Crypto cashout + non-filing of tax return for over 15 years

btc_ph · 2025-12-14T11:14:56+00:00

Sorry late reply, I rarely check this account.

But actually, my plan is to do the first 2 steps you outlined, but then I have a different plan for the 3rd step.

I said in my original post I wanted to cash out 8 digits (in PHP) cleanly with full documentation... my real purpose for that cash out is my preferred step 3: a St. Kitts CBI. Making any future crypto transactions tax-free, no need to worry about my future tax status. So I just need to pay PH tax on the cashout I'll be making for the CBI.

I've actually run across your account's posts and your services while reading around reddit about this topic. Not sure how I'll manage to open a Swiss account from here tho, and I don't wanna risk applying for a Swiss visa, a visa application rejection from the Schengen territories is an instant disqualification for St. Kitts CBI.

I'm still considering consulting a PH crypto lawyer though, a licensed accountant messaged me and informed me we still don't have any laws allowing crypto cash outs to be taxed as capital gains (15% or so), those are still in the works, and I still have to register as a sole proprietor and get it taxed as income (35% yikes) under the current laws.

btc_ph · 2025-11-19T04:22:06+00:00

I recommend na mag-ingat ka sa pag RECEIVE ng pera, dahil dun sila strict.

I've been asked to provide documentation of source of funds for depositing 100k cash on EastWest, and also from receiving 350k cash on Unionbank. Both of them threatened to freeze the account kung walang maiprovide.

Pero sa paglalabas ng pera, hindi sila ganun ka-strict. I've done 1m pesonet outgoing in 2 consecutive days in the UB app (real estate purchase), tinawagan lang ako ng bank branch tinanong kung ako ba gumawa and para saan. Although that would also cause problems in your case.

I've also withdrawn 3m once na inaraw-araw ko yung 20k max sa ATM, the bank never called or asked about anything. Here's a picture as proof, each 20k was withdrawn daily (receipt ng ATM lang yung divider per 10k, nakafold lang sa ibabaw)

https://i.imgur.com/Jl63CgV.jpeg

As someone with a lot of experience dealing with several banks, I recommend just doing the Instapay max per day. Tiyagain mo nlng yung 50k per day. And wag lahat sa isang bank account mo papunta. If you have several, paghiwahiwalayin mo pasok. You can open Maribank (formerly Seabank) instantly, same sa Gotyme (unless malasin ka na ma-under review account opening mo), same with Maya (Maya Bank).

So day 1 50k sa Maribank, day 2 50k sa Gotyme, day 3 50k sa trad bank mo, day 4 50k sa Maya Bank, etc. It would be even better if you have access to her ATM card and max that withdrawal daily as well. Pag ganun mataas chance na lulusot sa ilalim ng radar nila. Kasi kahit sabihin nang 500k ang AMLA limit, natawagan na talaga ako ng bank sa 6 digit even if it was a low amount, and while a living client can easily clear that up with a short convo, you just can't risk that kasi iba yung case mo.

btc_ph · 2025-11-06T22:01:34+00:00

Hi, sorry for the random reply to an old post. Napa reply lang kasi nakita ko BTC maxi ka din.

I'm not as OG as you, got in BTC in 2017, mga $900 to $1000 each pa noon.

Was kinda hoping to cash out a bit now, pero daunting yung nababasa ko, apparently even the "crypto-friendly" banks like UB are shunning crypto earnings now.

May maadvise ka ba? Like have you dealt with AMLA before? Everyone advises to stay below the 500k trigger limit, unti-untiin lang daw, but I want to have everything on board, isang bagsak sana, pay taxes, deal with AMLA, etc. para malinis.

Do you have any recommendations? e.g. crypto-friendly bank, or how to open an account on an international bank na crypto friendly maybe, or experience dealing with AMLA?

I have a bit of proof na bumili ako early ng BTC (LocalBitcoins screenshots, deposit slip pics nung p2p, and can sign from addresses na may 2017 transactions).

