I know this shit depends of which bank we're talking about and country but I'm just asking in general and how it usually is.
Let's say I have my linkies and they are now worth 200k dollars. I turn it into BTC on binance and then send it to Coinbase and then send to my bank account in Croatia.
How would the bank react? Do they need additional confirmations for large amounts of money? Is the transaction taxed? How does this shit usually work? I'm only 20 and have little experience with money.
You can't cash out, you didn't know that?
Bro, the best thing you can do is get a lawyer and have them contact the bank.Seriously. Sounds overkill,. but it will save your ass.
get a tax accountant
ok let's get the story behind this, what happened to poor Gabe?!
Just send the money to your bank account and pay capital gains tax on it by next tax season, it's not difficult.
I don't know the source of the pic.
first of all, if your bank has a no crypto policy it might freeze your account while tring to buy coins.
same thing the other way around, google your bank + bitcoin and look up what their policy is.
my bank released a statement that the don't care
Why don't u cash out to cash? Are u retarded?
> Croatia
Are u resident of Croatia or no? Because if yes, you are complete retard for cashing out 200k to Croatian bank account.
no one actually cashes out all at once right? like just cashout what you need for the month or two. leave the rest in a stable coin or stay in the game with the rest
Ive found my strategy.
Convert BTC to ETH.
Buy DGX, fly to singapore and withdraw the physical gold bullion from their company.
Stock pile the 100gram bars by flying to and from singapore.
sell for cash
Btw, best way to cash out :
> Exchange your linkies to BCH
> Go to local.bitcoin.com
> Find someone who can exchange you BCH to physical cash.
> meet in person and exchange
And ofc don't sell all to one guy, u can get scammed or robbed if u sell 200k at once.
How sketchy will you look flying with gold bars lol
Then you have black money that cannot be used if you do not want have problems with your tax agency.
> Europe is not Burgerland
Dont do it all at once. Each incoming passenger declaration has laws. $10,000 is generally the limit, however carrying two bars with carry on will easily get by. That or convert a single bar to cash in singapore, hit up the casino and keep it in cash while bringing a bar home.
You could always go to the next extreme and go to a jeweler in singapore and get them to create it into an item of jewellery. You do not have to declare worn items across the border.
200k isn't that much. U can spend your cash gradually and no one will care.
Ofc if OP wants to spend all his 200k at once, for example to buy house, it's gonna be harder.
If the source of the money is legal and you’re fine with paying taxes then contact your bank first. A tax accountant is probably smart too if it’s a large amount of money.
How the fuck am I supposed to live off 20k a month? REEEEEEEEEEEEEEEEEEEE!!!!!
Until you get kyc-complianced by an exchange and go to federal prison for tax fraud
Croatia is a pretty poor country, $13k GDP per capita. $200k is a lot of money for him. It’s the equivalent of $600k+ for a middle class American.
> fine with paying taxes
When did Jow Forums become that cucked?
If you made $10 million in crypto and you had to pay 20% tax on that, would it really bother you that much?
Yes!
If you’ve made a lot of money in crypto then it might make sense to pay taxes so you can reinvest it in safe assets.
> If you made $10 million in crypto and after that robbed for 20%, would it really bother you that much?
Checked. Taxcucks get the rope.
use ATM