Best country to cash out few mil of USD crypto?

darkangel11

legendary

Activity: 2296

Merit: 1335

Defend Bitcoin and its PoW: bitcoincleanup.com

Quote from: Fullbear2222 on December 14, 2023, 02:57:55 PM

Best country to cash out less questions asked ?
It's UK. ? Specially London where everything is easy ?
Many people Even drive there without dl license it's quite relax place i heard that USA not easy place to cash out.

Sure, keep on driving without a license. It's going to work out for you until you get in an accident.
Do you know what will happen then? Your car insurance won't work, they will refuse to cover any repairs because the car was driven by someone who wasn't supposed to be driving.
The police will give you a hefty fine for driving without a license and being involved in an accident and then if you damage another property, like someone's car you'll have to fix it out of your own pocket.
Good luck Wink

Quote

Can the Dubai or spain can better? I mean less taxes Also so i Open company and transfer crypto from exchangers

If you're in Europe, I'd say Germany because there's no tax there and exchanging bitcoin is completely legal. You could also try Portugal.

Huppercase

hero member

Activity: 756

Merit: 515

Quote from: cabron on June 02, 2024, 02:24:28 PM

Though I have no millions, I think this is the way to go. Not withdrawing in millions because it's just noticeable. All banks today are aware of people avoiding taxes, they even limit the cashing out from ATMs.

When you try to withdraw cash like $50k in any bank today, they will look at your background and ask questions about whether the money is for ransom or whether are you in danger. But in reality, they are already looking at whether you are into something. If you are not some big shots, just avoid it.

There is no any bank in any country that you will visit to cashout a million dollar without a red flag coming to that account unless you were using that account already in transacting amounts bigger than what's is coming else they will put a tag in that account and report it to economic financial crimes like FBI and the rest. Even though the country doesn't ask for task, it is going to be difficult to spend a million dollars worth of crypto without raising any suspicion.

I will say it's better to keep the money in crypto and buy things where crypto are been acceptable. You can exchange it to gold in a country where tax aren't considered for crypto and then you can move your assets to where ever you want but I'm not sure if it will allow for US, heavy tax will be coming from your gold and receipt of purchase, so I will say countries like Dubai are the best. This my advice is looking like money laundering already, don't take my words, everything I posted are pure educational. Cheesy

erep

hero member

Activity: 2282

Merit: 589

Quote from: fuguebtc on June 02, 2024, 11:06:11 AM

Personally, I think, if we own a bunch of crypto assets worth millions of dollars, why should we convert them all to fiat and withdraw them ? Why don't we keep them in bitcoin and store them in a non-custodial wallet and cash out only the exact amount we need for our outside plans? No matter what country we are in, if we suddenly withdraw a large amount of money, sooner or later we will be noticed and suspected by banks and the government . So don't try to do anything to attract their attention , instead withdraw money slowly to avoid being tracked.

Many investors store USDT in a wallet to be converted to a bank account, this is because the withdrawal costs are higher and they avoid the balance of balances in the account controlled by the bank, some of them avoid high taxes from the regulations of each country. But they have a P2P option if they want to avoid high withdrawal costs from trusted exchange services, even though the number of attractions is limited, but they can use several different P2P exchanges to increase the amount of withdrawal of funds to a bank account if needed.

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Quote from: fuguebtc on June 02, 2024, 11:06:11 AM

It's interesting to see people discussing how to cash out large amounts of money from crypto investments, which means there will be a lot of crypto millionaires born from this forum.

Personally, I think, if we own a bunch of crypto assets worth millions of dollars, why should we convert them all to fiat and withdraw them ? Why don't we keep them in bitcoin and store them in a non-custodial wallet and cash out only the exact amount we need for our outside plans? No matter what country we are in, if we suddenly withdraw a large amount of money, sooner or later we will be noticed and suspected by banks and the government . So don't try to do anything to attract their attention , instead withdraw money slowly to avoid being tracked.

Though I have no millions, I think this is the way to go. Not withdrawing in millions because it's just noticeable. All banks today are aware of people avoiding taxes, they even limit the cashing out from ATMs.

