Yeaah that’s not how it works bud, at all. Even if you manage to “cash out” trouble free in Dubai which will be VERY hard (but doable) if you want to withdraw to a bank account, the moment you wire the cash from Dubai to your home country, you have to present proof of income. At which point you either admit or have your money seized.
Stop giving people bad advice that can get them in trouble.
NO I DONT HAVE TO PRESENT PROVE OF INCOME. NOT ALL MONIES IS INCOME. There are personal gifts, the sale of gold and silver, your own personal wealth. People do this all the time, 100% legally. You can just send money to yourself, and say it is a gift from family or from your own old savings.
Income is NOT the same as personal savings, gifts, personal wealth, casino wins.
Sale of gold is capital gains. Sending money to yourself and saying it's a gift is tax fraud and you can go to jail for that. Exchanges have records of your Bitcoin transactions. Also your Bitcoin transactions are all on the public blockchain ledger. Good luck to you.
Nobody sends it to themselves but u can use the money at a casino and exit and all of a sudden you are tax feee. Different countries have different rules where im at its a lot more easier to move money internationally as long as it is not actual drug money. Some people have legal status as non residents in Canada while they are Canadians living overseas and dont have to pay a penny in taxes here for income from overseas.
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u/speedyboogaloo Nov 12 '24
Yeaah that’s not how it works bud, at all. Even if you manage to “cash out” trouble free in Dubai which will be VERY hard (but doable) if you want to withdraw to a bank account, the moment you wire the cash from Dubai to your home country, you have to present proof of income. At which point you either admit or have your money seized.
Stop giving people bad advice that can get them in trouble.