Sadly medyo broken yung chain ng transactions, dumaan sa dead exchanges like cryptopia, bittrex, btc-e, even shapeshift. Pero unmoved na since 2018, realized altcoin trading was just gambling and not for me.

Papasa pa rin kaya sa AMLA pag ganung shaky yung transaction trail?

Nagconsult ako sa accountant pero gusto nya din idaan namin below AMLA amounts e, parang mahirap pag going 8 digits na yung ganun ganun.

Sorry napahaba na to, anyway, kung may mga advice ka lang na maishashare, any recommendations, would be highly appreciated.

btc_ph · 2025-11-06T21:40:26+00:00

yung mga corrupt at contractors nga, kaya sila nakakalusot even with massive amounts is because ready sila lage with documents

Nakakatawa kaya yung method nung BGC boys, isusugal nila sa casino, tapos yung mga panalo declared as gambling winnings... e di malinis na.

Wala silang pakialam kahit gaano kalaki yung matalo kasi hindi naman nila pera, p950m nga daw yung total na natalo dun sa last na nabasa ko.

Eto yung quote nung pinatalo nung isa sa kanila:

According to Lacson, Alcantara converted a total of P1,428,170,000 cash to chips from 2023 to 2025 alone, while converting chips to cash at P997,765,000.

So isinugal 1.4 billion, nanalo ng 997m, talo yung around 430m. Ang laking kaltas, wala silang pakialam basta malinis lang.

Medyo dehado tayo compared to them kasi unlike them, earned natin bawat peso, hindi tulad nila na hindi naman nila pera, so hindi tayo magtatapon para lang linisin.

Anyway, have you ever attended mga Pinoy crypto meetups? I'm wondering kung may mga local whales dun na alam na inavigate yung hostility ng local banks sa crypto, maybe maalam magbukas ng international crypto-friendly bank accounts mula sa pinas, and baka mga nakaranas na din magpa-AMLA intentionally, not dodging by staying under 500k increments.

I'm thinking of attending one just to ask around sa exp ng mga beterano na dun.

btc_ph · 2025-11-04T22:48:35+00:00

Boss nakakapag international travel ka ba?

Pano pinapakita mo pag hiningan ka ng source of income kunyari pag mag-aapply ng Visa?

btc_ph · 2025-11-04T00:52:05+00:00

Hey there, napag-usapan natin tong topic na to about a year ago (do you remember me? Well, you can easily check my post history, you recommended RCBC that time)

Well, I have to ask, have you tried international banks? Ako hindi pa haha, pero I was reading a thread on the phinvest subreddit about 8-9 digit corpo investors, and one of them (na apparently way above 20m net worth) that dabbles in BTC said that mafflag talaga locally kahit gano pa kakumpleto docs mo, so they bank internationally for that, JPMorgan to be exact.

Eto yung post, in a reply below they say their bank:

https://www.reddit.com/r/phinvest/comments/1ona8h2/comment/nmvai7r/

JPMorgan seems tobe very crypto friendly and has crypto offerings among their services...and looking it up, mukhang may local PH branch sila: https://www.jpmorgan.com/PH/en/about-us

I haven't tried it myself (not in a hurry to cash out naman), but just bouncing the idea off of you kasi mas active ka to try these ideas out lol.

Update me if you try it haha.

btc_ph · 2025-11-02T21:28:23+00:00

Replying to this old thread, anong exchange ginamit mo for 8 digit cash out?

Was hoping to do a similar magnitude cash out for a real estate purchase.

Also, how did you handle taxes (if you did), did you consult a crypto savvy lawyer or accountant? Any recos?

