Would you move to a tax haven to protect your crypto trillions?

[gentlemand]

I've been lurking in a tax haven recently - Alderney. Here there's no capital  gains, no inheritance  tax, no vat, and income tax is 20%. It's been fun for a few days. Beyond that I would go batty. Flights constantly get cancelled, everyone drinks like fuck as there's nothing else to do and you'd probably scratch your bum and someone at the other end of the island would ask whether it cured the itch the next day.

In the UK I would get taxed at 20% if I sold all. That's a fair chunk but more than bearable considering most tax havens are ghastly so it wouldn't be an option for me.

Ive seen some startlingly elaborate arrangements on here. For the sake of some extra money you'll never spend it doesn't seem anywhere near worth it to me.

How far would you disrupt your life to save some tax?

[countryfree]

I did it years ago. Before BTC, so that I haven't paid any income tax for years. It's a smart move but you shall avoid small islands. There are many other options, but choosing the best one is difficult. It depends on your business, and what matters to you.

[gentlemand]

Where did you head?

Unfortunately most of them are islands. I like hanging out in Monaco too but that's even more repulsive than the island ones I've been to. Most of them seem to consist of resentful locals and entitled tax dodgers which doesn't make for a harmonious society.

[Yakamoto]

I've been lurking in a tax haven recently - Alderney. Here there's no capital  gains, no inheritance  tax, no vat, and income tax is 20%. It's been fun for a few days. Beyond that I would go batty. Flights constantly get cancelled, everyone drinks like fuck as there's nothing else to do and you'd probably scratch your bum and someone at the other end of the island would ask whether it cured the itch the next day.

In the UK I would get taxed at 20% if I sold all. That's a fair chunk but more than bearable considering most tax havens are ghastly so it wouldn't be an option for me.

Ive seen some startlingly elaborate arrangements on here. For the sake of some extra money you'll never spend it doesn't seem anywhere near worth it to me.

How far would you disrupt your life to save some tax?

It all depends on what kind of tax we're talking about. Most of the time I have no issue paying some taxes, but going beyond 5% starts to make me a bit more wary of what's actually going on in the background. And I'm very aware that 5% is quite low considering the taxes that a lot of other people pay in different places all around the world.

I have this opinion because my country can't use its tax revenue effectively and it always goes to the wrong places, and it likely won't be changing in that sense anytime soon. It would be possible to massively strengthen this country if the taxes went into the right programs and initiatives but they're being burned on the welfare state and that'll kill the country in the end. A higher GDP than Russia and it still can't compete in most aspects.

[gentlemand]

5% is... Ambitious.

Yes, I often wonder what services would be like if the money wasn't squandered on gender equality floatation tank sessions and how much lower tax would be if services were run properly.

Sadly that's never going to be the world we live in. 20% stings but it's manageable. It was 98% in the UK in the 70s. No fucking way would they be getting that out of me.

[Mometaskers]

I don't have this problem yet. Looked up the place, looks somewhat isolated and small. 2000 population would be too few for me IMHO, I'd like to be able to walk streets without being constantly greeted.  

Were you required to stay there for a certain number of months a year to reap the benefits? Can't you just buy a property there and live and work on the mainland (UK)?

[avikz]

I've been lurking in a tax haven recently - Alderney. Here there's no capital  gains, no inheritance  tax, no vat, and income tax is 20%. It's been fun for a few days. Beyond that I would go batty. Flights constantly get cancelled, everyone drinks like fuck as there's nothing else to do and you'd probably scratch your bum and someone at the other end of the island would ask whether it cured the itch the next day.

In the UK I would get taxed at 20% if I sold all. That's a fair chunk but more than bearable considering most tax havens are ghastly so it wouldn't be an option for me.

Ive seen some startlingly elaborate arrangements on here. For the sake of some extra money you'll never spend it doesn't seem anywhere near worth it to me.

How far would you disrupt your life to save some tax?

Moving to a tax heaven actually depends on many other factors instead of tax percentage solely. The quality of life in those  tax heavens are also needs to be considered. IF North Korea makes their country tax free? Would you move there? The answer will be NO for most of us. So Tax percentage is not the only deciding factor here. So if someone likes to live a lazy life with trillions in bank, they may consider moving to Alderney. Personally I won't.

Your question states cryptos worth trillions. So if I already have a trillion dollar valued crypto, I would certainly not move to a different country, instead I will stay in my own country where I have at least some local and political connection. In my country, I will be taxed at 30% rate as it is the highest rate of tax, which is significant. But I believe to make money from money. I will diversify my presence in real-life assets and business. Probably I will start two-three new real-world businesses and start living an active life. For me it doesn't make sense to flee to a different country just to save few percentage of taxes. It's great to be with family and friends.  

[gentlemand]

I don't have this problem yet. Looked up the place, looks somewhat isolated and small. 2000 population would be too few for me IMHO, I'd like to be able to walk streets without being constantly greeted.  

Were you required to stay there for a certain number of months a year to reap the benefits? Can't you just buy a property there and live and work on the mainland (UK)?

I'm visiting for fun, no way would I move here. Far too small for the reasons you stated and no doubt others to discover after it's too late.

Yes, you would have to provide the UK tax man with plenty of satisfaction before he lost interest. I think you'd only be able to visit the UK for 90 days of the year or 180. But on top of that it's subjective on their part. They want to be sure you've done a clean break and aren't just dabbling and there doesn't appear to be a definitive set of steps to prove that.

