/biz/ - Business & Finance

>>20964070
Just move to a zero income tax state. There are several to choose from. If you're huwhite, NH is paradise.

Or use dether.io

>>20964070
Nevada....I think.

>>20964131
Interesting so you’re saying if I move to New Hampshire I pay zero? How is that possible

>>20964240
I saw this mentioned in another thread what is it and how does it eliminate taxes

>>20964070
OP guess you haven't lived in the states. Wyoming is unironically one of the best states, but the US is a shithole. Renounce now (spend the $2,500) move to Portugal.

If you make it, you get an exit tax over $2MM I believe. Also your taxes have to be in order to renounce. You're supposed to file your taxes right now, even if you earn nothing. you've been doing that right? you're going to have to if you want to renonce.

With the UK passport you can move to Cayman or BVI.
The US passport is the world's worst passport, be rid of it.

>>20964298
Just state taxes, federal tax still due. Its not like the isle of man or similar

Academics pls respond

>>20964586
The US & the UK are the 2 biggest tax havens. Burgers will never see the tax haven benefits, even if the renounce potentially, due to FATCA. I'm making the assumption you were born in the states, look up 'US indicia'.

It was the Mutts that pushed for all passports to have your place of birth...now you know why its on your passport.

>>20964586
I was going to move to the US before Corona and filed my return last year even qualified for trump bux so I guess I’m in the position to renounce now
Portugal looks like the best option but there’s also Switzerland Belarus Singapore Malta Cayman Islands and a couple more options

>>20964882
>UK are the 2 biggest tax havens.
What are you smoking

Seems like a good thread to ask this in. What are the laws regarding moving to a different state before i cash out? Do i need to live in that state for X amount of time? Do i just need to have a postal address there and file taxes in that state? I know i wont be able to dodge federal tax, but my state has pretty shitty Capital gains tax that i am definitely not going to pay.

>>20964962
No capital gains on Crypto in Portugal and also not in Slovenia. then there are a few european countries that have very favorable laws and regulations too. Just come home to europe fren. America is land of the cucks. the jews will fuck you over. Belgium, Netherlands, Switzerland Slovenia, Malta, Portugal. they all have very favorable laws regarding crypto. I am probably forgetting a dozen.

>>20965232
I think Lichtenstein is also favorable, as is vatican city and the other small city states. Europe is the land of the free right now. not mericuckland. where the jews will steal you for not payinng double tax on everything. America, the land that will keep you poor and fuck you over if you try to get unpoor.

>>20964962
Don't decide behind a computer, how much you got? it will take millions (net worth) to get into Singapore/Switzerland to live.

You need to first be rid of your UK tax status. Lets use portugal as an example (one i'm considering, also). You are not a EU citizen, you'll need a golden visa, these cost 350k euro investment in the country. you'll need to live there for at least a year to convince the UK to let you out the UK tax system (don't forget taxes are paid the year after). You'll have to actually live there, get a house, doctor. then you can't move back to the UK for 5 years (20 if you 'behave intentionally').

>>20964985
retard

>>20965231
the tax thats getting paid now was for last year. look up tax years.
https://www.irs.gov/businesses/small-businesses-self-employed/revocation-or-denial-of-passport-in-case-of-certain-unpaid-taxes

Make sure you keep the IRS happy, thats a revocation of your passport on a 250k capital gain.

>>20965232
>Slovenia
sadly you still have to pay income tax @19%. Thats a 1% savings on UK CGT, in the UK its 10% CGT if you earn less than 50k. So it's actually higher.

Lots of ppl focus on CGT, look for countries without CFC (Controlled foreign corporation) regs.

>>20965232
>>20965296
Thanks anon I was considering renouncing anyway still doing a lot of research rn
I’m kind of in a pickle actually because I’ve cashed out over £60,000 worth of trading gains over the last three years and paid zero tax on any of it not sure if I can get out of here and cash out in Portugal without these unpaid capital gains coming back to fuck me over
Any advice

>>20965386
>the tax thats getting paid now was for last year
Im aware. Does that mean i just have to move to Wyoming a year before i cash out?
>Make sure you keep the IRS happy
I intend to. Im going to pay Federal tax regardless. What i am trying to avoid here is state taxes.

Say I live in the US and have never filed taxes for crypto profits before. I started roughly in 2017 I believe and have never really made more than a grand or two. Now if I wanted to start paying my taxes how the fuck do I even do that? Do I have to go back to 2017 and pay all that? Am I fucked? I pay taxes on my regular job. Man you end up swapping around and selling so much how in the world am I supposed to keep track of that?

>>20965735
What the fuck is the consensus on this even I still don’t know if anybody actually pays any attention to crypto tax record bullshit fuck this clown world I’m so close to making it and Schlomo is in my way

>>20966000

>>20965685
>Does that mean i just have to move to Wyoming a year before i cash out?
yep
>What i am trying to avoid here is state taxes.
Please know I haven't lived in burgerland for nearly 13 years now.
Best of luck, Wyoming is absolutely stunning if you haven't been. Get a home with some bison & view of the rockies, bufuckincolic

>>20966077
Wyoming or citizenship renounce Portugal which option is the better choice

>>20965650
OP, look up FATCA ffs. the US knows about this. The US can & will (I've known it to happen to someone) raid your UK bank account for back taxes.

You're not just fuckin with the UK, your fucking with the world's most evil tax collector.

>>20966194
renounce, move to portugal NOW before brexit fill in this.
https://europa.eu/youreurope/citizens/residence/documents-formalities/registering-residence/portugal/index_en.htm

if you're not an EU citizen i have no clue what happens to you after brexit.

Lets throw a 3rd option in, for $5k USD you can get permanent residence in central/south america. Panama/Paraguay, neither of these countries have CFC regs. Thus you pay 0 on foreign income, hope I don't need to spell this out for you.

In Paraguay you can get citizenship if you live there 183 days a year for 3 years. Cheap AF second passport in country that will likely never bother you.

>>20966194
Check out his guy. I'm going to see him in May.
https://www.youtube.com/c/nomadcapitalist/videos

>>20966489
Fuck I’m fucked I need to renounce ASAP holy shit
My mother is an Irish citizen and acquired an EU password this way maybe I can get one too and use that to access EU

>>20966194
OP i'm about off to bed, best of luck on your journey. I had the opportunity to obtain a US passport (lived in the states for 12 years) & turned it down. So happy I turned it down & saved myself the ball ache of being rid of it. I never want to back to the states again. I do mean EVER

>>20967201
OP get the Irish ASAP, (I'm irish also) it takes about 6 months, cost like ~£250.
Tri citizen here (UK, Irish & Canadian). No matter what, get every passport you can (except the US), they give you call options on the future.

Hope you looked up 'US indica' if you were born in the states.

>>20967201
>Fuck I’m fucked I need to renounce ASAP holy shit
Check out >>20966859
he's got videos on renouncing.