Ah mate, yeah you are spot︊ on.
CFC law is a cunt, it's all just about abusing their power.
Even those︋ "specialist; think the CFC law is just up to whether the tax officers need their︌ performance record or not. So it's not certain. (in this country, the tax man's performance︍ record is based on how much extra tax did he managed to rip off, just︎ like a sales record. Also, they get to collect 20% of taxed amount charged as️ a commission.) Pretty f-ed up I'd say, but well that's why I'm leaving.
But after visiting them and a thorough self inspection, I figured out the maximum tax I'd be charged up would be in like 30-40ks (Because of some bs laws they think they can apply), which I can lower it down to 0 in the end, but then hiring those ex-IRS people to battle against them would cost me 30-40k easy. And since they are gonna go after my family too,to threat me to just puke up the money, That'd be like 200k total.
It's all because crypto is not taxed until 2027,︀ and they all need performance records.
Though, The money isn't big enough for them to︁ chase me all the way to elsewhere.
But things might escalate in case when they︂ get the right to just go peek everything I do, which includes in case of︃ receiving succession, or buying a real estate there. Which I'm not gonna do both in︄ anytime soon.
But yea, the "specialists" kind recommended this way, and do not get back︅ to Korea more than a month a year. So prob, I'd visit my mother, And︆ change my nationality, all is in good hands.
if you read the president, most of︇ those are in the end, a matter of citizenship.
"This person kept his nationality for︈ all the time living abroad, we consider him as resident kind of bs).
Now, after︉ reading all this, I figured out that I need to create some offshore company and︊ all even if I move to Panama/paraguay to clear out as a crypto and get︋ a proper income statement.
Initially, I thought I could just make a company -> invest︌ my crypto sellings -> do shares/stocks,-> collect dividends as my monthly salary. But let's see.︍
Thanks for all your replies mate.
Actually, your quick search was totally spot on.
CFC law is a cunt, it's all just about abusing their power.
Even those︋ "specialist; think the CFC law is just up to whether the tax officers need their︌ performance record or not. So it's not certain. (in this country, the tax man's performance︍ record is based on how much extra tax did he managed to rip off, just︎ like a sales record. Also, they get to collect 20% of taxed amount charged as️ a commission.) Pretty f-ed up I'd say, but well that's why I'm leaving.
But after visiting them and a thorough self inspection, I figured out the maximum tax I'd be charged up would be in like 30-40ks (Because of some bs laws they think they can apply), which I can lower it down to 0 in the end, but then hiring those ex-IRS people to battle against them would cost me 30-40k easy. And since they are gonna go after my family too,to threat me to just puke up the money, That'd be like 200k total.
It's all because crypto is not taxed until 2027,︀ and they all need performance records.
Though, The money isn't big enough for them to︁ chase me all the way to elsewhere.
But things might escalate in case when they︂ get the right to just go peek everything I do, which includes in case of︃ receiving succession, or buying a real estate there. Which I'm not gonna do both in︄ anytime soon.
But yea, the "specialists" kind recommended this way, and do not get back︅ to Korea more than a month a year. So prob, I'd visit my mother, And︆ change my nationality, all is in good hands.
if you read the president, most of︇ those are in the end, a matter of citizenship.
"This person kept his nationality for︈ all the time living abroad, we consider him as resident kind of bs).
Now, after︉ reading all this, I figured out that I need to create some offshore company and︊ all even if I move to Panama/paraguay to clear out as a crypto and get︋ a proper income statement.
Initially, I thought I could just make a company -> invest︌ my crypto sellings -> do shares/stocks,-> collect dividends as my monthly salary. But let's see.︍
Thanks for all your replies mate.
Actually, your quick search was totally spot on.