I've been a hodl'er - playing the long game since 2013 and have never taken profits. I was quite content to continue to hodl. However, the drama in recent months (dramatic rise in btc price) has made me nervous. I have all my eggs in one basket - which is not savvy. I've arrived at a life changing amount and whilst I believe that there's every chance that btc will power on, It's not savvy for me not to take a proportion of profit now.
With that, I can't bring myself to pay the extortionate 35% Capital Gains Tax in my home country! I've just put in paperwork with my employer to take a years leave. However, that's just as a safety net. Provided I can cash out safely and btc doesn't plummet beforehand, most likely I won't be going back to work.
That leaves me with a conundrum. Where do I relocate to? I guess I need a country that has little or no CGT and preferably one that I can trust placing FIAT in their banks without the likelihood of their bank disappearing with my money!
Has anyone been down this road OR is anyone currently contemplating going down this road?
I'm considering Panama right now - but I don't have the full detail - and the devil is in the detail as we know....
35% is quite high though but moving to another country might be more expensive than that because solving the migration issue alone could drain you especially now you are not coming as an expatriate that an existing firm in the local country can file for you. Another is if there is no enough information concerning bitcoin in your intended country, you can quickly be tagged a criminal or even a spy when they see someone spending money with being able to verifiy the source based on their ignorance. You need to consider this factors before packing and leaving. #my opinion