Need info about tax (non-resident)

[Username1911]

I'll get straight to it, I live in a country where crypto isn't popular, I'm planning to move to the US and sell my bitcoin there using localbitcoin because it's more than 1M so I thought selling to trusted sellers there is a good idea, how can I avoid tax?

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[franky1]

I'll get straight to it, I live in a country where crypto isn't popular, I'm planning to move to the US and sell my bitcoin there using localbitcoin because it's more than 1M so I thought selling to trusted sellers there is a good idea, how can I avoid tax?

banks record and report incomes. so doing a trade even on localbitcoin using bank account funds. still get reported.
the only way to avoid it is cash in hand/face to face

your also probably better off finding or setting up local shops and using services to just buy your lifestyle using bitcoin
after all selling btc for fiat to then pay for bread, milk, and other daily needs. is less taxable if you just pay the merchant in btc, because then there is no fiat moving into your bank account.

also most countries dont treat people as a resident of america unless they are there for more that 6-9 months. meaning tax is less of a concern initially(its why most people get short term work visa's and then extend them later)

[Username1911]

I'll get straight to it, I live in a country where crypto isn't popular, I'm planning to move to the US and sell my bitcoin there using localbitcoin because it's more than 1M so I thought selling to trusted sellers there is a good idea, how can I avoid tax?

banks record and report incomes. so doing a trade even on localbitcoin using bank account funds. still get reported.
the only way to avoid it is cash in hand/face to face

your also probably better off finding or setting up local shops and using services to just buy your lifestyle using bitcoin
after all selling btc for fiat to then pay for bread, milk, and other daily needs. is less taxable if you just pay the merchant in btc, because then there is no fiat moving into your bank account.

also most countries dont treat people as a resident of america unless they are there for more that 6-9 months. meaning tax is less of a concern initially(its why most people get short term work visa's and then extend them later)

I've thought about that but the recent events scare me honestly, bitcoin could drop to under 3K, I could lose more than 500K, what if lets say I trade with worldwide traders who use swift to turn bitcoin into fiat and then move to the US with EB5 visa, would that work?

I'm from UAE btw

[jonathan6655321]

i hope this will help you:

https://cryptocurrencyfacts.com/the-basics-of-cryptocurrencies-and-taxes/

[franky1]

I've thought about that but the recent events scare me honestly, bitcoin could drop to under 3K, I could lose more than 500K, what if lets say I trade with worldwide traders who use swift to turn bitcoin into fiat and then move to the US with EB5 visa, would that work?

I'm from UAE btw

to get a EB5 you need to declare your bringing in $1m+ of fiat. it doesnt matter the source or the method. your still declaring bringing in $1m+

by declaring it and also at the same time requesting permanent residency you are then making yourself an american resident.

again this is why some just do short term work visa's to avoid declaring income.
most CEO's work with just short stay visa's where you spend 3 months setting up the business. then go on a 3 month vacation in another country and remote manage the business. then 3 months in another country and so on. so your visiting 3-4 countries a year. and then just returning to america for 'day trip' business meetings inbetween.

but anyway. because your not just a hobby investor but a high investor. maybe best you not seek advice from a bitcoin forum but instead go speak to an accountant and migration expert.. im sure you can afford them, if you truly do have the funding to EB5

from a legal standpoint. bitcoin is just a foreign currency. if its converted to dollars and received in an american bank and you have american residential status then you have to declare your earnings.

to avoid it you need to avoid holding dollar and avoid being a permanent residence..
best to speak to tax/accountant/migration experts(not people on this bitcoin forum)

[Username1911]

I've thought about that but the recent events scare me honestly, bitcoin could drop to under 3K, I could lose more than 500K, what if lets say I trade with worldwide traders who use swift to turn bitcoin into fiat and then move to the US with EB5 visa, would that work?

I'm from UAE btw

to get a EB5 you need to declare your bringing in $1m+ of fiat. it doesnt matter the source or the method. your still declaring bringing in $1m+

by declaring it and also at the same time requesting permanent residency you are then making yourself an american resident.

again this is why some just do short term work visa's to avoid declaring income.
most CEO's work with just short stay visa's where you spend 3 months setting up the business. then go on a 3 month vacation in another country and remote manage the business. then 3 months in another country and so on. so your visiting 3-4 countries a year. and then just returning to america for 'day trip' business meetings inbetween.

but anyway. because your not just a hobby investor but a high investor. maybe best you not seek advice from a bitcoin forum but instead go speak to an accountant and migration expert.. im sure you can afford them, if you truly do have the funding to EB5

Thank you for the info, my uncle is the investor I'm just a normal trader I asked on this forum because there are a lot of experts here thanks for the help

[kelz1]

You would lose out this way but still better than losing it in a scam. Buy some luxury cars using bitcoin and then resell them for cash. The loss you experience is probably less than what you'd pay in taxes

[Harlot]

There is no escape on paying tax. Even if you plan to sell it in US soil how will you even declare that you are going back to your county with 1 million dollars? At worst you can even be questioned before you can go back to your flight going home. You can't avoid tax its simple as it it especially if you have 1 million dollars to have from nothing. Give a favor to your country and just pay your obligations, don't be a greedy person as you are lucky UAE is not even strict with your cryptocurrency regulations as of yet.

