Long time lurker, finally signed up, the other crypto related cashing out post inspired me to post here as well. If too similar Feel free to just close.
Following: made over $1m (closer to 1.5) in crypto. Some of it trading, some with making NFTs, some with making coins. Nothing illegal, but strictly by the law, token sales are a grey zone so if possible wouldn't want to share it with authorities.
Producing a trading history is going to be very hard. I'm big on privacy and properly separated wallets, and created new ones for each purpose.
I am looking to turn this internet money into real money and am researching what my options are. I am sadly also resident in a country that taxes on global income (not the US).
From what I gathered:
Option 1: hide it. Find an offshore bank in a country that's not part of CRS. Cons of this is very obviously tax evasion
Option 2: establish corp in a offshore country, funnel money into business somehow
Option 3: move countries, establish tax residency in a country like Hong Kong or Thailand that doesn't tax on foreign sourced income. Justify that selling of crypto happens abroad so it stays tax free in this jurisdiction, or try to file as capital gains somewhere where there is no capital gains tax. I'm still tax liable in the country that I am a global tax resident though.
Option 4: find some scheme like gifting it to someone in a country without gift tax, then use that somehow
Option 5: trickle the money slowly out, use to pay for daily expenses. Can't use the money for investments like buying property though.
Option 6: call a tax lawyer and make a deal to just pay 50% of everything to the tax office, be done with it. Well obviously wouldn't wanna do that if possible. 1.5m is life changing money, 750k not so much.
I am in contact with tax lawyers from different countries and am actively researching myself what can be done, including giving up residence in the country with global tax completely.
I am also not sure if bank accounts in offshore countries that require initial deposit of something like 500k are even possible as an option because I'm not liquid.
I may be able to find some records of stuff like sales of tokens, but very likely not for everything.
Curious if people here have some ideas. What would you do?
Following: made over $1m (closer to 1.5) in crypto. Some of it trading, some with making NFTs, some with making coins. Nothing illegal, but strictly by the law, token sales are a grey zone so if possible wouldn't want to share it with authorities.
Producing a trading history is going to be very hard. I'm big on privacy and properly separated wallets, and created new ones for each purpose.
I am looking to turn this internet money into real money and am researching what my options are. I am sadly also resident in a country that taxes on global income (not the US).
From what I gathered:
Option 1: hide it. Find an offshore bank in a country that's not part of CRS. Cons of this is very obviously tax evasion
Option 2: establish corp in a offshore country, funnel money into business somehow
Option 3: move countries, establish tax residency in a country like Hong Kong or Thailand that doesn't tax on foreign sourced income. Justify that selling of crypto happens abroad so it stays tax free in this jurisdiction, or try to file as capital gains somewhere where there is no capital gains tax. I'm still tax liable in the country that I am a global tax resident though.
Option 4: find some scheme like gifting it to someone in a country without gift tax, then use that somehow
Option 5: trickle the money slowly out, use to pay for daily expenses. Can't use the money for investments like buying property though.
Option 6: call a tax lawyer and make a deal to just pay 50% of everything to the tax office, be done with it. Well obviously wouldn't wanna do that if possible. 1.5m is life changing money, 750k not so much.
I am in contact with tax lawyers from different countries and am actively researching myself what can be done, including giving up residence in the country with global tax completely.
I am also not sure if bank accounts in offshore countries that require initial deposit of something like 500k are even possible as an option because I'm not liquid.
I may be able to find some records of stuff like sales of tokens, but very likely not for everything.
Curious if people here have some ideas. What would you do?
