Best country for a crypto hermit?
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I have one more question please: is this still the case if I eventually get a residence permit there? Or will they become more nosy︀ once I'm a resident?
Unfortunately, Im an︀ American with the IRS following me everywhere. I have considered renouncing my citizenship but Im︁ over $2M (cryptos) so that triggers the exit tax. Thinking I'll just pay the dues︂ and then lay low.... Im on my way to South Africa Western Cape - many︃ say it is the best place to hide out during these tyrannical times. If that︄ doesn't go well, I can move onto Egypt. Thanks for the heads up about Egypt,︅ was not aware.
The point here is not the law, it's law enforcement.︈
In the western world, if you play with the laws/rules you will end up in︉ jail or get fined if caught.
In many emerging countries, and Thailand is still part︊ of it, the fact is laws and rules are barely enforced because of:
- Lack︋ of means/manpower
- High level of corruption
- Simply not willing to for obvious reasons︌
As a foreigner, it's always profitable to adapt and follow the local culture rather than︍ behaving like you're home.
As for now, if you keep low profile, keep your businesses︎ abroad and bring your money the year after it has been earned, you will never️ get into trouble in Thailand. Thai Revenue Department has no way nor willing to check you.
In the western world, if you play with the laws/rules you will end up in︉ jail or get fined if caught.
In many emerging countries, and Thailand is still part︊ of it, the fact is laws and rules are barely enforced because of:
- Lack︋ of means/manpower
- High level of corruption
- Simply not willing to for obvious reasons︌
As a foreigner, it's always profitable to adapt and follow the local culture rather than︍ behaving like you're home.
As for now, if you keep low profile, keep your businesses︎ abroad and bring your money the year after it has been earned, you will never️ get into trouble in Thailand. Thai Revenue Department has no way nor willing to check you.
This is respecting the rules, so why should they fine you? It's a different story saying: f**k it, get the money from your Cyprus company whenever, ignore the fact you are a tax resident, work from here with no work permit or do whatever you want with crypto, no one will ever catch you and even if they do, you can pay your way out cause corruption is rampant. Is it the case︀ many times? Absolutely. It's this always the case? Absolutely NOT.
All different cases. Some have been caught dealing with cash︂ coming from scams/drugs, others charged for money laundering + working with no visa + no︃ license for dealing with crypto. I know you can go right now on Localbitcoin and︄ find people dealing with cryptos with no either license or whatever, but must be clear︅ that you take a risk and the penalties aren't soft.
All different cases. Some have been caught dealing with cash︂ coming from scams/drugs, others charged for money laundering + working with no visa + no︃ license for dealing with crypto. I know you can go right now on Localbitcoin and︄ find people dealing with cryptos with no either license or whatever, but must be clear︅ that you take a risk and the penalties aren't soft.
@MiddleEuroAsia
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This is applicable to passive income and -to a certain extend- capital gains. If you run an active business out of Thailand or you are invested into crypto (even passive HODL) things look VERY different!
This willingness will significantly increase once they participate in the︀ CRS (first exchange of data: 2023)!
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This is applicable to passive income and -to a certain extend- capital gains. If you run an active business out of Thailand or you are invested into crypto (even passive HODL) things look VERY different!
This willingness will significantly increase once they participate in the︀ CRS (first exchange of data: 2023)!
Maybe you don't get my point or you want to keep seeing things wearing your western glasses.
For instance, over the 15 past years in Thailand I've seen personally many people living from stock, forex and lastly crypto trading (remotely, nothing linked to Thailand). I've never heard nor read︀ in the local news of some foreigner being caught/fined/jailed because he was "working" on his︁ computer while at home. Did/will it happen?... possibly, however it should be a really small︂ number of people certainly involved with other issues (money laundering, drugs, scams, ...).
Nothing's certain︃ in this current world (regardless the country you live in) and when you make a︄ decision you need to assess pros/cons as well as associated risks. From my own experience︅ risks associated to "discreetly trading online while residing in Thailand" are still very small, for︆ now.
If tomorrow things change then, of course, you will have to adapt and move︇ on. But this is valid anywhere in the world including EU or UAE where rules︈ can change in a finger's snap and law enforcement is not as "flexible".
