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Author Topic: Cashing out Q&A  (Read 1326 times)
metalbean
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August 14, 2017, 11:07:45 AM
 #1

While I have full confidence of my country's financial system *wink*, I'd like to be safe and keep this part of my chest elsewhere.

Question:
1.  A country with a reputable bank, non tax and allows non residence to open an account. Does it exists?

2. Cashing out to a company. I have a dormant Seychelles company with a Bank of Cyprus account. Is cashing out into a company entity heard of?

3. Feel free to add into the questions list.

And I am not a big whale, just have ~10 btcs to cash out slowly so the considerations might be exactly similar to the multimillionaires Smiley And look forward to some advices Smiley

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wearepoor
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September 02, 2017, 10:34:45 AM
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Question:
1.  A country with a reputable bank, non tax and allows non residence to open an account. Does it exists?


I think Swiss bank offers bank accounts to the foreigners upon completion of mandatory requirements. They are famous for keeping the secrecy of their client's information. I am not sure, whether it will help you or not ?

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SamReomo
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September 02, 2017, 11:29:30 AM
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I will also say that you should go for the Swiss bank as it is well know and very famous for it secret. This bank is safe and it will keep your personal information to yourself only and this bank will never share your details or balance with anyone. Many political leaders have well known stories of keeping black money in that bank. You will not have to work extra hard to deposit your money there just create an account with the bank and leave your money there without any worries. You should still read more about the bank your self by visiting the site of the bank and also contact them via phone call for better details.

Samarkand
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September 02, 2017, 12:52:26 PM
 #4

...

2. Cashing out to a company. I have a dormant Seychelles company with a Bank of Cyprus account. Is cashing out into a company entity heard of?

...

Most exchanges offer the option to open a company account. However, they have extensive verification requirements in order to
comply with AML regulations. Therefore you have to be prepared to provide a lot of documents until you are allowed to make
any transactions with your company account.

E.g. at Bitstamp you have to provide the following stuff:
(i) Certificate of incorporation and Memorandum & Articles of Association
(ii) Annual return which details who the directors and the beneficial shareholders of your company are as of the last fiscal year
(iii) Resolution of the Board of Directors to open an account with Bitstamp and identification of those who have authority to operate the account
(iv) Authorization for other persons to manage your account (if applicable)
(v) Copy of a company telephone bill or a recent corporate bank account statement
We would then kindly ask you to please provide us with a high resolution image of international passport and one recent utility bill (electrics bill, land phone bill, ..) of at least two members of the board of directors, and any owners with a share of 25% or more. These documents must be provided as high resolution images.

As you see, the requirements are quite the obstacle  Grin
Besides, you still may be subject to taxes on any profits, if your company is subject to taxation in the Seychelles.


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September 02, 2017, 06:52:06 PM
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Question:
1.  A country with a reputable bank, non tax and allows non residence to open an account. Does it exists?


I think Swiss bank offers bank accounts to the foreigners upon completion of mandatory requirements. They are famous for keeping the secrecy of their client's information. I am not sure, whether it will help you or not ?
It's impossible if you're US citizens because most of Swiss banks comply with FATCA that means they're forced to report your incomes if you're US citizens. Otherwise they will get sactioned.

darkangel11
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September 02, 2017, 09:27:50 PM
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I think the safest way to be a deposit box, as things kept in there aren't added to the electronic system that is being monitored by the government.
The question is: what you want to cash out into. A local currency? A foreign currency? Or maybe something physical, like gold.
IMO the safest way is to have a close friend or a family member in a target country, where you want to move the money. Register at a local exchange and wire it directly to a local ATM. Give the atm withdrawal code to that trusted person and let them withdraw cash for you and deposit it in a safe box.
Pros: you'll have cash waiting for you in a foreign country and they won't freeze your account or take % of your money Cyprus style.
Cons: you won't be able to access it remotely, but will have to personally go there to withdraw, or send someone to do it for you.

gentlemand
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September 03, 2017, 10:12:39 AM
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Pay the tax, unless it's ridiculously punitive, and live a hassle free life.

You'd probably spend the equivalent of the tax flying to places like the Cayman Islands only to be told to bugger off for being too poor anyway.

And if you wanted to repatriate that money you're going to asked questions anyway unless you feel like leaving it there forever and looking fondly at your bank statements.

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September 03, 2017, 11:22:14 AM
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Question:
1.  A country with a reputable bank, non tax and allows non residence to open an account. Does it exists?

A lot of them do exist. But make sure you are aware of this
http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/

Various countries are exchanging information amongst each other. If your objective is to avoid tax, it is not worth it. Pay up and lead a hassle free life.
HeRetiK
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September 03, 2017, 05:31:55 PM
 #9

2. Cashing out to a company. I have a dormant Seychelles company with a Bank of Cyprus account. Is cashing out into a company entity heard of?

Cashing out to a company could qualify as money laundering if you're trying to portrait it as company income.

On a side-note, is registering a company in the Seychelles really as simple as finding the right online service for offshore company registration? I always wondered but never had the opportunity to ask.

Samarkand
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September 04, 2017, 01:50:43 PM
 #10

...

And if you wanted to repatriate that money you're going to asked questions anyway unless you feel like leaving it there forever and looking fondly at your bank statements.

I think that along with your Cayman Islands bank account you would receive a few credit cards that can be used to literally withdraw
your funds anywhere in the world. There is no need to repatriate the money when you can simply access your funds in that way.

I concede that buying real estate or other comparable items would be a giant hassle, if you can´t prove that your
funds have been properly taxed.

VeteranCoin
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September 06, 2017, 02:45:01 AM
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I hear there is a Nigerian prince who would be willing to help if you would just show a good faith gesture and send him a little bit of funds so he can file the paperwork for you.

 Wink

http://blog.sumrando.com/2013/02/omg-my-second-cousins-great-uncle-is.html

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SushGo
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September 12, 2017, 02:20:46 PM
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Question:
1.  A country with a reputable bank, non tax and allows non residence to open an account. Does it exists?


I think Swiss bank offers bank accounts to the foreigners upon completion of mandatory requirements. They are famous for keeping the secrecy of their client's information. I am not sure, whether it will help you or not ?

Agreed with you, Swiss bank is one of the trusted bank in the entire world for maintaining security and anonymity of the account holder. I heard that, there are some strict rules and it is difficult to open an account with them.
HeRetiK
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September 12, 2017, 10:36:34 PM
 #13


Question:
1.  A country with a reputable bank, non tax and allows non residence to open an account. Does it exists?


I think Swiss bank offers bank accounts to the foreigners upon completion of mandatory requirements. They are famous for keeping the secrecy of their client's information. I am not sure, whether it will help you or not ?

Agreed with you, Swiss bank is one of the trusted bank in the entire world for maintaining security and anonymity of the account holder. I heard that, there are some strict rules and it is difficult to open an account with them.

Swiss bank secrecy is not what it used to be. It's been under fire for a couple of years now and it seems that starting this year it has finally fallen:

https://www.ft.com/content/890a4262-c795-11e6-8f29-9445cac8966f

https://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy-/42799134

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