When you try to withdraw cash like $50k in any bank today, they will look at your background and ask questions about whether the money is for ransom or whether are you in danger. But in reality, they are already looking at whether you are into something. If you are not some big shots, just avoid it.

Moreno233

full member

Activity: 294

Merit: 172

Quote from: Smartvirus on May 31, 2024, 08:30:49 PM

Quote from: Fullbear2222 on December 14, 2023, 02:57:55 PM

There once existed a thread that discussed about having some of the big ballers on the forum and am referring to The Sceptical Chymist in this regard, having affiliation with a mixer that paid good money to maybe, pick out a country where they can live like kings with what they earned from the mixer and possibly some investments of theirs.
I see this thread to be some worth related and I don’t think you would do very well in any nation that pays taxe. Obviously, you wouldn’t have the opportunity to lavish your money in the ways that you would want to in nations that don’t.
Like there are certain race cars you just can’t drive due to the bad road. You might be confined to trucks and land rovers.

Else, Africa might be the place for you. Just adjust to the weather condition, be cool with the people and you would do okay. Besides, it’s got market for investments of all kind.

I was also thinking Africa because the charges and taxes and very low. Most African countries have no taxes on cryptocurrency. This makes African countries the best place to cashout proceeds from cryptocurrency. Besides, Africa is like an untapped goldmine with so many feasible sectors yearning for investment. From Agriculture to oil and gas, the opportunities are just endless. Cashing out cryptocurrency and investing same in Africa might be a very great decision. Even if it is to cash out and enjoy, Africa have so many nice places to enjoy money, enjoy nature and enjoy life in general.

fuguebtc

hero member

Activity: 1750

Merit: 520

Leading Crypto Sports Betting & Casino Platform

It's interesting to see people discussing how to cash out large amounts of money from crypto investments, which means there will be a lot of crypto millionaires born from this forum.

Personally, I think, if we own a bunch of crypto assets worth millions of dollars, why should we convert them all to fiat and withdraw them ? Why don't we keep them in bitcoin and store them in a non-custodial wallet and cash out only the exact amount we need for our outside plans? No matter what country we are in, if we suddenly withdraw a large amount of money, sooner or later we will be noticed and suspected by banks and the government . So don't try to do anything to attract their attention , instead withdraw money slowly to avoid being tracked.

Don Pedro Dinero

legendary

Activity: 1288

Merit: 1491

The first decentralized crypto betting platform

Quote from: takuma sato on June 01, 2024, 10:43:50 PM

All these dodgy ATM companies may claim that they don't require KYC but using a bitcoin ATM implies a lack of privacy where you are basically being kyc'd indirectly if not directly but undisclosed.

Well, on the one hand there are the paranoid and on the other hand there are those of us who have been using bitcoin ATMs for years without any problem.

Quote from: takuma sato on June 01, 2024, 10:43:50 PM

You are trusting some proprietary software inside the machine to begin with, then you are being recorded by the company which may or not may keep records for an unknown amount of time irrespective of what is advertised.

No, I am trusting the law:

Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (Text with EEA relevance)

It requires companies to delete the recordings within a month at most, and if they were to use them later they could not be admitted in court because they would be null and void. And the company that does what you say could face fines of up to €40,000 if it is a minor infringement, and up to €300,000 if it is a serious one. So you go on with your paranoia and I will continue to use bitcoin ATMs.

wxxyrqa

full member

Activity: 1330

Merit: 121

Next Generation Web3 Casino

Quote from: Fortify on June 02, 2024, 09:57:29 AM

Quote from: Fullbear2222 on December 14, 2023, 02:57:55 PM

Best country to cash out less questions asked ?
It's UK. ? Specially London where everything is easy ?
Many people Even drive there without dl license it's quite relax place i heard that USA not easy place to cash out.
Can the Dubai or spain can better? I mean less taxes Also so i Open company and transfer crypto from exchangers

"Many people drive there without driving licence" - no, they don't. I have no idea where you get your information from but it's consistently wrong and makes you look quite foolish. The UK has fairly robust anti money laundering laws, comparable in standards to the US or rest of Europe. You might get lucky and be able to evade detection on the first hundred thousand, but eventually you'll start throwing up red flags in the system and the relevant government agencies will start investigating you. If you are able to get it converted, then it's probably easier to flow around the rest of the world, as I would be more suspicious of restrictions that Dubai banks my put on individuals and their ability to move money once it's been converted. The answer is likely to be changing every year.

