2nd citizenship for 0% tax crypto scheme from @CaptK1

[ppp666]

@CaptK1 offere scheme for me:
acquire 2nd citizenship at st kits, have tax residency there and freely cashouts crypto with 0% tax

has this scheme any potencial problems?

have somebody good or bad deals with @CaptK1? what is best way for checking trust?

 

[ppp666]

1. switzerland
3. i will pay 0% tax at St Kitts. want to use funds outside of my original country

 

[369]

i doubt it will work if you won't live in st kitts

 

[lowprofiler]

That wont work, unless you move your residency to st. kitts - or dubai for that sake....

 

[Golden Fleece]

ppp666 said:
@CaptK1 offere scheme for me:
acquire 2nd citizenship at st kits, have tax residency there and freely cashouts crypto with 0% tax

has this scheme any potencial problems?

have somebody good or bad deals with @CaptK1? what is best way for checking trust?
Click to expand...

It depends on the tax laws of your home country. You should also seek advice from a local lawyer who knows how your home country's tax law interfaces with that particular setup.

The potential problem that I see is that you may owe tax to your home country on any gains incurred before you lawfully move your tax residency to St. Kitts. Again, that depends on the tax laws of your home country.

 

[Sols]

If you don't move to Saint Kitts or other tax haven, the structures relies on lapses in CRS. Otherwise, you're on the hook for taxes just like everyone else where you live.

Toggle signature
This is the probably the answer to your question.

 

[Meta]

Does anybody know the details of the "have tax residency" step? Would it require spending 183 days per year there or would it be simpler for those acquiring the citizenship?

The same question for the other Caribbean nations that sell citizenship.

 

[ppp666]

Remoddy said:
Does anybody know the details of the "have tax residency" step? Would it require spending 183 days per year there or would it be simpler for those acquiring the citizenship?

The same question for the other Caribbean nations that sell citizenship.
Click to expand...

This can easy googled. acquiring the citizenship is enough for st kitts

 

[FastPony]

ppp666 said:
1. switzerland
Click to expand...

This is going to be the deciding factor. Not sure if anyone here knows Swiss law well enough or cares to research it for you. If not, I'm sure a Swiss tax lawyer would be able to provide reliable information.

 

[LiquiditySplash]

Remoddy said:
Does anybody know the details of the "have tax residency" step? Would it require spending 183 days per year there or would it be simpler for those acquiring the citizenship?

The same question for the other Caribbean nations that sell citizenship.
Click to expand...

The important part is ending tax residency at your home country, every country will have different rules so there are no details that will apply for every person.

 

[lacomaco]

ppp666 said:
@CaptK1 offere scheme for me:
acquire 2nd citizenship at st kits, have tax residency there and freely cashouts crypto with 0% tax

has this scheme any potencial problems?

have somebody good or bad deals with @CaptK1? what is best way for checking trust?
Click to expand...

If you remain in your original country and do not move to St Kitts (extremely boring place, has one of the highest per capita murder rate) then your home country rules will define what you have to pay

 

[backpacker]

Just noticed this old thread.
If this

ppp666 said:
1. switzerland
Click to expand...

is the case the proposed solution will only fly in case of terminating swiss tax residency first.
It means you have to apply for "Endbesteuerung" which needs to be duly processed. It can be a lengthy process depending on the circumstances. Furthermore, new residency has to be registered with the Swiss Embassy (consulate) responsible for your new town of permanent residency. Last but not least do not forget to inform your "Heimatort" and the "Einwohnerkontrolle".

However, why doing all this: As long as a private individual is concerned, capital gains -in most cases- are tax-exempt in Switzerland. Only wealth tax is applicable of which the tax rate varies between cantons and even from one village to another.