Topic: Any way how to legally transfer your crypto wealth to the tax-free countries? (Read 752 times)
October 19, 2020, 12:28:54 AM
I understand your point here. I actually first thought u wanted to evade tax which is illegal. And on how your case is, you might need a partner who lives in Africa as most of the countries there hardly levy taxes on their citizens beyond the corporate and civil servants.
October 14, 2020, 06:31:11 PM
Good luck to live in Monaco. And if you're trying to save some bucks from the taxes, it doesn't make sense to move there. Perhaps you won't pay a tax but you will pay your rent double, electricity triple, and so on.
As you say by the time you add up buying property your tax saving, unless you're talking tens of millions of dollars, will evaporate. And after all that outlay you're stuck in Monaco which is a comically horrid place to live. There's something in the mind set of people willing to give up everything and embrace something worse for nothing other than money that's reflected strongly in places like these.
October 14, 2020, 10:57:44 AM
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Buying bitcoins in another country, a company located in another country, doesn't help. Taxes are paid after you sold your bitcoins.
Here we're talking about tax gains, not the VAT.
If a country has a high rate of taxes it doesn't make it unfriendly to cryptocurrencies. It's because the country considers Bitcoin as a type of investment and tax it as it taxes others investments in the same category.
If my country taxes my gains on real estate at 30% it doesn't make it unfriendly to real estate investment
Good luck to live in Monaco. And if you're trying to save some bucks from the taxes, it doesn't make sense to move there. Perhaps you won't pay a tax but you will pay your rent double, electricity triple, and so on.
Buying bitcoins in another country, a company located in another country, doesn't help. Taxes are paid after you sold your bitcoins.
Here we're talking about tax gains, not the VAT.
If a country has a high rate of taxes it doesn't make it unfriendly to cryptocurrencies. It's because the country considers Bitcoin as a type of investment and tax it as it taxes others investments in the same category.
If my country taxes my gains on real estate at 30% it doesn't make it unfriendly to real estate investment
Good luck to live in Monaco. And if you're trying to save some bucks from the taxes, it doesn't make sense to move there. Perhaps you won't pay a tax but you will pay your rent double, electricity triple, and so on.
October 09, 2020, 07:39:13 AM
Avoiding tax can make you go to jail. However, a 20% tax is somehow unreasonably high. I do not know which country you are currently live in but I believe that the government does not like cryptocurrency or blockchain at all. Making a nonsense tax rate like this is the reason why bitcoin does not have any spot to shine. I have heard the news that Korea has also put a tax on Bitcoin exchange at a ridiculous rate. Well, try to buy bitcoin from other's countries and I guess you can have a more acceptable price
October 07, 2020, 04:54:52 AM
Move over to my country buddy and enjoy your stack without the government coming for your neck lol. By the way I'm from Nigeria Africa, you can check us out and meet me in pm. I would love to have you hear 
October 03, 2020, 10:34:33 PM
This is mainly caused because the governments do not understand cryptocurrencies and I do not want to pay someone for its ignorance.
why not wanted to pay for your obligation?
hope you'll find country to transfer your account without scamming happen.
October 03, 2020, 06:59:56 AM
I found this service which looks great for offshore tax strategies:
https://nomadcapitalist.com/
Even if you live in a country where it is taxed, you can buy from other users instead of exchanges to prevent the government from knowing how much cryptocurrency you have.
This wallet will also use CoinJoin to shuffle transactions for further privacy:
https://wasabiwallet.io/
https://nomadcapitalist.com/
Even if you live in a country where it is taxed, you can buy from other users instead of exchanges to prevent the government from knowing how much cryptocurrency you have.
This wallet will also use CoinJoin to shuffle transactions for further privacy:
https://wasabiwallet.io/
September 29, 2020, 03:45:04 PM
Hello, is there someone who thought about the question of how to avoid taxes in your country? Or to pay lower taxes in other countries? I do not want to cheat on my country. But imagine that you live in a country, where I live 
, and you have to pay tax from every crypto exchange. Correct, when you exchange for example BTC to ETH, you need to pay a 20% tax. That doesn´t make any sense, why I can´t pay only profit that I earn when I sell my cryptocurrencies to the fiat?
This is mainly caused because the governments do not understand cryptocurrencies and I do not want to pay someone for its ignorance.
, and you have to pay tax from every crypto exchange. Correct, when you exchange for example BTC to ETH, you need to pay a 20% tax. That doesn´t make any sense, why I can´t pay only profit that I earn when I sell my cryptocurrencies to the fiat?This is mainly caused because the governments do not understand cryptocurrencies and I do not want to pay someone for its ignorance.
you can become Monaco resident. 0% income tax
August 02, 2020, 07:14:49 AM
You can create a company on Malta, or in another tax heaven country and then deposit your money here. Then you will have money that comes from the company that is in a tax heaven country. Hope you understand.
