Source of funds for 50btc needed

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equityone

New member
I crazy idea but I a faster route I guess would be to setup your own “bank” or other type of institution where you can do what needs to be done. Too bad most of banks for sale are not connected to sepa, or their management isn’t willing to stay ;)



Looks good, let’s try to work something out.
PM or reach me on telegram @enoverse
 

JackAlabama

Entrepreneur
Conversion btc->fiat (as cash == banknotes) is not a problem. The problem is conversion from banknotes->bank deposit. My target is to purchase real-estate in Montenegro (where I am not a tax resident). It's impossible to find the seller willing to accept banknotes. Therefore I have to move cash to bank deposit, on my private bank account which I have opened as an non-resident in Montenegro. To add, this bank account is next to useless since, for non-residents, the bank allows only intra-jurisdictional transactions. So, international wire transfer is not possible.

One route is as @JohhnyDoe suggests through legal entity. It takes time and planning. The overall cost would be then: 9% (cgt in MNE, when taking out profit from legal entity) + 10% service cost.

I am wondering is there any faster route ?
Find a seller who likes to take BTC and try to broker a deal that way? Many do, especially in holes which are on the same level as Monte. Although they have euro, but since its a bad currency getting worse, you might have luck.
 

CaptK

Nominee Company Bank Account Real Estate Passport
BANNED MEMBER
Johnny, I need fiat on personal account so b2b doesn’t look like an option for me right now.

I hope to be lucky to find someone in Dubai (or elsewhere) with EUR account and large balance there and taxes paid. Then we can make a contract for property sales for example, where the Dubai guy pays me directly to my La Caixa for a property. Some Caribbean countries still lack “titles” for homeowners, and all property is under the developers name. So, why can’t I “sell” my imaginary villa to guy in UAE, who will send me the EUR right to my EU account?

;)


Another option that comes to mind - royalty payment. I could have been an intermediary in a bank license sale for example, no? Such “master retainer agreements” do you think can be used here?
Receiving it on your personal account would then also apply tax liability.
Can the person you are paying accept a 3rd party payment.
Plenty of ways it can be done in the UAE as there is not tax applicable or CGT.

Would be super cool to have some kind of “trust” that would offer “private” real estate purchase with proxies/nominees. I see no difference in means of risk having a nominee director in a corporation or a nominee to own your property, but couldn’t find any agent that would manage to arrange that.
Tried and tested the world over, and by using the lawyer to safe guard the asset you are safe the nominee can not sell or loan the asset.

What country does the funds need to go to is also important factor.
What you need is a payer who is too big that whatever questions are asked can be demonstrated by the credibility of the sending party.
Crypto lending is a very popular route for my clients some type of asset financing. KYC and SOF are the critical parts but as we have regulated entities its not an issue.

I work with certain ATM providers in Germany/Switzerland/Austria area.

We can back log / back trace purchases up to 10M€ per wallet, produce slips of purchases when BTC has been significantly lower, up to 5 years back, and swap your wallet with a vetted one that corresponds with purchase data from the systems, totally compliant and auditable.

Cost = 3.5% swap + 1,3% SOF package + 0.3% ancillary expenses.

—————

Secondly we can achieve the same result by working with OTC exchanges in Australia, and investment management firms there.

Lock in crypto - get quota from liquidity providers, arrange OTC deal, swap, payout by any of the listed vehicles :
1. Managed Investment services
2. Fixed Income
3. Crypto Investment
4. Property Investment
5. Equities
6. IPO
7. Bonds
8. Transaction Services
9. Custodial Services
10. Distribution of Funds

Cost 7-10% of total volume per <10M€

—————————

Third option , purchase real estate in Albania.

All paperwork and SOF easy cake.

cost 3.5%-5% depending on volume and property type, area , value.

I would be interested to understand how you can then prove original source of funds?
That is the ultimate question that he is trying to justify. THE INITIAL SOF if the question comes.
Im sure if OP lived in Albania he could do it himself but it looks like he is dealing with quiet a aggressive tax jurisdiction.

All of the options 1-10 require not only source of funds but are tax events in the process of set up as well as exit!!
Notwithstanding if it spans over a period of tax years it becomes a nightmare. Is OP's current tax situation for the last couple years in order?

Conversion btc->fiat (as cash == banknotes) is not a problem. The problem is conversion from banknotes->bank deposit. My target is to purchase real-estate in Montenegro (where I am not a tax resident). It's impossible to find the seller willing to accept banknotes. Therefore I have to move cash to bank deposit, on my private bank account which I have opened as an non-resident in Montenegro. To add, this bank account is next to useless since, for non-residents, the bank allows only intra-jurisdictional transactions. So, international wire transfer is not possible.

One route is as @JohhnyDoe suggests through legal entity. It takes time and planning. The overall cost would be then: 9% (cgt in MNE, when taking out profit from legal entity) + 10% service cost.

