I've held for a few years and want to cash out a large amount. Right now I'm in Singapore which i have been for about two weeks as i am traveling and don't actually intend to return to the UK for a prolonged period for a long time. I've learned that here in SG, as well as Malaysia and also a few EU countries, that cashing out crypto does not make you liable to capital gains tax like in the UK. any taxation is minimal.
would anyone know more about this and what I am liable to back home if i were to cash out abroad? Its a nice idea but i'd rather not end up in jail. I was wondering if possible to simply open a bank account in one of these places to cash out, but i honestly don't know how local citizenship comes into play here.
the amount i could cash out is life changing so I would like to do this effectively.
If the amount is large enough you can go to any jurisdiction that is bitcoin friendly an live in there for at least 6 months during a fiscal year. Then you are legally resident there for tax purposes and then cash out. Denmark and other countries are well known for friendliness. It will probably not work if you have a house in UK and your family lives there, as that would probably make you resident for tax purposes.
If the ammount is not that large, then it makes sense to pay taxes.
If you are Brit I would advise you to do this quickly, as Brexit is floating around and you never know...
I dont have my own family and i dont own property. I'm in my 20s. So quite fortunate in that aspect.
I will look further into this, sounds like I could just move to Denmark or such a place with my EU citizenship for 6 months and cash out afterwards. Very doable.
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