Best cryptocurrency to get into now.... I need to invest some money

[GrandPapillon]

4 hours ago, lkn said:

How would this affect corporations set up using nominee shareholders?

 

Some offerings I have seen include nominee shareholders, but with some undated contract for transfer of shares at a symbolic price, so that the “true owner” can always reclaim all the shares.

 

But then, I have also seen terms such as “true beneficiary”, which I assume is to mean “who is the true owner”, and with the existence of an unused transfer contract, it would probably be hard to be 100% in the clear by putting in the name of the nominee shareholder(s).

ah the old nominees thing, first it can be expensive to use someone else names. You will need to get their government id like passport for all the paperwork for opening bank accounts. It's usually an extra surcharge for nominees services and can be a few thousands USD per year.

 

US banks and brokers will ask for ultimate beneficiaries and want all kind of paperwork to prove the funds for equity are from them. Any minor discrepancies or missing document not proving that they are the true owners or shareholders and your account and funds are all frozen. An overzealous compliance department will spot immediately "discrepancies". 

 

and to make things worse, US treasury staff and IRS staff can be directly housed in big US banks and US brokers HQ. There is no escape ???? and I wouldn't be surprised that some compliance department of big UScorresponding banks are only staffed with current and former US treasury officials  ????

 

and it doesn't end here, some European banks like SG and BNP PARIBAS have a staff of 100+ US Treasury officials taking an entire floor in their tower HQ, and they have access to everything. And the European banks have to pay them as US expats, with housing, flights home, food allowances etc... not a bad deal for the US Treasury ????

Edited November 24, 2021 by GrandPapillon

[GrandPapillon]

3 hours ago, fdsa said:

I'm in digital tulips that I plan to exchange into somewhat large sum of fiat money, and I don't want my home country's fashist regimé know about my funds. So I'd like to become a shareholder or a beneficiary in some offshore or "good for privacy onshore" company.

If you are saying that EUR would be easier - I will go with EUR then.

 

omg, that's really scary.

try Lithuania, it seems quite nice for "digital nomad" domiciliation, cheap, and banking is easy. A friend in Thailand is using a company in Lithuania for his "global" business, and seems quite happy. I would look into this.

 

the problem is not the corporation, it's the banking. It's a question of time before the EU does the same as the US, and ask for all shareholders names.

 

What is new is that "transfer" at the SWIFT level have a new level of compliance, and they want to identify ALL individuals behind each transaction, may they be the final owners, or the directors.

 

I suspect they are starting to crack down on cryptos money laundering activities,

[GrandPapillon]

4 hours ago, lkn said:

But then, I have also seen terms such as “true beneficiary”, which I assume is to mean “who is the true owner”, and with the existence of an unused transfer contract, it would probably be hard to be 100% in the clear by putting in the name of the nominee shareholder(s).

forgot to add that if you use a professional "nominees" services, all their names would be in a "public" database that all banks share. It's basically a red flag for compliance, and your account will be frozen until there is clarification on the true ownership.

 

There is also another database of names of "financial criminals" and "dodgy" individuals that have been banned from international banking. If your personal or business account was used to funnel money for known third parties banned in the system, you are <deleted>*d ????

 

[GrandPapillon]

26 minutes ago, lkn said:

One option is to create a trust with you as beneficiary, that way, you don’t directly own the money. But you are probably liable for tax on anything you receive from this trust.

 

I know taxes suck, but seriously, consider if it is really worth committing a crime to avoid it, and if you setup some convoluted structure, you will have recurring fees to keep this stuff running, and the more money, the more expensive it tends to be.

 

Furthermore, if your country have high tax rates, I’m guessing the punishment for committing tax fraud is also high.

absolutely, only the big guys can afford that kind of stuff now, and it's very expensive.

 

It used to be cheap when you could use that route, and I did it for over 20 years when my business was in Thailand.

 

Today I am starting to shutdown some of those routes because the compliance has become a complete nightmare, even when you are "clean" and "legit" and have all the paperwork. It's done on purpose, to discourage all those offshore activities.

Edited November 24, 2021 by GrandPapillon

[fdsa]

12 hours ago, lkn said:

One option is to create a trust with you as beneficiary, that way, you don’t directly own the money. But you are probably liable for tax on anything you receive from this trust.

 

I know taxes suck, but seriously, consider if it is really worth committing a crime to avoid it, and if you setup some convoluted structure, you will have recurring fees to keep this stuff running, and the more money, the more expensive it tends to be.

