Quote from: SgtSpike on June 06, 2011, 11:15:32 PM

Quote from: RobertFawcett on June 06, 2011, 11:12:06 PM

Quote from: Grant on June 06, 2011, 11:05:56 PM

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.

Can't this be reported as gambling winnings? Are those taxed?

Quote from: forever-d on June 06, 2011, 11:06:38 PM

No I'm not.

Here in Switzerland there are no taxes on capital gains. Grin

Oh man... now I want to move to Switzerland. They've got good skiing too.

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.

I doubt you could pass this off as gambling winnings, and those are taxed anyway (I believe as ordinary income, which would make it higher rate than capital gains).

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.

Nope - in Switzerland the income tax is very low, 20% or so. That's one of the reasons why it is so attractive, coupled with very high earnings, high standard of living, fresh air and beautiful mountains.