Crypto profit to bank account without taxes

[BigBoy89]

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.

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.

[1715228499]

1715228499

[1715228499]

1715228499

[1715228499]

1715228499

[figmentofmyass]

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.

[sbogovac]

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...

[stomachgrowls]

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.

[maculeth]

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.

[zasad@]

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.
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

[sbogovac]

[...] 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!!!

[Conley]

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.