Crypto profit to bank account without taxes - page 2.

Couttouw

newbie

Activity: 34

Merit: 0

Quote from: figmentofmyass on January 04, 2021, 08:42:40 PM

Quote from: Couttouw on January 04, 2021, 06:02:26 PM

Hi Everyone, I recently collected some crypto profits and would like to transfer them to my Belgian bank account (I am also Belgian).
But that means that I have to hand over 33% to the tax authorities.

My girlfriend is Serbian and has a Serbian bank account.
After some research, I discovered that crypto profits in Serbia are not taxed at all.

Is it legal to send my crypto to my girlfriend's wallet, she transfers the amount to her Serbian account and then to her Belgian account?

It seems like a waterproof system, but I am really not entirely sure.

Thanks for helping me with this.

to clarify, the money is all held in BTC/crypto which is in your possession? it's not sitting in a KYC-verified exchange account or something? and i take it your girlfriend is a belgian resident?

here's the main issue: as a belgian resident, she would technically be on the hook for income tax too. it doesn't matter what her citizenship is. https://en.wikipedia.org/wiki/Taxation_in_Belgium

so you're basically just hoping that between her bank and the belgian tax authority, that no one catches wind of all this cash flowing into her bank account. if they ever come asking questions, she won't have a legitimate reason for not reporting/paying the taxes owed.

the amount of money in question makes a difference i'm sure, in terms of the risks involved.

Thank you for your reply, the crypto is in my possession and I would transfer it to my girlfriends wallet.
My girlfriend is only a Serbian resident, she is about to move to Belgium and will have a Belgian bank account in several months.

She would actually send her legally earned money from her Serbian account to her Belgian bank account

maxreish

sr. member

Activity: 1330

Merit: 326

Quote from: Couttouw on January 04, 2021, 06:02:26 PM

Is it legal to send my crypto to my girlfriend's wallet, she transfers the amount to her Serbian account and then to her Belgian account?

It is legal to transfer crypto profits from Serbia, from what I've read with their regulations, I don't think there will be a problem if you made a profit from trading cryptocurrency. Afterall, after transfering it to your girlfriend's bank it is already a fiat money. Serbia bank to Belgian bank transactions do not conflict. I believe fees are not that too high or just a reasonable amount with Bank to Bank transfer.

You may take a look at this information about NBS (National Bank of Serbia) crypto regulations;

- https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/serbia

Hope it may answer your question.

Twentyonepaylots

sr. member

Activity: 1848

Merit: 370

It shouldn't count as money laundering, since it's cryptocurrency anyway and a lot of peoplewho have done it in the past to avoid paying pesky taxations would agree with me. 33% is a big loss if I do say so myself and we don't even know if we would be able to reap these benefits as it taxated and is at risk of being grafted. So yeah go for it, you should be fine.

ashler

jr. member

Activity: 51

Merit: 2

Quote from: Couttouw on January 04, 2021, 06:02:26 PM

Hi Everyone, I recently collected some crypto profits and would like to transfer them to my Belgian bank account (I am also Belgian).
But that means that I have to hand over 33% to the tax authorities.

My girlfriend is Serbian and has a Serbian bank account.
After some research, I discovered that crypto profits in Serbia are not taxed at all.

Is it legal to send my crypto to my girlfriend's wallet, she transfers the amount to her Serbian account and then to her Belgian account?

It seems like a waterproof system, but I am really not entirely sure.

Thanks for helping me with this.

This won't end well.

You don't say what you mean by "some crypto profits". If you mean 500 EUR, I don't think no-one will care. But if we are in the 5 or 6 digits figure, and supposing your girlfriend's Belgian bank account does not receive monthly more than 4 digits figure, then that will raise a question for the tax office. They will wonder why your girlfriend's account has suddenly an increase of X amount and she will be in trouble.

The only way I see here is for you to transfer the money (as a "gift") to someone you trust in Serbia and who lives in Serbia. Then you need to see if this transfer ("gift") is tax exempt in Serbia for the receiver (gifts are taxable in many countries). Then the receiver can cash out, and then you can get the cash by going there in person. The other option could be opening an off-share bank account e.g. in Switzerland, but I don't have a clue how that works.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: Couttouw on January 04, 2021, 06:02:26 PM

Hi Everyone, I recently collected some crypto profits and would like to transfer them to my Belgian bank account (I am also Belgian).
But that means that I have to hand over 33% to the tax authorities.

My girlfriend is Serbian and has a Serbian bank account.
After some research, I discovered that crypto profits in Serbia are not taxed at all.

Is it legal to send my crypto to my girlfriend's wallet, she transfers the amount to her Serbian account and then to her Belgian account?

It seems like a waterproof system, but I am really not entirely sure.

Thanks for helping me with this.

to clarify, the money is all held in BTC/crypto which is in your possession? it's not sitting in a KYC-verified exchange account or something? and i take it your girlfriend is a belgian resident?

here's the main issue: as a belgian resident, she would technically be on the hook for income tax too. it doesn't matter what her citizenship is. https://en.wikipedia.org/wiki/Taxation_in_Belgium

so you're basically just hoping that between her bank and the belgian tax authority, that no one catches wind of all this cash flowing into her bank account. if they ever come asking questions, she won't have a legitimate reason for not reporting/paying the taxes owed.

the amount of money in question makes a difference i'm sure, in terms of the risks involved.

n0ne

hero member

Activity: 2492

Merit: 548

8ombard - Pick, Play, Prosper!

No clear framework is being created for earning made out of cryptocurrencies. This is the reason why few governments have 33% as tax for the deposit made to the bank whereas Serbia doesn't have any taxes for the same. With the current rise in the price of bitcoin more country governments have started to regulate the usage. In one way regulated usage will enrich the growth and widespread than the present.

Zionatin

sr. member

Activity: 906

Merit: 262

It should be fine. I wouldn't worry about it. After you pay tax on your money you can do whatever you want with it and since you pay no tax the tax has already "been paid" and therefore you are free to do as you wish with it.

Yes it is legal no one needs to know where the money comes from that is your bussiness. Also are you 100% sure about this?

Couttouw

newbie

Activity: 34

Merit: 0

Hi Everyone, I recently collected some crypto profits and would like to transfer them to my Belgian bank account (I am also Belgian).
But that means that I have to hand over 33% to the tax authorities.

My girlfriend is Serbian and has a Serbian bank account.
After some research, I discovered that crypto profits in Serbia are not taxed at all.

Is it legal to send my crypto to my girlfriend's wallet, she transfers the amount to her Serbian account and then to her Belgian account?

It seems like a waterproof system, but I am really not entirely sure.

Thanks for helping me with this.

Topic: Crypto profit to bank account without taxes - page 2. (Read 326 times)