I'm a professional gambler and make around £5k-£7k a week in cash.
I want to deposit this cash and invest it, but don't know whether just going into a bank and telling them, 'I need to deposit lots of cash' cuts it.
When I research online, I get lots of conflicting advice about the documentation that I need to prove source of income.
A few issues:
- I do not have a paper trail from casinos in the UK, although I do have countless 1042-S forms issued by casinos in the USA that recognise what I do under the spotlight of the IRS – UK casinos are uncooperative and aren't interested in issuing even a single form that ties them back to your winnings.
- My paper trail is logs of parking receipts, conversations with other professionals, logs of daily p/l (gambling diary), subscriptions to various professional gambling forums and lots and lots of pictures of in-casino opportunities.
So far, I've just been buying gold coins and keeping them in a vault after being scared by a relative about declaring this cash – I've had enough of it and want to be a transparent investor with money in my bank account.
Other professionals I've spoken with seem to have a heavy distrust towards the banks and P2P in crypto, hold cash or do exactly what I'm doing now, which is buying gold and vaulting it.
What steps do I need to take going forwards?