account outside of Malta for company
- Bank account in malta (for maltan tax resident, no problem at all)
- Polish passport (EU)

Flow:

CryptoExchange -> Company bank acc -> Personal acc.

The question is, where can i find proper banking (NOT EMI) with similar setup for the company?
I can supply bank with documentation if needed, just dont want something that is going to block my transfers all the time. There will be no trading done, just cashout.
There will be no outgoing operations pretty much except of moving the funds to personal maltan bank account. The bank cannot be in Poland.

Everything is supposed to setup fully legal way.

 

[niggashit]

For 700k. Go to a private bank . You do not need any residency bulls**t. I cash out using Barclays UK private bank. Use an OTC like Circle to cashout. Exchanges are s**t and slow.

 

[Mark21]

For 700k. Go to a private bank . You do not need any residency bulls**t. I cash out using Barclays UK private bank. Use an OTC like Circle to cashout. Exchanges are s**t and slow.

Tax residency is required, as you pay the taxes there where you live. In my country crypto tax is 19% if you stay there more than 183 days a year.
If you move to malta and become tax resident there, you are taxed 0% on abroad income.

Going just to private bank without changing residence, would put you in trouble with tax authority in my country - because you'd be a taxed 19% as you live here.
You can of course hide your funds in private bank, but that's not purpose. Everything has to be legal, and the scenario was advised by law company from my home country.

Every solution is different depending where are you from.

 

[niggashit]

Tax residency is required, as you pay the taxes there where you live. In my country crypto tax is 19% if you stay there more than 183 days a year.
If you move to malta and become tax resident there, you are taxed 0% on abroad income.

Going just to private bank without changing residence, would put you in trouble with tax authority in my country - because you'd be a taxed 19% as you live here.
You can of course hide your funds in private bank, but that's not purpose. Everything has to be legal, and the scenario was advised by law company from my home country.

Every solution is different depending where are you from.

I pay zero taxes. I use their debit card. Sometimes request higher limits. No one going to find you . You can go Malta if you want. I just telling you thats unnecessary.

 

[Mark21]

I pay zero taxes. I use their debit card. Sometimes request higher limits. No one going to find you . You can go Malta if you want. I just telling you thats unnecessary.

It's necessary and people reading this need to know it. The action you describe is ilegall in most countries.

What you are doing is performing is usualy ilegall actions (not paying tax) and hiding. If you try to spend money on property in your original country or any expensive car you will get into legal troubles. It's just hide and seek and you can get pretty much fined and taxed even after 5 years since you started this.

The difference between hiding and my scenario, is that this is perfectly legal and noone ever is gonna do anything to you, even if you do such big spendins such as properties and cars. You esentially move to country where the law clearly states there's 0 % tax. There's no hiding necessary and you can safely move your funds to your home country and spend on whatever you'd like.

Anyway back to bank account, any more advice for corporate bank acc?

 

[John Spectre]

Your discussing actually overweight problem.

As nigga tell, you can cashout via private bank to personal account, that is actually solve crypto-fiat-banking issue.
Also your residence in malta will solve tax issue.
Do not go to overcomplicate problem.
You already do half of work. Just finish in properly.


About offshore company and etc - I could suggest use in for privacy or any other reason.
But if you fine to cashout to your name, it would be fine.
If you want to cashout to personal account, and barclays is not suitable for you - i could suggest few varians of banking or companies who could help you with it, just pm me.

 

[Mark21]

[...]

I will contact you when i finish all consultations.

Yes i was thinking this myself... that the company might not be needed at all, however all law firms assure me that it's needed. It's related to malta foreign income problem. I dont understand exactly what foreign income is taxed and whether cryptocurrencies fit into capital gains.

I guess there are 2 solutions:

1. Without company

CryptoExchange -> foreign personal bank account outside of malta

2. With company

CryptoExchange -> Company's bank account outside of malta -> Personal bank account in malta dividende.

Law agencies assure that only NR 2 is valid and legal.

