I hit 4 mil networth with the drawback that I am a europoor.I bought bitcoin in 2015 from an exchange that has not existed in ages and held onto it, only moving it around to hardware wallets.When I cashed out 23k in 2020 and put it in a bank account the bank asked me where the money came from. I sent them the report and they froze my account anyway telling me to leave. I got the money out of there luckily.What am I even supposed to do with all this money, without looking like a literal criminal to the banks and to the tax offices. The exchange I bought it from is gone. no records left. All I can say is that I had it in my wallet for a few years prior to sale. I read about accounts being frozen and tax offices doing some shady shit just cause you bought bitcoin and held on to it.How do you guys do it?
>>59251960open a bank account in proper country outside of EU shithole
>>59251960Use Swiss banks
>>59251960>23kThat’s not even enough money for a down payment on a house. Are they that cucked over there?
Really depends on where you live, different EU countries have different laws. Might be worth paying for an appointment with an actual financial advisor instead of asking internet schizos.I would send an email to the IRS equivalent without mentioning specific sums, asking them what sort of paperwork they'd find acceptable in this case.Anyway, I assume you have your coins in some non-custodial wallets and will send them to a CEX to cash out. It might be enough for the authorities to see the outgoing transaction from reputable exchange and they won't care which funds those were purchased with.
>>59251960>What am I even supposed to do with all this moneymove to a real country
>>59251960>cashing out as a europoorlol you dont, you were warned about this many timesonly hope is to get out before all tradfi blacklists you, which is legal and will be shared to every bank in their network
>>59251960call your bank and ask how they want you to act when moving large sums of money from crypto.then try it with smaller amountsthey didint ask me anything else when i told them i will be moving money in and made smaller like 2k moves at the time.my total amount was like 10k back in 2021 and rest stayed in chain.
>>59252191yes its fucked, I read a lot about that stuff happening.>>59252202It looks to me as if eu banks think any exchange related to crypto is evil. And then you also have "certified" exchanges freezing your shit sometimes, its just so fucked.>>59252392>call your bank and ask how they want you to act when moving large sums of money from cryptoI fear they might just freeze it after the call i dont know. What did they tell you when you asked?Perhaps I should try that one a separate bank account and see what happens.
>I'm worth $4M>I just can't cash out is all!
>>59252776such is life in euroland
>>59251960Send the coin to an exchange that does stocks and sharesSell to cashBuy a telcoHold for a daySell to cashWithdraw cashWhen they ask tell them it was from share tradingJob done
>>59253020then they ask where you got the cash to buy a telco. And eu sees everything you do on exchanges, whats happening on your bank account like everything.
>>59251960Kyc/aml rules are fucking gay. If you can't prove where you got the btc from then you're going to have problems finding a legit bank to do business with.You need to talk to a financial advisor / cpa who deal with crypto / aml bullshit. You will likely wind up taking a serious haircut to turn your btc into cash.
>>59251960p2p cash
>>59251960Nigga go to the tax office and the bank and work out a deal. A lawyer helps. Do it the right way.
Europoor herethis is fake bullshit
just open a checking account and a credit card, get a job, and withdraw small amounts of bitcoin alongside your check and never tell anyone.
>>59252776taxes are no jokefor example in my eu shithole if the crypto income is big like $500k+ the tax is 25% so if i had 10 mil then literally 2.5mil goes poof sorry bucko
>Assuming this isn't a larp and you actually have 4m in btc or stablesI cashed out 150k net in 2021 to help buy a flatI contacted a lawyer who specializes in finance and crypto, he recommended an accountant/ tax consultantWe made the tax office aware and my accountant got a settlement letterArranged a meeting with a bank manager (this was a pain in the ass because I was pretty poor)Showed the tax settlement letter which basically how much I'd have to pay and that the tax office knew about the transactionsBank agreed - waited a couple weeks for money to hit the accountCalled me to offer investment services Pay tax
>>59254983Oh be aware that the second the tax office knew about it I was on the hook. So my lawyer was pretty clear that I'd have to keep shopping around until a bank was willing to let me cash in or pay the tax with my own cash.
Move to Germany, cease residency in Home country and THEN Cash Out. Cashing Out Crypto is Tax free in Germany, If you held over a year
>>59254983>Arranged a meeting with a bank manager (this was a pain in the ass because I was pretty poor)>I'd have to keep shoppingSo you got it on your first try?Seems pretty risky. What happens if no bank lets you cash in and you don't have enough to pay paxes while the money is locked in on a exchange.
>>59255167Stepping out for workYeah it was pretty risky but we really wanted to get our own place and the rates were good so it was either let that money sit in crypto or risk it. The lawyer said worst case scenario with 100k an investment bank would be happy to take it provided i let some of that money sit in there. For reference though I’ve been with that bank since my dad opened my account when I was like 12 for savings
>>59255203I understand. Yeah probably using your 'childhood bank' is the safest bet but on the flipside I guess if you fuck it up then you're out of your best option.Also, it's not the same cashing out 150k than several mill because in the later scenario you can't even pay the taxes out of pocket (while you get a bank to accept the money, in case it takes a while).
>>59255224What if you want to cash out a large sum to diversify into stocks and similar investments? You know, actually making it and such. Using a credit card for spending doesn't work in that case.
>>59255224A house
>>59255259I feel for you fren.I hate taxes so much it's unreal.
