/biz/ - Business & Finance

Move to portugal or malta, polak?

>>29549047
just pay the taxes on whatever you cash out and hold the rest and you'll have no worries.
if you wanna "sell the top" then just swing it for a stablecoin and buy back in next year.

>>29549047
>pic
Italy has the highest average IQ in Europe why is it listed at 96

>>29549157
I've seriously thought about portugal as an option (although I'm not in the EU. Golden visa).

But the bank account thing worries me, even in portugal. What's to stop them from freezing my account when they see this literal who just got a few $100k transactions in a few months? That's why I'm led to believe (maybe I'm completely wrong) that I should get a lawyer (regardless if I do it in portugal, switzerland, malta, wherever) to help me with getting a bank account at a high enough tier where they won't bat an eyelid when they see us$2m coming in.

But I don't know where to begin. I don't even know if I'm on the right track thinking about lawyers.

>>29549239
Same reason Russia has an average higher than Ukraine or Belarus, which is impossible, considering how many non-Slavic subhuman shitskins there are. Bad data and/or research.

>>29549175
Taxes are not my main concern. I can either pay them here, or move to somewhere like portugal and pay the bulk of those (at 0%) there.


My main concern are old school banks.

I have a poorfag tier bank account. Very low overdraft, very low credit rating. I don't think I can talk my way into convincing them a us$2m incoming transfer is legit.

>>29549464
>i invested in bitcoin
>now i finally sold
it's not hard.
start with smaller sums if you're so worried, my bank never asks me questions and i dont even have a job.

>>29549636
When written by a stranger on a basket weaving forum it does sound reasonable, but when it comes out of my own mouth... I guess I'm too paranoid.

>>29549175
this is good advice.

>just cash out in another country dude
>no government thought of capital flight ever
/biz/ is easily one of the dumbest boards

>>29549047
Contact Nomad Capitalist. This guy is absolutely legit.
https://nomadcapitalist.com
https://www.youtube.com/c/nomadcapitalist/videos

>>29549388
what would they do? there's no rule for crypto, they couldn't do anything right?
anyways lawyers aren't expensive here
t. portuguese

>>29549981
i'm not a tax evader but this smells honey LOL

>>29549981
I'll check it out, thanks

>>29549986
There's no rule for crypto, but I'm pretty sure banks anywhere can flag/freeze your account if they unilaterally want to because of "suspicious" activity.

>>29549464
So create a new account. Like HSBC or USB
I don't get the issue. Second plan doesnt work as well anymore since Obama murdered most bank secrecy

>>29549464
You could declare some bogus business like car export / import and make a bank account for it and slowly transfer it there. I know nothing on the subject really so you should probably talk this over with an actual advisor rather than /biz/

>>29549464
>Bank get suspicious depot
>2MM to a wagie normalfag
>Report to the authorities
>They find it's good since you paid your taxes
End of the story

>>29550134
Reading the replies...I think the issue is my paranoia, because most here don't seem to see any problems with just cashing out.

>>29549388
Yes speak with a lawyer. At worst you’ll spend $300-500 an hour with a 5 grand retainer to start. It’s worth the investment to protect & secure your finances, even $2m.

‘Nam

>>29549047
can you prove you bought the coins and the date you bought them and where money came from.

>>29549464

Explain the situation with a bank employee, show them some of your trading history and you’re good.

Imagine being French lmao

>>29550336
>Do this instead of sending SOF documents to the authorities FIRST, and only AFTER their green light proceed to withdraw the sum on a bank acc that has been opened only for that reason and knows the ins and outs.
>WHY HAS MY BANK ACCOUNT BEEN FROZEN FOR MONTHS NOW AND I'M GETTING SCARY LETTERS IN THE MAIL FROM THE GOVERNMENT? MOMMYY

>>29549047
If your country isnt green you arent white

>>29549047
Jesus christ anon. YOU are the big swinging dick now. Go to the bank, tell them what's happening. They should suckle on your hog. If they make problems, tell them ok, thank you, I'll take my millions elsewhere. Banks want your money, duh.
t. NEET who cashed out high 7 figures last week. Wagie on the phone changed the way they addressed me when I warned them of the incoming wire. Feelsgoodman.

