Who wouldn’t want to legally sell their crypto and pay only 1% tax, sounds like something impossible, even though we know there are countries where taxes are pretty low or non-existent. I checked the link for The Nomad Capitalist and of course I was interested in who is in the team, and I must admit that I was quite surprised that except for the CEO and another male member, all the others are women from Serbia (it is easy to conclude by name and surname). Apparently Andrew Henderson really liked it there, so he decided to surround himself with women from that country.
I don’t know how much they charge for their services, but I’m sure it’s not cheap - but services like this aren’t for those with little money anyway - without $300 000 a year in incomes or net worth $1 + million, you can’t claim their services. It would be interesting to hear if anyone has experience with them.
An interesting topic on Reddit -> A disgruntled Nomad Capitalist client's rant ...
I don’t know how much they charge for their services, but I’m sure it’s not cheap - but services like this aren’t for those with little money anyway - without $300 000 a year in incomes or net worth $1 + million, you can’t claim their services. It would be interesting to hear if anyone has experience with them.
An interesting topic on Reddit -> A disgruntled Nomad Capitalist client's rant ...
Serbia, hmmm the postal address on the site is HOng Kong!
Interesting read Lucius, this gives an insight into the fees they charge.
OK Then, I guess I wont be [or qualify for] using the services of the Nomad Capatilist.
Quote
Apparently, they charge S$500 for a first skype consultation (one hour with Andrew). If you want
them to go through your information and make a personalized proposal, they will charge you $8500 (two hours with Andrew).
them to go through your information and make a personalized proposal, they will charge you $8500 (two hours with Andrew).
I guess being an earner in the 7 to 8 figuew range, $500 or $8500 could be deemed a very beneficial cost.
Yep - nobody wants to pay tax !
I believe you need to ask yourself a few questions, which I’m sure you have already.
These would include -
- relocation options for you and your family
- immediate decisions will impact on future tax returns
- many jurisdictions are changing slowly but surely and they can retrospectively re inspect your tax returns
There are many so called ‘ crypto tax experts ‘ - my advice would be to prepare some crypto related tricky questions and see how well any of these prospective ‘ crypto tax experts’ answer these questions. You’ll know soon enough whether their advice is worth listening to . This is a new field for accountants and I believe many have little or no knowledge in the field .The money sharks will be circling
One last point, see if your accountant accepts crypto payments
I believe you need to ask yourself a few questions, which I’m sure you have already.
These would include -
- relocation options for you and your family
- immediate decisions will impact on future tax returns
- many jurisdictions are changing slowly but surely and they can retrospectively re inspect your tax returns
There are many so called ‘ crypto tax experts ‘ - my advice would be to prepare some crypto related tricky questions and see how well any of these prospective ‘ crypto tax experts’ answer these questions. You’ll know soon enough whether their advice is worth listening to . This is a new field for accountants and I believe many have little or no knowledge in the field .The money sharks will be circling
One last point, see if your accountant accepts crypto payments
Yes it seems like the best way to lower the TAX liability is to move to a favourable location,
and indeed this can be difficult when there are family members directly involved, it a major consideration.
I posted a list of 10 countries which appear to have TAX free laws on crypto, post #2.
There are indeed a lot of Crypto TAX experts and also advisors for offshore banking, beware of
the money Sharks indeed.
Are you ok with paying TAX on your profits?
Have you seriously considered minimising your liability?
Have you seriously considered minimising your liability?
It's not ok for me paying my taxes but it is a liability for us therefore we have an obligation on paying our taxes as well as the other citizens we have living in the same country, to be fair we don't really carry the same burden when it comes to paying our taxes as it scales up depending on which tax bracket you belong and I think it is only fair that the lower income earners have lesser tax liability than the ones earning higher ones.
I think for your case you are experiencing a higher tax liability because you have yielded a higher gain during that year thus placing you on a higher bracket. If you want to reduce your tax liability you should do more research in your country where you are living. For example since I think you are living in a European country there are some countries in their like Germany where you will be exempted for tax if you held your crypto position for more than 1 year. There might be similar laws you have in your country which reduce or completely remove your tax so really there is a lot of options in which you can lessen your obligations.
Indeed, Its one thing availing of the TAX free laws in a different country but there
are certainly criteria to avail of these. We also need to bear in mind the criteria in
our residing country for TAX free status.
I.E move to Germany for 1 year to avail of the TAX free laws but potentially still be
liable for TAX in your normal country, you might have to be a non resident of your own
country for more than a year.