I am wondering is there any faster route ?
For cash in this day and age difficult.
look at P2P sites and do face to face transactions for a bank wire.
 
Last edited:

Surebets

New member
Receiving it on your personal account would then also apply tax liability.
Can the person you are paying accept a 3rd party payment.
Plenty of ways it can be done in the UAE as there is not tax applicable or CGT.


Tried and tested the world over, and by using the lawyer to safe guard the asset you are safe the nominee can not sell or loan the asset.

What country does the funds need to go to is also important factor.
What you need is a payer who is too big that whatever questions are asked can be demonstrated by the credibility of the sending party.
Crypto lending is a very popular route for my clients some type of asset financing. KYC and SOF are the critical parts but as we have regulated entities its not an issue.



I would be interested to understand how you can then prove original source of funds?
That is the ultimate question that he is trying to justify. THE INITIAL SOF if the question comes.
Im sure if OP lived in Albania he could do it himself but it looks like he is dealing with quiet a aggressive tax jurisdiction.

All of the options 1-10 require not only source of funds but are tax events in the process of set up as well as exit!!
Notwithstanding if it spans over a period of tax years it becomes a nightmare. Is OP's current tax situation for the last couple years in order?
My tax situation is hard to describe - I have been avoiding paying tax all my life. And I am 40 ;) I didn’t have time to understand how the tax system works and why would someone need to pay them, if you receive cash as income which you don’t want to declare.

As of now i am happy to declare part of funds as profits and pay taxes, even though I understand there is a better way to organise a holding structure for all estate purchase.

The initial source of funds is iGaming, this is a grey area unlicensed gambling clubs masked under Internet cafes. I am not Pablo’s nephew ;)
 

equityone

New member
in Albania there is no surprise in what you can accomplish if you compensate along the way the right people, but yeah SOF is still dependent on other sources , which comes as a package for foreigners as per residents is much easier.

Buying and selling a property at slightly lower price and having SOF in place , he would easily offset such obligations besides the official tariffs and the commission of the whole procedure.
 

CaptK

Nominee Company Bank Account Real Estate Passport
BANNED MEMBER
My tax situation is hard to describe - I have been avoiding paying tax all my life. And I am 40 ;) I didn’t have time to understand how the tax system works and why would someone need to pay them, if you receive cash as income which you don’t want to declare.

As of now i am happy to declare part of funds as profits and pay taxes, even though I understand there is a better way to organise a holding structure for all estate purchase.

The initial source of funds is iGaming, this is a grey area unlicensed gambling clubs masked under Internet cafes. I am not Pablo’s nephew ;)
Are you willing to relocate as this seems your best option. As you cant justify a single cent right now.
Move for 6 months whilst you are paying what you need to and then return and start paying a reasonable amount of tax as per your lifestyle.
If you want to buy a property then a loan against the property you are buying and crypto as the additional asset for the funds.
Holding structure can be set up quite quickly or purchase a shelf one and amend paperwork to suit.

in Albania there is no surprise in what you can accomplish if you compensate along the way the right people, but yeah SOF is still dependent on other sources , which comes as a package for foreigners as per residents is much easier.

Buying and selling a property at slightly lower price and having SOF in place , he would easily offset such obligations besides the official tariffs and the commission of the whole procedure.
Too many issues,
How quickly and easily can you liquidate if need be
ready market for buyers
Speed of the process
Tax implications

I'm sure things can be accelerated and connections can smooth things over for a fee but that just adds a layer of complexity when it comes back in the event of an investigation.
 

Surebets

New member
Are you willing to relocate as this seems your best option. As you cant justify a single cent right now.
Move for 6 months whilst you are paying what you need to and then return and start paying a reasonable amount of tax as per your lifestyle.
If you want to buy a property then a loan against the property you are buying and crypto as the additional asset for the funds.
Holding structure can be set up quite quickly or purchase a shelf one and amend paperwork to suit.


Too many issues,
How quickly and easily can you liquidate if need be
ready market for buyers
Speed of the process
Tax implications

I'm sure things can be accelerated and connections can smooth things over for a fee but that just adds a layer of complexity when it comes back in the event of an investigation.
I can easily relocate, but I would prefer carribean region than instead of Dubai.

Which structure and via which means of income will generate the fiat needed? I understand the concept behind setting up an IT business or other kind of enterprise to “justify” the amounts against invoices.

Do you have an entity that can act as a main shareholder is another company and simply remit funds as “capital increase” or whatever?
 

clemens

Corporate Services
Mentor Group Gold
Anyone has experience with Curaçao? How is taxation down there?
have personally been in Curacao, fantastic island for vacation.... but it is small, I doubt living there long time will be less boring compared to St. Kitts.
 

equityone

New member
Are you willing to relocate as this seems your best option. As you cant justify a single cent right now.
Move for 6 months whilst you are paying what you need to and then return and start paying a reasonable amount of tax as per your lifestyle.
If you want to buy a property then a loan against the property you are buying and crypto as the additional asset for the funds.
Holding structure can be set up quite quickly or purchase a shelf one and amend paperwork to suit.