For instance, over the 15 past years in Thailand I've seen personally many people living from stock, forex and lastly crypto trading (remotely, nothing linked to Thailand). I've never heard nor read︀ in the local news of some foreigner being caught/fined/jailed because he was "working" on his︁ computer while at home. Did/will it happen?... possibly, however it should be a really small︂ number of people certainly involved with other issues (money laundering, drugs, scams, ...).
Nothing's certain︃ in this current world (regardless the country you live in) and when you make a︄ decision you need to assess pros/cons as well as associated risks. From my own experience︅ risks associated to "discreetly trading online while residing in Thailand" are still very small, for︆ now.
If tomorrow things change then, of course, you will have to adapt and move︇ on. But this is valid anywhere in the world including EU or UAE where rules︈ can change in a finger's snap and law enforcement is not as "flexible".
Do you have Elite visa? Where are you︆ resident and tax resident then? Does this also work with foreign stock brokers or just︇ with crypto? Now you have CRS and tax information exchange and every bank or broker︈ will ask you "Where are you tax resident?" so they can send the data to︉ tax authority in your country of tax residence.
If we speak crypto there are lot of ways to avoid providing this information. Many don't even need any KYC.
@Bagpacker @moneyhoney Looking for some advice as an American moving to South Africa and starting a new business. Do you recommend I base my business in the US or start up in South Africa? Id like to have minimal tax reporting and not be double taxed. This will be a local business growing microgreens for local markets, restaurants, farmer markets. Appreciate input on optimal entity type, where to register the business, etc. I might sell grow kits online as well. Thanks in advance
As having personally met a lot South Africans emigrating from ZA, I do not have much confidence︀ in that place besides going on a simple vacation.
So, if you do business on︁ the ground, I would hence keep most of assets out of that country and do︂ the online operations over a us entity and just the ZA-on-the-ground operations run thru a︃ ZA entity, which maybe is owned by the USA one.
So, if you do business on︁ the ground, I would hence keep most of assets out of that country and do︂ the online operations over a us entity and just the ZA-on-the-ground operations run thru a︃ ZA entity, which maybe is owned by the USA one.
Very bad if you are not "into hassles".
Unless you find a good group of trusted advisors who can structure your affairs with the tax and residency offices, then it is ok as you can delegate everything but be prepared to pay good money.
Overall, costs are very very high and the weather is bad for most part of the year.
If you want to go for it, look for a good service provider who can negotiate a flat tax deal for you then it is relatively low hassle. But this will cost. You can make it work well there, but it is︀ not the exact definition of "no hassles" and it is expensive.
Unless you find a good group of trusted advisors who can structure your affairs with the tax and residency offices, then it is ok as you can delegate everything but be prepared to pay good money.
Overall, costs are very very high and the weather is bad for most part of the year.
If you want to go for it, look for a good service provider who can negotiate a flat tax deal for you then it is relatively low hassle. But this will cost. You can make it work well there, but it is︀ not the exact definition of "no hassles" and it is expensive.
Since you mentioned me: I have no experience with regards to South Africa, hence are unable to answer your question.
However, I still remember that many years ago South African farmers migrated to Georgia. Considering the difference between these two countries (culture + climate), it says a lot about the (agricultural) opportunities in South Africa.
Read -> Georgia's call for South African farmers and -> When Georgia invited South African farmers to revive its agriculture sector .
... Only if︁ you want to use CH in order to cash out and later on you will︂ be a Multi-Millionair who enjoys paying wealth taxes, loves extremely high cost of living +︃ has fun paying all the little duties and fees levied on him.
Also do not︄ forget that in case you exclusively do crypto trading (or other stock trading) you will︅ be taxed as a professional trader which automatically makes you liable to social security contributions︆ (i.e. government pension system AHV).
In order to evaluate if you run into the danger︇ of being considered a professional trader, read this -> Capital gains tax - tax free︈ in swiss? | Your platform for finance & taxes
However, I still remember that many years ago South African farmers migrated to Georgia. Considering the difference between these two countries (culture + climate), it says a lot about the (agricultural) opportunities in South Africa.
Read -> Georgia's call for South African farmers and -> When Georgia invited South African farmers to revive its agriculture sector .
... Only if︁ you want to use CH in order to cash out and later on you will︂ be a Multi-Millionair who enjoys paying wealth taxes, loves extremely high cost of living +︃ has fun paying all the little duties and fees levied on him.
Also do not︄ forget that in case you exclusively do crypto trading (or other stock trading) you will︅ be taxed as a professional trader which automatically makes you liable to social security contributions︆ (i.e. government pension system AHV).