As they say, it’s good where we are not. Some people tell stories, while others spread them. It is a pity that because of this it is very difficult to find suitable information for yourself to take into account regarding cashing out funds. Is it possible to use a European bank online if national banks have problems even with P2P.

Fortify

legendary

Activity: 2646

Merit: 1176

Quote from: Fullbear2222 on December 14, 2023, 02:57:55 PM

Best country to cash out less questions asked ?
It's UK. ? Specially London where everything is easy ?
Many people Even drive there without dl license it's quite relax place i heard that USA not easy place to cash out.
Can the Dubai or spain can better? I mean less taxes Also so i Open company and transfer crypto from exchangers

"Many people drive there without driving licence" - no, they don't. I have no idea where you get your information from but it's consistently wrong and makes you look quite foolish. The UK has fairly robust anti money laundering laws, comparable in standards to the US or rest of Europe. You might get lucky and be able to evade detection on the first hundred thousand, but eventually you'll start throwing up red flags in the system and the relevant government agencies will start investigating you. If you are able to get it converted, then it's probably easier to flow around the rest of the world, as I would be more suspicious of restrictions that Dubai banks my put on individuals and their ability to move money once it's been converted. The answer is likely to be changing every year.

kotajikikox

full member

Activity: 2366

Merit: 207

★Bitvest.io★ Play Plinko or Invest!

Quote from: God bless u on June 02, 2024, 07:18:08 AM

I've seen the UK has responded very positively to the crypto currencies.

They probably just respond positively to crypto because they are being paid and being updated. If you want to be discreet about your crypto withdrawal, most governments will be alarmed. It’s just a matter of will they accept crypto as a source of your money? I think if you comply to their laws then they will definitely react positively to you.

tsaroz

legendary

Activity: 2926

Merit: 1069

★Bitvest.io★ Play Plinko or Invest!

Quote from: Peanutswar on June 02, 2024, 08:18:51 AM

Quote from: Fullbear2222 on December 14, 2023, 02:57:55 PM

Best country to cash out less questions asked ?
~

My country seems neutral on this subject because as long as they saw your account has an active and large transaction seems they didnt care too much but if you are just a newly created account with their platform with no KYC possible your account will now get tagged. In my country, we are using a third-party application which is regulated with the banks that are supported USDT but the transaction fees are too high depending on the amount you deposited which is quite painful in our side too.

A few of the crypto millionaires I know have moved to Dubai for a safer environment to use crypto, cashout it, invest in business and real estate. Dubai has one of the lowest tax and very chill regulations that makes it an ideal place to live with crypto and if you are willing to stay a bit away from city center, Dubai is not as expensive place as many people believe. Dubai itself is a Emirate/country within the UAE and has its own laws. Other emirates are also trying to copy Dubai to bring more expats.
Crypto people also move to bangkok as crypto is widely accepted there and the place provides more fun for less money.

Peanutswar

hero member

Activity: 1498

Merit: 974

Bitcoin Casino Est. 2013

Quote from: Fullbear2222 on December 14, 2023, 02:57:55 PM

Best country to cash out less questions asked ?
~

My country seems neutral on this subject because as long as they saw your account has an active and large transaction seems they didnt care too much but if you are just a newly created account with their platform with no KYC possible your account will now get tagged. In my country, we are using a third-party application which is regulated with the banks that are supported USDT but the transaction fees are too high depending on the amount you deposited which is quite painful in our side too.

Coin_trader

copper member

Activity: 2758

Merit: 1163

Leading Crypto Sports Betting & Casino Platform

Quote from: God bless u on June 02, 2024, 07:18:08 AM

Quote from: Fullbear2222 on December 14, 2023, 02:57:55 PM

Best country to cash out less questions asked ?
It's UK. ? Specially London where everything is easy ?
Many people Even drive there without dl license it's quite relax place i heard that USA not easy place to cash out.
Can the Dubai or spain can better? I mean less taxes Also so i Open company and transfer crypto from exchangers

I think that's the perfect country to cash out your money as it would be really easy for you to do so. If you'll go into the other countries of Europe you'll get some difficulties and backslashes while taking your money out but in the past few years I've seen the UK has responded very positively to the crypto currencies.

