Topic: Crypto profit to bank account without taxes (Read 326 times)
The easiest way to defer or eliminate tax on your cryptocurrency investments is to buy inside of an IRA, 401-k, defined benefit, or other retirement plans. If you buy cryptocurrency inside of a traditional IRA, you will defer tax on the gains until you begin to take distributions.
[...] If I receive a transfer to my bank account in the amount of more than $ 9,000 from a foreign company, then my account will be temporarily blocked, and I will be called to give explanations to the tax office. This is what happens in Russia.[...]
You are lucky! I didn't even get called when they blocked my bank account. Twice!!!
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.
Each country has a financial monitoring department that works with banks and tax authorities. If I receive a transfer to my bank account in the amount of more than $ 9,000 from a foreign company, then my account will be temporarily blocked, and I will be called to give explanations to the tax office. This is what happens in Russia.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.
I think that in any country there are certain transfer limits, above which the tax authorities may be interested in the origin of money.
Therefore, you should take into account all the risks or exchange bitcoins for cash
my advice, you go to the authorities. in this case it means you can come to your country's tax office. how are the financial regulations in your country, and also what are the laws regarding the exchange or transfer of currency in your country. for my country, there is no tax on any crypto transfers or exchanges to the local currency.
IMO it would be best to ask an experienced tax adviser.
Is your girlfriend a Belgium resident, e.g. is she spending more than 6 months in a year in Belgium? If so, she will be entitled to pay taxes in Belgium to the Serbian transfers.
If she's a Serbian resident, it could go without issues for low 5 digits. For the higher amount, it's almost certain that the bank would require AML proofs as trading transactions, etc.
I would take this advise instead yet not all people who do respond will actually be having those valid points that should really be followed.
If its still in doubt then better to seek for professional help would be the best option.So that you would really be aware in regards to the possibilities of problems that can be faced
off when making such transaction.
Its just impossible to think that there would be no questions asked even if it isnt taxed or whatsoever.When banks do notice those big transfers then
expect that there would be some sort of questions on where those funds came from.
I can give you an example out of personal experience: I transferred similar numbers from a Dutch bank to a Spanish one - this is still EU mind you - and as a result my Spanish account (including those funds) got frozen pending "anti terrorism and money laundering" (tax) investigation. Only after I could prove the origin of those funds and all subsequent tax had been paid has the account been released.
for a transfer between two accounts in your own name? damn. if it's a self-transfer between two licensed banks, where is the supposed money laundering risk?!at least if the OP is correct about serbian law---that there are no taxes due on cashing out crypto---then even if that happens, the money should be eventually cleared. this is a case in point for why bitcoin is superior to fiat banking though. no third party bullshit.
It's all about the origin of the fiat money (and exactly why there are so many "anti terrorism and money laundering" laws in place nowadays).
It is not her crypto that got transferred into fiat into that (first) account, was it? You forget that both fiat, but certainly also the public ledger used in crypto is all public. So unless she can prove when and how she acquired that crypto it should have been taxed as a gift, at least (even if crypto gains are not taxed, you have to prove the origin)...
All "suspicious" bank transfers are subject to these laws nowadays. Any serious money that isn't part of any obvious (like work, fund or whatever "regular" income you might have) transfer is "suspicious" until proven otherwise by the account holder... Yes, exactly why crypto - in theory - is superior to fiat. But - unfortunately - we're talking about fiat here...
I can give you an example out of personal experience: I transferred similar numbers from a Dutch bank to a Spanish one - this is still EU mind you - and as a result my Spanish account (including those funds) got frozen pending "anti terrorism and money laundering" (tax) investigation. Only after I could prove the origin of those funds and all subsequent tax had been paid has the account been released.
for a transfer between two accounts in your own name? damn. if it's a self-transfer between two licensed banks, where is the supposed money laundering risk?!
at least if the OP is correct about serbian law---that there are no taxes due on cashing out crypto---then even if that happens, the money should be eventually cleared. this is a case in point for why bitcoin is superior to fiat banking though. no third party bullshit.
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.
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.
IMO it would be best to ask an experienced tax adviser.
Is your girlfriend a Belgium resident, e.g. is she spending more than 6 months in a year in Belgium? If so, she will be entitled to pay taxes in Belgium to the Serbian transfers.
If she's a Serbian resident, it could go without issues for low 5 digits. For the higher amount, it's almost certain that the bank would require AML proofs as trading transactions, etc.
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.
Actually, it's pretty waterproof and it becomes even better if you add a layer of any mixing service on it. That's because then there would not be any trace of you sending the coins to your girlfriend's wallet. But yes there might be another problem. A gift from someone who is not your relative isn't really free of tax in all the countries. A girlfriend doesn't fall in the definition of a relative in most of the countries. So chances are even a bank transfer of an amount from Serbian Bank account to Belgian Bank account could land you up with some taxes. Make sure you check this out first otherwise it looks pretty fine. 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.
Thank you for your reply.
My girlfriend does not have a Belgian bank account yet, so I suppose that no amount would be suspicious in the beginning.
Even when she already has some money on it, it could well be that she had way more on her Serbian account.
We are talking about 5 digits, what concerns me is that my girlfriend could be in trouble because the amount on her Serbian bank account would increase a lot out of nowhere.
Is that something I should worry about?
My girlfriend does not have a Belgian bank account yet, so I suppose that no amount would be suspicious in the beginning.