 

Furthermore, if your country have high tax rates, I’m guessing the punishment for committing tax fraud is also high.

My beautiful country has wonderful tax laws, for example I could pay zero tax as long as I remain in Thailand.

What concerns me is the fascist regime that encourages law enforcement people to extort money from the rich people, and the extremely low wages of the general public that leads to awful levels of corruption - I could easily buy a flight history of every single citizen, and their tax report, and even a history of passport number changes directly from my gov't embassy in Bangkok.

So I would happily pay any taxes required if it would not lead to make "people in charge" know about my funds, because the punishment for being rich is higher than the punishment for commiting tax fraud — up to death.

[GrandPapillon]

1 hour ago, fdsa said:

My beautiful country has wonderful tax laws, for example I could pay zero tax as long as I remain in Thailand.

What concerns me is the fascist regime that encourages law enforcement people to extort money from the rich people, and the extremely low wages of the general public that leads to awful levels of corruption - I could easily buy a flight history of every single citizen, and their tax report, and even a history of passport number changes directly from my gov't embassy in Bangkok.

So I would happily pay any taxes required if it would not lead to make "people in charge" know about my funds, because the punishment for being rich is higher than the punishment for commiting tax fraud — up to death.

which authoritarian country are you from? ????

 

if some Easten Europe country like Moldova, on the US "watch list", I would be worry because your nationality is going to raise red flags in all banking compliance. Not fair, but that's how it is.

 

Likewise, if you are a US resident or US national, same, major red flags for compliance if you open an international account. It's ridiculous.

 

I am regularly asked for my banking and trading if I "host" accounts or "manage" money for American clients. I used to, but not since 2010, because of the new burden of FACTA compliance.

 

Basically, if you receive money from Americans, and those Americans don't properly report their assets, you can be accused of money laundering and tax evasion for helping Americans escaping the US system ????

 

there is no end to this non-sense ????

 

[lkn]

2 hours ago, fdsa said:

So I would happily pay any taxes required if it would not lead to make "people in charge" know about my funds, because the punishment for being rich is higher than the punishment for commiting tax fraud — up to death.

OK, sounds a little crazy, but I guess for you, better safe than sorry (or dead)…

 

In practice, having a bank account in your own name is by far the easiest, cheapest, and most flexible. But you have to worry about CRS regulation, i.e. does your country have a bilateral agreement to exchange information about foreign deposits, and if not, is there a chance they will get one in the future?

 

I know we often hear that rich people use corporations to hide their wealth, but corporations come with all sorts of obligations (tax/vat reporting, bookkeeping/audits, minimum government taxes/fees, etc.) and governments generally don’t like corporations that report zero income / negative profit. You also need a way to get money out of the corporation, so you either need to invoice it for services rendered (in which case you are now self employed, so extra paperwork for you), or hire yourself as an employee (in which case the company now needs to handle wages and all what that could include, e.g. withholding tax, social security, retirement, etc.).

 

I think a discretionary trust is more suitable for your purpose. I.e. you place all the money in a trust and make yourself the beneficiary. I got a price for this 5+ years ago, and the set up cost was €5-6,000 with annual fees of €2,500. This was from a guy who does this stuff for a living, and which I have known for about 10 years.

 

Another option is to find someone in South East Asia that would act as your account holder, and then open bank account in a developed country, with their ID. Just make sure they are not liable for tax evasion, but I think most countries in SEA don’t care about money received/held abroad.

[fdsa]

On 11/25/2021 at 3:45 PM, lkn said:

you have to worry about CRS regulation, i.e. does your country have a bilateral agreement to exchange information about foreign deposits, and if not, is there a chance they will get one in the future?

I completely forgot about this, thank you!

 

As I could provide services and maybe even physical goods - I could actually employ myself and I don't care about the paperwork as long as somebody else will do it (with all other paperwork of course), and as long as it costs few thousands per year - same as it costs me right now in Thailand.

