/biz/ - Business & Finance

[Anonymous No.10648585]

How do I withdraw a large amount of money (when link hits 1k), like 1mill to my bank without getting arrested? Britbong here.

That anon who got arrested and had all his assets seized, I think we need to prepare for that possibilitiy.

[Anonymous No.10648627]

Talk to a lawyer first.

[Anonymous No.10648635]

>>10648585
>cashing out

you know you can't cash out... right anon ?

[Anonymous No.10648671]

I suggest not even using a bank. Get a crypto debit card and put some of your profit in a stable coin on a cold storage

[Anonymous No.10648686]

>>10648585
>(when link hits 1k)

KYS FAGGOT

[Anonymous No.10648692]

>>10648585
I wish Trump would just nuke that shithole of an island already.

[Anonymous No.10648693]

>>10648671
Pretty good option but how does one pay for life as a jobless guywont they find out?

[Anonymous No.10648704]

oh my fucking god, i'm doing some preliminary research and the UK taxes 45% on profit over 150,000.

45 fucking percent, and they aren't involved any way in my trading , no infrastrucutre, im paying for this internet and everything. what the ever loving fuck!!!! this is enhanced cuckery!!!

[Anonymous No.10648731]

Buy a painting

[Anonymous No.10648734]

>>10648704
Crypto is taxed as capital gains tax and max is 28%. Where are u getting 45 from? >>10648704

[Anonymous No.10648760]

>>10648734
No surprise that this board has no idea how taxes work on investments/capital gains.
It's only %15 here in burgerland, which I'm super grateful for, but honestly seems a bit low.

[Anonymous No.10648762]

>>10648734
burger law isn't socialist europe law

[Anonymous No.10648774]

>>10648734
>You then pay 20% tax on anything earned between £11,501 and £45,000, 40% on anything about £45,000 and 45% on earnings above £150,000.

Is that for the UK? 28% is acceptable, i would reluctantly but hapilly get cucked for that amount

Why cant tax authorities just account a flat % tax on the amount I withdraw? Have to make it so complicated. Fuckers!

[Anonymous No.10648794]

If you’re a burger just call your bank before you cash out and if you’re currently using a local meme bank make sure you switch to a bigger one before you cash out.

[Anonymous No.10648795]

>>10648585
That Anon was a retard. Talk to a lawyer and find an OTC trading service where you can sell everything in BTC/ETH at a flat rate. You know those exist, right?

[Anonymous No.10648823]

>>10648795
Lawyer, accountant, or both?

Yes I know I can withdraw, but living as a NEET with never more than 4k in my bank at a time, I have no doubt sudden wirthdrawal of 1mill is going to ring alarm bells.

[Anonymous No.10648850]

Is there any way to avoid this 45% capital gains tax? Seems a bit steep

[Anonymous No.10648890]

Can't you just go to a tax haven to cash out?

[Anonymous No.10648891]

>>10648850
Report only 149k profit every time

[Anonymous No.10648909]

>>10648823
Fellow bong here, here's how i got around it without paying a penny:

Step 1, get AMEX gold or Platinum (this is important)

Step 2, open bank account in seychelles with 5k min deposit, you can open GBP accounts so there's no conversion fees

Step3, Sell OTC and send straight from exchange to the Seychelles account

Step 4, ONLY spend on the AMEX card, and pay it off via the seychelles account card

That way, youre technically not bringing the money into the UK yourself, and AMEX doesn't pay any fees on this stuff anyway, so they dont charge you extra. Now you have a way to spend in the UK without ever having an account linked to your name being used for purchase in the UK

[Anonymous No.10648917]

>>10648585
i was worried about this so i talked to my exchanges directly. Just inquire about the process for withdrawing a large sum of money, and they'll send you a "wealthy individual liason" to contact you directly.

make sure you ask:
1. how smooth the process is for large sums
2. do you do your banking within the country
3. how is your relationship with the banks in the country

I'm in canada, and coinsquare does all their banking in canada and they regularly process large transactions no problem. I have a "wealth director" in my phonebook now, who contacts me every now and then to stay in touch.

[Anonymous No.10648950]

>>10648585
Just tell your bank before the transfer that the money is going to be arriving to your account so that they know. Maybe ask them if there is anything special you need to do so that everything goes smooth. I know it's difficult, but just act normal, once in your life. This is really not such a big deal for banks, many people transfer big chunks of money.

[Anonymous No.10648968]

>>10648585
Get a lawyer, go to your branch with him, and tell them that you plan to withdraw a large amount from crypto into your bank account, and ask them what procedures need to happen ahead of time to ensure that the transaction processes smoothly.

Seriously how do some of you people even breathe? This is not rocket science.

[Anonymous No.10648981]

>>10648950
>>10648968
yeah definitely talk to you home branch first. lawyer isn't really necessary since you can ask to get the acknowledgement in writing. amirite?

[Anonymous No.10649056]

>>10648585
It's possible that post was a lie. Half the shit posted here has the purpose of depressing, scaring, and demoralizing other anons.