 

[John Spectre]

I would not say about all consultants, but most of they dont know about crypto for first.
And second they sugget just traditional way to legalise money in case you have some grey income or income without proofs.

Offshore companies, banking in different countries, etc - this schema(your #2) was worked for a very long time.
But actually, its not fully legal way, because it is still posssible to investigate fraud and avoiding laws.

The schema#1 with realising capital gain from crypto to fiat in other way is actually legal.
You just have capital in crypto some time, move to malta and then realize your gain with obligation to pay 0% on capital gain outside of the malta.

Also, dont forget(that probably your consultants dont know ever) - place who will do kyc for you during selling of crypto for 700k$ will ask for source of funds.
Its a funny how you will providing it for the young company in 2019 (only few monthes old) according crypto assets, that have at least from 2018 or even older (i assume that this capital even was created during bullrun in 2017 or earlier).

 

[Mark21]

I would not say about all consultants, but most of they dont know about crypto for first.
And second they sugget just traditional way to legalise money in case you have some grey income or income without proofs.

Offshore companies, banking in different countries, etc - this schema(your #2) was worked for a very long time.
But actually, its not fully legal way, because it is still posssible to investigate fraud and avoiding laws.

The schema#1 with realising capital gain from crypto to fiat in other way is actually legal.
You just have capital in crypto some time, move to malta and then realize your gain with obligation to pay 0% on capital gain outside of the malta.

Also, dont forget(that probably your consultants dont know ever) - place who will do kyc for you during selling of crypto for 700k$ will ask for source of funds.
Its a funny how you will providing it for the young company in 2019 (only few monthes old) according crypto assets, that have at least from 2018 or even older (i assume that this capital even was created during bullrun in 2017 or earlier).

I think you compare some internet consultant with real big law agencies worth millions. I dont consult with internet people because law changes constantly. These agencies do not only do tax optimization but also represent you in court etc. They know very well about cryptocurrencies and optimized multiple people. It's a myth, maybe small local ones dont know much but plenty are aware of cryptocurrencies.

The KYC is no problem at all, i have access to old addresses - it's so basic thing that it's not even scope of consideration. Also regarding company there's no problem at all, you just put your personal assets (cryptocurrencies) into company inventory. Same as if you wanted to trade your own crypto as company. You claim it's not legal? In which country?

But actually, its not fully legal way, because it is still posssible to investigate fraud and avoiding laws.

Fraud? What fraud? Avoiding laws? Law permits you do it.
What most consultant will give you is, basicaly hiding without even considering legal implications. Such as CFC in case of companies.

 

[John Spectre]

Huh,
Your big companies was such smart, but even dont know what banks could help you with your situation? What a joke.
Huh, actually I am with nigga give you free advise which is simple, legal and could save you a lot ot time. You are for sure can do what you want

 

[Mark21]

Huh,
Your big companies was such smart, but even dont know what banks could help you with your situation? What a joke.
Huh, actually I am with nigga give you free advise which is simple, legal and could save you a lot ot time. You are for sure to do what you want

Of course they know the banks, but i prefer to ask here. The problem with big law agencies is that you have to pay them shitloads of money. They can get you anything you want, but for 5x market price. If i dont get offers here, i'll just use them. Will give you example, the above optimization scheme costs around 25k USD

Nigga is right, i need to verify this. If the scenario is described as #1 is legal with maltaneese. Ofc can use private bank account, question is how UK is about crypto? I assume barclays is UK bank and i heard that for most people it was like impossible to deal with crypto in UK.

You are also partially right in your posts, i'm not saying that i know everything ;-) What counts is experience, that's why i ask here.

So, any more bank advises? ;-)

 

[niggashit]

They do not know bank accounts that last long without freeze. Other bank is Cottus. I have few mm there.

Cottus is anti crypto but from Inside onboarding crypto clients.

For KYC, They use Blockchain Analytics Software. They will ask how you bought it originally and proofs. They also will ask API authorization of Crypto exchanges to extract trade histories.

