How to Covert to Cash, large amounts of Bitcoins?

[1satyros1]

Hello, I am posting this question for a friend who owns some 40+ in Bitcoins. Does anyone know what is the best way to covert large amounts into Euros? Friend resides in Cyprus. has questions regarding taxation- in case she decides to transfer large amounts to her bank account. Does any one have experience in setting up an off shore account? What is the best way to convert into hard currency?  (in terms on lowest taxation, etc. ) 
Any input would be much appreciated! Thanks!

[Slow death]

Is this bitcoin honest? if you're honest, you tell your friend that he can withdraw the bitcoin to his bank account, of course there are some limits.

for example if your friend has a skrill account and links the visa card to the skrill account so your friend can withdraw $ 30,000 per month to a bank account. But for this you have to follow certain steps:

1 -) your friend should create account in the neteller and check this neteller account

2 -) your friend must create account in the skrill and must verify that account of the skrill and add his card on his skriil account

to get bitcoin into your bank account:

Login to your neteller account (account must be verified) and deposit the bitcoin value that you want and then you transfer the money from the neteller to the skrill and the skrill to the bank.

The other option is that you can request a bitcoin debit card: https://wagecan.com/Pricing

[1satyros1]

Her ex-boyfriend is a miner and given her a few coins back in 2012, so i guess honest coins indeed. Thank you very much for the input. I told her she should consult with a tax lawyer but she is a bit skeptical and trusts no one...

[salihno71]

I have never dealt with them but you can take a look here: https://www.bitcoinsuisse.ch/trading-desk/ According to the description on the website, they allow up to 20 million USD/EUR/CHF daily trades so this should cover 40 BTC. Please if you go trough with them, leave here your experience.

[Baofeng]

Hello, I am posting this question for a friend who owns some 40+ in Bitcoins. Does anyone know what is the best way to covert large amounts into Euros? Friend resides in Cyprus. has questions regarding taxation- in case she decides to transfer large amounts to her bank account. Does any one have experience in setting up an off shore account? What is the best way to convert into hard currency?  (in terms on lowest taxation, etc. ) 
Any input would be much appreciated! Thanks!

Localbitcoins is the best logical choice to encash your bitcoin. But you have to be very careful. Just look for a trusted member and don't just exchange 40 bitcoins in one transaction. I suggest you do in small portions and spread it out amongst different trusted in localbitcoins.

You can also try exchanges as well. But there's a lot of documents that you need to submit. Just look for local exchanges that will allow to to convert your bitcoins to your FIAT.

As per off shore accounts, I haven't any slight idea. But for me if I'm in your shoes, I will go with localbitcoins. Goodluck.

[Marileno]

Local bitcoins is 100% the best play. Will also leave no trail for tax authorities if you are intelligent about it.

[1satyros1]

Hello, I am posting this question for a friend who owns some 40+ in Bitcoins. Does anyone know what is the best way to covert large amounts into Euros? Friend resides in Cyprus. has questions regarding taxation- in case she decides to transfer large amounts to her bank account. Does any one have experience in setting up an off shore account? What is the best way to convert into hard currency?  (in terms on lowest taxation, etc. ) 
Any input would be much appreciated! Thanks!

Localbitcoins is the best logical choice to encash your bitcoin. But you have to be very careful. Just look for a trusted member and don't just exchange 40 bitcoins in one transaction. I suggest you do in small portions and spread it out amongst different trusted in localbitcoins.

You can also try exchanges as well. But there's a lot of documents that you need to submit. Just look for local exchanges that will allow to to convert your bitcoins to your FIAT.

As per off shore accounts, I haven't any slight idea. But for me if I'm in your shoes, I will go with localbitcoins. Goodluck.

Thanks, but she wants a channel that she could properly pay some taxes etc, so she could invest in some real estate.

[eternalgloom]

Hello, I am posting this question for a friend who owns some 40+ in Bitcoins. Does anyone know what is the best way to covert large amounts into Euros? Friend resides in Cyprus. has questions regarding taxation- in case she decides to transfer large amounts to her bank account. Does any one have experience in setting up an off shore account? What is the best way to convert into hard currency?  (in terms on lowest taxation, etc. ) 
Any input would be much appreciated! Thanks!

Localbitcoins is the best logical choice to encash your bitcoin. But you have to be very careful. Just look for a trusted member and don't just exchange 40 bitcoins in one transaction. I suggest you do in small portions and spread it out amongst different trusted in localbitcoins.

You can also try exchanges as well. But there's a lot of documents that you need to submit. Just look for local exchanges that will allow to to convert your bitcoins to your FIAT.

As per off shore accounts, I haven't any slight idea. But for me if I'm in your shoes, I will go with localbitcoins. Goodluck.

Thanks, but she wants a channel that she could properly pay some taxes etc, so she could invest in some real estate.

In that case it's really better to talk to an accountant, preferably also get a second opinion.
You might be able to get advice here in this forum, but you're not going to get anything 100% trustworthy here.