[laurenB7742]

Check out Slovenia. Government is in favour of blockchain technology and we have the biggest number of successful ICO companies per capita in the world.
Generally Slovenia is nowhere near tax heaven, but crypto profits are not taxed at the moment. However you will probably need to prove origin of money if you withdraw more than $50,000 in fiat to your bank account. Basically you will need to show officials that you earned that money with trading.
So far the most I withdrew from Bitstamp was about $4000 and I didn't pay a cent of tax.

[SHAWN-MIDWAYS]

It will depend on how bad the tax rates are and if I feel am losing most of my money to these tax expenses then I certainly would not think twice about relocating to a different place to protect my crypto trillions and I know this won't be a cheap step to take as starting a new life is expensive as far as I know.

[bitcoinman93]

I've been lurking in a tax haven recently - Alderney. Here there's no capital  gains, no inheritance  tax, no vat, and income tax is 20%. It's been fun for a few days. Beyond that I would go batty. Flights constantly get cancelled, everyone drinks like fuck as there's nothing else to do and you'd probably scratch your bum and someone at the other end of the island would ask whether it cured the itch the next day.

In the UK I would get taxed at 20% if I sold all. That's a fair chunk but more than bearable considering most tax havens are ghastly so it wouldn't be an option for me.

Ive seen some startlingly elaborate arrangements on here. For the sake of some extra money you'll never spend it doesn't seem anywhere near worth it to me.

How far would you disrupt your life to save some tax?

I had to google Alderney looks like a beautiful island though and within the reach for you as UK citizen. I' not sure if going for tax heavens is worth it but if you're willing to put your efforts there, why not.

[steadyrice]

I don't think so. Being rich equals doing whatever I want to do, in my book. So if I have to live somewhere I don't want to live in order to have money, how rich am I really? I do realize paying taxes stings, but I want myself to determine what I do with my money, and not vice versa.

[Hui8]

I think wouldn’t scratch my bum for saving up the taxes neither I would take so many efforts to do so. I will just pay the shit and keep the 80% for myself. That’s still huge amount of money if considered from the crypto point of view. The money that we earn from the crypto is usually coming as much free as water in drinking tap. Really why should we bother to pay taxes if that’s going to be easy afterwards for us and for the chasing tax inspector. Lolz. One should think like rich man when you actually get rich and leave the sloppy cheap life behind. 

[Pan Troglodytes]

You might also consider Malta. But truth be told, it is a smallish place too, you can meet their prime minister doing shopping
Any tax haven you consider, I think, to be subjected to the haven taxation, you would have to either move there or at least make it look like you moved there.

[drukoz2]

I read in the book of Robert Kiyosaki: "Rich dad, poor dad". There is an option to register a Corporation in the US and mask their large transactions in it. To make expenditures on the maintenance and development of this Corporation. Thus, the tax authorities are not afraid. Is that true, guys? I see You already have experience in this matter.

[leea-1334]

Brunei is something a bit different from island. Technically it is on an island (the third largest in the world, but it is all within driving distance of Malaysia and Indonesia, and 2 hours away from everything else surrounding Southeast Asia. I read they have zero tax on anything. Not income, not capital, not savings. Zero tax on everything (they have a kind rich king). Crypto is also very new to that region as far as I know. I do not think I would mind moving there at all.

[The Sceptical Chymist]

This is a moot point for me since I don't have millions of dollars worth of bitcoin, but if I was one of these whales we hear so much about?  Yeah, I'd consider it and seriously do so.  For the tax savings, for sure, but also for two other good reasons.   

One, I live in the US and we currently have a genuine psychopath for president, and I'd like to escape his wide swath of destruction. 

And two, I suspect the cost of living is a hell of a lot less in a tax haven country, so my bitcoin millions would go farther.  I could have Snickers and blowjobs every evening if I so chose. 

I'm somewhat jealous of these Asians from poor countries, because if they actually manage to not get banned here, they could live like a true pimp just from campaign earnings.  I could probably own whatever passes for a mansion if I lived in such a country.

[buytheeffinD]

If I could make an immense amount of savings yeah I would disrupt my life, but I think what you are giving up for what you are getting will almost never be worth it. Sure you are gaining more money but at what expense? I would only consider this if the leaving of my country came with a new experience abroad somewhere else.

[carter34]

I think that bitcoin is a blessing to every partaker irrespective of where the person is from or operating and being a member of this forum is a plus blessing too.

My point therefore is that, we earn an additional pay that is different from our daily jobs(for people who are not depending only on bitcoin) in this forum either by joining bounties or doing other jobs in the forum. So, whether we are from America, Asia, Europe etc, bitcoin value is higher than any fiat money when converted,  we can avoid to disrupt our lives if we want. Is just a choice and life style.

[gentlemand]

This is a moot point for me since I don't have millions of dollars worth of bitcoin, but if I was one of these whales we hear so much about?  Yeah, I'd consider it and seriously do so.  For the tax savings, for sure, but also for two other good reasons.   

One, I live in the US and we currently have a genuine psychopath for president, and I'd like to escape his wide swath of destruction. 

And two, I suspect the cost of living is a hell of a lot less in a tax haven country, so my bitcoin millions would go farther.  I could have Snickers and blowjobs every evening if I so chose. 

I'm somewhat jealous of these Asians from poor countries, because if they actually manage to not get banned here, they could live like a true pimp just from campaign earnings.  I could probably own whatever passes for a mansion if I lived in such a country.

Aye. I don't think enough of us fat first worlders realise what sig campaigns mean in many other parts of the world. You'd have to spend 1000 years at university to earn a similar amount.

Professional tax havens certainly know their own worth so I can't imagine living would be much or any cheaper for expenses than the US.

Other neighbouring islands to Alderney have two tier property markets for instance so the tax dodgers pay through the nose. Others will tell you to sod off until you're rich enough.