How to cash out 500k euro?

[Cconvert2G36]

And I do not want to pay tax for it because we owned this fancy money due intelect/risk.

That's the spirit. I'm sure the court will let you off with such a devastatingly articulate justification.

 

Running large sums through traditional banking channels... you could be selling commemorative pens or bitcoins, over a certain amount, you are ON the radar. Make sure to save some euros for the resulting investigation and tax bill. 

[johnyj]

Unless you want to use those money to purchase something immediately, why cash out?

That amount of money usually moves for real estate deals, it is not significant for banks

[vrzo]

Assuming that you want to do it through an exchange and that the amount is much higher than your usual trading volume,
Assuming that you want to pay taxes (even those you probably don't have to because the regulation is unclear),
Assuming that you're rather confident in your exchange, but don't want to risk doing it in one transaction,
Assuming that...

1. Tell your bank about the expected money (make sure they don't reject the transfer)
2. Tell your exchange support about your plan and make sure it is OK.
3. Send btc to the exchange in few batches (few days apart), sell and withdraw immediately to your bank
4. Declare your capital gain and pay taxes

[rebuilder]

So the idea is to put 500,000 € worth of taxable income in your bank account and not pay taxes on it? Sounds like a bad idea to me. You're posting on a public forum, asking for advice on how to break the law in a big way. That sounds like a bad idea as well.

[Amph]

Unless you want to use those money to purchase something immediately, why cash out?

That amount of money usually moves for real estate deals, it is not significant for banks

follow this man, if you exchange now, you will need to pay a huge taxes on it, probably 1/4, you are willing to pay 125k just to cash out that amount? if they stays in bitcoin form they are safe from everything, minus bitcoin nature itself, which has still a good potential to grow and not so much to fall

[Morecoin Freeman]

All people claiming this is illegal are talking shit.

Iit depends on your local law. Selling bitcoin for euros is not an illegal practice in most areas.

Also, depending on where you do your banking, your bank will probably not ask any questions.

Earnings from trading and saving are not taxed in the Netherlands. We only pay 1,2% tax once per year over our total combined savings. So I can sell any amount of bitcoin for euros and no one cares at my bank. They happily accept my money actually. I'm not supposed to pay any tax over my trades.

[rebuilder]

Earnings from trading and saving are not taxed in the Netherlands. We only pay 1,2% tax once per year over our total combined savings. So I can sell any amount of bitcoin for euros and no one cares at my bank. They happily accept my money actually. I'm not supposed to pay any tax over my trades.

Good for you, OP is in Belgium though,

[neurotypical]

You better have that money taxed, otherwise you'll have tons of problems. Your only alternative would be doing in in small amounts, and each amount must separated to not link it to the total amount, which im not sure how would I go about that to be honest, it's a ton of money. If you get it transacted in your bank account, your bank will end up being suspicious about random small constant transactions anyway.. OTC would be a mess, imagine having to meet with localbitcoinguys in real life 1000's of times (there's no way any of them will have anything near 500K in cash for you). So yeah, I dont see any way to do this unless you do it legally and lose half of it in taxes lol.

[Hyena]

Talk to your bank. It may not be a problem.

Re:Nubits, I'm sure this is a newbie question, but who guarantees liquidity? I don't see how a peg like that could be accomplished without counterparty risk.

From here

https://nubits.com/about/faqs#which-is-the-most-stable

"For those users who care purely about stability, NuBits is the best option. To date, NuBits has held its peg at $1.00 US stronger than any other competitor. It also offers the greatest amount of liquidity. This means that should you decide to sell your NuBits, you can be reasonably sure that you will get $1.00 US for each one of them."

Errr,

I'm out.

The concept is an interesting one. It sounds a little bit like the worst of both worlds though.

It's the best of both worlds. You're overly paranoid about it. If you want to participate in the NuBits system just buy some nushares and you can vote democratically on the nushares block chain about important network decisions. It's an anonymous autonomous decentralized organization, it's driven by stakeholder democracy and it solved the volatility problem the best way it can be solved. But I guess people like you will start to trust nubits once it has existed long enough and successfully kept the peg because there is no better proof than the history of the nubits price. It hasn't lost a peg not even once since its creation. While keeping 500 000 euros in nubits right now might be a little too much in such an early stage of nubits existence, in the future it wouldn't be so bad idea.

[Nagalim]

If you tried to cash out 500,000 euro of btc into nbt, here is how it would go down.

If you are smart, you will fill up all buy side trustless liquidity pools offered.  That will cause the network to start printing more nbt, which you're gonna need because 500,000 euro of nbt doesn't even exist right now.  You will also be earning strong interest on all that buy side liquidity while the networks prints more nbt for you.

Next, you place buy walls around $1.01 and eat all the sell-side liquidity.  At this point the shareholders will start waking up to the influx of money.  As nbt is printed and sold to you, nsr will be bought and burned and ppc will be bought and distributed.  The end effect of this will be a huge boost to nsr marketcap.

Eventually, you will have your nbt and Nu will have a much bigger marketcap.  When it comes time for you to sellout, simply do the process in reverse and the nsr marketcap will spin back down to burn your nbt.

This is essentially the same economic procedure as BTS.  The difference is in the mechanisms and methods implemented (such as use of ppc distributions to solidify market profit and trustless liquidity pools to turn short term crises like black swan events back into long term liabilities).  No, we aren't creating money out of nowhere; yes we have accomplished pegging without counterparty risk.

[CoinCidental]

So the idea is to put 500,000 € worth of taxable income in your bank account and not pay taxes on it? Sounds like a bad idea to me. You're posting on a public forum, asking for advice on how to break the law in a big way. That sounds like a bad idea as well.

Some countries have not decided to tax or regulate Bitcoin yet
For half a million euros it might be worth moving to a tax free country for a few months and cashing it out there safely

After that you can bring the cash anywhere or leave it in the tax free country's bank and just spend it via atm card worldwide

[Wilhelm]

TS why not just ask how to launder 500k of bitcoin... 

As said on this forum, there are of course methods to do this but if you get caught you will end up in jail or lose most if not all of it (best case).

The best way is to declare them as taxable income (if they go above the required threshold applicable to your country).
Since the bitcoin is now at a low price it is a good thing to do so.
If the price goes way up then you might have to pay quite some tax but you will be 100% legal in claiming the profits through any channel you like.

[Hyena]

I don't think this topic is about laundering money. I would be totally willing to pay the taxes and cash out as legally as possible but I know that banks and the police hate bitcoins so they would try to fuck me in the ass as much as possible. Even when you do everything legally you can still be discriminated because the entities in power hate you for being involved in the bitcoin business.

[AtheistAKASaneBrain]

Assuming that you want to do it through an exchange and that the amount is much higher than your usual trading volume,
Assuming that you want to pay taxes (even those you probably don't have to because the regulation is unclear),
Assuming that you're rather confident in your exchange, but don't want to risk doing it in one transaction,
Assuming that...

1. Tell your bank about the expected money (make sure they don't reject the transfer)
2. Tell your exchange support about your plan and make sure it is OK.
3. Send btc to the exchange in few batches (few days apart), sell and withdraw immediately to your bank
4. Declare your capital gain and pay taxes

In what country are they going to let you in cashout 500K dollars without paying taxes? Do you really think that the bank isn't going to put their alarms on when they see so much money coming from nowhere? of course you'll be forced to tax it, as far as I know there's no other way around it.