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somehow the alerts from this website keep landing in my spam folder. so dont get 2 respond in time. anyways ...OL7MAX wrote:Vinay, if I'm right poker is not the only skill where earnings are tax free. Try trading e.g. on currencies. Have you explored spread-betting?
OL7MAX wrote:bunny80, I understand your situation. I have numerous friends who earn their substantial incomes entirely online either through selling virtual goods/services/real estate in MMORPG, betting like you, contextual advertising (Adsense/Adsonar/YPN), domaining and a million other ways. For those of you who'd really like to explore these this link may prove useful.
Now to your questions: Opening an account is a lot more difficult here after 9/11. If you have someone here to introduce you to a bank, have some forms of ID, a UK address with proof of living at that address - utility bills etc - then you'll probably get a bank account. Most rules are there for people who don't have money. I discovered this only after I started doing well. With money you can pay a landlord for a whole year in advance and you'll find that, suddenly, references don't matter anymore Getting utility bills won't take you more than a few days once you have an address. Apply to BT for a phone, apply to get the gas connection transferred to your name etc. Though those are credit accounts you should have no problem getting them as you don't have an adverse credit history in the UK (you have NO history, presumably). With money you'll find lots of people willing to introduce you to a bank as someone they've known since childhood.
Withdrawing from Paypal, moneybookers, e-gold* etc is as easy as doing a transfer to your bank account. Drawing cash from a bank is not easy even if it's your cash. They have limits of £300 a day and if you want to draw several thousand you have to give them notice, take two forms of ID etc.(till the local staff can identify you by sight)
*With egold you can transfer directly to a debit card without having a bank account!
But considering your question about how many months of rent you need to pay I'm not sure your definition of rich would match a general UK definition. A rich person wouldn't worry about whether he needed to pay 6 months @ £800 or 12 months or, indeed, the next five years.
Hi bunny80, if you are into online gambling, you probably know that these days money do not normally come to your account from gambling sites, rather from Neteller or similar system. I am not sure Neteller withdrawals are considered as gambling income, correct me if I am wrong ...bunny80 wrote:as long as you can prove the money comes from the an online gambling site you are just fine and that's easy since the bank traces these things.
Strange, that. You're probably right but I've just realised that my bank has never asked for any such reassurances on amounts coming into my account. OK, some of it comes from companies I own, but some of it comes from abroad and could quite easily be drug money (it's not!) Hmmm. Age of account shouldn't affect money laundering precautions but... maybe it does....there is need to convince the banks with documents from sources that shows a potential for positive and legitimate inbound cashflow
Never had any problems with that, no one cares if you transfer some funds from USD-Paypal, for example,to GBP bank account, tried hundreds of times, what is your source ? Sounds very odd ...vin123 wrote:even if you have a UK bank account, banks here will not allow you to convert that money for your enjoyment into GBP. This is because of tight money laundering regulations in place.
Sten wrote:Never had any problems with that, no one cares if you transfer some funds from USD-Paypal, for example,to GBP bank account, tried hundreds of times, what is your source ? Sounds very odd ...vin123 wrote:even if you have a UK bank account, banks here will not allow you to convert that money for your enjoyment into GBP. This is because of tight money laundering regulations in place.
OL7MAX wrote:Strange, that. You're probably right but I've just realised that my bank has never asked for any such reassurances on amounts coming into my account. OK, some of it comes from companies I own, but some of it comes from abroad and could quite easily be drug money (it's not!) Hmmm. Age of account shouldn't affect money laundering precautions but... maybe it does.
I do that pretty much every month as I have bank accounts in 5 different jurisdictions and income in three different countries- never had any questions from banks or tax authorities in the past 5 years. And I have taken certified cheques (and cash on one occasion) of more than USD 10000 several times to the US as clearing a UK cheque from the US takes several weeks- as long as you declare it on the customs form there was no problem.vin123 wrote:If you cash-in 10 different foreign cheques to your personal current account every month, rest assured, you are in the radar. So is the case with currency exchanges - they do not do it without a valid passport.
On airports, if you are found with $10K or more undeclared cash in your bag(even if it is genuinely yours) - customs have the right to classify that money as 'smuggled'.