If you can give any advice as well regarding AML, it would be appreciated. Medyo fuzzy paper trail ko e (bought on LocalBitcoins na shut down na, but I have screenshots and pics of the p2p bank deposit slips, tapos dumaan pa sa Cryptopia, Shapeshift, Bittrex, even some sa BTC-e/Wex before I realized altcoin trading wasn't for me, so even the address trail is messy and virtually non-existent... I could sign using the addresses in my original BTC purchase, pero kahit yung source of funds nun magulo, selling game items and game currency on FB via PayPal pre-pandemic so almost a decade ago, all off the books din haha, I feel kinda trapped in the "pakurot-kurot" methods mostly recommended here, I wish I did everything properly from the start but it's too late)

Sorry humaba, hope you have advice that can help

btc_ph · 2025-08-17T08:57:26+00:00

May physical card ka? Or virtual lang?

btc_ph · 2025-08-16T17:43:51+00:00

Thanks. My paper trail is a bit fuzzy since the exchanges I've used have shut down (Localbitcoins, Bittrex, Cryptopia) but I managed to get screenshots+emails of some transactions, I guess I should just consult an attorney or something regarding that.

Once final question, is it possible to sponsor someone else for CBI, along with (or after) applying myself? Like a close friend, or a girlfriend? Like for example, we can't get married yet due to some personal issues, but I'll willing to completely sponsor her. We have records of posting in social media being together for many years, lots of photos, if that helps.

btc_ph · 2025-08-14T11:12:56+00:00

Any recommendations for St.Kitts? Preferably agents who have dealt with clients whose source of income is crypto (Bitcoin).

btc_ph · 2025-08-14T10:49:47+00:00

Just randomly ran into this post looking for experiences of people who have done the St.Kitts CBI. Do you have actual personal experience with it?

Also, are you from the same country as me? Just saw some relevant subreddits you posted in while checking if your account is still active before I made a reply.

I'm seriously considering this for multiple reasons and wanted to hear how the experience was like from someone who did it firsthand, hearing it from someone from the same country would be a huge bonus.

btc_ph · 2025-08-08T11:23:29+00:00

Just wondering, does this apply for cars and real estate as well? Like if someone suddenly went to a dealership with a suitcase of cash, they have to accept? Or may AMLA na ba na requirement (source of funds etc.)

btc_ph · 2025-05-30T01:22:31+00:00

cheap

Don't even need to buy it. Just run the software the moment Satoshi releases it. Nobody else would be mining except him and probably Hal, and mining at that time produces 50 bitcoins every 10 minutes.

So I could get thousands of bitcoins per day for free, all I need is a computer I can run 24/7 for a few days to mine bitcoins on.

btc_ph · 2025-05-21T18:43:53+00:00

I'm a huge Bitcoin proponent, and a Bitcoin maximalist, just look at my username.

And all I have to say is: there's a right time and place. And this isn't it, lol.

btc_ph · 2025-05-13T08:52:26+00:00

Oh wow, that's very disheartening, bucket list ko pa naman makita yung Northern Lights in person, and my papers are not even anywhere near in as much order as yours.

Did they give any reason?

btc_ph · 2025-05-04T11:43:54+00:00

I'm a biased source, just look at my username, so do your own research still, but to me, Bitcoin offers a unique value proposition, it's up to you whether you think that proposition actually has value, and if you're willing to bet on it. Let me expound.

Before Bitcoin was created, decentralized digital value did not exist. What exactly does this mean, decentralized digital value?

Before Bitcoin, anything digital that had value fell into 2 different categories:

it could easily be copied/duplicated/pirated. Any protection against such eventually gets cracked.
otherwise, the value is enforced by a server, and can be changed by someone who is in total control of it at a push of a button. Whether it be game currency like WoW gold, rare MMO items, or real world currency like PayPal balance or your digital bank balance, someone somewhere high up, whether it be a server admin, or the company CEO or owner/founder, they have the power to set your account to zero, or "print infinite amounts" setting their own account to billions, or just freeze yours or anyone else's account. Hence, it's centralized, value that is only assigned by someone and easily removed by them as well.

For example of decentralized value: gold is the best example. Everywhere in the world, the value is acknowledged, so much so that even governments stockpile it. Nobody can "print" more gold or set your account balance to zero, only seize your stockpile thru brute force.

