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True, I would just think youd have limited options. See ya. Perhaps you may need to hodl a bit longer until European banks become more accepting? Search the FT Search. It might cost you a couple of hundred grand extra. Video of The future of finance. It is not enforceable and it is not moral. There's really no way round it - step one has to be going to the effort of putting your records in order or at least as close to "in order" as is humanly possible. If you want to receive a transaction over 10k you should inform the finanzamt beforehand or it will get messy. Hire a fucking accountant. That's what bitcoin is about and hopefully one Day fiat will be out of the equation. One btc mining profitability cloud mining ethereum genesis mining reviews allowed to dream: Looks like I'm pretty alone with this opinion in this sub, but I want to pay taxes. Want to add to the discussion? In the latter case your crypto holdings and their values need to be reported each year. So it took a full two weeks for the money to clear.

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The price of bitcoina virtual currency, has fallen back in recent days but has still risen nearly 1, per cent in the past 12 months on the Coinbase exchange. I already have one due to my job, but yeah, I can't imagine how any person with more than a few thousands in profits from this doesn't immediately think about getting higest profit mining pool hodlcoin mining how to help before attempting to transfer K into your regular checking account. Don't waste it on a Lambo. Would they only be taxed once they sell back into pounds? And if he wants a verge mining pool vertcoin mining pool list, buy one from someone who'll take BTC directly! Who earns a few thousand dollars a month and then all of a sudden received Submit a Link. How to configure motherboard and gpu to mine better how to create a bitcoin mining rig Sinclair, chief executive of the Association of Mortgage Intermediaries, a trade body, said there was no official regulatory stance. Do you know anyone in Poland who actually cashed out big sum from BTC? TicketCreated on Tue, 31 Oct at 2: Report a mispronounced word. That's what bitcoin is about and hopefully one Day fiat will be out of the equation. Please seek professional advice. I erroneously assumed the reporting requirement was true for both cases even if the former case does not directly tax said asset's value. Use bank money, to pay 4 house now, use btc for payments.

Just want to be clear. I am Swedish too but I have my doubts. People can make money and be rich in Europe you know? To get away from the control of authoritarian wanna-be dictators like yourself is the icing on the cake. Your liability only comes into play, though, on gains made above your annual tax-free allowance. I erroneously assumed the reporting requirement was true for both cases even if the former case does not directly tax said asset's value. But I have most of my bitcoin in cold storage addresses that have not been touched or moved in many years so I would be able to sign a message from such an address to prove it's bitcoin from a time when they were worth very little. So, it is not illegal in any part of the EU, but you getting attention every time you do so. Then I'd go to the bank and say that you will sometime in the near future be making a large incoming transfer, that it comes from an asset you plan to sell that has appreciated in value beyond your wildest dreams, and tell them that you have been in contact with the tax agency, and give them a name and number to the person you met at the tax agency. But in order to accept cryptocurrency-derived deposits, banks said they would require extensive audit trails and proof of identification that many bitcoin investors do not possess. I think for many people understanding the society they live in, is the reason they got early into Bitcoin in the first place. I would strongly advise against this. I underestimated them! Good luck finding someone who will sell a house for Bitcoin. Also, who uses k as a test transaction? Manage cookies. That's for one. Better option: You caught them by surprise. I do not like this but I like that a Bank clearly say they are crypto friendly.

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I understand, thanks. Where I live, you can still visit a bank and request a paper copy statement for some old transaction s. Sign up for our daily newsletter Newsletter. I know they have electroneum pool miner using cryptonight emercoin multipool to implement some kind of "walled garden" bitcoin trading no crypto deposits or withdrawals but I thought they blocked bank transfers to exchanges? Circle was at one point trying to compete with Coinbase to be the "consumer-friendly" portal to Bitcoin, then they bailed out sometime during the doldrums. Governments love law-abiding taxpayers. Ok, so I invested in Bitcoin early and now I would like to cash out about 1 million euros. I'd also advise you to try and understand the society you live in. Create a Discussion! Thanks a lot!

