Crypto immigration (I guess I"m the first Asian here)
- Thread starter troubled soul
- Start date
- Status
Yeah. Ultimately it’s Supreme Court deciding whether your application will be accepted. They have their internal norms.
My question is whether this 70k is an official deal or what it is? Is it bribing some guy? Is it some payment to a lawyer who then makes a long case of which he knows that the court will approve it based on prior experience etc.?
If you move from Korea to any country and suddenly have some money in your account in your new country, it generally is not a big deal as they have no track record of you from the past. And then you can always claim that it was savings from childhood, salary from 4 decades ago when you were 20, etc. If you have over 5M, it is a different story, then better buy and sell your house once to have︀ a sales record.
It is not an official deal. Officially, applying is almost free. The price includes consulting fees of various experts to land it successfully.
In European countries, he might have faced some scrutiny, but in the Philippines, Thailand, Paraguay, Panama, etc,︀ he could buy assets directly with crypto without much question (at least for Paraguay I︁ can confirm), and rest off-ramp in cash/bank.
Even in Europe, I would not worry too much. And if, then you put the money in a US bank account with a reidency in Peru or something.
But don't they charge crypto offramp tax?
I thought about it, Loved Manginasal (chicken barbecue) when I went there.
I don't actually like Korean diaspora, loathe them tbh.
Myself was the formal Korean-Kiwi-then back to Korean person (So KKK in short, lol)
I thought about it, Loved Manginasal (chicken barbecue) when I went there.
I don't actually like Korean diaspora, loathe them tbh.
Myself was the formal Korean-Kiwi-then back to Korean person (So KKK in short, lol)
It actually does.
South Korea and their tax treaty is off the game.
At least in all︀ the countries I've ever been to,
some SEA countries, developing Eastern Europe, South Korean gov︁ got all the tracing records.
They just block the passport, so the person can't get︂ a new visa or so.
I guess this is what happens if the country doesn't︃ give a f**k about caring locals' life, instead start attracting foreigners.
That's why I thought︄ about Latin America first, because it's kinda off of their radar.
South Korea and their tax treaty is off the game.
At least in all︀ the countries I've ever been to,
some SEA countries, developing Eastern Europe, South Korean gov︁ got all the tracing records.
They just block the passport, so the person can't get︂ a new visa or so.
I guess this is what happens if the country doesn't︃ give a f**k about caring locals' life, instead start attracting foreigners.
That's why I thought︄ about Latin America first, because it's kinda off of their radar.
PwC: "The Philippines taxes its resident citizens on their worldwide income. Non-resident citizens and aliens, whether or not resident in the Philippines, are taxed only on income from sources within the Philippines."
As a resident alien, If you keep and sell your cryptos offshore it's non-local income then tax-free, even when remitted in PH.
As a resident alien, If you keep and sell your cryptos offshore it's non-local income then tax-free, even when remitted in PH.
That means being resident in PH for tax purposes.
https://taxsummaries.pwc.com/philippines/individual/residence
A resident alien is an individual who is stateless or is a national of another country and who lives in the Philippines with no definite intention as to length of stay, but who is not a mere transient or sojourner.
Basically if you establish yourself long-term with proper address in PH and no plan to leave, you are considered PH resident.
Also, you need to be sure you're not triggering tax residences in other countries including your passport country (tax residence conditions vary country by country) that could potentially continue to tax︀ you.
https://taxsummaries.pwc.com/philippines/individual/residence
A resident alien is an individual who is stateless or is a national of another country and who lives in the Philippines with no definite intention as to length of stay, but who is not a mere transient or sojourner.
Basically if you establish yourself long-term with proper address in PH and no plan to leave, you are considered PH resident.
Also, you need to be sure you're not triggering tax residences in other countries including your passport country (tax residence conditions vary country by country) that could potentially continue to tax︀ you.
Thanks for letting me know mate!
I'll look into more about this︁ resident alien.
But yeah, Anw, the Tax residences in my passport country (South Korea in︂ this case),
Are a*s about all the tax residencies. So yeah, that's why I was︃ keen on changing passport.
I'll look into more about this︁ resident alien.
But yeah, Anw, the Tax residences in my passport country (South Korea in︂ this case),
Are a*s about all the tax residencies. So yeah, that's why I was︃ keen on changing passport.
Idk, all my mates who off ramped in Dubai are currently going through that problem.
They bought some fancy house 3-4 years ago with crypto.
Now they sold it with huge profit.
They want to bring the money elsewhere,
The bank keeps on asking them
"Where did you get the money?"
"where did you get the money to buy the house in the first place?"
"Send us the source of funds"
ETC ETC mate.
I guess some AML kicked in?
I mean to cash out crypto, we all gotta figure out how to set up a business and deal stuff︀ from there.
They bought some fancy house 3-4 years ago with crypto.
Now they sold it with huge profit.
They want to bring the money elsewhere,
The bank keeps on asking them
"Where did you get the money?"
"where did you get the money to buy the house in the first place?"
"Send us the source of funds"
ETC ETC mate.
I guess some AML kicked in?
I mean to cash out crypto, we all gotta figure out how to set up a business and deal stuff︀ from there.
- Status