[fdsa]

On 11/25/2021 at 2:17 PM, GrandPapillon said:

which authoritarian country are you from? ????

this one: https://lenta-ru.translate.goog/news/2021/07/19/kripta/?_x_tr_sl=ru&_x_tr_tl=en&_x_tr_hl=th&_x_tr_pto=ajax,elem

[fdsa]

On 11/25/2021 at 12:51 PM, fdsa said:

extremely low wages of the general public that leads to awful levels of corruption - I could easily buy a flight history of every single citizen, and their tax report, and even a history of passport number changes directly from my gov't embassy in Bangkok.

https://mash-ru.translate.goog/letter/gde-viktor-pelewin/?_x_tr_sl=ru&_x_tr_tl=en&_x_tr_hl=th&_x_tr_pto=nui

[GrandPapillon]

is illegal for RU nationals to open an account overseas? not sure the EU is cooperating with Russia for CRS, so opening an account the in the EU should be safe, if they accept your nationality for opening an account

 

Thailand should be fine IMO, they don't seem to cooperate with anybody :p

 

[steve73]

I see the Tourism Authority of Thailand are looking to create a TAT Coin.

(Could they have come up with a worse name??)

 

 https://cointelegraph.com/news/thai-lawmakers-urged-to-approve-tourism-crypto-to-entice-digital-nomads

[lkn]

18 minutes ago, steve73 said:

Could they have come up with a worse name??

Goal stated in the article is “to channel [tourist’s] money directly […] without agents or brokers”, so they do a pilot run in Pattaya or Patong and service providers can offer tits for TAT coin without a middleman, seems like a very apt name to me ????

[Jari72]

Btc,eth,Ada,avax, and metaverses like Bloktopia or Vulcan(Pyr)

[MrJ2U]

News of the new COVID-19 strain is causing some panic in the markets.

 

"Be On Guard’—Black Friday Crypto Price Crash Wipes Billions From Bitcoin, Ethereum, BNB, Solana, Cardano, XRP And Dogecoin"

 

https://www.forbes.com/sites/billybambrough/2021/11/26/be-on-guard-black-friday-crypto-crash-wipes-billions-from-the-price-of-bitcoin-ethereum-bnb-solana-cardano-xrp-and-dogecoin/?sh=56d2e18a1260

 

"Bitcoin price drops amid fears of COVID B.1.1.529 variant discovered in South Africa. Here's why"

 

https://www.euronews.com/next/2021/11/26/bitcoin-price-drops-8-amid-fears-of-covid-b-1-1-529-variant-discovered-in-south-africa-her

 

 

[fdsa]

5 hours ago, GrandPapillon said:

is illegal for RU nationals to open an account overseas? not sure the EU is cooperating with Russia for CRS, so opening an account the in the EU should be safe, if they accept your nationality for opening an account

 

Thailand should be fine IMO, they don't seem to cooperate with anybody ????

It is not illegal to open an account but one must report about that account to the authorities, and this is the last thing I would do.

Not sure about EU at whole but Cyprus does report about its bank accounts 100%.

Yes, Thailand is great in terms of receiving large sums from abroad and hiding them from the home country, but... I will NOT bring here more money than I could afford to lose.

Edited November 26, 2021 by fdsa

[GrandPapillon]

how much are we talking about? you can wire 1m USD to Thailand safely over 12 months, no problem IMO

[GrandPapillon]

also try Singapore if they accept your nationality, you will need to find a local Singapore resident to introduce you to the bank manager, that's how I got it done for my DBS account, and that's what they ask when I did it over 10 years ago

[lkn]

Problem with money in Thailand is that it is not straightforward how to get it out again *and* (more importantly) CRS has been announced a few times, they do seem to have postponed it, but it will probably come sooner or later, and once it does, your government may learn about any accounts you have in Thailand, which may prompt them to request your history with that bank, to see what you had with that bank in the past.

 

I.e. once CRS comes, if you have funds you want to hide, you shouldn’t just move them (out of Thailand, which may not be easy), you should also terminate your relationship with the bank that held these money.

Edited November 26, 2021 by lkn

[fdsa]

20 minutes ago, GrandPapillon said:

how much are we talking about? you can wire 1m USD to Thailand safely over 12 months, no problem IMO

sure I can wire the money IN, but I'm very concerned about wiring money OUT as I'm not planning to stay here forever.

[GrandPapillon]

1 minute ago, fdsa said:

sure I can wire the money IN, but I'm very concerned about wiring money OUT as I'm not planning to stay here forever.

then SING is your best option,

[lkn]

2 hours ago, MrJ2U said:

"Bitcoin price drops amid fears of COVID B.1.1.529 variant discovered in South Africa. Here's why"

More relevant for crypto is the rumored arrest of Mr. Yaron Shalem, CFO of Celsius Network.

 

Not that anyone invested in crypto in general seems concerned about what goes on behind the scene, but it has previously been revealed that Celsius Network borrowed a billion in USDT from Tether and that Tether take bitcoin as security for their loans.