If your friend has 40 BTC, she can spare a few hundred dollars for a couple of consultations.

[bitcoinmasterlord]

Hello, I am posting this question for a friend who owns some 40+ in Bitcoins. Does anyone know what is the best way to covert large amounts into Euros? Friend resides in Cyprus. has questions regarding taxation- in case she decides to transfer large amounts to her bank account. Does any one have experience in setting up an off shore account? What is the best way to convert into hard currency?  (in terms on lowest taxation, etc. )  
Any input would be much appreciated! Thanks!

Localbitcoins is the best logical choice to encash your bitcoin. But you have to be very careful. Just look for a trusted member and don't just exchange 40 bitcoins in one transaction. I suggest you do in small portions and spread it out amongst different trusted in localbitcoins.

You can also try exchanges as well. But there's a lot of documents that you need to submit. Just look for local exchanges that will allow to to convert your bitcoins to your FIAT.

As per off shore accounts, I haven't any slight idea. But for me if I'm in your shoes, I will go with localbitcoins. Goodluck.

Localbitcoins is good, but they must pay liquid cash, if they also pay to bank accounts then don't go you can better cashout in reputed exchange site in your area. But 40 BTC will be very high. Try to get BTC debit card you can withdraw directly from any bank ATM's. Is this facility available in the area? Because in my country it is not available.

[imamimam1234]

Hello, I am posting this question for a friend who owns some 40+ in Bitcoins. Does anyone know what is the best way to covert large amounts into Euros? Friend resides in Cyprus. has questions regarding taxation- in case she decides to transfer large amounts to her bank account. Does any one have experience in setting up an off shore account? What is the best way to convert into hard currency?  (in terms on lowest taxation, etc. )  
Any input would be much appreciated! Thanks!

I guess you need wallet that linked with your local bank, and of course with that amount of bitcoin the wallet will need her id card or something about personal documents in order to exchange bitcoin to cash. In other hand you ask your friends to split it and ask them to make account in exchange wallet and open bank account so you able to convert it to money I think split it will reduce the tax . CMIIW

[SummonKing2]

Recently, the bitcoin community and casual spectators freaked out as the price of bitcoin took a sudden for the worst. The price of bitcoin dipped below $300 into the $280 to $260 range, the lowest the price it has been all year. This price drop tested many bitcoiners nerves. Many caved in and sold.

[BingoDog]

There are other ways to cash out bitcoin besides to the bank account. If your friend insists exactly on that method I would suggest to go for multiple smaller transactions if the whole amount is not neede right away. Cyprus is within EU and EU banks are strongly regulated and obliged according to anti-money laundering law and similar so such large transaction of 40+ bitcoins in fiat could draw their attention. Maybe without consequences but better to be safe than sorry.
Other options could be localbitocoins with variety of methods to cash out, depending on trader, or maybe also bitcoin debit card with ATM witdrawal option.

[CryptosapienZA]

For me the best way would be to get a crypto card. The problem with exchanges right now is that they are obligated to report all trade profits to tax officials. You you will be obligated to pay tax for your profits.

[bambazamba]

Hello, I am posting this question for a friend who owns some 40+ in Bitcoins. Does anyone know what is the best way to covert large amounts into Euros? Friend resides in Cyprus. has questions regarding taxation- in case she decides to transfer large amounts to her bank account. Does any one have experience in setting up an off shore account? What is the best way to convert into hard currency?  (in terms on lowest taxation, etc. ) 
Any input would be much appreciated! Thanks!

           
I doubt that friend is you .    Anyways , doesn't matter .  Converting 40 bitcoin all together might be bit of a risk . Such huge amount can be questionable for the banks . You can withdraw the money using the native bitcoin exchange by providing them appropriate credentials and details . Thats a simple task to do . Be sure you dont withdraw them altogether at once .

[Nellayar]

Hello, I am posting this question for a friend who owns some 40+ in Bitcoins. Does anyone know what is the best way to covert large amounts into Euros? Friend resides in Cyprus. has questions regarding taxation- in case she decides to transfer large amounts to her bank account. Does any one have experience in setting up an off shore account? What is the best way to convert into hard currency?  (in terms on lowest taxation, etc. ) 
Any input would be much appreciated! Thanks!

In my country, it is too hard to cash out bitcoin specially if it in higher amounts. We have minimum value to be drawn at a day. I just don't know how will you convert that but probably you may look for a bank that accepts bitcoin then try to search how to convert it to that bank.

[iv4n]

He can always withdraw little amounts and like that to stay under the radar, its how would I do it if I would have 40 bitcoins and I need to cash out. Problem is if you wish to do it in some fast way, then I think its better to go to lawyer and pay for legal advice, that is the best he can do, every country have different laws. You can go to your local board and check out what people from your country do when they need to cash out large amounts of money, I had one guy in my county that could handle large transactions of bitcoins into my currency, maybe there is some similar guy in your neighborhood.