The tax man in my country is cracking down on crypto.
Our government has a large budget deficit and they are desperately trying to find ways to tax the shit out of citizens.
A friend of mine recommended an experienced tax lawyer who only works with crypto cases. He has seen people getting taxed more than 60% (flat 50% + other taxes + fees) on profits.
So I need to find an exit strategy in the next few months without alerting the tax man.
As for the legal options, he recommends becoming a tax resident in other European countries such as Portugal. But this would require me to quit my job, and the same goes for my wife. That is not an option.
I only see 2 other options.
1) I send my crypto assets to the account of my mother in law, who is approaching 80 years old and lives outside of the European Union.
I would let her go through KYC but I manage the account and passwords. I would link her account to my own hardware wallet. I intend to sell most of my crypto by oktober of 2025, and buy back in 1 year later. Once I buy back in, I would send the assets from her account back to my hardware wallet.
Advantages:
a) There is no bank payment trail to her account, as the crypto assets are deposited through stablecoins.
b) If the tax man in her country finds out some day in 2040 after she is no longer with us, I don't think he can collect penalties and taxes from someone who is no longer alive
2) The other option would be to use swapping platforms like changelly. But I am very worried about losing my funds with these.
Both options have in common that there is no centralized bank account with a balance, on which fiat money is held.
I would have to keep the assets in stablecoins through the bear market, which is always at risk of losing the peg.
Any other ideas? I am not going to pay a boatload of taxes and donate all my profits to the government, obviously
I wouldn't count on tax man ignoring the debt if she is dead. It will more than likely be passed down to her next of kin, namely you, and you'll have to pay plus interest.
What i would suggest, check your local boards, especially in EU, there are many trustworthy OTC groups where you can exchange your crypto for cash