In order to evaluate if you run into the danger︇ of being considered a professional trader, read this -> Capital gains tax - tax free︈ in swiss? | Your platform for finance & taxes
I can't say much about these, but Vanuatnu is a real backwater country. Seems they have been cut off from the USD and they are struggling for economic opportunities. You can buy a passport for $130,000 (you loose the cash), but it's also easy to get residency there and get citizenship for next to nothing in a few years. You can pay for citizenship with BTC, so I imagine there are many opportunities for Bitcoin.
https://www.financemagnates.com/exe...or-gears-up-with-a-leading-crypto-consultant/
Russia and Ukraine have a thriving crypto to cash economy. You can find people to sell to on VK or Localbicoins.
Then there is Antuiga, which has a crypto-friendly︀ government, ATMs, 50+ businesses that accept crypto. I don't know specifics, but suspect you'd have︁ options for crypto hermit there.
You can also look at this program called Bisq:
https://bisq.network/
This is a P2P exchange, which as like a semi-automated LocalBitcoins. I haven't used it,︂ but have spoken to someone who has and said it worked fine. But I think︃ there are larger markups and the transactions are quite small. But it gives the possibility︄ of being able to live anywhere if you can get enough can via it.
Finally on Dubai, it might not be as good as other places mentioned liked Egypt in︅ the long-run. Looks like UAE will move on to some level of scrutiny for real︆ estate:
https://www.centralbank.ae/sites/de...tate and Precious Metals & Stones sectors.pdf
This is The OECD tightening its noose.︇
https://www.financemagnates.com/exe...or-gears-up-with-a-leading-crypto-consultant/
Russia and Ukraine have a thriving crypto to cash economy. You can find people to sell to on VK or Localbicoins.
Then there is Antuiga, which has a crypto-friendly︀ government, ATMs, 50+ businesses that accept crypto. I don't know specifics, but suspect you'd have︁ options for crypto hermit there.
You can also look at this program called Bisq:
https://bisq.network/
This is a P2P exchange, which as like a semi-automated LocalBitcoins. I haven't used it,︂ but have spoken to someone who has and said it worked fine. But I think︃ there are larger markups and the transactions are quite small. But it gives the possibility︄ of being able to live anywhere if you can get enough can via it.
Finally on Dubai, it might not be as good as other places mentioned liked Egypt in︅ the long-run. Looks like UAE will move on to some level of scrutiny for real︆ estate:
https://www.centralbank.ae/sites/de...tate and Precious Metals & Stones sectors.pdf
This is The OECD tightening its noose.︇
Some of that can be mitigated if you do all trading︆ inside a company and pay yourself a very small salary out of it which then︇ will get the heavy tax and what not cuts (but since the salary is low︈ it does not really matter due to high progessive tax rate nature.
The company can︉ be based in some very low tax canton where one might would not want to︊ live anyway.
A lot can be done but it requires the right advisors and it︋ is a lot of admin work.
The company can︉ be based in some very low tax canton where one might would not want to︊ live anyway.
A lot can be done but it requires the right advisors and it︋ is a lot of admin work.
Hello, if you want to solely live on Crypto in︇ a country that is quite safe and living standards are pretty good i can suggest︈ North Cyprus. Cyprus is an island in the Mediterranean sea. There is a border in︉ the middle of the island, its split between the Turks and the Greeks. So the︊ north side the Turkish Side and south side is the Greek side. North Side of︋ the island is not recognized as a country, only by Turkey. So thats why there︌ are many casinos, offshore accounts can be made and a lot of Crypto exchange offices︍ everywhere. There are now many Nigerian Scammers living out here, driving around in Bentleys, all︎ new Mercedes and BMWs due to these reasons. I think North Cyprus is ahead of️ every country right now in regards to Crypto Currency, because people can walk into Nike, Tommy hilfiger, Car dealership or even buy properties in Crypto. If you would like more details you can message me privately.
and also another︇ thing that the North Cyprus Side does not report anything to any country because its︈ unrecognised, locals even work with the Nigerians to facilitate black money. It seems like North︉ Cyprus has been designed for this. Many UK expats hide out here too.
and also another︇ thing that the North Cyprus Side does not report anything to any country because its︈ unrecognised, locals even work with the Nigerians to facilitate black money. It seems like North︉ Cyprus has been designed for this. Many UK expats hide out here too.
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