So they'll make it easier for you to take the money out at a good fees and in limited time also without many complications.

UK good for cashout of $ from crypto? Even my country which belong to a 3rd world country is still so strict when it comes to a huge money entering on bank account without any supporting documents to prove the amount.

I’m uncertain how UK banking system works on screening fiat transfers on their customers bank account but I doubt they are really that free especially that the amount is 1M$ from crypto transaction.

You should at least provide a source of income such as business or work to justify this transfer.

arwin100

hero member

Activity: 2632

Merit: 787

Jack of all trades 💯

Quote from: btc78 on June 01, 2024, 10:54:03 PM

I am pretty sure that anywhere here in the world, whatever country you go to they will be alarmed to see you cashing out millions of dollars from nowhere. Especially if you are only a foreigner. I am not sure about the level of friendliness offered by Monaco to cryptocurrency but there’s no income tax in Monaco so maybe that is where it’s safe to do so.

For sure they would think that there's illegal activities happening and provably there would be an counteraction happened especially banks are fully aware about those possible money laundering schemes transactions. And to avoid getting flagged much better if they don't do a one time big transaction. Much better separate it on many accounts so that he can successfully pull out those huge funds and enjoy it in real life. For sure there are people especially our sibling and relatives can help us regarding on this matter since we can use their bank accounts or anything they can participate. Also much better if they avoid doing those huge transaction outside of the country since maybe they will get an issue there. Just stay on their country since there's lots of ways they can cash out their funds.

God bless u

full member

Activity: 280

Merit: 110

Eloncoin.org - Mars, here we come!

Quote from: Fullbear2222 on December 14, 2023, 02:57:55 PM

Best country to cash out less questions asked ?
It's UK. ? Specially London where everything is easy ?
Many people Even drive there without dl license it's quite relax place i heard that USA not easy place to cash out.
Can the Dubai or spain can better? I mean less taxes Also so i Open company and transfer crypto from exchangers

I think that's the perfect country to cash out your money as it would be really easy for you to do so. If you'll go into the other countries of Europe you'll get some difficulties and backslashes while taking your money out but in the past few years I've seen the UK has responded very positively to the crypto currencies.

So they'll make it easier for you to take the money out at a good fees and in limited time also without many complications.

Mrbluntzy

member

Activity: 252

Merit: 32

★Bitvest.io★ Play Plinko or Invest!

Quote from: Cryptomultiplier on December 14, 2023, 03:00:54 PM

I totally agree on this because it was one of the first things king Charles III implemented as per regards the acceptance of cryptocurrencies for payments but it was under or going to be regulated by the SEC.
Am glad you can attest to the brilliance in accepting cryptocurrency for payments and transactions because it is the future that is yet to be suitably accepted.

Many people still don't talk about it because London has less number of crypto users as compared to the U.S.

Am not aware that it is a crypto friendly country, if it is as you have said it and just as OP too, then it is a good advantage for their citizens who are fully into cryptocurrency. Some people are in a country where crypto is highly regulated or even ban by the government.

Maus0728

legendary

Activity: 1904

Merit: 1563

Bitcoin Casino Est. 2013

Dude, you're borderline asking us to launder money OP, there's no way that you'd be asking for the best place to cash out millions of dollars if you won't be evading taxes. In good conscience I don't think it's right for me to do something like recommending you a place. I hope that you're not really laundering though and that you just want to make sure that you're getting the most out of all your money.

Quote from: btc78 on June 01, 2024, 10:54:03 PM

I am pretty sure that anywhere here in the world, whatever country you go to they will be alarmed to see you cashing out millions of dollars from nowhere. Especially if you are only a foreigner. I am not sure about the level of friendliness offered by Monaco to cryptocurrency but there’s no income tax in Monaco so maybe that is where it’s safe to do so.

