The strategy of reallocating to a no-to-low tax for years

cryptodefi · 2024-02-22T12:54:55+00:00

I love OCT forum, you are great people! But I've been reading all the posts on this forum and still haven't found a go-to solution... Ok, you need to move to a low-to-zero country, which today is very limited, and usually, the countries are very expensive and limited and boring life. Let's say I have a few million in crypto, and never declared tax, because for the government, I'm just a young poor guy. I have no kids, no ties to my home country, etc. My home country isn't the US, Europe, or China. Here I can sign an exit document and be free of taxes while outside. 1. If I move for a few years to a country that has 0% tax, can I withdraw crypto to fiat over the years? 1.1 Will the bank require a source of income even if it is 0% tax? Additionally, will there be any kind of tax return? 1.2 How can I prove SoF since I had many thousands of transactions over 10 years, in dozens if not hundreds of wallets that I anymore don't have access to? 1.3 What else they would require me to prove? To be translucent, I'm a tad frightened to have my bank account frozen. I have only experience in crypto and banking is a bit scary to me 2. Coming back to my home country, should I pay tax since my money has already been made during the years I stayed outside? 2.1 Will they require a "tax return" from the country I lived in and the source of funds? 2.2. What else they would require me to prove? I'm also scared to come back and have my money frozen. 3. Does it make sense to incorporate a company in the investing sector in another low-to-zero tax country for a tax optimization? 3.1 What are the potential strategies I can follow?

cryptodefi22 Feb 2024

replies: 22
views: 803

jafoHigh-Ranking Operative

Joined: May 2022
Messages: 4,061

29 Feb 2024#21

random000 said:
And crypto is around for 10+ years. Retroactively trying to tax something which was not even regulated properly at that time is theft imo.

You are 100% correct. In the US, in theory, (at least) it's "guaranteed" in the Constitution that
"No Bill of Attainder or ex post facto Law shall be passed."

Source: constitution.congress.gov/browse/article-1/section-9/

cryptodefiNew MemberAuthor

Joined: May 2023
Messages: 38

1 Mar 2024#22

do we have any topic just about the source of funds / source of wealth?

And how to move to a 0 tax country since you need to have some wealth as a requirement to be a resident. let's say investing XXX thousands.

How problematic it may be not to have sourcing of funds at the moment you are applying to these residence programs

Last edited: Mar 1, 2024

uplanaFake user - Alias of JohnLocke

Joined: Apr 2009
Messages: 2,704

1 Mar 2024#23

cryptodefi said:
Why tax evasion? What I just did is to buy and sell cryptos over the years, even before the government knew what crypto was.

This is precisely the issue that we all face who back then bought or received cryptocurrencies and just let them sit until, for example, today. - There is no excuse for not having reported it to the tax authorities, from their perspective, even though at the beginning they did not at all recognize it as a currency.

If you want to convert them into fiat without worries, I would create a new thread inside the mentor group gold and ask there again; then you might get some different answers.

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