How does it work for Europe residents ?

[xoClarisse]

Hello, I never sold L$ so far but I'm curious on how it work. Like the requirements, the personal documents needed, the taxes on the transaction, and the steps to set all that up, etc... It seem pretty difficult to understand so an answer from someone who already did it could make it easier. 

As an example, for someone living in Europe with the current L$/$/€ value how much € would you get if you sell 20.000 L$, taxes deducted of course. 

Thank you !

[Lindal Kidd]

You aren't taxed on the sale of $L. You get taxed when you do a Process Credit transaction to take the money out of SL.

It's a 2 step process. First, you have to sell your $L. At present, a Market Sell of $L20,000 would have a value of $79.69 USD, and after LL's 3.5% sales commission, you'd get $76.80 USD. That money would go into your Tilia USD Account.

In order to do the next part, the Process Credit, you'll need to jump through some preparatory hoops.

• You must have a "verified" PayPal or Skrill account registered as your payment method. "Verified" means that the account is backed up by a Real Life bank account or major credit card.
• You must have purchased $L at least once. If you have never bought any $L, buy a small amount. You'll need to then wait 30 days for a clock to time out on selling transactions.
• You will need to submit some identifying data to Tilia. Non US residents are asked to submit a scan of your passport and a utility bill.
• LL charges a 5% fee, with a minimum fee of $3.00 USD. For your example transaction of $76.80, the fee would be $3.84, so your net is $72.96 USD.
• As I read it, VAT is not charged on this amount, but it IS charged on the above transaction fees that you paid to LL, so those fees may be about 20% or so higher for you than what I stated.
• The current exchange rate to convert $USD to Euros is 0.95, so you'd get an end result of €69.31...unless PayPal or Skrill or your bank tacks on some sort of conversion fee.

Kind of makes you want to keep your $L in SL and use it to buy shoes, now doesn't it?

[xoClarisse]

Thank you very much for your answer, easy to understand ! 

It seem a lot of burden indeed, I guess it's a nice thing to do if you really need some cash or are a big creator. Thank you

[Alwin Alcott]

don't forget, if you do a process credit, you might need to keep the receipts as proof you didnt exceed the threshold for taxfree income for the government.

[xoClarisse]

On 5/12/2022 at 6:05 PM, Alwin Alcott said:

don't forget, if you do a process credit, you might need to keep the receipts as proof you didnt exceed the threshold for taxfree income for the government.

/me takes notes 😛 

[Love Zhaoying]

On 5/11/2022 at 10:13 PM, Lindal Kidd said:

You aren't taxed on the sale of $L. You get taxed when you do a Process Credit transaction to take the money out of SL.

It's a 2 step process. First, you have to sell your $L. At present, a Market Sell of $L20,000 would have a value of $79.69 USD, and after LL's 3.5% sales commission, you'd get $76.80 USD. That money would go into your Tilia USD Account.

In order to do the next part, the Process Credit, you'll need to jump through some preparatory hoops.

• You must have a "verified" PayPal or Skrill account registered as your payment method. "Verified" means that the account is backed up by a Real Life bank account or major credit card.
• You must have purchased $L at least once. If you have never bought any $L, buy a small amount. You'll need to then wait 30 days for a clock to time out on selling transactions.
• You will need to submit some identifying data to Tilia. Non US residents are asked to submit a scan of your passport and a utility bill.
• LL charges a 5% fee, with a minimum fee of $3.00 USD. For your example transaction of $76.80, the fee would be $3.84, so your net is $72.96 USD.
• As I read it, VAT is not charged on this amount, but it IS charged on the above transaction fees that you paid to LL, so those fees may be about 20% or so higher for you than what I stated.
• The current exchange rate to convert $USD to Euros is 0.95, so you'd get an end result of €69.31...unless PayPal or Skrill or your bank tacks on some sort of conversion fee.

Kind of makes you want to keep your $L in SL and use it to buy shoes, now doesn't it?

Ack! So many bullets! 

[Lindal Kidd]

3 hours ago, Love Zhaoying said:

Ack! So many bullets! 

Only six...