There are countries out there that would not bat an eye or turn a blind eye if you pay them handsomely, there's a reason why shell companies exist in a lot of those tax free countries.

Iranus

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

Quote from: takuma sato on June 01, 2024, 10:43:50 PM

Quote from: Don Pedro Dinero on May 31, 2024, 08:39:11 PM

Quote from: Fullbear2222 on December 14, 2023, 02:57:55 PM

Best country to cash out less questions asked ?
It's UK. ? Specially London where everything is easy ?
Many people Even drive there without dl license it's quite relax place i heard that USA not easy place to cash out.
Can the Dubai or spain can better? I mean less taxes Also so i Open company and transfer crypto from exchangers

In Spain there are non-kyc bitcoin atms that allow you to cash out up to €1,000 per day. They used to have the option of cashing out up to €10,000 per day for non spanish residents but I don't know wether that has changed. So if you go on holiday you can take advantage of this opportunity to cash out some.

All these dodgy ATM companies may claim that they don't require KYC but using a bitcoin ATM implies a lack of privacy where you are basically being kyc'd indirectly if not directly but undisclosed. You are trusting some proprietary software inside the machine to begin with, then you are being recorded by the company which may or not may keep records for an unknown amount of time irrespective of what is advertised. There is also the problem of cameras everywhere which allows for profiling of bitcoin users.

Any spot that is advertised as a bitcoin exchange spot is poor opsec by those that visit it. The only way to get cash safely is that you know someone you can trust and exchange it in person. This also has the risk that the person you trust now betrays you eventualy or is compromised and finds you as a bitcoin trading contact. There's always risks implied here.

As long as we use bitcoin in public places, our privacy will definitely be threatened, and especially bitcoin ATMs, I agree with you on that. Maybe they won't force us to do KYC before trading, but they most likely have installed tracking devices around under the pretext of ensuring security for ATMs, but that will invade our privacy.

In general, any solution will have certain risks and we should improvise depending on the situation and choose the method that we feel is safest. Personally, I'm also looking for a way to cash out without being noticed by the government, and I'm also thinking about transacting directly with some people I trust instead of using ATMs or using P2P on exchanges.

btc78

full member

Activity: 2492

Merit: 212

Eloncoin.org - Mars, here we come!

I am pretty sure that anywhere here in the world, whatever country you go to they will be alarmed to see you cashing out millions of dollars from nowhere. Especially if you are only a foreigner. I am not sure about the level of friendliness offered by Monaco to cryptocurrency but there’s no income tax in Monaco so maybe that is where it’s safe to do so.

takuma sato

sr. member

Activity: 297

Merit: 424

Quote from: Don Pedro Dinero on May 31, 2024, 08:39:11 PM

Quote from: Fullbear2222 on December 14, 2023, 02:57:55 PM

Best country to cash out less questions asked ?
It's UK. ? Specially London where everything is easy ?
Many people Even drive there without dl license it's quite relax place i heard that USA not easy place to cash out.
Can the Dubai or spain can better? I mean less taxes Also so i Open company and transfer crypto from exchangers

In Spain there are non-kyc bitcoin atms that allow you to cash out up to €1,000 per day. They used to have the option of cashing out up to €10,000 per day for non spanish residents but I don't know wether that has changed. So if you go on holiday you can take advantage of this opportunity to cash out some.

All these dodgy ATM companies may claim that they don't require KYC but using a bitcoin ATM implies a lack of privacy where you are basically being kyc'd indirectly if not directly but undisclosed. You are trusting some proprietary software inside the machine to begin with, then you are being recorded by the company which may or not may keep records for an unknown amount of time irrespective of what is advertised. There is also the problem of cameras everywhere which allows for profiling of bitcoin users.

Any spot that is advertised as a bitcoin exchange spot is poor opsec by those that visit it. The only way to get cash safely is that you know someone you can trust and exchange it in person. This also has the risk that the person you trust now betrays you eventualy or is compromised and finds you as a bitcoin trading contact. There's always risks implied here.

Topic: Best country to cash out few mil of USD crypto? (Read 495 times)