>>29549047
>pic
binland :DDD

>>29550581
all those niggers/arabs they have in Paris are lowering their overall IQ probably

Even in germany there are cases where bank accounts get freezed because of money laundering suspicsions
Even you cam proof everytjing is legit you have to go through the courts and actually proof it.
Have fun with that without Money.
And beware of the laywers. There are many who will scam you

>>29549388
as far as I know if you cash out your earnings here you will still get taxed around 35%. i am not a lawyer though so take this advice with a grain of salt

t. maltafag

>>29549047
First hire an accountant specialized in crypto to fiat by the hour without telling your real amount of money, not a fucking lawyer.
Before first, print all your transactions. That is crucial. Fiat to crypto and crypto to crypto with proofs that you operated from your own accounts.
Then talk to your fiscal authorities and request douments about the legal procedures for cashing out crypto and PAYING TAXES. Request a personal advisor from the state b/c of high taxes. Then talk to your bank about what docs they want and allways reference your tax advisor and accountant. They'll be soft.
Cash out

>>29549388
the good thing about this beautiful country is that you can easily get people to look the other way, it's not even expensive

>>29549047
You wont have any issue with the bank, the branch manager will literally feltch you for that cash. Then get an accountant who knows a bit about this or at least is familiar with stock traders, give him a wedge and then together you will avoid as much tax as possible. Always avoid anon, never evade!

>cashing out in my country will incur a total of $120k in fees and taxes
What the fucking fuck

>>29551095
Ebin :D

>>29550861
Checks out

>>29549047
Go to Andorra

>>29549047
Pay the taxes retard. I bet they're really low if you're in a developing country. You'll lose 10-20% but you're still rich as fuck and you're not living in fear for the rest of your life

>>29549047
If your in Euro unironically get yourself a Swiss bank account.

>highest IQ in Europe
>highest taxes in Europe

Capitalists destroyed

Find ways to launder that money...

Deposit some money every month in a brokerage account and buy in etfs, stocks and bonds. Then when your portfolio is worth >= US$2m ask a bank for equity line of credit.

Now you can spend taxed money you dont own that’s backed by your assets.

>>29550337
As long as you pay taxes and can justify your initial investment there should be no problem.

>>29553453
Based finance bro

>>29550337
No more people here are wrong because they have 5 digits at best. There definitely is a problem if you just cash out. It's not about taxes, they'll probably confiscate everything because it's 'illegal'.

Open multiple crypto cards like crypto.com, binance.card and there are few other legit ones and cash out on them.

>>29549047
just pay capital gains tax. its always around 10-20% and be done with it. on 2 mils i think you can manage

>>29554280
is this safe ? dont they require id or something that tax authority can later demand from them

>>29554500
It's not safe
>>29554382
In third world countries it doesn't work like that. They'll likely open an enquiry, you might even get an employee blackmailing you to lift it.

>buy gold with BTC
>get gold on mail
>sell gold to local gypsy or j*w
>get money
>irs niggers don't suspect a thing

>>29551358
fucking 35 percent jesus christ
what kind of faggot invented capital gain tax

>>29549047
Are Albanians actually retarded then?

>>29554886
>live a shithole where gains are taxed 45%
Get on my level negro.

>>29554886
Yes it's pretty funny. As if you investing in meme coins costs the state anything.

>>29549047
Always knew that finns were a special breed. Autism is truly their super power.

>>29550492
surely he cant or this thread is pointless. wouldnt be the first time someone lost their old addresses/wallets

>>29555443
As if some retard at the tax office will ask you to sign a transaction on the Blockchain from your old wallets.. You just give them a printout of everything you have & pray for the best. Good luck if you live in a corrupt shithole, they'll just confiscate your shit.

Why southeast Europeans are so low on IQ?

>>29555519
>pray for the best
again, defeats the point of this thead if thats all he can do. a significant amount of early btc money has nothing you can "printout"

>>29549047
Get an accountant. I know guys in private security that have their own accountants for tax avoidance purposes. Tax avoidance is not illegal. Tax evasion is.

Also let your bank know you'll be making some big deposits.

Is there a capital gains tax threshold where you are?

come to turkey buy a house for 250000$, get turkish citizenship immediately(allows dual citizenship)
0% crypto tax you can withdraw as much as you want.

I don't think some people in this thread realise how retarded banks are. Although having said that, depositing $5 million into a bank account from crypto will less be less hassle than withdrawing $2,000 in cash over the counter.

>>29549047
Swiss bank account. You will have to explain the source of funds of course

France has the lowest IQ from all europe, that data is not correct

Dude a bank won't flip out. If you legally made a stack through investments then what can they say? Now, you should move to a country like Hungary or some vast majority white country and buy land, build a house and get all settled in before the great white exodus occurs in the next few years.

>>29551358
Are gifts in between family members taxed?
If not, send crypto to trusted family member. He cash out and gives you the money. He would have to tax difference in between receiving it and selling.

>>29549464
So you find a bank which is willing to get have your money.
You think nobody before you won a lot on gambling website?
And it's money no bank at all would you to deposit?

