/biz/ - Business & Finance

>>25299381
Fellow bong here, living abroad. Just. Leave. Simple.

>>25299410
i wish it were so simple for us americucks...
fucking prison nation

>>25299459
>i wish it were so simple for us americucks...
>fucking prison nation
I don't envy you man. You can't even open a bank account abroad without them reporting you to the IRS. You can't even renounce your citizenship and get away with it.
Still, fucking awesome country imo.

>>25299381
How many millions are we talking?
Several tens of millions?
Move to the British virgin Islands. ZERO tax on everything.
Retire there, and live off your wealth.

Buy some cheap property, and enjoy the island.
>https://dougall-luxury-bvi.com/property-category/property-for-sale/

>>25299410
I live in Japan but cashing out to my UK account because I'm actually a retard
Also Japanese regulations are dense and I just need an accountant at this poimt

>>25299381
>CGT
yes buy Curio Governance Token

>>25299808
If you're a UK citizen but have lived abroad for 5 years or more and have not spent more than 6 weeks in the UK in a tax year: zero CGT.

>>25299808
What stops you from travelling opening bank accounts then cashing out below tax threshold

>>25299773
>How many millions are we talking?

Low seven figures only. But a realistic chance of becoming 8 figures next year, I'd say.

I'd rather not have to move abroad, though that's the obvious solution. Is there some way to move assets to a ltd company... Or make it into a "fund" of some kind, of which I am the manager?

Fuck knows.

>>25299939
>I'd rather not have to move abroad
Why are so many bongs such unadventurous, island-anchored faggots?

>>25299381
jannies finna clean that ass

>>25299410
where do you recommend?

>>25299808
Why do you care about cashing out?
Why can't you just get an international card from an online payments service and live off of that forever?

>>25299511
>fucking awesome country
>3rd world shithole
>awesome
mmkay

you have to take a loss to claim against income, all other ways areillegal and i advise against them.

>>25299939
I guess it depends on how much you need to draw down, I would stay under the tax threshold and live frugally, park gains in stablecoin and live free

>>25300017
I think Portugal is the best place for me. There's like 7 different places to choose from that I know of though.
Check out the beautiful properties you can buy in Portugal for 1/4 of the price of a similar bong home.

>>25299939
Yeah, grow your wealth to the 8 figures level if you want to live comfortably for the rest of your life.
Just putting 10 million in a boomer growth ETF like VUG:NYSE while being a resident of the BVI will make you at least 150,000 GBP a year.

You can take maybe a $100K out of it and play with crypto with it if you still like doing it. Grows your wealth while having a cushion of divi to live off.

>I'd rather not have to move abroad, though that's the obvious solution.
There are other solutions like >>25300037
But moving will also protect you from government dogs sniffing around. Ya know?
I am guessing you went through KYC as well to get access to exchanges, which is where your money is at.
Government can look into that at any moment.

>>25299381
Something something Isle of Man

>>25300040
>3rd world shithole
I'm a Bong but I worked in the States. I don't think you ever visited.
Where else can you have beautiful mountain views from your cabin and a fully stocked armoury?

>>25299974
Coz u can’t meet 10/10 in bongland if you aren’t there.

>>25299998
One off. The correct answer we were looking for was ‘fuck Jannies’

>>25299974
>Why are so many bongs such unadventurous, island-anchored faggots?

I spend about 1/3 of each year abroad, sometimes more lately. I just like living here as a base, nowhere else is quite as good as the most based bong locations.

>>25300068
>park gains in stablecoin

So the "just don't declare it" plan.

>>25300125
>Government can look into that at any moment
KYC exchanges follow the Common Reporting Standard rules, which means on the 1st of January of every year they take a snapshot of your crypto, it gets sent to a data centre in Germany, and from there goes to the relevant tax authorities. i.e: Inland Revenue.

>>25299511
>You can't even renounce your citizenship and get away with it.
Explain.
I plan on renouncing my American citizenship.

>>25300180
why do you need to declare if you only draw down your untaxable annual allowance whilst leaving your equity in crypto

>>25300098
I was thinking Portugal but I'm not sure how much longer it will remain tax free on crypto and they seem to be pretty cucked politically. Still, as you pointed out, the housing and cost of living is a lot cheaper there, and there aren't many other choices left in the west.

>>25300212
Yeah, I was assuming the case of not moving out or operating via a UK based bank account.

>>25300225
>Explain.
>I plan on renouncing my American citizenship
You have to settle your taxes first. You can't leave with crypto and cash out elsewhere.
Puerto Rico is your only option.

>>25300255
there are still many nice places here, use the map and visit places, we're going to need you in the race war

>>25300225
Renouncing your American citizenship won’t make the foreskin grow back.

>>25300255
There will be more countries looking to attract crypto wealth as time goes on.

>>25299773
>Move to the British virgin Islands
>British virgin Islands
perfect for /biz/ kek

>>25300212
Can you just put the majority of it in a wallet instead?

Isn't there a yearly CGT allowance?

I need to stop fucking cashing out crypto gambling profits and losses back to my bank

>>25300308
Thanks for reminding me that I was mutilated against my will through the evil machinations of an ancient demon-worshipping desert cult.

>>25300586
Never forget why u gotta make it, fren.

>>25299872
I've thought about it but it's a pain in the arse
>>25300037
Haven't really considered it but I'll see what's possible. I struggle with dealing with too many things at once (live as a minimalist for this reason) so keeping track of random cards and shit from digital payments/ International providers sounds like hell on earth

>>25299511
>>25300225
you can, but you can ever EVER get it back if you do it for tax purposes

>>25300389
Can be traced if the government really wants to know.

>>25299939
you're telling me you have millions of dollars and want to live in this shithole that is facing an inevitable collapse?

>>25301824
buy xmr?

>>25299998
TAX EVASION is illegal.
Avoidance is legitimate.
You're an idiot, by the way, for not knowing.

>>25302712
Not that simple.
Buying XMR from an exchange is traceable because that XMR wallet is linked to you, and if people can see you constantly make a transaction to the same XMR wallet outside of the exchange, it becomes obvious.

If you can swap your bag of crypto with XMR, then this can protect you.

>>25300586
god this world is so fucking absurd

>>25299381
>Every crypto-to-crypto trade is taxable if it represents a profit, but in practice it's only when cashing out that this will really come to anyone's attention, we'd hope.
If you cash out 100%, your capital gains will be the sum of the capital gains for each crypto-to-crypto trade.