July 31, 2020, 09:26:43 AM
I don't know how things work with the taxation on cryptocurrency transactions made in converting to fiat or wise versa. Myself encountered an issue with the bank where I have the account. I sold bitcoin when it was around $7500. A huge amount deposit into my account was marked and I was called by an authority from the bank for enquiry. I've been questioned from where did my money came. It was my money, and I need to answer the banking sector. I mentioned it as a pay send by my friend for my house construction. After all this I was allowed to withdraw my balance from the account.
Here if I've said the money was from selling bitcoin the bank might have not allowed me to withdraw the money. They just try to freeze it and send it to the reserve. This wis what happens, as of now I haven't found something perfect as taxation on cryptocurrency in my country.
I think that, first of all, it all depends on how the government legalized the activities of citizens in the cryptocurrency market. If the cryptocurrency is legalized in a specific country, then there are no problems with providing specific information in a banking institution. They will one way or another make a note about the origin of your funds. In each country, everything happens in a different way, but for example in Ukraine there are certain limits for funds that are of cryptocurrency origin, where the corresponding requirements are set for the user. Here if I've said the money was from selling bitcoin the bank might have not allowed me to withdraw the money. They just try to freeze it and send it to the reserve. This wis what happens, as of now I haven't found something perfect as taxation on cryptocurrency in my country.
July 30, 2020, 09:31:22 PM
I don't know how things work with the taxation on cryptocurrency transactions made in converting to fiat or wise versa. Myself encountered an issue with the bank where I have the account. I sold bitcoin when it was around $7500. A huge amount deposit into my account was marked and I was called by an authority from the bank for enquiry. I've been questioned from where did my money came. It was my money, and I need to answer the banking sector. I mentioned it as a pay send by my friend for my house construction. After all this I was allowed to withdraw my balance from the account.
Here if I've said the money was from selling bitcoin the bank might have not allowed me to withdraw the money. They just try to freeze it and send it to the reserve. This wis what happens, as of now I haven't found something perfect as taxation on cryptocurrency in my country.
Here if I've said the money was from selling bitcoin the bank might have not allowed me to withdraw the money. They just try to freeze it and send it to the reserve. This wis what happens, as of now I haven't found something perfect as taxation on cryptocurrency in my country.
July 30, 2020, 01:04:35 PM
Well you convert to cash if you need to buy something that you can't yet buy with crypto, simple as that. So you need some way to avoid tax. Some people buy gold with crypto and then resell the gold as there are some places where you can buy gold, no questions asked.
People don't get arrested for carrying 10k, 20k dollars, people can get arrested if they are connected to suspicious activity and they do have large piles of cash with them. Then questions are asked and things start to move in a direction you don't want them to move
Honestly, most jewlers will do this for you if you agree to go OTC. They sell goods, get profit, and avoid taxes. Win win win.
On a lesser scale, pawn shops are an option as well
July 30, 2020, 01:01:23 PM
....
i heard on a news one time that person got arrested for bringing so much cash while travelling . how could you carry that 1 btc worth of cash ? thats already alot compare to the guy's on the said news but why convert to cash when crypto arent trackable anyway ? your pic was correct . its not illegal if no one will know about it . laslty , are there countries that are tax free ? thats freakin cool lol . what country was that .
Well you convert to cash if you need to buy something that you can't yet buy with crypto, simple as that. So you need some way to avoid tax. Some people buy gold with crypto and then resell the gold as there are some places where you can buy gold, no questions asked.
People don't get arrested for carrying 10k, 20k dollars, people can get arrested if they are connected to suspicious activity and they do have large piles of cash with them. Then questions are asked and things start to move in a direction you don't want them to move
July 23, 2020, 08:41:32 AM
I think most countries tax only fiat, or crypto ONCE it's converted to fiat.
And at that, over a certain amount. In EU its 10k euro. Which means, technically you can go to other country, withdrw 1 BTC (at current price) and bring cash. That's legal.
Countries can't track cash.
Having said that, if your income is lets say $2000 month, but you're spending $5000 a month without any loan, you'll get on their radar.
That is why many banks are now forcing people into cashless society, where everything has to pass through your bank account, and is reported to the govt.
When you withdraw 1 bitcoin and send it to your bank, that will make the bank alarm sound, and they will investigate how you can get that money before it's transferred into your account.And at that, over a certain amount. In EU its 10k euro. Which means, technically you can go to other country, withdrw 1 BTC (at current price) and bring cash. That's legal.
