Post
Topic
Board Legal
Re: Crypto friendly countries, where and how to exchange your crypto with 0 taxes
by
Mahanton
on 16/03/2021, 22:50:26 UTC
How much are we talking about? It's not the same to want to change $10,000 as it is to change $1,000,000.

I have some bitcoins that I've kept for a couple of years and I'd like to sell them for a profit, without paying a big tax on it, and then to transfer the money through bank transfer to my country. Here in my country I'd have to pay 20%, which is not acceptable.

To make things legal if you want to exchange large amouts you would need to move to the country you are exchanging the bitcoins in. You should get the tax residence there. Wanting to go to another country, exchange your bitcons for fiat and transfer them by bank transfer to your country doesn't seem very smart at first sight. If you live in a developed country the most likely scenario is that your bank will inform your IRS or equivalent about all the transfers that surpass $3,000.


Which basically means that there's no way that for you to hide up yourself on trying not to pay up those taxes because once you do touch out with those typical centralized transactions specially on bank
transfers then you would really be traced up and would really be sued up that you do need to pay up your responsibility or else then you would really be facing up some problems.
With just my own opinion and basic understanding about taxes then its really hard to make out conversions specially with big amounts involved.Its impossible when
making in between crypto to fiat.