Hey there
I made a thread a year ago. Summary:
I am a crypto investor/trader living in Spain. I am a former professional poker player and have got better and better at trading and that's what I want to do for the next year. Got hit hard btw by FTX fall a few days ago 🙁
My plan was moving to Portugal, play some poker and win perhaps 15-20k€ to be able to justify my "main source of income" as a professional poker player rather than crypto, then dedicate the rest of my time to trade and pay 0% on both my poker and trading gains.
But I see now they are going to tax 28% unless you hold your coins for over a year. So I really see no way how could I trade in Portugal.
1-Do you think it would be possible to make it work in Portugal through some loophole?
I don't have a ton of legal cash. I have ~15k€ max taxed, legal cash, and then the rest is low 6 fig in anonymous crypto wallets.
So buying 15k€ worth of BTC/ETH with my "legal" money, hedging it and holding it for a year, which would be somewhat pain to keep the hedge open for a year, then close hedge and sell BTC/ETH for fiat, would net me 15k in crypto tax free money in a year. That's not a good plan. That's s**t.
2-What do you recommend me? Perhaps another country? Spain is considered as hell in this forum, but 21-23% if you make under 200k€ I don't think it's that terrible??
Any other ideas where I pay less than 20% are welcomed. Creating a society/LLC if it's not too fake/illegal or too complicated I could consider it too. Any idea is welcome and I will search into it, I still have 1 month and a half to think it through, research and make a decision.
I will most likely stay in Spain, pay taxes here, risk getting caught by some past years (never have paid taxes but also never did anything bad/obvious involving Spanish bank accounts, so chances are I won't get a fine, yet still would rather avoid by simply going away for 4-5 years), but just in case like I say I'd rather leave, though I wouldn't leave for a very far away country or very expensive country! Portugal would have been ideal, just relatively short driving distance or even Madeira, just a short flight. I wouldn't go to a cold place like Germany, or an expensive country like Dubai, or a shithole, or do tons of complicated stuff and leave abroad just to pay 12.5% or something.
Any countries or strategies I should know of?
Thank you a lot offshore people.
I made a thread a year ago. Summary:
I am a crypto investor/trader living in Spain. I am a former professional poker player and have got better and better at trading and that's what I want to do for the next year. Got hit hard btw by FTX fall a few days ago 🙁
My plan was moving to Portugal, play some poker and win perhaps 15-20k€ to be able to justify my "main source of income" as a professional poker player rather than crypto, then dedicate the rest of my time to trade and pay 0% on both my poker and trading gains.
But I see now they are going to tax 28% unless you hold your coins for over a year. So I really see no way how could I trade in Portugal.
1-Do you think it would be possible to make it work in Portugal through some loophole?
I don't have a ton of legal cash. I have ~15k€ max taxed, legal cash, and then the rest is low 6 fig in anonymous crypto wallets.
So buying 15k€ worth of BTC/ETH with my "legal" money, hedging it and holding it for a year, which would be somewhat pain to keep the hedge open for a year, then close hedge and sell BTC/ETH for fiat, would net me 15k in crypto tax free money in a year. That's not a good plan. That's s**t.
2-What do you recommend me? Perhaps another country? Spain is considered as hell in this forum, but 21-23% if you make under 200k€ I don't think it's that terrible??
Any other ideas where I pay less than 20% are welcomed. Creating a society/LLC if it's not too fake/illegal or too complicated I could consider it too. Any idea is welcome and I will search into it, I still have 1 month and a half to think it through, research and make a decision.
I will most likely stay in Spain, pay taxes here, risk getting caught by some past years (never have paid taxes but also never did anything bad/obvious involving Spanish bank accounts, so chances are I won't get a fine, yet still would rather avoid by simply going away for 4-5 years), but just in case like I say I'd rather leave, though I wouldn't leave for a very far away country or very expensive country! Portugal would have been ideal, just relatively short driving distance or even Madeira, just a short flight. I wouldn't go to a cold place like Germany, or an expensive country like Dubai, or a shithole, or do tons of complicated stuff and leave abroad just to pay 12.5% or something.
Any countries or strategies I should know of?
Thank you a lot offshore people.