Even when she already has some money on it, it could well be that she had way more on her Serbian account.
We are talking about 5 digits, what concerns me is that my girlfriend could be in trouble because the amount on her Serbian bank account would increase a lot out of nowhere.
Is that something I should worry about?
you need to know the law in Serbia. Let's say you have 10 BTC and you want to send them there for someone to cash without paxing taxes. Are those 10 BTC considered as 'gift' taxable or not in Serbia? Then you want to send this money back to Belgium to HER bank account. Why? You would put her at risk because if one day the tax office decides to look into her account, she would need to justify where the money came from.
As someone else said, your best chances are to cash the money through local bitcoins, buy in online stores without KYC rules etc. I don't know if someone in this forum has an off shore account in Switzerland, but that should also be something to check.
[...]My girlfriend does not have a Belgian bank account yet, so I suppose that no amount would be suspicious in the beginning.
Even when she already has some money on it, it could well be that she had way more on her Serbian account.
We are talking about 5 digits, what concerns me is that my girlfriend could be in trouble because the amount on her Serbian bank account would increase a lot out of nowhere.
Is that something I should worry about?
Thank you.
Even when she already has some money on it, it could well be that she had way more on her Serbian account.
We are talking about 5 digits, what concerns me is that my girlfriend could be in trouble because the amount on her Serbian bank account would increase a lot out of nowhere.
Is that something I should worry about?
Thank you.
I can give you an example out of personal experience: I transferred similar numbers from a Dutch bank to a Spanish one - this is still EU mind you - and as a result my Spanish account (including those funds) got frozen pending "anti terrorism and money laundering" (tax) investigation. Only after I could prove the origin of those funds and all subsequent tax had been paid has the account been released.
Couttouw, if you want to avoid taxes then you have to exclude banks from that equation - because no matter how you make that transaction, the trace will always remain somewhere, and they say that in life one cannot escape death and taxes.
Have you considered trying to sell crypto locally to someone for cash? Of course there is a risk that someone will rob you, but if you find someone with LocalBitcoins who has a good reputation and wants to make a transaction in a public place?
As an alternative I can suggest you BTC For Cash/No KYC, with daily limit around 2000 EUR per transaction - so if you and your girlfriend visit both store it is 8000 EUR per day without tax 100%.
Have you considered trying to sell crypto locally to someone for cash? Of course there is a risk that someone will rob you, but if you find someone with LocalBitcoins who has a good reputation and wants to make a transaction in a public place?
As an alternative I can suggest you BTC For Cash/No KYC, with daily limit around 2000 EUR per transaction - so if you and your girlfriend visit both store it is 8000 EUR per day without tax 100%.
You may use TurboTax Online without charge up to the point you decide to print or electronically file your tax return
I'm not quite sure about that either. But if this is really the case, then you have definitely found a good way to withdraw funds.
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.
You should be careful and know all proper laws of your country and your girlfriends country. There might be no tax in Serbia for converting it to fiat, but are you sure there are no tax when receiving payment through bitcoin? If there isn't, then just hand over your private keys of your wallet to your girlfriend and let her convert it to fiat.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.
But if there is, the bank might start questioning the source of income. If the amount is significantly big, they might report to the authorities without informing your girlfriend. Know your laws (and hers) before you proceed.
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.
As long as you trust each other then it shoould always be fine. And of course as long as your girlfriend knows what to do something that is legal regarding transfering of funds to her bank account. Centralized assets and crypto exchanges cannot escape taxes depending on which country we live because some countries offers less or no taxes than the other. 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.
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?
Have to agree, you did not break any laws when you were transferring the money to her account. The only problem is whether your girlfriend is trustworthy enough to get things done without throwing you under the bus, remember that couple screwing each other over X amount of money is a thing. I feel bad for you people that needs to pay for taxes in your country to use your bitcoin. On a side note, your government will not bother you that much if you do that thing you are planning unless you are some hotshot in your country or the amount is too big not to be noticed. 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?
Thats huge tax from your hard earned crypto If I were you I will first exchange it to other payment options like Paypal you have to exchange first all your crypto earnings into BTC and then BTC to Paypal and then to your bank account even in this forum you can exchange it to trusted buyers out there(https://bitcointalksearch.org/topic/long-term-suppliertheresa-bitcoins-shopzellevenmoppwuinstantly-bt-913485), Its a good option right? Instead of paying huge amount of tax.
Thank you for your tip!
But won't it be suspicious when I transfer a 5 digit amount from my Paypal to my bank account?
Thats huge tax from your hard earned crypto If I were you I will first exchange it to other payment options like Paypal you have to exchange first all your crypto earnings into BTC and then BTC to Paypal and then to your bank account even in this forum you can exchange it to trusted buyers out there(https://bitcointalksearch.org/topic/long-term-suppliertheresa-bitcoins-shopzellevenmoppwuinstantly-bt-913485), Its a good option right? Instead of paying huge amount of tax.
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.
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.
Thank you for your reply.
My girlfriend does not have a Belgian bank account yet, so I suppose that no amount would be suspicious in the beginning.
Even when she already has some money on it, it could well be that she had way more on her Serbian account.
We are talking about 5 digits, what concerns me is that my girlfriend could be in trouble because the amount on her Serbian bank account would increase a lot out of nowhere.
Is that something I should worry about?
Thank you.
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.
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
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.
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.
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.
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.
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.
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.
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.
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?
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?
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.
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.
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