I've seen some suggestions from people withdrawing it to different countries outside the EU or using constructs with banks on tropical islands and whatnot. In addition, it is well known that such currencies are popular with criminals, who use them to launder the proceeds of crime. Unless you regularly work with large amounts on your bank account, you should have informed them beforehand. The MoonLite Project wants to mine cryptocurrency without the environmental baggage. Some private banks, Fidor in Germany, Netherlands has a few, etc. Isle of Man? They are a leading fintech oriented bank, with forex and trading in most international financial markets. Needless to say, my bank was extremely unhappy. If you sell a car, a house, a company, an asset, you have all the papers to prove you are in your right. Use bank money, to pay 4 house now, use btc for payments. Bitcoin is still relatively new and a lot of institutions just don't know how to handle it yet. Governments love law-abiding taxpayers. Maybe get politically active if you can. As a creative way you could think of opening a Bitcoin related company, like a money exchange point, in some EUropean countries is cheap and gives you complete legal coverage to handle 1 M in btc without raising any flag even with Bitstamp. Why not pull out a few thousand dollars a day? There are a number of banks that are supportive of crypto. One solution for a borrower might be to leave a period of time between cashing out of a cryptocurrency and applying for a mortgage. People can make money and be rich in Europe you know?

Also, who uses k as a test transaction? Now you have done the test, you have drawn attention to yourself how is the exchange rate for bitcoins determined how to buy bitcoin in usa no fees they will be looking into your case. It's not just your bank that doesn't like it, they have regulations to adhere to, government agents to inform. You can downvote people opposing you, but good luck getting your greedy hands on other people's wealth. So nope, I disagree with you on. The guy asks how to cash out 1 million EUR without having the bank going into his way. It would be a somewhat different story if you could prove the money was made outside of the EU, but it'd still be shady. Using offshore companies in OCDE blacklisted countries will lead you to other problems money is usually easy to get in, hard to get. Bitcoin is the currency of the Internet. This account needs access to pay for the development of a ICO coin. Hello, as a first move i would suggest stopping using this reddit account and use a throwaway, lots of scammers interested in your money. Just try some day. It is not enforceable and it is not moral. Where I live, you can still visit a bank and request a paper copy statement for some old transaction s. Please don't post your Bitcoin address in posts or comments unless asked. Several building societies said they would not accept a deposit derived from a cryptocurrency, while banks including Santander, Nationwide and Aldermore beer money phone apps that pay in bitcoin how to sell ethereum classic they had no formal policies on the matter. If you deposit a million euro and can show how how legitimately earned it then no problem. I say all this based on my experience with my own coin shop dealers in my state. There is fee for .

Sure, there are a handful, but the probability that one of those will fit your requirements is close to zero. Now you have done the test, you have drawn attention to yourself and they will be looking into your case. That would also be good for your crypto investments you know: Also consider getting a lawyer on the side. Do you know anyone in Poland who actually cashed out big sum from BTC? History of bank transfers to exchanges should be fine. I bought most of my coins on Mtgox so I can't show a bank any transaction history screenshots because Mtgox went bankrupt quite some time ago. It is not really the bank itself that gets unhappy although some have been known to close crypto accounts , but rather the fact that they need to collect the information to report. No begging for Bitcoin. I just called my Bank Fidor and they said there would be no problems at all and they dont need any kind of documents because the are in cooperation with Kraken and know where the money comes from.

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You'll want a Tier 3 verifcation at Kraken at least, better a Tier 4 to have higher monthly limits. What was mispronounced? You also can't just "open the account" there. But depending on the jurisdiction you are living in, you may prepare to be raped or to expatriate Gray areas and legal loopholes, these are a hassle to handle long-term, the profits aren't actually that big, and honestly a million bucks isn't enough to bother with all that. I already have one due to my job, but yeah, I can't imagine how any person with more than a few thousands in profits from this doesn't immediately think about getting legal help before attempting to transfer K into your regular checking account. Malta and cyprus may seem the most open at the moment. As the tax deadline fast approaches in the UK, those of you brave enough to have invested in the volatile world of cryptocurrencies, including Bitcoin, could be facing a hefty bill. As such, it is more resistant to wild inflation and corrupt banks. But expect more issues. Want to join? Buying and holding do not trigger tax events. Many lenders including Coventry Building Society, Skipton and the Yorkshire Building Society said they would accept deposits derived from bitcoin sales. On bitcoin? It might cost you a couple of hundred grand extra though. My accountant said that as long as I can prove origin of my coins, there is no problem. The goal is to invest for the long term and when you need to sell you will not have to convert into fiat because bitcoin will have become a major currency. I can prove "legality" of most of my coins this way. Good luck finding someone who will sell a house for Bitcoin. Yes I should have saved screenshots from my bank statements because my bank automatically deletes my transaction history that's older than just 18 months unfortunately.

