Topic: Declaring over $10k worth of cryptocurrency when flying - page 2. (Read 3483 times)
I wouldn't, I pay enough taxes to the authorities as it is, why should I declare assets that the authorities don't even know exist? As it is, many airport authorities have know idea what bitcoin is anyway, how would they calculate the tax?
Would you declare a $50,000 domain name if you had the password for for registrar account? That's a virtual asset as well.
And would you declare your youtube account that's making a couple thousand $ a month, or a brand name that you own, or royalties?To answer your question, yes, I would declare it in my yearly tax report, had it brought me any profits in that year.
No, I wouldn't declare it before boarding the plane. They don't want to know about all your assets, just valuables you're carrying with you like cash, jewelry, expensive art pieces. If it was otherwise we'd be forced to report all the cash we got on our bank account and how much our internet business has made recently.
Would you declare a $50,000 domain name if you had the password for for registrar account? That's a virtual asset as well.
Excellent analogy.
At any airport around the world it's quite normal that if you are departing or entering a country with more than $10k currency, you have to declare it.
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
With more than 10k in cash.
Nobody is checking your debit cards or credit cards.
Nobody is checking your banking account.
Furthermore every country advises you to have your money in a bank account not cash on your person.
Bitcoin acts like virtual money.
Besides, technically speaking bitcoins aren't in your wallet.
No it doesn’t. It’s the same as having over $10k worth of money in MasterCard, and traveling with just my card.It has nothing to do with anyone, so you shouldn’t be declaring it.
Government can get so paranoid that they can sometimes forget to take up some common sense. Digital currencies can not be seen, touched nor smelled so what is the purpose of that to be declared? Having to declare when one is carrying a certain amount of fiat money is understandable but cryptocurrencies?
That is absolute non-sense. And yes, how would they know that you are involved with Bitcoin and that you have 1,000 Bitcoin hidden somewhere in your online wallet or even a physical wallet? People can be so freaking freak...and it is getting to be more common place these days...sadly!
That is absolute non-sense. And yes, how would they know that you are involved with Bitcoin and that you have 1,000 Bitcoin hidden somewhere in your online wallet or even a physical wallet? People can be so freaking freak...and it is getting to be more common place these days...sadly!
Don't declare anything. At the same time, don't have any paper wallets, hardware wallets, or bitcoins on your computer in your checked bag.
This. On the one hand if you leave it completely alone, its a non issue as they have absolutely no idea that you even have bitcoin. But if you have a paper or hardware wallet in your stuff, you would be liable in the few places where bitcoin is actually illegal (NK, right?) or at least possibly subject yourself to a lot of bullshit. Look at the US for example, and the heightened travel vetting requirements. As difficult as is is now for some nationalities/locales to travel here, imagine the misery of having to explain whats on your paper/hardware wallet. It would be lax of them not to inquire about it once the are aware; you could be trying to launder money.
They are checking phones at the borders now here, so an app wallet might get you equally detained
At any airport around the world it's quite normal that if you are departing or entering a country with more than $10k currency, you have to declare it.
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
Your bitcoins don't travel with you. They only exist in cyberspace.
You can access your coins from both countries (departed and arrived). Ultimately what matters is how they touch the fiat value chain.
Yes. They dont have value until you spend/convert them, so you dont have to declare something you don't actually have. This would be akin to declaring your stock portfolio; its just as liquidable in certain markets as crypto. I often wonder about the inverse of this; I am considering relocating and maintaining dual citizenship, but the majority of my worth is in crypto holdings. How do I declare my virtual worth to countries that require a minimum asset threshold (say you need a job and x capital to repatriate to certain countries)? I dont think they would be so understanding if I declared my "virtual" holdings, and I'll be damned if I have to convert all this to fiat (and suffer conversion fees) just to make my wealth evident.
Essentially, it seems the best course of action concerning this is to just shut up. Causes more headache than it prevents.
I agree. The customs officer to whom you are declaring stuff might only get confused if you talk about cryptocurrencies. Moreover, there is no way they can prevent you from entering a country with your private keys.
No, you are not moving assets.
What might happen is that you have to report bitcoin transactions above a threshold. Like all foreign bank transfers over certain thresholds get auto-reported by banks.
What might happen is that you have to report bitcoin transactions above a threshold. Like all foreign bank transfers over certain thresholds get auto-reported by banks.
Would you declare a $50,000 domain name if you had the password for for registrar account? That's a virtual asset as well.
Don't declare anything. At the same time, don't have any paper wallets, hardware wallets, or bitcoins on your computer in your checked bag.
At any airport around the world it's quite normal that if you are departing or entering a country with more than $10k currency, you have to declare it.
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
Your bitcoins don't travel with you. They only exist in cyberspace.
You can access your coins from both countries (departed and arrived). Ultimately what matters is how they touch the fiat value chain.
Well not unless you want to declare btc as your source of income and you are a minor or unemployed. Others kinds of visas i think is ok but being a minor or unemployed and your are making big profits in btc and you want to go to other country, it is likely questionable by the police on where you are getting your money. So i guess just show your wallet and talk somethings about btc may decrease time of delays.