If you trying to launder cash via Crypto, Forget. It never work. Traditional way much better if you are trying to do that.

 

[niggashit]

For other banks, Its better to hire PwC to draft KYC for you and Bank compliance department will validate it.

 

[niggashit]

Of course they know the banks, but i prefer to ask here. The problem with big law agencies is that you have to pay them shitloads of money. They can get you anything you want, but for 5x market price. If i dont get offers here, i'll just use them. Will give you example, the above optimization scheme costs around 25k USD

Nigga is right, i need to verify this. If the scenario is described as #1 is legal with maltaneese. Ofc can use private bank account, question is how UK is about crypto? I assume barclays is UK bank and i heard that for most people it was like impossible to deal with crypto in UK.

You are also partially right in your posts, i'm not saying that i know everything ;-) What counts is experience, that's why i ask here.

So, any more bank advises? ;-)

You are misunderstanding. Most of UK people are poor hence they are using retail bank accounts of Barclays . Private banks are willing to kiss your a*s.

 

[niggashit]

I'm not sure whether you will quality for private banks in EU/UK. You can try USA Private Banks which has low requirements . No taxes there for non residents unless you are have USA income source.

BNY Mellon is best bet.

 

[niggashit]

I hate Malta, You can try UK or New Zealand Residency. They do not tax on Crypto because you bought it and sell in foreign country.

 

[niggashit]

There is Crypto Bank in USA . Silvergate Bank | Leading Bank for Business & Crypto | San Diego

Actually you do not need any BVI s**t. Just fly USA and cashout there then transfer to matla or anywhere you want.

Do this before becoming resident in Malta because it's legally tax free. You only have to pay tax in future income.

 

[Mark21]

@niggashit

You put good proposals for banking, but i'm telling you what the law is.

If you are polish resident you are subject to tax on ALL INCOME that you generate, even outside of country. So if i sell my stuff by transfer to bank of Cambodia/North Korea/UK or USA it doesn't matter. You will be taxed when they find out. That's why tax residence is so important. Same law applies to many EU countries. They can find out now, or they will find out in 5 years. Sooner or later they will, once you make big purchase. Then you will pay the tax + %

I'm also not sure why you mention PWC and KYC policies. I do not plan to do any crypto business activity or accept funds from anyone. You write KYC for businesses if you plan to operate with customers money. That's the purpose of KYC

The blockchain analytics doesnt' matter. I have access to my old wallets addresses and can clearly proved how much i had 5 years ago. Can make signed message from addresses etc. I'm just trying to do the cashout, not launder money.

 

[niggashit]

Look at me.

1. US Does not has tax treaty with Poland which is why it's better than BVI shithole.
2. You cashout in USA.
3. You open non-resident bank account in Malta or NZ/UK.
4. You wire funds from US to that non-resident bank account.
5. You now can apply residency and enjoy without any taxes because you cash outed it in your non-domiciled period.

Poland does not has any magic bullet to find this.

 

[niggashit]

@niggashit

You put good proposals for banking, but i'm telling you what the law is.

If you are polish resident you are subject to tax on ALL INCOME that you generate, even outside of country. So if i sell my stuff by transfer to bank of Cambodia/North Korea/UK or USA it doesn't matter. You will be taxed when they find out. That's why tax residence is so important. Same law applies to many EU countries. They can find out now, or they will find out in 5 years. Sooner or later they will, once you make big purchase. Then you will pay the tax + %

I'm also not sure why you mention PWC and KYC policies. I do not plan to do any crypto business activity or accept funds from anyone. You write KYC for businesses if you plan to operate with customers money. That's the purpose of KYC

The blockchain analytics doesnt' matter. I have access to my old wallets addresses and can clearly proved how much i had 5 years ago. Can make signed message from addresses etc. I'm just trying to do the cashout, not launder money.

You mentioned that you ready to provide any documentation. PwC can draft everything properly including written statements. PwC will provide you completed KYC which you can provide into Crypto Hateful Banks.