Topic: Best country to cash out few mil of USD crypto? - page 2. (Read 649 times)

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.
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.

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.

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.

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.

In my opinion, america is probably where you shouldn’t be using crypto as they have implemented stick regulations and tax laws. In europe, I am not that familiar but I have not heard anything that is drastic in their countries.

Meanwhile in Asia. It’s like the other end of the spectrum. Some countries totally are against bitcoin while some are just neutral and some fully accept and support bitcoin in theirs. Just look for those countries.

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.

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.

Before you decide to go on holiday or live in a country, you must first find out about the rules from the smallest to the heaviest in that country, lest you want to spend millions of dollars in crypto but end up not being able to because of regulations or the laws regarding tax or finance in that country must all be taken into consideration and in my opinion European countries have good regulations regarding crypto.

Such list would be great to have if it included a column that said how strict they are with source of funds. Just because a country has very low taxes doesn't mean is the best. Example, you show up with signature campaign gains from years ago, but you lack some data, it's easy to prove those things. Perhaps you got paid in a casino website that no longer exists, and now you cannot prove this, etc. A country that will give you solutions and will let you use your money would be the most interest part, rather than if you are paying this or that amount.

Does anyone have any experience leading with European countries and their private banking sector when it comes to this? There's a ton of money with a ton of legal earned people that wants to cash out some BTC and diversify on real state and so on but since it's so difficult there's no point in cashing out (and thus they miss on getting any taxes from that, the problem is you can't do anything with that BTC so it's all a waste of money for no reason)

El Salvador is a best and cryoto Friday country specially Bitcoin friendly. There are over 200 Bitcoin ATMs in this country. And tuition fees are also accepted there through Bitcoin. And they use bitcoin as a local currency just like fiat money. So I think you can cash out bitcoins faster and easier in this country than in any other country. Bitcoin is legalized in many countries around the world, but services like El Salvador are not available in other countries with Bitcoin.

I think you should look for crypto friend countries and we I think someone already posted what country it is. And it seems that you are looking for EU based as you probably live there. But in any case that you are not, I will say look for Asian countries as well, specially South East Asian countries.

But the lessons here is that at least you know someone from countries that you are going to exchange a few mil of your USD in crypto.

We are talking big money here so you don't want to be scam or get some issues along the way. If you have someone that you know, you will be confident to make that transactions.

I think that if we're discussing about best crypto friendly countries, that El Salvador, will be in the forefront, because I believe that they're the only country that has officially adopted Bitcoin, as a legal tender. Other countries and cities that are crypto friendly where you can conveniently cash out a huge amount of Bitcoin, will come second to a country that has full adoption of the cryptocurrency. Ofcourse the holder has to meet the legal requirements of the country to cash out the many Bitcoin.

I hope that my country Nigeria, will be more crypto friendly and allow it's banks to facilitate crypto transactions, because we have a lot of  Bitcoin holders in the country.

I also have heard that El Salvador is one of the most cryptocurrency friendly country in the world. I can see posts here on the forum and on the internet talking about how convenient it is to transact crypto in this particular country. Unfortunately for us here in my country we've been taxed and regulated by central banks though still be able to transact thousands of dollars worth of crypto through remittances and banks but we'll make sure transactions were clean and not sketchy or suspicious or else your funds will be freezed. 😁

Difficult for OP looking for other country withdrawing his cryptocurrency fund, if want withdraw trough other local currency exchange market he need document ID required before withdrawing fund on all exchange local currency. Seems for OP need use third party or looking with some one come from the same country and sell to them trough P2P on Binance exchange. Looking for information detail for all countries seems can't help yet because transaction on local other exchange market need submit KYC and I don't think any foreigner available for verifying their document with other country from.

May I know how much taxes have to pay by OP when withdrawing cryptocurrency fund to be fiat or cash money in your country? are there above 1% or under 1% all of your assets?

For them no amount of money makes it worth it to deal with all the regulations put in place by the US government, it is because of this there are several wealthy people out there that not only are leaving the US, they are also renouncing their citizenship so they can get access to those services.

However at the end we must never forget that even if holding bitcoin offers some level of privacy, once you want to move some of that wealth to fiat you must not expect to retain any privacy at all.

I saw a video on TikTok, where an American guy complained he was refused an account by most of the Swiss banks (big ones Credit Suisse etc). The reason is simple: because he is American. They were very nice and all but once they found out he was American, they said sorry we don't want your business. I guess most exchanges, banks etc are afraid to do business with American citizens, because of possible penalties, sanctions etc. The biggest weapon in this war is dollar. Losing access to USD transactions is a nightmare to most.

The most important part is the no questions asked part. In this sense, you asked about Spain, and I wouldn't recommend that, beside the taxes which will be around 30% + the wealth in most of the country, you are going to be asked all sort of questions.

Alot of people think because a country has lower taxes, it will not ask about things. For instance, Andorra is often cited as a tax haven for people that want to live near the mediterranean, but after the 00's, they ask all sort of questions, there is no bank privacy anymore, they will ask as much as your average EU country.

Im not sure how Switzerland works these days. Back then, if you were VIP client, they would give you a pass and bank your money, nowadays, it's probably harder, they will ask about things, to what extent im not sure.

So it sucks but you may be forced to go to some dodgy place like Dubai, where supposedly, you aren't asked much, but I've heard they are starting to make that difficult as well.

You will also need some sort of income or be forced to do some investment within the country in order to achieve passive tax residence. Some people think it's as easy as hoping in the country and that's it. This may be the case only for super wealthy clients but not for a few $million.

These countries so mentioned, that is El Salvador and CAR accept BTC or cryptocurrency as legal tender and I think they may not have as much stricter regulatory policies like England wherein it is SEC regulated and taxed and the law guiding the use of cryptocurrency can be reversed anytime.
I agree that England ranks among the best countries currently using cryptocurrencies, although it has lesser users as compared to the U.S., I don't think the government pokes their nose into transactions and payments made using crypto, as much as the U.S., which is trying to control and claim to avert terror confirmed from completed transactions.

When you consider moving, you have to also think about the difficulty of getting citizenship. When you visit another country, you still remain a citizen of the country you used to live and work in and that country will lay claim to all your profit. You can't move somewhere, cash out and return to your country like nothing with all the money. You need to legally move to another jurisdiction before you sell your bitcoin and some countries listed as crypto friendly make it very hard for people to do. For example, you can't easily get a citizenship in Switzerland. It takes years before they allow it.
Probably the easiest country to get to as a bitcoiner is El Salvador, but let's face it, it's a poor country and you may find it hard to accommodate. For an EU citizen I'd recommend Germany as it's very simple to migrate between EU states and you get 0% tax. If you're Hispanic, try El Salvador. It would be my second choice. Argentina is most likely going to become bitcoin friendly in a year or two.

If you live in the US consider moving to Canada. In the US capital gains tax is 37% and in Canada 33%. Also, in Canada you can exclude 50% of your capital gains as long as it's below a certain amount (at least $250k), so if you have a million to exchange, in the US you'll pay  37% out of a million, so $370k, but in Canada you'll pay 33% out of 750k and get 250k tax free, so only $247k in tax. You'll have to decide if that 123k is worth the trip for you. For me it would be.

I think that in Asia there is less control than in the US and Europe. Usually they choose countries like Singapore, where there are already cryptocurrency laws and blockchain projects are developing well. And the banking system in this country is also very good for such purposes.