[franky1]

You pay your taxes, there are two things you have to do in this life.

Pay taxes and die.

Don't think you'll avoid taxes on $1 million sale.

The IRS will get their money, welcome to America.

shhhhhhh
amazon, starbucks, facebook, apple dont.. even when they have offices in the UK. they dont pay HMRC what they should
but shhhh dont tell anyone

[franky1]

Yeah but they're massive companies that pay bribes and make use of loop holes that we refuse to close due to those bribes. Gotta love it.

the loop holes existed long before these companies ever existed. they didnt need to bribe anyone to create a loophole but yea they pay the right people to keep the loop holes open.

good thing though is where say facebook pay to keep the loophole open. thousands of companies dont need to pay. because facebook already has.

the main loophole is just to not declare a profit in any particular country. just keep the money moving around every 3 months in off shore "consultantcy fee's" thus the business is not paying a resident CEO income, but instead the business is expensing out payments for contracts to non residents. thus no PAYE income tax declarations for the CEO

[xuv500]

I'll get straight to it, I live in a country where crypto isn't popular, I'm planning to move to the US and sell my bitcoin there using localbitcoin because it's more than 1M so I thought selling to trusted sellers there is a good idea, how can I avoid tax?

banks record and report incomes. so doing a trade even on localbitcoin using bank account funds. still get reported.
the only way to avoid it is cash in hand/face to face

your also probably better off finding or setting up local shops and using services to just buy your lifestyle using bitcoin
after all selling btc for fiat to then pay for bread, milk, and other daily needs. is less taxable if you just pay the merchant in btc, because then there is no fiat moving into your bank account.

also most countries dont treat people as a resident of america unless they are there for more that 6-9 months. meaning tax is less of a concern initially(its why most people get short term work visa's and then extend them later)

I've thought about that but the recent events scare me honestly, bitcoin could drop to under 3K, I could lose more than 500K, what if lets say I trade with worldwide traders who use swift to turn bitcoin into fiat and then move to the US with EB5 visa, would that work?

I'm from UAE btw

I guess Dubai and saudi arabia are planning to launch their own coins in few months as I came to know that they have already started about the process of cryptocurrency, If this happens then you can convert your BTC right?

[franky1]

I guess Dubai and saudi arabia are planning to launch their own coins in few months as I came to know that they have already started about the process of cryptocurrency, If this happens then you can convert your BTC right?

them making their own crypto is meaningless.. its just them declaring they are changing their database for a cheaper maintenance version. the laws remain the same. moving funds into banks 'accounts' (co-signed multisgs) will involve identifying yourself

[figmentofmyass]

I'll get straight to it, I live in a country where crypto isn't popular, I'm planning to move to the US and sell my bitcoin there using localbitcoin because it's more than 1M so I thought selling to trusted sellers there is a good idea, how can I avoid tax?

I've thought about that but the recent events scare me honestly, bitcoin could drop to under 3K, I could lose more than 500K, what if lets say I trade with worldwide traders who use swift to turn bitcoin into fiat and then move to the US with EB5 visa, would that work?

I'm from UAE btw

why can't you use an international exchange (like bitstamp or bitfinex) or an OTC service and have the money wired to you? i haven't heard of UAE residents being blocked from using them.

have you looked into local OTC services and exchanges? there was an OTC service licensed in dubai earlier this year. there is also an exchange called bitoasis which serves the UAE and other countries in the region. there's a new dubai-based exchange that launched in the last couple months too.

moving to the states seems like quite a lot of hassle. selling high volumes on localbitcoins, especially as an immigrant form the middle east---that sounds dicey considering all the attention localbitcoins gets from law enforcement.

[satosibtc1000]

The bitcoin network transaction antonyms, but perhaps the Bank will ask you where you have the money. If I were you, I'd take the money offshore.

[bitfocus]

You have current investment of $1M, during this dip market, and you are advertising a casino in your footer!

[Kakmakr]

It is never a good idea to avoid paying taxes in any country, because they eventually catch up to what you doing and then you have to pay those penalties and in some cases even go to jail. It is even a worst start, if you relocate to a new country and the first thing you do is to commit a crime. 

I think most people are not even doing the proper research to see what the tax implications are, before they take drastic steps like this. I paid the capital gains on my Crypto profits last year and I am sleeping like a baby. 

[shinharu10282016]

It is never a good idea to avoid paying taxes in any country, because they eventually catch up to what you doing and then you have to pay those penalties and in some cases even go to jail. It is even a worst start, if you relocate to a new country and the first thing you do is to commit a crime. 

I think most people are not even doing the proper research to see what the tax implications are, before they take drastic steps like this. I paid the capital gains on my Crypto profits last year and I am sleeping like a baby. 

And paying less taxes is a bad idea too. Tax evasion is a serious offense. It can even get you jailed folr life.

Even a guy from poverty drastically changing his life from some ICO he joined and sold at above the ICO price can be sued for tax evasion or nonpayment of taxes.