Cashing out some as a europoor

Question

Cashing out some as a europoor

I hit 4 mil networth with the drawback that I am a europoor.

I bought bitcoin in 2015 from an exchange that has not existed in ages and held onto it, only moving it around to hardware wallets.

When I cashed out 23k in 2020 and put it in a bank account the bank asked me where the money came from. I sent them the report and they froze my account anyway telling me to leave. I got the money out of there luckily.

What am I even supposed to do with all this money, without looking like a literal criminal to the banks and to the tax offices. The exchange I bought it from is gone. no records left. All I can say is that I had it in my wallet for a few years prior to sale. I read about accounts being frozen and tax offices doing some shady shit just cause you bought bitcoin and held on to it.

How do you guys do it?

open a bank account in proper country outside of EU shithole

Use Swiss banks

23k

That’s not even enough money for a down payment on a house. Are they that cucked over there?

Really depends on where you live, different EU countries have different laws. Might be worth paying for an appointment with an actual financial advisor instead of asking internet schizos.
I would send an email to the IRS equivalent without mentioning specific sums, asking them what sort of paperwork they'd find acceptable in this case.
Anyway, I assume you have your coins in some non-custodial wallets and will send them to a CEX to cash out. It might be enough for the authorities to see the outgoing transaction from reputable exchange and they won't care which funds those were purchased with.

What am I even supposed to do with all this money

move to a real country

cashing out as a europoor

lol you dont, you were warned about this many times
only hope is to get out before all tradfi blacklists you, which is legal and will be shared to every bank in their network

call your bank and ask how they want you to act when moving large sums of money from crypto.
then try it with smaller amounts
they didint ask me anything else when i told them i will be moving money in and made smaller like 2k moves at the time.
my total amount was like 10k back in 2021 and rest stayed in chain.

yes its fucked, I read a lot about that stuff happening.

It looks to me as if eu banks think any exchange related to crypto is evil. And then you also have "certified" exchanges freezing your shit sometimes, its just so fucked.

call your bank and ask how they want you to act when moving large sums of money from crypto

I fear they might just freeze it after the call i dont know. What did they tell you when you asked?
Perhaps I should try that one a separate bank account and see what happens.

I'm worth $4M

I just can't cash out is all!

such is life in euroland

Send the coin to an exchange that does stocks and shares
Sell to cash
Buy a telco
Hold for a day
Sell to cash
Withdraw cash
When they ask tell them it was from share trading
Job done

then they ask where you got the cash to buy a telco. And eu sees everything you do on exchanges, whats happening on your bank account like everything.

Kyc/aml rules are fucking gay. If you can't prove where you got the btc from then you're going to have problems finding a legit bank to do business with.

You need to talk to a financial advisor / cpa who deal with crypto / aml bullshit. You will likely wind up taking a serious haircut to turn your btc into cash.

p2p cash

Nigga go to the tax office and the bank and work out a deal. A lawyer helps. Do it the right way.

Europoor here

this is fake bullshit

just open a checking account and a credit card, get a job, and withdraw small amounts of bitcoin alongside your check and never tell anyone.

taxes are no joke
for example in my eu shithole if the crypto income is big like $500k+ the tax is 25% so if i had 10 mil then literally 2.5mil goes poof sorry bucko

Assuming this isn't a larp and you actually have 4m in btc or stables

I cashed out 150k net in 2021 to help buy a flat
I contacted a lawyer who specializes in finance and crypto, he recommended an accountant/ tax consultant
We made the tax office aware and my accountant got a settlement letter
Arranged a meeting with a bank manager (this was a pain in the ass because I was pretty poor)
Showed the tax settlement letter which basically how much I'd have to pay and that the tax office knew about the transactions
Bank agreed - waited a couple weeks for money to hit the account
Called me to offer investment services
Pay tax

Oh be aware that the second the tax office knew about it I was on the hook. So my lawyer was pretty clear that I'd have to keep shopping around until a bank was willing to let me cash in or pay the tax with my own cash.

Move to Germany, cease residency in Home country and THEN Cash Out.

Cashing Out Crypto is Tax free in Germany, If you held over a year

Arranged a meeting with a bank manager (this was a pain in the ass because I was pretty poor)

I'd have to keep shopping

So you got it on your first try?
Seems pretty risky. What happens if no bank lets you cash in and you don't have enough to pay paxes while the money is locked in on a exchange.

Stepping out for work

Yeah it was pretty risky but we really wanted to get our own place and the rates were good so it was either let that money sit in crypto or risk it. The lawyer said worst case scenario with 100k an investment bank would be happy to take it provided i let some of that money sit in there.

For reference though I’ve been with that bank since my dad opened my account when I was like 12 for savings

I understand. Yeah probably using your 'childhood bank' is the safest bet but on the flipside I guess if you fuck it up then you're out of your best option.
Also, it's not the same cashing out 150k than several mill because in the later scenario you can't even pay the taxes out of pocket (while you get a bank to accept the money, in case it takes a while).

What if you want to cash out a large sum to diversify into stocks and similar investments? You know, actually making it and such. Using a credit card for spending doesn't work in that case.

A house

I feel for you fren.
I hate taxes so much it's unreal.

unironically good advice if you are a millionaire in crypto.
if you are poor in crypto just get crypto.com credit card and buy groceries.

that's way to much money to ask rando internet anons about.
find a good tax attorney and a good accountant accountant. pay them for advice and connections.

I got stupid lucky with a shitcoin early this year and ended up in a similiar scenario as you OP

Made sure to cash out from the same CEX I put all my money in from, contacted an account manager of my bank and a public lawyer with my intentions to make a big crypto witdrawal, spoke theoretically but honestly and found the most efficient legal methods.
I had possibilities to optimize via investment account settings, reinvesting into dividend stocks and also making upfront payment on my desired real estate.
I paid the income tax (20% here in Estonia) and enjoyed 80% of my money without having to scheme, worry about anything or looking behind my shoulder for rest of my life.

Ignore seething americans who wouldnt pay any tax in their life and lack any free public services, 80% of your 4 mil is still life changing money.

Nigga, if you get 10 then paying 2.5 in taxes isn't end of the world. You are still set for life, stop being crybaby

Hello Saar,
I am an American Price and I have a very very large trust fund but I lost access to it because I left my wallet in Donald Trump's airplane and then Elon Musk threw it out the window mid flight as a prank. I really need 2 million dollars by tomorrow because I have huge deal with the Crown Prince of Saudi Arabia to buy oil wells and if I don't have the money I will lose out on a 10 million dollar profit for an emergency oil shipment bound for Ukraine. If you can lend me the money I will pay you back 3 million dollars next week. Thank you saar. God Bless.
-The Crown Price of America

There is a french youtube channel / Oseille TV, activate translator and you'll have everything you need to know to cash out.
Basically : withdraw small amount regulary like you have a job for 6-12 months. Plan a trip in Panama, cyprus or else (you can chose between 10-12 countries) chose carefully (with advices from oseille TV) also check governement webistes and conditions. Go to the selected country spend the money needed to get the visa etc... (from 100 to 300k most of the time). Spend 1 year there enjoy like holidays, cash out your money to your new bank account created there. Then open a s business for 6-12 months life a coffee shop or even buy a van and make pizzas idk.
Keep your money straight. After 1.5 year you can go back to europoors if you want with your new money. You tell them you have businesses oversee. Also you can show them you made big money showing your foreign bank accounts. Then they will completely accept your bank transfers.
Godspeed you'll need discipline to get out.

cash out in germany
get a crypto knowledgeable lawyer
show him proof that you are holding the coins for 1+ year
then it is tax free and you pay the lawyer maybe a couple grand

You're an idiot to think they ask two steps back lmao
stay poor bro

many americans would have to pay 40-50% on a big crypto gain if they held it for under a year. also kek at a yuropour saying he wants to pay 20% of his fortune for bus fare and for a somali immigrant doctor to butcher him on the operating table when he needs medical care in the future. you know, they had “free public services” in the old soviet union too, like government-run farms and grocery stores. tens of millions starved. in fact a very famous moment in history was when a soviet leader came to america on a diplomatic trip and they let him visit a bunch of grocery stores and he saw the abundance that the free market provided. he literally didn’t believe it at first and thought it was staged or something for his visit, so they told him he was free to visit any store he wanted. he got redpilled pretty hard by that experience and that’s one of the reasons the ussr eventually fell. free public services fucking suck. the market is superior in every way (yes, even price, because government is inefficient, not properly incentivized, and wasteful with taxpayer money).
op, don’t take advice from anons who don’t even know which country you’re in, just talk to a lawyer and an accountant. if they can’t help you, then you need to go to a more crypto friendly country and talk to a lawyer and an accountant there about how to cash out.

From what I saw you don't need to declare anything in your tax report if you hold for more than a year. You can just withdraw to your bank account without any issues. Just warn the bank beforehand. It can be millions. To be safe, you can speak with a lawyer and inform tax office but you don't need anything in the tax report.

Don't do this, it's literally money laundering.

What country, what bank

warosu.org/biz/thread/59251960
interesting how they delete some posts here that dont seem to break any general rules for the board

anyways have fun on your journey op the aml euro banks are forced to do is a real pain in the ass and you are on a countdown timer to pay your taxes in euros to your government the moment you start the process
also these threads are quite illuminating as to who has never had money to cash out on this board