Not paying taxes on physical cash?

ProxyChief

ProxyChief

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Greetings,

I've got around 40,000 saved up all in physical cash (euro bills). I reside in a European country where taxes are 20-30%, with greedy politicians and authorities, so I don't want to give them even a cent I earned by declaring the cash as a gift or whatever and pay huge tax. I want to buy land in my country, but I don't know how to ''legalise'' my money.

Problem is, I've never worked a day in my life ''legally'' and never been taxed, meaning I have no proof when the state tax centre comes knocking on my door to ask where I got this land / money from.

I feel like it's not a lot of cash to be a problem, but just enough to cause some concerns. Especially with my country being so keen on taxing anything over 10k.

What would be the best way to not pay taxes or pay as little tax as possible on my money?

I've thought about making a bank account in a low tax country, but I just don't know how I'll get the cash to that country and if it's worth it!
 
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Hmm to pay no tax at all, especially if you buy large assets like property for instance will throw up red flags.

Personally, I would pay enough tax and declare enough of it to look legit (just over the minimum tax threshold), but I wouldn't be declaring it all if it's cash in hand.

Wish I had a cash in hand business, haha.
 
Thanks for the suggestions guys, I really appreciate it. :)

Anyone else has some insight on how this could be managed? Thanks!
 
Buy a Rolex at one place, sell it at another place, tell them you had it for years, maybe won it on poker or something. Income from the sell is now white.
 
This is not such a huge amount to be afraid of someone or something, especially since there are many countries where your money will be welcome. Buy real estate in the country where you can do it for cash, then sell it legally, but transfer the money to the bank of the country where you live. If you need to pay some minimum fee for the sale of a house or apartment, then do it, and then show everything legally with translation into the language of another country (some kind of document that says that you sold a house in another country and a translation of this document into the language of your country) in your country. Everything is legal :anyway:
 
It is better to do so that the authorities have no reason for you to do something even if they want to. I would recommend investing this money (cash) in the purchase of services or tools that will help you increase your capital and legalize a new income. Let me give you a few examples of how this can be done:

1. You can hire students or young people in your city who will create content for your website, YouTube channel, instagram pages, etc. Try to choose a niche and find a young person who will create videos for you that you monetize through your YouTube or CPA affiliate program. Your capital will be enough to run several channels in this way for a long time.

2. Find people in your city who have some skills and try to sell them online. Let's say you find someone who is good at web design. You find an order and pay it in cash, and the person who ordered from you pays online. Thus, you can not only legalize your money, but also increase it.

I think the direction of where to think is clear to you)
 
johnk1991 said:
Greetings,

I've got around 40,000 saved up all in physical cash (euro bills). I reside in a European country where taxes are 20-30%, with greedy politicians and authorities, so I don't want to give them even a cent I earned by declaring the cash as a gift or whatever and pay huge tax. I want to buy land in my country, but I don't know how to ''legalise'' my money.

Problem is, I've never worked a day in my life ''legally'' and never been taxed, meaning I have no proof when the state tax centre comes knocking on my door to ask where I got this land / money from.

I feel like it's not a lot of cash to be a problem, but just enough to cause some concerns. Especially with my country being so keen on taxing anything over 10k.

What would be the best way to not pay taxes or pay as little tax as possible on my money?

I've thought about making a bank account in a low tax country, but I just don't know how I'll get the cash to that country and if it's worth it!
Click to expand...
If you mean you are in an EU country then that money will get reported back to your home country if you try and launder it through another EU country bank. Anything going into a bank in your country (probably around 10,000 euros in most EU countries) is going to get reported. The you have got to explain where you got it from or they will just freeze/take it until you do.
 
Look.
1. Do a charity fond in your country (or something like this)
2. Do an offshore with 0%
3. Write that charity fond received 40k from people
4. And "buy" ads or something from the offshore
Profit
 
islandman1010 said:
If you mean you are in an EU country then that money will get reported back to your home country if you try and launder it through another EU country bank. Anything going into a bank in your country (probably around 10,000 euros in most EU countries) is going to get reported. The you have got to explain where you got it from or they will just freeze/take it until you do.
Click to expand...
Basically yes. EU might not be interested in such small amounts, but it's still a risk I'd rather take out of consideration.

RoiBox said:
Buy a Rolex at one place, sell it at another place, tell them you had it for years, maybe won it on poker or something. Income from the sell is now white.
Click to expand...
Don't I have to declare tax on my sale as well? Just wondering because if I do - in my country, basically, the minimum tax amount (for any type of transaction) is like at least 20%, haha.

mmolsa said:
Look.
1. Do a charity fond in your country (or something like this)
2. Do an offshore with 0%
3. Write that charity fond received 40k from people
4. And "buy" ads or something from the offshore
Profit
Click to expand...
The only problem I see with the offshore is getting my money to it. What would be the best way to transport pure cash to an offshore bank account? Not sure if taping it to your legs works anymore these days, haha!


P.S. I am taking your opinion about paying taxes into consideration as well. But if there's a way to try to get around it without much of the risks - I'm glad to hear you out! Let me know.
 
You only get taxed on Net Income, so if you spend more than you earn on business-related goods, you don't pay tax
 
johnk1991 said:
Basically yes. EU might not be interested in such small amounts, but it's still a risk I'd rather take out of consideration.


Don't I have to declare tax on my sale as well? Just wondering because if I do - in my country, basically, the minimum tax amount (for any type of transaction) is like at least 20%, haha.


The only problem I see with the offshore is getting my money to it. What would be the best way to transport pure cash to an offshore bank account? Not sure if taping it to your legs works anymore these days, haha!


P.S. I am taking your opinion about paying taxes into consideration as well. But if there's a way to try to get around it without much of the risks - I'm glad to hear you out! Let me know.Yes. Buy
Click to expand...

Yes. Buy land for OFFSHORE, than you will be offshore owner so you are land owner, but the government would't ask you for paying taxes this way cause land owned by OFFSHORE, not you.Just read about it more
johnk1991 said:
Click to expand...
 
Mxty said:
You only get taxed on Net Income, so if you spend more than you earn on business-related goods, you don't pay tax
Click to expand...
This is how we do it in my country to legally minimize taxes
 
johnk1991 said:
Don't I have to declare tax on my sale as well? Just wondering because if I do - in my country, basically, the minimum tax amount (for any type of transaction) is like at least 20%, haha.
Click to expand...
Yes, if you make a profit on the watch (hopefully you don´t), you pay tax on the profit, depending on your country, but mostly, much less tax then income tax and social fee´s.
 
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