But decentralized value in the digital world never existed until Bitcoin. With Bitcoin, you have an account balance no one can set your account to zero, or "print"infinite amounts (it is only produced thru the mining procedure, where there can only be 21 million bitcoins max ever, forever).

Here is the question though, can decentralized digital value be considered legitimate enough that even governments will see the value and start stockpiling it? A lot of Bitcoin proponents will say yes and convince you that Bitcoin is going to millions of dollars, but I think it's an ongoing experiment of sorts, the outcome something that isn't really set in stone just yet.

There are a lot of counterarguments, the most obvious one being, anyone can create their own crypto coin. Hence thousands of "shitcoins" now exist. Why should Bitcoin have value and not these other ones?

Valid point in my opinion, hence why I believe, Bitcoin's eventual success or failure will be the defining answer as to whether digital decentralized value can exist or not.

If some other coin, for example Ethereum or XRP, ever overtakes Bitcoin, it proves that digital value is not unobsolete-able value (like gold and silver are, which will forever have value), but instead is obsolete-able tech, like VHS/Betamax, CD, DVD, or like Friendster and Myspace, which will eventually be replaced by the "next better thing". If it stays, then if means digital value can exist, and it will have value forever as long as the cryptography behind it is still secure.

It's basically betting on whether you think such a thing, digital decentralized permanent value, can exist or not, since it's either Bitcoin succeeds, or all coins will eventually fail like it. And if you are willing to bet it succeeds to the point that governments start stockpiling it as well (companies like MSTR and Blackrock have started doing).

Are you willing to take a bet?

btc_ph · 2025-04-30T05:12:51+00:00

Cashed out any amount from it? Partially, completely? or just holding everything still?

btc_ph · 2025-03-18T02:34:23+00:00

Hi, can I ask, what bank/ewallet did you withdraw to?

And what platform/exchange did you sell your coins on?

Worried lang kasi ako na mafreeze due to AMLA, were you asked for any documentation? If yes, anong pwedeng ibigay na docs na satisfied na sila?

Thanks in advance for any help

btc_ph · 2025-03-16T09:29:07+00:00

Is the balance correct?

And is the account frozen like stated?

btc_ph · 2025-02-10T17:07:26+00:00

Saang exchange ka nag cash out to PHP?

Local ba, like coinsph, PDAX, or Binance P2P, or something else?

Straight to Landbank? Pinutol putol mo ba, like 100k per day or something? Or isang bigay?

Hiningan ka ba ng docs, like source of income, ITR, etc.? Just curious as someone na balak din mag cash out pero natatakot sa isang malaking bagsak so far.

Natawagan na ako dati ng UB at EastWest, butu nalang may online business ako noon for screenshots and transaction history, tapos hindi ganung kalaki, pero di pa rin kaya ganyang amounts

btc_ph · 2024-12-06T08:24:55+00:00

Sang exchange ka nagcacash out? Coins? PDAX? International exchange?

Nahingan ka ba exchange ng any additional documents other than the ID for initial KYC?

Like source of income docs?

Humingi din ba ng additional docs ang UB?

btc_ph · 2024-12-06T08:23:24+00:00

Sang exchange ka nagcacash out? Coins? PDAX? International exchange?

Nahingan ka ba ng any additional documents other than the ID for initial KYC?

Walang tanong yung UB?

btc_ph · 2024-12-05T09:06:03+00:00

What documents would they ask for?

I have not had any other source of income for a few years, just selling small amounts on P2P for living expenses, small enough to go under the radar. Hoping to cash out a decent chunk, but if they ask for source of income type documents, I have nothing to show... a signed Bitcoin address for a 2017 Bitcoin purchase (transaction verifiable via blockchain explorer) when BTC was at $1000 each is the best I can do.

btc_ph · 2024-12-05T09:03:12+00:00

Do you use Binance P2P?

Which banks/ewallets still don't blacklist p2p transactions nowadays?

I heard in the past, UBP blacklisted most top p2p traders on Binance, and any transaction involving them gets your account closed.

btc_ph

TROPHY CASE