It's standard "Capital Gains Tax" rather than "Income Tax" when you take it out, just like it would if you sold forex/pm or stocks for that matter.
All governments keep an eye on unusual inflows from accounts on that one, no i wouldn't recommend to cheat on that one.
Well, that sucks. I suppose suddenly acquiring 1,000,000 is a bit suspicious.All governments keep an eye on unusual inflows from accounts on that one, no i wouldn't recommend to cheat on that one.
Can't this be reported as gambling winnings? Are those taxed?
No I'm not.
Here in Switzerland there are no taxes on capital gains.
Oh man... now I want to move to Switzerland. They've got good skiing too.Here in Switzerland there are no taxes on capital gains.
This makes me wonder what the laws are for people with dual citizenship. Do you have to pay taxes to BOTH countries? Probably not, because then the only way to escape US taxes would be to renounce your citizenship. That sounds difficult.
Doesn't Switzerland have one of the highest income tax rates in the world though? Something like 80%? Lack of capital gains taxes or not, that sort of tax rate would make me just want to move there with a bunch of cash and retire, not necessarily become a working person in that environment.