At any airport around the world it's quite normal that if you are departing or entering a country with more than $10k currency, you have to declare it.
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
Your bitcoins don't travel with you. They only exist in cyberspace.
You can access your coins from both countries (departed and arrived). Ultimately what matters is how they touch the fiat value chain.
Yes. They dont have value until you spend/convert them, so you dont have to declare something you don't actually have. This would be akin to declaring your stock portfolio; its just as liquidable in certain markets as crypto. I often wonder about the inverse of this; I am considering relocating and maintaining dual citizenship, but the majority of my worth is in crypto holdings. How do I declare my virtual worth to countries that require a minimum asset threshold (say you need a job and x capital to repatriate to certain countries)? I dont think they would be so understanding if I declared my "virtual" holdings, and I'll be damned if I have to convert all this to fiat (and suffer conversion fees) just to make my wealth evident.
Essentially, it seems the best course of action concerning this is to just shut up. Causes more headache than it prevents.
Yes, I don't believe that you need to do so at all as it is all virtual.
Perhaps, in the future- when more start to use BTC.
Perhaps, in the future- when more start to use BTC.
At any airport around the world it's quite normal that if you are departing or entering a country with more than $10k currency, you have to declare it.
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
Your bitcoins don't travel with you. They only exist in cyberspace.
You can access your coins from both countries (departed and arrived). Ultimately what matters is how they touch the fiat value chain.
At any airport around the world it's quite normal that if you are departing or entering a country with more than $10k currency, you have to declare it.
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out...
With more than 10k in cash.
Nobody is checking your debit cards or credit cards.
Nobody is checking your banking account.
Furthermore every country advises you to have your money in a bank account not cash on your person.
Bitcoin acts like virtual money.
Besides, technically speaking bitcoins aren't in your wallet.
There's no way I'd bother. In this day and age if I were flying into America I would probably delete any wallet and bury the seed in an obscure file just in case. There's lots of potential for misunderstandings and ball ache if they do get a sniff. Those TSA people aren't the brightest.
I can imagine they will come out with a firm policy some day. It'll also be laughable and a breeze to route around.
I can imagine they will come out with a firm policy some day. It'll also be laughable and a breeze to route around.
Cryptocurrencies are another matter. What you must declare are banknotes, traveler's checks, gold coins... Anything physical. The future will probably assimilate cryptos to money in the bank, but so far there isn't a single word about BTC in customs regulations.
I'm sure at airports I see signs saying "currencies" but it doesn't mention about anything it having to be physical.Yes, it is indicated. Not in all airports, though. Cash, jewellery, and the like. I could have taken a picture, but I didn't want to get noticed, and waste time.
Don't.
If you don't have to declare your bank balance, you don't have to declare Bitcoin. They are not on your person anymore than your bank account that you might have your number to. I'm not saying if you get caught with a private address that's just written down that someone might get their panties in a bind but... It makes zero sense. There is no reason to comply so long as you don't have a blatant private key written down.
If you don't have to declare your bank balance, you don't have to declare Bitcoin. They are not on your person anymore than your bank account that you might have your number to. I'm not saying if you get caught with a private address that's just written down that someone might get their panties in a bind but... It makes zero sense. There is no reason to comply so long as you don't have a blatant private key written down.
I agree.
If you declare it's actually worse for you, because you never know whose eyes will be upon you. They may search your luggage to check if you're not a terrorist heading off to finance a sleeper cell
It sounds funny, but authorities have their own procedures and like to follow the scent of money, because if you're taking it with you it implies you're planning to pay for an item or service. If you wanted to pay for something legal you would have used cash or wired the money instead of taking it in the form of cryptocurrency. That's their stupid way of thinking!Don't declare. They have no right to check your phone or computer, so they will never know what you're carrying.
Cryptocurrencies are another matter. What you must declare are banknotes, traveler's checks, gold coins... Anything physical. The future will probably assimilate cryptos to money in the bank, but so far there isn't a single word about BTC in customs regulations.
I'm sure at airports I see signs saying "currencies" but it doesn't mention about anything it having to be physical.Then again, thinking about it in more detail you are not taking Bitcoin across the border, Bitcoin is stored on the blockchain forever and doesn't move anywhere. It's only the private key you have stored that you are taking with you when you cross borders.
Similar to the password to your bank account with a zillion dollars, you are crossing borders with a key that gives you access to fiat currency, but no currency or currency instrument is on your person. But good question.
Also I think the IRS doesn't treat bitcoin like a currency?
Cryptocurrencies are another matter. What you must declare are banknotes, traveler's checks, gold coins... Anything physical. The future will probably assimilate cryptos to money in the bank, but so far there isn't a single word about BTC in customs regulations.
I'm sure at airports I see signs saying "currencies" but it doesn't mention about anything it having to be physical.Then again, thinking about it in more detail you are not taking Bitcoin across the border, Bitcoin is stored on the blockchain forever and doesn't move anywhere. It's only the private key you have stored that you are taking with you when you cross borders.
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