If they don't want to comply and tell you beforehand that they understand the situation and are lost bitcoin transaction sell bitcoin hong kong for the transfer, then go to another bank and repeat the process. At least as long as he doesn't do anything dodgy, like getting paid for the bitcons from hacked bank accounts. Where I live, I pay income tax on my salary, plus health, work and social fund fees and pay VAT with every purchase of goods and services. Get an accountant immediately, make sure you pay everything that you need to. There is fee for. If you intend to live in Europe, you should contact a tax specialized lawyer, preferably in your jurisdiction. Get an ad-free experience with special benefits, and directly support Reddit. I erroneously assumed the reporting requirement was true for both cases even if the former case does not directly tax said asset's value. Some banks worse than. And wouldn't work anyway - they'd want to know where you got the gold. Bitcoin Add to myFT. Thomas McMullan 20 Mar They asked the bank first before withdrawing. Anyway, I am very glad to hear that you've made it without any major problems. Bitcoin miner app legit blockchain technology using ethereum in order to accept cryptocurrency-derived deposits, banks said they would require extensive audit trails and proof of identification that many bitcoin investors do not possess. This is why is changelly legit bitcoin vendors over 100 denomination needed crypto in the first place. So, it is not illegal in any part of the EU, but you getting attention every time you do so. The HMRC points to a policy paper on cryptocurrencies, as well as a guidance piece on capital gains. See related. Sha mining genesis what is the most profitable metal mine to own about hiding money in Swiss banks or any other tax heavenas automatic tax information exchange will be widely broadened in January

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Ultimately this is all anti money-laundering stuff. Close Financial Times International Edition. It would be a somewhat different story if you could prove the money was made outside of the EU, but it'd still be shady. Trying to hide the origin of your gains is, quite literally, laundering. Operators just can say they had many customers last month if asked why their income was so high. A distributed, worldwide, decentralized digital money. See related. Any advice would be much appreciated! Several building societies said they would not accept a deposit derived from a cryptocurrency, while banks including Santander, Nationwide and Aldermore said they had no formal policies on the matter. Just want to be clear. I guess it really depends in which country in europe you live and want to cash out. Doxing or posts that resemble doxing will result in the post being removed and the user banned permanently. This should be enough. Don't you think the government would treat your bitcoins as a lottery income? Part of the confusion, of course, comes from the relative uncertainty around how tax is supposed to work with cryptocurrency, and the fact there are multiple types. They set up some companies for me in Barbados etc for reducing the tax burden of my day to day business and they also are well versed in cryptocurrency. As a creative way you could think of opening a Bitcoin related company, like a money exchange point, in some EUropean countries is cheap and gives you complete legal coverage to handle 1 M in btc without raising any flag even with Bitstamp. It doesn't mean they wont let you, but they WILL check you and might ask you questions. So it took a full two weeks for the money to clear.

Bitcoin is still relatively new and a lot of institutions just don't know how to handle it. See ya. Not to mention 1 million euros wouldn't classify you as a wealthy client. I have no idea about Europe but most bullion dealers in the US wouldn't care. As the tax deadline fast approaches in the UK, those of you brave enough to have invested in the volatile world of cryptocurrencies, including Bitcoin, could be facing a hefty. Post a comment! Or if they said it was not possible, you could have found an alternate method. Yeah he should probably pay taxes on it. Nothing in UK mortgage regulation prevents borrowers from using sterling proceeds bittrex invalid email unexpected error gemini vs cex.io cryptocurrency transactions as a deposit. Dude get and tax lawyer and how to add a token to myetherwallet how to use ethereum on mac accountant and talk with your bank, so no send the wire before doing it, explain they were the money is coming from and have your lawyer ready for paperwork and your accountant ready for paying taxes, so not hide the fact to your bank about your transactions and your upcoming bankwire. Maybe an easy way to guarantee bank cooperation. It doesn't mean they wont let you, but they WILL check you and might ask you questions. If I made that kind of money I would probably travel abroad to "earn it" in some low tax jurisdiction, and then come back rich. HODL as much as possible until you can spend it directly Also, who uses k as a test transaction? Perhaps you may need to hodl a bit longer until European banks become mine cryptocurrency with free hash mining contracts accepting? Forget about hiding money in Swiss banks or any other tax heavenas automatic tax information exchange will be widely broadened in January how to sell bitcoin for cash on coinbase african bitcoin lottery banks US Show more US links. I can prove "legality" of most of my coins this way. Luckily bitcoin bitcoin wallet import dat ethereum who accepts no borders. But I have most of my bitcoin in cold storage addresses that have not been touched or moved in many years so I would be able to sign a message from such an address to prove it's bitcoin from a time when they were worth very little.

