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Best Way to Move money?
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True Balla Offline
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Best Way to Move money?
So I have a friend who is selling a property in Trinidad and wants to move that money to the US. Apparently, it's pretty hard to move the money from Trinidad to the US because there is a shortage in USD supply there.

In essence, he wants to convert his money to Crypto's and then cash out in the US. What is the best way of going about it? I know you can use Coinbase, Kraken, etc. but what would be the best platform to do a large amount? $1m USD +?

I have a coinbase account and have only been able to do 2k at a time max, so couldn't offer proper advice. Also, how can you cash out? Will coinbase or other exchanges cash you out in USD?
12-01-2017 10:34 AM
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WomenLuvDeez Offline
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RE: Best Way to Move money?
Well for one, FUCK coinbase! I fucking hate them with a passion. I have been in the bitcoin scene for years now and did quite well. I suggest getting a offline wallet/trezor so he has his private keys(ultimately whomever is in control of the private keys owns his money/bitcoin, Example:Mt,Gox scam). When he comes to the USA. open 4-6 bank accounts, spread the money out into different banks(I suggest if its A HUGE amount, consider doing transfer within online banks like ally or something as well). Never do more than 5-7k/day in one bank that is FDIC. Put it in and then slowly take it out. You can easily spread out 100k and have it out in reasonable time. PM me if you need more specific help. I know some sites that will let you sell off volume no questions asked.

Once you have lots and lots of quantity then you can choose the quality you want. But never give in for a beach whale no matter what the fucking circumstances are.
(This post was last modified: 12-07-2017 03:29 PM by WomenLuvDeez.)
12-07-2017 03:27 PM
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True Balla
stefpdt Offline
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Post: #3
RE: Best Way to Move money?
Why would he cash out in the US?

Can you convince him to cash out in another country that would be less "interested" in taxing his income?
12-07-2017 05:45 PM
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True Balla Offline
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RE: Best Way to Move money?
Well he lives in the US so he would want to bring his money here?
12-07-2017 10:46 PM
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GlobalMan Offline
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RE: Best Way to Move money?
This is a question for a lawyer and an accountant, both of whom should have experience with moving money internationally and the laws and tax implications. The cost of this is a pittance compared to the sum at stake.

If your friend actually has this kind of money, and is serious about doing this, then posting on the internet forum through an intermediary is not the way to go about it.

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12-07-2017 11:41 PM
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kuros Offline
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RE: Best Way to Move money?
coinbase will just simply hold his money and never release it.

while making up vast amounts of bullshit and "KYC AML" verifications.

Even if he gives his blood samples, DNA and everything else, coinbase will continue to hold his money and not release it.

That's how they operate
12-08-2017 01:56 PM
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True Balla Offline
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RE: Best Way to Move money?
(12-07-2017 11:41 PM)GlobalMan Wrote:  This is a question for a lawyer and an accountant, both of whom should have experience with moving money internationally and the laws and tax implications. The cost of this is a pittance compared to the sum at stake.

If your friend actually has this kind of money, and is serious about doing this, then posting on the internet forum through an intermediary is not the way to go about it.

Well yes, he's doing that too. He's working on that portion. But this is actually where I learned about crypto's and there's a ton of knowledge here and a lot of very smart people. Your traditional lawyers really won't suggest crypto's, and this space is quite unregulated and not really well known by lawyers yet. You never know what this thread can turn up. Ya know?

It's like taking a chance and hitting on a 9
12-08-2017 09:43 PM
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The Beast1 Offline
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Post: #8
RE: Best Way to Move money?
IANAL/A (I am not a lawyer or accountant).

As far as I believe it, so long as your friend pays the appropriate taxes in Trinidad for the home sale, transferring that amount into bitcoin and then into USD shouldn't be much of a problem.

He may need to contact his accountant to ensure any sort of capital gains are paid if bitcoin appreciates heavily when he buys in, but that shouldn't be too bad. I would also call your exchange of choice and confirm that you'll be able to process a transaction like that ahead of time than get caught with a surprise.

He can of course avoid all of the capital gains by selling his bitcoin at the spot value of the USD and Trinidad currency thus avoiding the need to worry about capital gains. Though, it would be nice to enjoy some modest increase for the short term speculation.

I would definitely not suggest trying to spread multiple transactions through multiple areas. Moving 1 million plus is something that catches eyes in law enforcement circles. It's best to just pay the troll and avoid the potential legal nightmare.
12-09-2017 01:05 AM
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Que enspastic Offline
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RE: Best Way to Move money?
What happens when you can start to buy houses with crypto ? Is there tax to be paid on that even if you haven’t transferred back into fiat
12-09-2017 08:37 AM
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Bluto Offline
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Post: #10
RE: Best Way to Move money?
He needs to see a Trust/Tax Attorney for this.
12-09-2017 09:32 PM
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Genghis Khan Offline
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RE: Best Way to Move money?
(12-09-2017 08:37 AM)Que enspastic Wrote:  What happens when you can start to buy houses with crypto ? Is there tax to be paid on that even if you haven’t transferred back into fiat

Depends on the jurisdiction. But in the US crypto counts as property, and so when you exhange it for something else (even another cryptocurrency), it's a taxable event.

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12-09-2017 11:37 PM
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