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/biz/ - Business & Finance

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29131091 No.29131091 [Reply] [Original]

Is avoiding paying Capital Gains Tax as simple as moving to a country that doesn't have CGT and cashing out to fiat there?

Is that simple to legally avoid it?

>> No.29131146

what is your country?
if it's Canada, you will still have to pay lmao

>> No.29131157

Ye but u gotta actually live there for some time.

>> No.29131287

>>29131146
I'm from UK
>>29131157
How long? :o

>> No.29131324

>>29131091
Nah if you try to drop your US citizenship you'll get hammered on all your capital gains as an exit tax.

>> No.29131353

What can they do if you just refuse to come back to the usa?

>> No.29131363

>>29131146
In Canada we have tfsas so we all have like 30grand of initial investment play money that we don't have to pay capital gains on no matter how much it grows.

>> No.29131597

>>29131353
Sanction you, Put you on a wanted list for allied countries to deport you

>> No.29131686

>>29131287

Do like most British billionaires and obtain Barbadian(Barbados) citizenship. It's not a bad place to live and the currency is roughly to 2:1 to the US dollar

>> No.29131919

>>29131091
You need to move to Puerto Rico, realize all your capital gains, and THEN leave the US and renounce your citizenship.

>> No.29132199

>>29131363
God I wish I could trade crypto in my TFSA. I had to pay $5k in taxes on my gains for 2020.

>> No.29132556

>>29131363
how does this work?
I have never used my TFSA.
How do you cash out into your tfsa?

>> No.29133127

>marry a Portuguese cutie
>open euro exchange accounts in her name
>open PT bank accounts in her name
>exchange crypto into PT accounts tax free
Avoided FATCA completely. I've been doing it with chunks of 10-20k €. Got fiat into Novobanco, Revolut, B de P, and Banco Espirito Santo Dos Açores of the Sanctified Gains Saver Holy Bank of Salvation. I married the girl for love of course.

>> No.29133564

>>29131919
this is unequivocally wrong. look up us exit tax, brainlet

>> No.29133622

>>29131091
Where on the tax form does it say the ecact amount you have to pay in capital gains?

>> No.29133658

>>29131091
I think most countries still count your gains as taxable from the day you move to another country.

>> No.29133737
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29133737

>>29131091
that doggo resonates with me on a spiritual level

>> No.29133791

>>29131287
in the United States it’s a full tax year plus no taxable assets in the American system.

>> No.29133989

>>29131157
Or petition the Courts for renouncing Citizenship. 'Murica. But if you think you can keep everything you earn somewhere else, that doesnt into reality, Comrade.

>> No.29134024

>>29131091
If you're an American citizen you must pay US tax worldwide. Individual countries may have a US tax treaty that reduces your tax burden somewhat.
>>29131353
Drone strike

>> No.29134135

>>29134024
not according to the irs site. After one year residence in another country you are exempt as long as you have no taxable assets in the American system.

>> No.29134331

>>29134024
correct me if I am wrong, and I could be, but doesnt this reiterate my previous statement?

>> No.29134396

>>29134135
>system
Please define 'system' and pls, link 'em, if you got 'em.

>> No.29134471

https://www.irs.gov/individuals/international-taxpayers/foreign-earned-income-exclusion

>> No.29134540

>>29134396
sorry im being a faggot phone poster and it was a pain in the ass to copy the link, and I’m new to this type of tax. but doesn’t the irs confirm what i said or am i a tard?

>> No.29134577

>>29133127
For love of money haha

>> No.29134704

>>29134024
<be the IRS

>hire 'murrican 50 cent army to tax fudpost on /biz/ all day in the math calculation that if you spook at least one retard into paying their taxes who otherwise was not going to, you'll go down in the tax collectors hall of fame

Can I get a job doing this? I promise to pay my taxes on that income. Also I have to be allowed to smoke weed while I'm doing it. Otherwise I'm putting all my networth in Monero and faking my death. Your choice.

>> No.29134833

>>29131287
How much tax do you owe exactly?

>> No.29134927

>>29134024
land of the free KEK

>> No.29136038
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29136038

Burgers will always be fucked, but Britbongs can escape the financial rape by setting up companies in different tax havens.

>> No.29136985

whats a free crypto tax software for a burger?

>> No.29137124
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29137124

Or hold for LTCGT and get capped at 15% to 20% depending on your bracket

>> No.29137519

>>29131287
If you're from the UK you can leave the country and immediately cash out with no CGT (providing your in a country with no CGT on crypto - Singapore, Portugal etc). However, should you spend more than 6 weeks in a tax year in the UK in the following 5 years, you wil have to pay CGT on what you cashed out.
TL;DR: leave, cash out, don't come back for 5 years.