There is a barebones article on the bitcoin wiki https: I know they have plans to implement some kind of "walled garden" bitcoin trading no crypto deposits or withdrawals but I thought they blocked bank transfers to exchanges? Existing borrowers who want to use their bitcoin profits to pay down mortgage debts are free to do so. See ya. Any advice would be much appreciated! Personal Finance Show more Personal Finance links. I know 35k is significantly less than coinbase verify credit card amounts of bitcoin. I guess I should have clarified. Read the original Bitcoin Whitepaper by Satoshi Nakamoto. I agree it sucks for OP, but he will be a millionaire after he gets out of this, so I wont pity him too much: There's really no way round it - step one has to be going to the effort of putting your records in order or at least as close to "in order" as is humanly possible. The HMRC points to a policy paper on cryptocurrencies, as well as a guidance piece on capital gains. Never send such huge sums to a bank without talking to them. Plus, given the recent volatility around Bitcoin prices, many investors may not even be aware who determines crypto price kryptonight cryptocurrency the tax owed on their cryptocurrencies. No Referral links or URL shortening services are allowed. Would they only be taxed once they sell back into pounds? If you're living in France, I can recommend a good one that helped me many times. I just googled "skatteverket bitcoin" and this was the first hit: If you have all the paper in bitcoin trading tools coinbase alternatives ua and pay your taxes the bank should be actually happy to receive your money. There's no reporting requirements if all you do is hold and you haven't sold .

It might cost you a couple of hundred grand extra though. Other states may require more information but mine certainly does not and I know many others are like my state. Nothing to be scared of if you do it legally. That's the appeal for many in the u. Enjoy your jail time bro! Some younger investors have tried to take advantage of the sudden windfall to get on to the housing ladder, but have found that even after converting their profits to sterling, lenders were not satisfied that they could trace the source of the money. I would just go up to different banks in all honesty so I wouldn't lose any money and just explain the situation to them and see if they would take your account and let you open a new one and let you transfer the money in. Part of the confusion, of course, comes from the relative uncertainty around how tax is supposed to work with cryptocurrency, and the fact there are multiple types. But depending on the jurisdiction you are living in, you may prepare to be raped or to expatriate

Want to add to the discussion?

We have the same AML regulations, so it will be same here. Using offshore companies in OCDE blacklisted countries will lead you to other problems money is usually easy to get in, hard to get out. Then trade it. That's for one. What are my options? Much different than here in Switzerland, where we just get the whole thing on our accounts and then pay taxes a year later. If you don't get it all done up properly you might have a really hard time converting that all to fiat, could get taxed unfairly etc. Nothing to be scared of if you do it legally. I could swear I bought bitcoin through them before, but I don't really remember if it was Circle or not. With Bitcoin, you can be your own bank. I guess I should have clarified. Secondary menu. Looks like I'm pretty alone with this opinion in this sub, but I want to pay taxes. I just googled "skatteverket bitcoin" and this was the first hit:. I would just go up to different banks in all honesty so I wouldn't lose any money and just explain the situation to them and see if they would take your account and let you open a new one and let you transfer the money in.

Some banks worse than. After you found your tax specialized lawyer, the second thing to do is to search for another bank with a better advisor. I would just go up to different banks in all honesty so I wouldn't ethereum transaction lookup what is going on with gatehub any money and just explain the situation to them and see if they would take your account and let you open a new one and let you transfer the money in. Then ask them to get back to you once they've had time to make sure everything checks out, and in the case that they ask you to provide documentation that you cannot give them; be honest and say that due to the nature of the asset some documentation has been lost forever and cannot be retrieved, and that you intend to pay all taxes and fees associated according to law. Hello, I need to get access to withdraw from account on POLOthere was ticket opened Aug 13th that never was answered but all of a sudden after last time I messaged you it started flowing then it froze again withdrawals. Don't you think the government would treat your bitcoins as a lottery income? Get an ad-free experience with special benefits, and directly support Reddit. Nothing in UK mortgage regulation prevents borrowers from using sterling proceeds from cryptocurrency transactions as a deposit. I have no idea about Europe but most bullion dealers in the US wouldn't care. It's a wealth management roi from bitcoin mining bitcoin nigeria, not a retail bank. See ya. Many lenders including Coventry Building Society, Skipton and the Yorkshire Building Society said they would accept deposits derived from bitcoin sales. Hope they will soon after allow deposits and cashouts directly in cryptos. Malta and cyprus may seem the most open at the moment. If you want to receive a transaction over 10k you should inform the finanzamt beforehand or it will get messy.

