Re: How do i cash out old bitcoin legally without getting destroyed by taxes?
⭐ Merited by LoyceV (4)
Problem is, taxes in France on crypto gains are super high, and honestly I would rather not give away a huge chunk of it if there are legal ways around that. I started looking into options and found out that some countries don’t tax crypto at all if you’re a resident there. Malaysia stood out, and from what I read, if I move there and become a tax resident, I could possibly cash out without paying tax. So is this a realistic and legal move?
No! As many countries in the EU have an exit rule, you have made those gains while being a French citizen, the only realistic option is
- Become a xxx country resident
- Declare fiscal departure from France, which means you must declare even unrealized capital gains, and here you would need to lie
so there goes the legality- You move back to France after that, and there is an extra xxx in your accounts, and chances are you're going to regret the 30% you saved
Way cheaper with fewer headaches would be just to travel around Europe and cash out at ATMs while on vacation, still plenty of countries with no KYC under 500-1000 and still enough ATMs
with under 5% fees.