Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Kicking the ant heap for probably the final time. Another message relayed:
(Fwiw, not Shelby's sock puppet. Try checking my posts over several years - but you'll believe what you want to believe ultimately)
Lets depart with some useful information...
Does not matter if you are a U.S. Citizen, you always have to pay income tax no matter where you are in the world.
You can't change U.S. citizenship?
As I posted in reply to you several days ago (albeit with not as much specificity, as I thought all needed was a reminder), you can renounce your US citizenship, but you get taxed for the privilege of doing so. Heavily.
They take half as I understand it.
Land of the free indeed.
The exit tax for U.S. citizens only applies if you have more then $2 million net worth. It has onerous implications such as 10 years of ongoing reporting to the IRS when youre no longer a U.S. citizen.
There is one potential loophole. Currently there is a lifetime $11 million gift tax exclusion, so you could in theory gift your wealth to someone who would gift it back to you after renouncing. Note gift taxes laws in other countries are a maze, so you need to be careful if you gift to a non-U.S. citizen.
But given the Wiemar Republic collapse the West is ostensibly descending into, probably the governments will come after you later and claw everything back because you employed a loophole. Civil Asset Forfeiture means if you sold Bitcoin, later Bitcoin is tainted by illegal activity, the government can take your house not because you did wrong, but because Bitcoin did wrong. This sort of insanity is coming to the West.
Dont feel so smug if youre European. The EU is coming after you with a new wealth tax proposal which will apply even if youre not a resident.
The West is going to confiscate all the private property. This is what Westerners do to themselves at the end game. Again the Wiemar Republic (and currently Argentina) are potentially examples of where the West is headed over the next decade or two.
(Fwiw, not Shelby's sock puppet. Try checking my posts over several years - but you'll believe what you want to believe ultimately)
Lets depart with some useful information...
Quote from: Shelby Moore
Retiring to Portugal, 
https://cointelegraph.com/news/portugal-tax-authority-bitcoin-trading-and-payments-are-tax-free
https://cointelegraph.com/news/portugal-tax-authority-bitcoin-trading-and-payments-are-tax-free
Does not matter if you are a U.S. Citizen, you always have to pay income tax no matter where you are in the world.
You can't change U.S. citizenship?
As I posted in reply to you several days ago (albeit with not as much specificity, as I thought all needed was a reminder), you can renounce your US citizenship, but you get taxed for the privilege of doing so. Heavily.
They take half as I understand it.
Land of the free indeed.
The exit tax for U.S. citizens only applies if you have more then $2 million net worth. It has onerous implications such as 10 years of ongoing reporting to the IRS when youre no longer a U.S. citizen.
There is one potential loophole. Currently there is a lifetime $11 million gift tax exclusion, so you could in theory gift your wealth to someone who would gift it back to you after renouncing. Note gift taxes laws in other countries are a maze, so you need to be careful if you gift to a non-U.S. citizen.
But given the Wiemar Republic collapse the West is ostensibly descending into, probably the governments will come after you later and claw everything back because you employed a loophole. Civil Asset Forfeiture means if you sold Bitcoin, later Bitcoin is tainted by illegal activity, the government can take your house not because you did wrong, but because Bitcoin did wrong. This sort of insanity is coming to the West.
Dont feel so smug if youre European. The EU is coming after you with a new wealth tax proposal which will apply even if youre not a resident.
The West is going to confiscate all the private property. This is what Westerners do to themselves at the end game. Again the Wiemar Republic (and currently Argentina) are potentially examples of where the West is headed over the next decade or two.