Too many issues,
How quickly and easily can you liquidate if need be
ready market for buyers
Speed of the process
Tax implications

I'm sure things can be accelerated and connections can smooth things over for a fee but that just adds a layer of complexity when it comes back in the event of an investigation.
You can liquidate almost at the same speed that you purchase on the first place, it’s a cycle, someone else will come with cash at hand looking to insert such into the system , hence justifying…

But it doesn’t work via the same terms on the free market, those that handle such , can guarantee also a steady flow of market demand and supply.

Easy.

As far as investigations go, it doesn’t happen that easily unless you step someone toes or act as a flamboyant douche* publicly, attracting attention
 

captain9

BANNED MEMBER
Are there any restrictions for Russians in Bahamas, Curacao and St. Kitts Nevis? I am tempted to get a second passport and legalize my BTC there. In general do I invest in real estate, government bonds? Are those recoverable?
 

JosephLL

Active Member
Find a seller who likes to take BTC and try to broker a deal that way? Many do, especially in holes which are on the same level as Monte. Although they have euro, but since its a bad currency getting worse, you might have luck.
Indeed, there are a few investors taking directly btc for property purhcase. However, it's only for newly built or still in construction property and by rule it's +8% if bought in btc. But, what I have in mind is an old property advertised by a private owner.So btc is not an option.
 

JohnnyDoe

Mentor Group Gold
Indeed, there are a few investors taking directly btc for property purhcase. However, it's only for newly built or still in construction property and by rule it's +8% if bought in btc. But, what I have in mind is an old property advertised by a private owner.So btc is not an option.
Actually, I have a villa for sale in the Bahamas and I will apply a 5% discount on crypto (any) payment! I don’t want any shitty paper money for my beautiful beachfront villa

Are there any restrictions for Russians in Bahamas, Curacao and St. Kitts Nevis? I am tempted to get a second passport and legalize my BTC there. In general do I invest in real estate, government bonds? Are those recoverable?
All Caribbean CIPs are now closed to Russian citizens.
Better you take the long route and first become a resident. That is the safest way for obtaining a passport that can’t be revoked.
 

CaptK

Nominee Company Bank Account Real Estate Passport
BANNED MEMBER
My tax situation is hard to describe - I have been avoiding paying tax all my life. And I am 40 ;) I didn’t have time to understand how the tax system works and why would someone need to pay them, if you receive cash as income which you don’t want to declare.

As of now i am happy to declare part of funds as profits and pay taxes, even though I understand there is a better way to organise a holding structure for all estate purchase.

The initial source of funds is iGaming, this is a grey area unlicensed gambling clubs masked under Internet cafes. I am not Pablo’s nephew ;)
Are you willing to relocate as this seems your best option. As you cant justify a single cent right now.
Move for 6 months whilst you are paying what you need to and then return and start paying a reasonable amount of tax as per your lifestyle.
If you want to buy a property then a loan against the property you are buying and crypto as the additional asset for the funds.
Holding structure can be set up quite quickly or purchase a shelf one and amend paperwork to suit.

in Albania there is no surprise in what you can accomplish if you compensate along the way the right people, but yeah SOF is still dependent on other sources , which comes as a package for foreigners as per residents is much easier.

Buying and selling a property at slightly lower price and having SOF in place , he would easily offset such obligations besides the official tariffs and the commission of the whole procedure.
Too many issues,
How quickly and easily can you liquidate if need be
ready market for buyers
Speed of the process
Tax implications

I'm sure things can be accelerated and connections can smooth things over for a fee but that just adds a layer of complexity when it comes back in the event of an investigation.
I can easily relocate, but I would prefer carribean region than instead of Dubai.

Which structure and via which means of income will generate the fiat needed? I understand the concept behind setting up an IT business or other kind of enterprise to “justify” the amounts against invoices.

Do you have an entity that can act as a main shareholder is another company and simply remit funds as “capital increase” or whatever?
pm me or use the contact details below
 

Goodman

New member
Hi to all tax refugees and crypto lovers,

I managed to buy some BTC for cash, please advise if someone has a solution to generate “source of funds” for these cash-to-crypto payments? My goal is to have 1-3mln € of fiat on my La Caixa account.


- origin of source is clean, however no taxes were paid on activities. (IGaming)
- I am a Latvian passport holder
- I don’t want to setup a legal entity at this point
- I am ok to “borrow” fiat against crypto, as long as you are able to justify your source of funds should a bank decide to look deeper

I was offered 5-8% to transform cash to BTC/usdt and have it paid to a corp bank covered with invoices and/or loan agreement, but it we couldn’t figure out how to work this out to my personal account.
are you tax resident in LV? but La Caixa is Spanish bank as I understand
 
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