 

Can anyone who is critical of “money printing” or fractional reserve banking please explain to me, how what goes on with USDT is an improvement of the current system?

[MrJ2U]

10 hours ago, lkn said:

More relevant

I don't know more about "more" relavent.

 

Investors are retreating and investing in safer investments like Gold.

 

"Bitcoin tumbled 20% from the record high it notched earlier this month as a potentially worrisome new variant of the coronavirus spurred traders to dump risk assets across the globe."

 

https://www.aljazeera.com/economy/2021/11/26/bitcoin-dips-20-from-record-high-as-virus-variant-spurs-sell-off

 

 

[lkn]

5 hours ago, MrJ2U said:

I don't know more about "more" relavent.

Imagine there was no deposit insurance in Thailand and the CFO of Kasikorn Bank got arrested for fraud together with 7 other people, you don’t think that would trigger a bank run on Kasikorn?

 

Though you are right in practice, nobody invested in crypto cares about this stuff.

 

It has since been confirmed that the rumors were correct, Celsius Network initially called their CFO “an ex-employee” since they have now suspended him, and instead of “arrested for fraud” they called it “involved in a police investigation”. Around the same time, Tether minted another billion USDT, I am sure it is secured by actual U.S. dollars — but we might learn more about that soon, as Congress has sent a letter to Tether asking about how securities are held, how redemption of USDT works, etc., although I think Tether will just ignore this letter, and once again, nobody in crypto will care, even though Tether’s claimed holdings have exceeded those of Bernie Madoff, but everybody seems to agree that the money is not there, but who cares, we are all going to be rich! ????

[lkn]

5 hours ago, MrJ2U said:

Bitcoin tumbled 20% from the record high it notched earlier this month as a potentially worrisome new variant of the coronavirus spurred traders to dump risk assets across the globe

So much for bitcoin as a store of value. For comparison, gold is not down 20% because of the new variant of covid-19.

[MrJ2U]

3 hours ago, lkn said:

Imagine there was no deposit insurance in Thailand and the CFO of Kasikorn Bank got arrested for fraud together with 7 other people, you don’t think that would trigger a bank run on Kasikorn?

 

Though you are right in practice, nobody invested in crypto cares about this stuff.

 

It has since been confirmed that the rumors were correct, Celsius Network initially called their CFO “an ex-employee” since they have now suspended him, and instead of “arrested for fraud” they called it “involved in a police investigation”. Around the same time, Tether minted another billion USDT, I am sure it is secured by actual U.S. dollars — but we might learn more about that soon, as Congress has sent a letter to Tether asking about how securities are held, how redemption of USDT works, etc., although I think Tether will just ignore this letter, and once again, nobody in crypto will care, even though Tether’s claimed holdings have exceeded those of Bernie Madoff, but everybody seems to agree that the money is not there, but who cares, we are all going to be rich! ????

You more than me.

 

 

[The Hammer2021]

On 11/25/2021 at 2:17 PM, GrandPapillon said:

which authoritarian country are you from? ????

 

if some Easten Europe country like Moldova, on the US "watch list", I would be worry because your nationality is going to raise red flags in all banking compliance. Not fair, but that's how it is.

 

Likewise, if you are a US resident or US national, same, major red flags for compliance if you open an international account. It's ridiculous.

 

I am regularly asked for my banking and trading if I "host" accounts or "manage" money for American clients. I used to, but not since 2010, because of the new burden of FACTA compliance.

 

Basically, if you receive money from Americans, and those Americans don't properly report their assets, you can be accused of money laundering and tax evasion for helping Americans escaping the US system ????

 

there is no end to this non-sense ????

 

American generated stress like the war on drugs...we all suffer

[The Hammer2021]

On 11/26/2021 at 11:14 PM, fdsa said:

sure I can wire the money IN, but I'm very concerned about wiring money OUT as I'm not planning to stay here forever.

There is a thread on this started recently

[The Hammer2021]

On 11/23/2021 at 2:29 PM, GrandPapillon said:

so is Romania, or Greece. Would you put your money there? ????

 

I wouldn't

I would love property in either country

[The Hammer2021]

On 11/15/2021 at 7:07 PM, freedomnow said:

You guys rate coin bureau as being reasonably on the money ?

 

I think bitboy is a pump-and-dump channel on YT as its

all not regulated as far as I know.

What about bitkub?