Hi guys
I have a legal question.
Suppose a standard hypothetical scenario where NEM rises to 1USD in 1-2 years. I will want to withdraw some of my funds lets say 1 mil USD.
Now 1 mil USD will just arrive to my bank account - I would expect the financial police will be suspicious of how I could gain so much money.
Is someone here able to explain how this works in European legislation? Can I just withdraw money and say that I was a lucky NEM holder and everything will be fine?
Will I need to declare this as an asset gain and pay taxes? Or is this tax-free?
Thanks for your input!
I have a legal question.
Suppose a standard hypothetical scenario where NEM rises to 1USD in 1-2 years. I will want to withdraw some of my funds lets say 1 mil USD.
Now 1 mil USD will just arrive to my bank account - I would expect the financial police will be suspicious of how I could gain so much money.
Is someone here able to explain how this works in European legislation? Can I just withdraw money and say that I was a lucky NEM holder and everything will be fine?
Will I need to declare this as an asset gain and pay taxes? Or is this tax-free?
Thanks for your input!
You are liable for capital gains tax afaik
You will have to declare the value of your holdings every year in your tax forms.
If you do this every year, you will have a paper trail where you paid taxes if they were due and you can back this up with the historical data if questions are asked.
Most important thing to do is to call your bank before you request the transfer as the bank will immediately suspend your account for investigations. It may also be wise to call your tax agency to let them know you are cashing out on your assets so they know where it came from.
