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Author Topic: Would you become a tax exile to preserve your crypto profits?  (Read 71 times)
gentlemand
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December 14, 2017, 03:03:58 PM
 #1

Where I'm at capital gains is about 20%. It's a fair bit but I've always written it off in my mind anyway so it isn't a factor for me.

Assuming you live in a place where you are taxed, and there are quite a few that aren't, would you consider going through the rigmarole of moving and limiting your time in taxed places to preserve your crypto profits if they were a significant amount and you wanted to sell?

It sounds like far too much hard work to me, but if rates crept up to 40-60% or more I think I probably would look into buggering off as they certainly don't deserve that much.

What of yourselves?

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audaciousbeing
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December 14, 2017, 03:51:38 PM
 #2

Where I'm at capital gains is about 20%. It's a fair bit but I've always written it off in my mind anyway so it isn't a factor for me.

Assuming you live in a place where you are taxed, and there are quite a few that aren't, would you consider going through the rigmarole of moving and limiting your time in taxed places to preserve your crypto profits if they were a significant amount and you wanted to sell?

It sounds like far too much hard work to me, but if rates crept up to 40-60% or more I think I probably would look into buggering off as they certainly don't deserve that much.

What of yourselves?

Over here capital gains is 10% but bitcoin sale is still not considered as an asset to be subjected to that form of tax. Eventually, if it get categorized and we need to pay tax its not going to be unbearable to pay because of our overall tax policy which is to bring large number of people into the tax net  in other to increase the tax revenue rather than increasing the tax rate which 40%-60% will run contrary to and that can be contested in the law court.

If government won, and I have to pay such amount, going exile won't be an option because what is the point of having to spend profit or excess money without friends, family and the community I will eventually have to pay and enjoy what is left with people that matter to me.
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December 14, 2017, 04:39:41 PM
 #3

Where I'm at capital gains is about 20%. It's a fair bit but I've always written it off in my mind anyway so it isn't a factor for me.

Assuming you live in a place where you are taxed, and there are quite a few that aren't, would you consider going through the rigmarole of moving and limiting your time in taxed places to preserve your crypto profits if they were a significant amount and you wanted to sell?

It sounds like far too much hard work to me, but if rates crept up to 40-60% or more I think I probably would look into buggering off as they certainly don't deserve that much.

What of yourselves?

It would certainly be a consideration if ever I reached such a stage that the taxed amount would be highly significant, for many of us with no commitments etc it would't be too much of a big deal to do so. I guess though such countries where it's 40-60% is probably similar to the level of income tax and so for those individuals it probably just seems normal?

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December 14, 2017, 04:51:08 PM
 #4

normal taxation is good if i want to sell convert and convert it to into local fiat from trusted app or website i would not mind to pay a little as i know i will not get scammed and money will be safe but as you if tax is 40 60 or more than that than i might look for other options because this amount of taxation will obviously be eating half of my profits, i will not follow illegal path but i will look for an alternative method , though for now i don't know what method it would be because i have not faced such issue yet .

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AngelSky
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December 14, 2017, 04:59:36 PM
 #5

normal taxation is good if i want to sell convert and convert it to into local fiat from trusted app or website i would not mind to pay a little as i know i will not get scammed and money will be safe but as you if tax is 40 60 or more than that than i might look for other options because this amount of taxation will obviously be eating half of my profits, i will not follow illegal path but i will look for an alternative method , though for now i don't know what method it would be because i have not faced such issue yet .

If I born in middle east I may do not need to worry about taxation for any business. Nowadays, many people speaks about taxation on bitcoin earning as well. There are many investors put their fiat cash into bitcoin or other crypto currencies but this should adjust able for people who is making money without the cash. If taxed on everyone that is won't work at all.
Hydrogen
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December 14, 2017, 10:37:10 PM
Last edit: December 14, 2017, 10:52:13 PM by Hydrogen
 #6

There's another option: expatriation. It is possible to renounce citizenship and pay no taxes. Its been reported that record numbers of americans are renouncing US citizenship over the past 5 years or so. I wouldn't be surprised if a number of bitcoin billionaires renounced citizenship before selling off their HODL stash to avoid paying taxes. They could reside in a place like Vanatu while paying a 1 time fee of $200,000 and it would be much cheaper and more affordable for them to do so.

Quote
Record number of Americans renouncing citizenship

Americans are on pace to renounce their citizenship in record numbers in 2017, according to the latest quarterly report from the Treasury Department.

Some 5,411 U.S. citizens expatriated in 2016, a record high that topped 2015's numbers by 26 percent.

2017 is currently on track to beat those figures, Bloomberg News reported Tuesday, estimating a tally of 6,813 by the end of the year if the fourth quarter is similar to 2016's.

In the third quarter, 1,376 Americans renounced their citizenship.

2011 was the first year in which more than 1,000 people chose to terminate their American citizenship, according to the Federal Register.

http://thehill.com/blogs/blog-briefing-room/358277-record-number-of-americans-renouncing-citizenship-in-2017

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December 14, 2017, 11:08:10 PM
 #7

I would personally not go through all that hassle to avoid paying more taxes, even if capital gains was taxed at 40 - 60%.
It would just be too hard to combine such a lifestyle with your family and I don't think that I will ever reach that level of financial security that it would even be an option for me.

I also generally don't like to travel, so I wouldn't be too happy travelling back and forth between countries.

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December 15, 2017, 06:27:43 AM
 #8

Nah. The way I see it, only two kinds of people can really consider taking such a drastic step:

a) An upper echelon whale
b) People whose only/primary income stream is crypto

I fall under neither category. And even if I did, I don't think I would mess around with that. It's going to mean a whole lot of hassle in the future, and likely means that I would have to leave friends and family and essentially start anew. There seem to be a few people who have done this, though they don't necessarily have ties with crypto, but they're few and far between. The way I see it, if you stand to lose that much money, then you'll also be left with quite plenty. Might as well enjoy your riches quietly without worry right?

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December 15, 2017, 06:46:15 AM
 #9

Where I'm at capital gains is about 20%. It's a fair bit but I've always written it off in my mind anyway so it isn't a factor for me.

Assuming you live in a place where you are taxed, and there are quite a few that aren't, would you consider going through the rigmarole of moving and limiting your time in taxed places to preserve your crypto profits if they were a significant amount and you wanted to sell?

It sounds like far too much hard work to me, but if rates crept up to 40-60% or more I think I probably would look into buggering off as they certainly don't deserve that much.

What of yourselves?

It is still acceptable for me as long as they don't meddle with my work. If making money out of crypto trading will still give me profits I wouldn't bother moving. I wouldn't go abroad or to places that I have never been before just to evade the tax, I am okay with the things right now and I think there's still no government that take taxes that high.

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December 15, 2017, 10:05:51 AM
 #10

I will always be taxed and pay them. Just imagine you are a luck guy who won 20 bitcoins and now you can buy a house to live. You now should imagine that IRS can't track your bitcoins and you are ok. But then you suddenly buy a house and have to declare it, so now IRS can track you right? Where did that money come from? I wouldn't risk to have my house taken by them because I didn't want to pay my taxes. Also, going to jail because of bitcoin? No, thanks.
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