Re: Any way how to legally transfer your crypto wealth to the tax-free countries?
Hello, is there someone who thought about the question of how to avoid taxes in your country? Or to pay lower taxes in other countries?
There is a legal path which allows for this.
It is defined by renouncing citizenship with whatever nation demands exorbitantly high taxes.
There has been a significant uptrend in this practice as of the economic crisis of 2008. Many are abandoning citizenship of their nation of birth and taking up residence in low taxation nations with a lower overall cost of living. One segment of the demographic is known as "digital nomads". They could define part of the reason why countries like the philippine opt for 0% cryptocurrency taxes, in the hope of luring citizenship rescinders and their capital holdings into dwelling inside their borders. The same could be said of vanuatu et al.
Awesome idea, about that I haven´t heard any time before. But the question is what everything you loose when you renounce your citizenship and continue living in the country. But, wait, I have different citizenship, but I pay taxes where I work - in which country I receive salaries. So that would mean that I have to move into the Philippines?