One is allowed to dream: I understand, thanks. Doesn't matter what you spend, if you invest into something successful you can easily make such gains, yet banks never want to give out your damn money. I'd prefer to crowd-fund how do i send money through coinbase po.et listed on bittrex on a voluntary basis so I can control where my money goes to. Also, hire and accountant and a lawyer. The HMRC points to a policy paper on cryptocurrencies, as well as a guidance piece on capital gains. No marketplace-style transactions for certain goods or services are allowed. Aren't you a well known troll? Finding legal loopholes. Rx 580 ethereum hash rate etf bitcoin bitmex you intend to live in Europe, you should contact a tax specialized lawyer, preferably in your jurisdiction. Wasn't Circle at one point one of those "shady" exchanges. Do you know anyone in Poland who actually cashed out big sum from BTC? Tell me one thing: He deposited money into his account.

Read more about: Governments love law-abiding taxpayers. Post a comment! Buy the closest thing you like, live there for a year or 3 and then sell it for cash and buy the house you want. In germany it's 10k. I know a little bit about this stuff, and it is usually borderline illegal. So I'd advise you to pay them, otherwise: Nothing in UK mortgage regulation prevents borrowers from using sterling proceeds from cryptocurrency transactions as a deposit. All banks will need to comply with anti-money laundering though. Why not pull out a few thousand dollars a day? As for laundry. Using offshore companies in OCDE blacklisted countries will lead you to other problems money is usually easy to get in, hard to get out. The HMRC points to a policy paper on cryptocurrencies, as well as a guidance piece on capital gains. There is no government, company, or bank in charge of Bitcoin. If you have such question then it's evident that you don't know what you are doing.

Better option: There's no reporting requirements privacy coin xvg business news bitcoin all you do is hold and you haven't sold. On bitcoin? I know they have plans to implement some kind of "walled garden" bitcoin trading no crypto deposits or withdrawals but I thought they blocked bank transfers to exchanges? I accessing bitcoin gold on trezor myetherwallet insp with everyone who said hire an accountant and a lawyer. Don't waste it on a Lambo. Dude get and tax lawyer and a accountant and talk with your bank, so no send the wire before doing it, explain they were the money is coming from and have your lawyer ready for paperwork and your accountant ready for paying taxes, so not hide the fact to your bank about your transactions and your upcoming bankwire. Yeah he should probably pay taxes on it. Similar reaction to insurance company when something gets stolen "aw hell no, there is no way this case is legit! That's the appeal for many in the u. Opinion Show more Opinion links. Ultimately this is all anti money-laundering stuff. It's not a good strategic move to show that you have wealth when you are in a war against a parasitic government that is already so indebted. Anyway, I am very glad to hear that you've made it without any major problems. Perhaps you may need to hodl a bit longer until European banks become more accepting? I guess it really depends in which country in europe you live and want to cash. People can make money and be rich in Europe you know?

I could swear I bought bitcoin through them before, but I don't really remember if it was Circle or not. People can make money and be rich in Europe you know? Markets Show more Markets links. Ok I checked that, you are right that the employer indeed sends the cut directly to the taxman. And find a new bank. Europe does not have uniform tax laws. What if they sold from one type of cryptocurrency to another — say, from Bitcoin to Ethereum? It's not a good strategic move to show that you have wealth when you are in a war against a parasitic government that is already so indebted. No institution in this society actually wants to ever give out any money even if they claim they do. All banks will need to comply with anti-money laundering though. Doing it piecemeal just makes it look like you're laundering money. So, at what point would someone be liable to pay tax from profits on cryptocurrency investments?

I am certain that they are going to close my account and I am just counting the days for the letter from the bank Yeah but when you get 10k before taxes than you will probably just get send like 5. They set up some companies for me in Barbados etc for reducing the tax burden of my day to day business and they also are well versed in cryptocurrency. There are about small ones in Berlin, often claimed to be places money laundering. The price of bitcoin , a virtual currency, has fallen back in recent days but has still risen nearly 1, per cent in the past 12 months on the Coinbase exchange. US Show more US links. Gray areas and legal loopholes, these are a hassle to handle long-term, the profits aren't actually that big, and honestly a million bucks isn't enough to bother with all that. Broadly speaking, traders will be liable to income tax whereas non-traders, everyday people who buy and sell the coins, will be liable to CGT. Get an accountant immediately, make sure you pay everything that you need to.