Cashing out crypto

Elessar

Has anyone here cashed out a large amount of crypto?

Lets say hypothetically all your coins moon in the next bull run and you now have €500k worth of crypto you want to cash out. How do you do it - and would there be any problems?

I can only think of Coinbase - where you need to request higher limits. Assuming you get them (no guarantee), should you cash out all in one or over several withdrawals?

And then the Irish banks - will they put a stop on your account if they suddenly see a €500k deposit? Would it get held in limbo until you can prove where you got it, would revenue get involved etc? I've heard of this happening in the US...

So many questions.

h0neybadger

I’m pretty sure all Irish banks are well aware of what Coinbase is, and if they see a large 500k deposit, they would be happy. After all, they use your money..

We have a self assessed CGT system in Ireland. As long as you declare and pay what you should, there is no issues.

Elessar

From what I've read though some places are saying that banks will freeze the account, ask for source of funds and definitely flag it with revenue. I mean, there's nothing shady so I assume when you show them the transactions it will be fine - but what do I know!

Some people even saying go to your bank and tell them you will be making a large deposit. Might be more for the US though...

h0neybadger

Pay your due taxes and you will have zero issues.

ZeroThreat

h0neybadger wrote: »

Pay your due taxes and you will have zero issues.

(Unlikely right now given the bearish crypto market), but if someone was cashing out at this point in time, it's possible that they may not have to pay any CGT until December, so seems a bit cheeky Revenue getting involved as soon as the money hits the bank.
And even if the tax is due end of the year, you wouldn't be required to file the return until October 2019.

ZeroThreat

Elessar wrote: »

Has anyone here cashed out a large amount of crypto?

Lets say hypothetically all your coins moon in the next bull run and you now have €500k worth of crypto you want to cash out. How do you do it - and would there be any problems?

I can only think of Coinbase - where you need to request higher limits. Assuming you get them (no guarantee), should you cash out all in one or over several withdrawals?

And then the Irish banks - will they put a stop on your account if they suddenly see a €500k deposit? Would it get held in limbo until you can prove where you got it, would revenue get involved etc? I've heard of this happening in the US...

So many questions.

Coinbase daily withdrawal limits are €10,000 ?
If someone was lucky enough to have made €500k, would it take 10 weeks (ie. 50 working days) to move the lot out?

grindle

ZeroThreat wrote: »

Coinbase daily withdrawal limits are €10,000 ?
If someone was lucky enough to have made €500k, would it take 10 weeks (ie. 50 working days) to move the lot out?

Apply to have your limits increased, extra KYC bollocks.

ZeroThreat

grindle wrote: »

Apply to have your limits increased, extra KYC bollocks.

Coinbase already have my passport details, bank details, residence, what else do they want drug tests and body cavity searches??

grindle

ZeroThreat wrote: »

Coinbase already have my passport details, bank details, residence, what else do they want drug tests and body cavity searches??

Not sure if it's different for newer customers as I've had an account with them since 2013 but they wanted a bank statement and my passport from me for whatever reason, they'd never gotten them before so I'd presumed those must be the extra steps needed.
Wouldn't mind an auld cavity search though - give us an update later and I'll see if I can blag one.

h0neybadger

You can just ask them to increase the daily limits.
They upgraded mine a few times without any extra documentation.

grindle

Now I'm suspicious.