[Anonymous No.10649186]

>>10648585
Go to one of the central london branches of your bank and speak to the bank manager before you try to withdraw 7 figures of potentially ill gotten funds, maybe?

[Anonymous No.10649198]

>>10648585

[Anonymous No.10649232]

withdraw 10k.
go to singapore, where there is no cgt, and where a cabbage could open an account. hire a tax lawyer in your country. start holding co in turk or caymans. make your investments and use this to pay yourself as an employee.

[Anonymous No.10649301]

>>10648704
50% in CANADA

[Anonymous No.10649320]

Renounce your citizenship and move to a free country

[Anonymous No.10649378]

>>10649301
It’s not 50% you bozo. It’s 50% of yours gains which are subject to tax according to your tax bracket.

[Anonymous No.10649417]

>>10648909
can someone confirm this?
is this relevant for non brits too?

[Anonymous No.10649422]

>>10648585
>>10648704
One word, nigger. Incorporation.
If guys are gonna be rich, at least act like you know how to be.

[Anonymous No.10649438]

>>10648693
It's fine, you'll just never be able to take out a loan.

[Anonymous No.10649498]

Say I have 100k usd cash that are a bit dirty. Would it be acceptable to have this as a plan.
1. Go to a casino and exchange about 20k into chips. Play around for a while and when i either hit 15-25k I deposit it in for cash.
2. Use that cash to buy gift cards which I then use to buy lets say eth.
3. Then just exchange it for cash to my bank account.
Or would i get a knock on the door from Mr. Fbi?

[Anonymous No.10649518]

>>10648585
step 1: move to nonslave country
step 2: withdraw money

[Anonymous No.10649611]

>>10649498
yeah that works 40 years ago.
now you just need a time machine.

[Anonymous No.10649618]

>>10649378

ALL I SEE IS 50%

[Anonymous No.10649632]

>>10649498
All casinos report all gambling transactions above $5,000.

[Anonymous No.10649647]

>>10649438

kek ya you'll still need to wage slave for cover. what a dumb plan. just wait it out that extra bit longer and pay the man or be willing to take the capital gains hit and accept less return. you'll still be rich and you'll be able to actually enjoy your wealth instead of living in paranoia.

[Lt. Col. Linkarski No.10649669]

>>10648585
Like this

[Anonymous No.10649678]

>>10649611
>>10649632
Fugg

[Anonymous No.10649683]

>>10648585
>when link hits 1k
Its not even funny

[Anonymous No.10649689]

>>10649632
so do it in blocks of like $4500/day or whatever then, even if it takes an entire year to clean your money who gives a shit

[Anonymous No.10649712]

>>10649301
>>10649378
ya this just means ONLY 50% of your gains are taxable

So if you start with $100k and turn it into $300k (so you're up +$200k for the year) only 50% of your GAINS ($200k) are taxable, which is $100k

$100k is then taxable at whatever your tax rate is, usually something like ~25% so you'd pay like $25,000 tax on your total $200,000 annual gains

[Anonymous No.10649731]

I thought for uk cgt is like some % for gains over 11.8k? Does the % gets higher for bigger gains?

[Anonymous No.10649754]

>>10648704
There is no escape

[Anonymous No.10649857]

>>10649422
can you elaborate at all? how does it work? what are the benefits? are there certain profit ranges (ex. $100k+) where it's worthwhile, whereas maybe not if dealing with smaller amounts?

gimme a quick rundown

[Anonymous No.10649887]

>>10649417
It works for now. Expect laws incoming to stop the fun, but beaurocracy is slow, so have fun while you can

[Anonymous No.10649906]

>>10649887
makes me think there's always gonna be a way
I'm not rich enough to bother cashing out (<100k$) just yet

[Anonymous No.10649933]

>>10648585
When you’re ready to csshnout hore an account woth crypto experience (maybe even one of the big 4) and get them to work out how much tax you need to pay.

[Anonymous No.10649941]

>>10648774
The .gov website has a bit about crypto, it's treated the same as stocks etc. Anything over 11.5k or so is taxable as capital gains

[Anonymous No.10649953]

>>10649933
Also look up capital gains tax. It’s not 50%.

[Anonymous No.10649981]

>>10648909
>seychelles
>sending all your gains to a bank in Africa
its almost like you want to have all your money stolen

[Anonymous No.10650006]

that guy probably didn't report it on his income tax which I assume you guys do with capital gains if Brit Bongs consider crypto profits capital gains

[Anonymous No.10650036]

>>10648704
32% is the higher bracket in my shithole (poland) I guess there is no escape from the taxman

[Anonymous No.10650043]

bump, you're not alone OP

[Anonymous No.10650121]

>>10649232
>start holding co in turk

>in turk

>turkey

bruh

[Anonymous No.10650131]

>pee2fag
not gonna make it

[Anonymous No.10650141]

>>10650121
>thinking he meant turkey
kek how poor are you?

[Anonymous No.10650166]

>>10650141