Countries can't track cash.
Having said that, if your income is lets say $2000 month, but you're spending $5000 a month without any loan, you'll get on their radar.
That is why many banks are now forcing people into cashless society, where everything has to pass through your bank account, and is reported to the govt.
I think he can withdraw for a little amount less than $500 to his bank account, so that will not make the bank suspicious.
I think the bank will not ask if you got a transfer for a small amount to your account, and they will feel that you have other jobs.
But you can search for other people who want to buy bitcoin from you, and they can transfer the money to your bank account, but once again, don't sell it for a large amount of bitcoin.
July 23, 2020, 08:40:12 AM
....
i heard on a news one time that person got arrested for bringing so much cash while travelling . how could you carry that 1 btc worth of cash ? thats already alot compare to the guy's on the said news but why convert to cash when crypto arent trackable anyway ? your pic was correct . its not illegal if no one will know about it . laslty , are there countries that are tax free ? thats freakin cool lol . what country was that .
July 23, 2020, 08:38:18 AM
Avoiding tax isn't illegal, you have lot of way to convert your money into fiat in your country itself and you don't have to pay 20% tax all the transfers.Peer to peer trading can help you to deal with converting fiat. Or you can buy something with cryptos and then later sell it on amazon or any e-commerce site to make it legal money with less tax.
This is as good as tax theft because there is no way you are adjusting as per any provision provided by your country law where you can take tax refund or set off against anything. This you are doing it by your own will, and you are still liable to pay your taxes. Government still can charge you for this and must pay tax penalty in such instance.
July 23, 2020, 08:04:23 AM
These replies if it's legal or not reminds me of this
I think most countries tax only fiat, or crypto ONCE it's converted to fiat.
And at that, over a certain amount. In EU its 10k euro. Which means, technically you can go to other country, withdrw 1 BTC (at current price) and bring cash. That's legal.
Countries can't track cash.
Having said that, if your income is lets say $2000 month, but you're spending $5000 a month without any loan, you'll get on their radar.
That is why many banks are now forcing people into cashless society, where everything has to pass through your bank account, and is reported to the govt.
I think most countries tax only fiat, or crypto ONCE it's converted to fiat.
And at that, over a certain amount. In EU its 10k euro. Which means, technically you can go to other country, withdrw 1 BTC (at current price) and bring cash. That's legal.
Countries can't track cash.
Having said that, if your income is lets say $2000 month, but you're spending $5000 a month without any loan, you'll get on their radar.
That is why many banks are now forcing people into cashless society, where everything has to pass through your bank account, and is reported to the govt.
July 20, 2020, 05:55:41 PM
Avoiding tax isn't illegal, you have lot of way to convert your money into fiat in your country itself and you don't have to pay 20% tax all the transfers.Peer to peer trading can help you to deal with converting fiat. Or you can buy something with cryptos and then later sell it on amazon or any e-commerce site to make it legal money with less tax.
Its tax evasion and we know its illegal in any aspect!When a certain government or country do really impose strict laws about taxation then as a citizen then you would really need to abide with the rules or else you would face up charges.
What sucks here is that the amount or percentage been asked is 20% which is totally bullshit if i were to say.Its too damn high and if i do live on such country i might
consider on evading taxes too.
July 20, 2020, 03:48:59 PM
Avoiding tax isn't illegal, you have lot of way to convert your money into fiat in your country itself and you don't have to pay 20% tax all the transfers.Peer to peer trading can help you to deal with converting fiat. Or you can buy something with cryptos and then later sell it on amazon or any e-commerce site to make it legal money with less tax.
That's not avoiding, that's evasion. That's what sends them coming down on you hard.
OP's question largely depends on what country they're in and what their policies are.
In the UK you'd have to move away and convince them that you'd permanently moved to remove any tax liability. We have a few local tax havens like the Isle of Man and the Channel Islands where there's no capital gains if you didn't fancy going far.
There's no such as sending your BTC to another country and staying put while it's cashed out and then comes back magically free of tax. If that were possible the entire world would be doing it.
July 19, 2020, 07:42:50 AM
Thank you for your valuable idea. But, I have heard about specialized companies that focus on the study of blockchain transactions. They can interconnect your ID with one of your wallets, aren´t you afraid that in the future they will be even more advanced and one day they will reveal all transactions? When you send your coins for example from Binance to one of your addresses, it is obvious that it is probably yours and from this point you are trapped, or? 
If you are worried that someone may trackback the transactions from an exchange and eventually find your wallet, convert all your exchange holdings into Monero and then use xmr.to to convert it back to Bitcoin and send it to your Wallet. This way nobody can find your wallet. Jump to: