Bitcoin Forum

Hello Crypto Currency Experts,

Suppose you make 200k USD proft, but your country does not allow you to withdraw money from crypto exchange to bank.

So you have only option to take "permanent residence/citizenship" of another country, which is crypto-currency and immigration friendly.

You can open e-citizenship of Estonia via the Internet. This country is loyal to the use of cryptocurrencies. You register a legal entity in Estonia and you can even help your friends exchange cryptocurrencies for Fiat. Thanks to the Internet we do not need to travel to different countries. You just need to set a goal and study the question.

I think country Japan supporting the cryotocurrency from initial period so they will continue to support bitcoins in future too so you can migrate to tha country if you can but country like japan never give permanent residence to people who are not doing an business or something which is helpful for their citizen and most of the country will.do the same so you can't migrate to all the countries too.

Go to Belarus!
Cryptocurrency Activities Will Be Legal and Tax Free in Belarus Starting in March (https://news.bitcoin.com/cryptocurrencies-activities-legal-tax-free-belarus-starting-march/)
If you have that big amount and you want to migrate and get a permanent residency then you gonna bet for this country, it's tax free.
But I have also another country to bet and that is Japan. Bitcoin accepting shops there are everywhere.

Yes, Japan is improving the ways of cryptocurrency in their land. Businesses everything that with relation to business can negotiate with cryptocurrency. Ofcourse you should try to study first the culture and their traditions to have more idea on how to interact with them specially you have the desire about crypto. Good luck buddy....

Before I consider a permanent residency in such situation, I would consider the environment and economy of my home country and the foreign land. This is because the standard of living of a country is important, it determines the value of the currency.

As mentioned above the best options are to do it online instead if physically taking up residency somewhere. However, if the intention it to move somewhere new I would consider Malta.

instead of throwing your entire life away how about routing the money through an extra bank or two?

it'll probably cost you $50-100 instead of tens to hundreds of thousands and giving up all your relationships.

You're answer is offtopic to the OP because he want to mover to some other country incase if his country bans the crypto currency.

But how you are offering this service are your from India or somewhere doing Indian currency transaction because RBI warned the banks and other entities to stop dealing with crypto currency transactions.

Are you talking about some near future? Nowadays not every country use such strong control to bitcoiners. I live in Serbia and I withdraw money on my bank's account without any problem and taxation and asking where those money came from. Of course I do not make such profit as you say, 200k$, just 200$ a month, maybe that's why such little sum doesn't awake any questions from the side of the bank or/and government.

This entire list will give you an idea on what nearby country is welcome for you to migrate.

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

You can also file dual citizenship so that you can just fly back and forth if you are going to take profits. I don't have experience on this and I'm glad that my country is good with crypto.

Are you earning your money from a U.S. based exchange like Binance? If yes then going to another country won't save you, because even though you can withdraw it from another country you will still be taxed by the IRS. You will still be classified as a "Non-Resident Citizen" where you are earning money from both the U.S. and the country you will be moving in, you will also be taxed twice because of it. A more quicker solution is to exchanging your cryptocurrency directly with a person, go visit sites like localbitcoin and find a buyer with a good reputation.

Not necessarily. You could liquidate it slowly using peer-to-peer options, whether in your country or out of it. It's going to be a pain to liquidate whether it's legal or not, because you'll be alerting authorities if you move that much money at once, so slow liquidation would be advisable anyway.

If you plan to keep on making money with crypto though, it would probably be best to move, as you said. Belarus would be a great option, as someone else has suggested.

Malta Island ofcourse. Not just because of it vivid beauty but due to the fact that it is ready to become the world's largest blockchain hub in coming years. It is desperately inviting crypto currency investors as well as developers to its island and want to create a huge service industry with them. Cryptos there are legal tender and well accepted by everyone too. Obviously Japan and Germany are few other options when it comes to going into crypto currency business.

Do you really want to change your nationality and place of residence to solve your problem? Because I won't be going in all of that process (changing of residency and nationality) just to liquidate my 200,000$ with the change of nationality, travel fees, and a change of residence all of it will make you incur expenses and it would shed a lot off from your 200,000$ earning. Cryptocurrency Exchange to Bank deposits is not the only way to liquidate large sums of cryptocurrency there are ways like transacting directly to a buyer can solve the problem, local bitcoin wallets also have the option to buy your Bitcoin via bank deposit or remittance, Bitcoin Atms are widely available now and also have the option to sell your Bitcoin in exchange of their Fiat.

Here are a few bitcoin friendly countries that I can think of:

1. Japan - embraces bitcoin and crypto like no other countries, its total legal to do crypto transaction as it is accepted all over the country.

2. Malta - Binance and OKex, two of the largest trading exchanges is moving on that country.

3. Slovenia - as far as I know, another country where crypto are not that heavily tax

4. Belarus - legalizes crypto, including ICO, and will be tax free for the next 5 years.

Worth to mention, Switzerland, Singapore, Germany. As far as permanent residency, it different though, but if you let them know that you are moving in because they are friendly to crypto then they might as well consider you a priority.

The views of the small island states against Bitcoin are credible, and the small island states do not want to pay taxes from you. There are hundreds of island nations, just choose the one closest to you, you just have to wait and be a good citizen for citizenship.

If you want to migrate to another country and pursue your freedom in making fortune with Cryptocurrency then there's no doubt that Japan will be the number one choice because we all know that the government of Japan embraces cryptocurrency especially Bitcoin but I don't think you really need to take that "permanent residence/citizenship" because it would be a bad decision to leave your own land most importantly your family and relatives just only because you want to continue making money with cryptocurrency freely.

for me, there's always a way, just be creative and don't be too lazy to discover new things.

No doubt you have to live your country. With this much money, you can choose where you want to go.
You should ask yourself where do you want to live. What kind of climate you like? Do you want to be in a big city, or in the countryside?

I would recommend to choose 2 countries. One to cash your cryptos, and another one to live.

I wouldn't choose any former soviet union country for a place of permanent residency. Many of them, including Belarus, use different alphabet and have their own local currencies. I'd describe most of those currencies as weak and not the best stores of value.
IMO the best way is to migrate to any of the EU member states, and once you get all the paperwork filled you will be free to travel inside the borders of the EU and live in the country you find the most acceptable. And there's a lot to choose from.

this thread is ridiculous. for 200,000 dollars i probably wouldn't move to a town 10 miles away i didn't like, let alone a 100% alien country that's also backwards and repressive.

there are some real cheapskates out there happy to ruin their life to save a little bit of money.

Any country you chose to migrate to, its a matter of time before they come to terms about regulation but the advantage is one might have establish a base and done with crypto currency before they realise and start the cracking down. For me, I would choose any African country that has some level of stability if coming from European country though because over there they tend to be more receptive to Whites and the process of validation and immigration is not that hard all you need to do is take care of immigration issues and stay out of trouble.

Personally, I wouldn't consider moving out of the country because I want to enjoy wealth because what is the point of wealth if you will only get to enjoy it with strangers who can leave you anytime the wealth has dwindled down but in the company of the family and the community. I would find a way to fund a project unconnected to crypto then live life.

Oh, hahaha, it is very hard to live in Belarus, i had go to Minsk, and there were really hard life... Bad products,problems with card pay... I stay in doubt, that it is good country for living for btc

If that happens to my country, I will try to make it in Singapore, or Japan with a country that always supports technological progress.

Migration isn't the best solution for you, and bank withrawal isn't the only option. But, if you must move I'll recommend Zimbabwe in Southern Africa. Though, the economy isn't in the best of forms now but, the once most stable economy in Africa is on a recovery path. Again recent land reforms has been deemed unfair to white settlers but Zimbabwe remains the best home for whites in Africa. Moreover, cryptocurrency trading is largely encouraged as it has helped in mitigating poverty. Lots of investment opportunities too.

Do you mean by using VPN,? It's difficult process,IMO because some exchange have strict rules against VPN.
Luckily I have a friend at Australia so if my government forbid all bitcoin transaction, I can contact him for conversion.
Of course fee apply !

There are many countries that accept bitcoin as well as other countries that do neither accept it nor make it illegal. They are neutral. These countries are the following: Japan, third world countries like Arabic ones and the developed countries like USA. If you have much money and you cannot withdraw it, you can go to these countries and withdraw your money. Otherwise, just stay in your country and look for another method.

To my mind, Japan is one of the most suitable choices for this.

Its not really necessary but it would still end up your own decision if you decide to withdraw it on bulk amounts but if you are not on a hurry then you can gradually withdraw those amounts on small portions.Immigrating into other countries is too much hassle on me and i dont really feel like on leaving my fellow country for the sake of cashouting those funds yet there are lots of ways on how you would able to pull out those but though you would really have restrictions but its really possible.

If my country does not allow me to use Japan as my destination, as we see for ourselves that Japan is a country that legalizes bitcoin and the Japanese state that always supports technological progress and includes Blockchain technology.

If my country forbids for the crypto currency and I will choose the state of Singapore to be my destination, and the Singapore state that also always supports the crypto currency.

You are quite right because one also have to take into cognizance, the country that will also support his established line of business. This is equally important because you might not be able to fit into another line of business.

When I migrate I will definitely do and choose the Japanese state as my goal, because I understand that Japan is very supportive in technology and especially is Blockchain technology, and also supports crypto.

You do realize that Japan has a pretty steep taxation policy for the top earners, right? If your profits exceed the $365,000 equivalent point, you are subject to a 55% tax rate over your profits.

People are all very supportive of technology and everything around it, but are people actually willing to accept being subject to these tax schemes? I would definitely visit Japan, but not completely move over.

I am mostly a hodler only, where I do some occasional trading, but I don't mind discarding the trading aspect to solely keep hodling. I just need to figure out what country doesn't specifically tax wealth every year.

I find that to be a horrible aspect of the greedy nature of governments. Why am I supposed to pay tax over my wealth that I paid enough tax over already?

As for me the real question isn't that the country does not allow you to withdrawal the money to a bank, it can be avoided but how to legalize the money you get from crypto to make some valuable purchases without paying ridiculous amount of taxes. Maybe if some countries wanted to gain more citizens or just become crypto heaven they could adhere the tax free crypto policy. Maybe some wealthy people would have gone there and spend their money in that countries ;D

it is called e-residency,not e-citizenship by the way
e-residency is not related to citizenship and does not give the right to physically enter or reside in Estonia
it is often mistaken for the legal acceptance of all cryptocurrencies in Estonia,which is not exactly true
this is more about online enterpreneurs doing regular business with Paypal and Payoneer as  payment processors

you can read more about it here|: https://e-resident.gov.ee/
or here: https://en.wikipedia.org/wiki/E-Residency_of_Estonia

If to immigrate that to Singapore.
The high standard of living, large financial center, warm climate and understanding that the technology of a blockchain and all cryptovolute is the future. Yes they try to regulate the market, but at the same time don't press on holders of cryptocurrency and don't forbid a crypt turn in the country.

One of the countries you can go is Switzerland because they are now heavily supporting the crypto currencies after the Japan but I don't think you need to migrate country to withdraw your money you can ask one of your frnd to convert it and send it to your bank account so simple and $200K is not big amount so you can pay taxes to use legally in your country itself.

I would either go to Switzerland or Japan if I have that amount of money to withdraw or made profit. Because both of these countries are crypto-friendly and I highly doubt you will have problems making transactions or whatsoever in this country for as long as its not illegal.

both countries are VERY expensive to live in
Switzerland and Japan are among top 5 countries in the world, you got to have a steady income to live there
Tokyo topped the most expensive capitals of the world list for several years in a row
Japan legalised the crypta not so long ago,but they are changing the rules for exchanges and businesses towards more stringent control
some exchanges announced that they consider moving to a different country,so it is not all milk and honey
but if you do have alot of money or a cryptorelated business,Japan or Switzerland are the best choices,IMHO

Tokyo is just one part of Japan and I think its cheaper then London now not sure.    Japan overall has a declining population and likely they need growth in their working population for continued success.   In theory it shouldnt be a bad place to locate however I dont believe its easy to learn or to integrate exactly and there is a long history of Japan being isolated.
I only know of one friend who moved there and its mostly because he is married to a Japanese woman which probably makes a massive difference.   Not sure Im clever enough to learn a language like this late in life but my friend teaches English as a job now.  (it takes more then money)


well there is also Puerto Rico which is US territory not a state and is tax free of federal income taxes for US citizens.  Quite a few from crypto community operate here now apparently

The major point to realise here is the profits you have already occured.  Its possible the taxman will not recognise you moving after the fact.    Going forward you would not pay taxes on your gains after moving to the tax free area but to realise profits from an old holding of Bitcoin, this might still be liable.    Speak to a professional accountant is probably best

Japan has forced through certain measures concerning exchanges, but we can only be happy with that since they are responsible for maintaining billions of funds in a secure manner, which Coincheck didn't really manage to do considering that they lost $500 million in funds due to a "hack". There is really nothing that justifies an exchange to have $500 million in crypto assets sitting in a hot wallet. Even worse is the fact that it was just one coin, so imagine how much value they had sitting in all their hot wallets at that point. I am happy with stricter rules, because these "hacks" will very likely occur less in the future.


Japan's crypto related capital gains peak at 55% which might not necessarily be a smart move in case you are a deep pocket trader.

From starting itself japan would support cryptocurrency, and they allowed the people to use cryptocurrency with some limits. It creates some rules and regulations to use crypto in their country. Japan is very supportive to blockchain technology. People in japan are also supports and develop new technologies. Some othet countries also now accept bitcoin. Countries such as Singapore, Switzerland, United Kingdom, Belarus. These countries are recently accepted cryptocurrencies.

When it comes to migration into those countries mentioned then the standard of living is really way too expensive which the main issue on here would be the sustainability and same as you said if you do have lots of money then you can do migrate into those places but be sure that you wont able come to a point on where your money is gradually decreasing without having any income support then i do see this thing would really be a bad idea.

I think Iceland or Republic of Georgia will be very good decision,Because of too many advantages.In Georgia there is no strict special regulation,Just general norms which are very liberal for business investors,especially for foreigner investors,Additionally government is trying to create more and more good business environment to develop business-technological sphere,bitcoin blockchain technology is already the part of public space,Also there is cheap electricity and too many alternatives...Anyway  there are too many advantages,such as cheap workers,cheap electricity,etc.

if you have never lived in ex-USSR countries before
it could come as a shock to you,Georgia,Ukraine,Russia etc.
Georgia is one of the last choice I'd make if I had enough bitcoins
it is a poor,troubled country,they love to overthrow their goverments and have "orange revolutions"
the only advantage I see-it is cheap to live there and electricity is relatively cheap,too
but if you are used to the western standards of life,you will find the countrie's infrastructure lacking,to put it mildly

Why would you suffer being away with your friends, loveones and your beloved hometown because of cryptocurrency? I believe that in the near future, cryptocurrency will be recognize around the globe and be use as a normal currency like paying goods and establishment that will accept bitcoin as payment for the goods. We are in the millennial world and people nowadays always preferred to use technologies for faster transactions and bitcoin are one of those.

some people are cosmpolitans like that,money and the ability to make money means more than relatives,home town,country etc.
but you cannot really blame them for that,blame the society and education (just kidding)
but ,for example,if your business you have been dedicating your life to is no longer welcome in your country,you will be looking for a better place for sure

If thats the case where you business is affected specially when its your main income then you would really be forced or need to migrate for the better good.Society do have different level of financial capacity and ability which would really be the factors to be considered or to be think off by a certain individual if he would proceed such plan or not.We are the dictator of our own future if we do see the potential.Why not?

I don’t understand why its the last choice when there are too many advantages.
What you said is not right,because today Georgia is one of the most safe country and government trying to do everything to create free business environment too.just look at bitfury or another giant companies which have already started their cryptocurrency business in this country.but everything depends on what kind of business are we talking about...of course,may it is not the unique and the most developed but here for me are very interesting and good environment to make  my own little,progressive business.

you should not be mistaken some small countries that have problems in the economy try to adopt bitcoin with a few years time alone their economy can be helped by the presence of bitcoin.

again,if you do not live there,then you do not know what are you talking about
safe in Georgia *inserts homeric laughter*
Bitfury only set their facility there AFTER setting up a separate agreement with the goverment of Georgia
and only because the power was cheap enough and they got guarantees from the goverment that their business will be safe
same deal,by the way,they struck with the ukrainian goverment,don't see them setting up facilities there
just because Ukraine is a more corrupt and less safe version of Georgia with more expensive elecricity too
the main thing is that one day you can and most likely will,wake up with a couple of dudes standing by your bed,with automatic rifles politely asking you to share
have fun lecturing them on the "freedom of business" topics

So meaning to say after filling the form for applying e-citizenship to Estonia via internet I will be officially legal citizen on this place? Am I right? If this is how I become easily a citizen to this country, it gonna be my all time lucky day and aside from that I am able to withdraw my $200k USD. Can you tell me more about it?

I have a feeling that you don't need to go to abroad and change your citizenship just to withdraw your $200k because you can sell it through online by accepting fiat money using any card to make a successful transaction. But I think this gonna be hard because what I know making transaction from crypto to fiat has less than percent of users than crypto to crypto.

There are a number of different countries that accept bitcoin and are crypto-currency friendly like Switzerland, Japan, United Kingdom, Netherlands, and Denmark. But if there are options online to solve the problem then that would be better than immigrating.

If we are talking about Asia, then, as there was already mentioned, such a country is Japan. If we are talking about Europe, I recommend Malta, where the cryptocurrency exchange Binance has recently moved.

At the rate at which regulation is going, in the next five years any country that seems palatable to run to would become un-habitable if its going to be full reliance on wealth from crypto and for those that would still be behind in the next 5 years, then as at today, basic amenities of life including civilisation and internet is yet to get to them. Rather than living to a country to be chased out in the next five years, the best is to find a way to live within the confines of the law in any country one is resident at this time as that would surely be the end game. Why not start now?

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True, we cant really imply facts if we arent a citizen of a particular country which even if we know its recent status when it comes to governance but there are really things would really remained still.Bitfury do set out on that place because of cheap electricity which is true and as part of the risk you cant really assure your security and this is what i dont like when we do migrate into places on we arent familiar because you might end up on having a threatened life and might give you the trauma for the rest of your life.

Well, it really hard to travel to a country which you're not citizen or have been travelling there before to so bitcoin transaction there. However, i think the best option you have is to do some swap trade of btc for WU, Money gram or Bank transfer using an escrow with a green trust member on here.