>>29549047
Stfu faggot. What do you think happens when some is trading stocks and makes a shitton of money and cashes out? The bank doesn't let him?

Bank people already heard about bitcoin so it won't be hard to explain you invested in bitcoin and other crypto. Just make sure to pay your taxes.

Don't try to evade taxation, you will get fucked for sure.

>>29549047
How did Ireland get so wealthy if they are so stupid?

>>29555972
You don't try to deposit without talking to them before.
And if they are retarded about that, you find a bank that is not.

>>29549047
>Go to Turkey
>Make a bank account in a bank of your choosing
>Optional step: Tell them you plan on putting crypto and you need their advice/assisstance
>Transfer crypto to bank
>Get Turkish citizenship for cheap if it will make the process easier
> There are no taxes on crypto in Turkey
>Cash out
>Profit

>>29551358
I'm currently looking into this with a tax consultant in Malta. I will share the info when I get confirmation. Note this is only one side as I'm not yet resident in Malta and would need a tax consultant in my home country too to ensure all is above board.

>>29549452
>higher than Ukraine or Belarus
Hohols are not that bright and Belarus is stuck in 18th century.
Russia is full of geniuses. And no, I'm not from Russia.

>>29556850
They're not wealthy. They are just a tax haven so big corpo headquarters there for tax 'purposes' skewing the GDP figures massively.

>>29558239
No crypto taxes in Turkey? Seriously?
How much is citizenship?

>>29559587
This.
>>29559639
Their economy is in shambles, they suffer from huge inflation and turkish lira is dog shit that no one wants to touch.

>>29549047
>the average IQ of 100 is massively below average

this pic never gets old

>>29559639
You got few options, either straight up pay 250k or keep 500k in turkish banks for 3 years. Since anon has millions, he can choose whichever suits him best.
https://www.hausbiz.com/turkish-citizenship-by-investment/

>>29558792
> I will share the info when I get confirmation
Greatly appreciated anon, I would like to know as well. I don't have large enough funds to justify talking to a tax consultant/lawyer yet otherwise I would have done so myself. I imagine there's some sort of loophole which would let you skirt around the 35% I read about.

>>29549388
you need a lawyer and a tax guy to not do this in a retarded way. source: i just set up a company and without these two people working together ur gonna fuck it up. don’t ACT like it’s shady. its not. “i made some smart investments X years ago and now I’d like to use the money to buy a property and start (who fucking cares)”. happens all the time. don’t act like a drug dealer.

>>29559945
Why dafuq would he want to hold turkish lira or usd\euro in an unstable dictatorship in the middle east ?

>>29549388
Get an E-Residence from Estonia. Then you can open an account and cash out with cheaper taxes. Portugal is a good alternative, but you need more paperwork and you may need to get a lawyer to help you with the paperwork.

>>29560196
I'm not sure E-residence works that way.
Also, AFAIK Estonia has retarded crypto tax laws. You are taxed not based on your overall profit, but instead each profitable trade is taxed separately. Meaning you could end up paying more in tax than you actually earned.

>>29560144
Since he wants to cash out his 2M, I only proposed getting the Turkish citizenship by simply holding 500k in a bank to make the process easier. He probably won't even need to but I don't know.
Plus, the country isn't that bad as an investment with the super high interest rates. Remember, on the macro level there is an excess of money created (money printer goes brrrrrrrrrrr) so people either invest in crypto, real estate, gold/silver or risky countries with very high interests.

>>29560326
This is partly true, but he only has to declare those transactions in which he made profit. OP wants to cash out so he'll be only paying for that one single transaction. If he decides to use Estonia to swing, he will have to pay tax on all his profit during that tax year. But, with the E-Residency he's inside the EU economic zone, so he could easily trade in another country like Portugal.
By the way OP, if you're american regardless of where you are, you'll have to pay taxes abroad, at least until you're fully out of the system.

>>29555551
turk rapebabies

>>29555551
Centuries of Turkish Mudslim rule do that to you.

I think this is a legit concern, because banks can shut you down for years while they slowly investigate if you're suspected of fraud.

I think going to another country to open a bank account screams red flag to the authorities as it's pretty extreme.

You need to talk to a lawyer in your own country and get advice from a professional instead of retards - they'll be a legit way to do this, but not doing stupid shit that looks you're guilty of something is a good idea in the meantime

>>29555415
so they're all autistic, that's why everyone listen to metal here

>>29554638
Gold sellers have to follow money laundering regulations too.
In the EU, if you buy for 10k EUR or more, then they have to start some anti-money laundering due diligence BS.

>>29560890
>going to another country to open a bank account screams red flag
sure, but not if youre leaving your country to avoid taxes