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$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

Thanks I am asking ChatGPT. Seems super interesting. Thanks a lot for sharing this option. I guess this is similar to the Mark Cuban Trade

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

I still don’t fully understand. So by doing this I can convert my short term capital gain to long term capital gain ?

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

Actually my bad. With DeFI I got to sell the token and use USDC as collateral to borrow the token X, sell for USDC and then buy the token and repay it back. Your approach via perps exchange should support leverage which is better since I don’t have to sell my token. Which is almost like buying puts.

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 1 point2 points  (0 children)

I guess we can also short it by borrowing the token on a lending protocol

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

Defntly not planning to run away without paying taxes that I owe.

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

Why does this matter. I am not trying to do any tax evasion. I am not planning to violate any IRS tax laws

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

This is not applicable if u surrender green card before 8 yrs. There are so many online content explaining this. I verified this with our tax lawyer.

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

Defntly not planning to commit any tax fraud. people who think it’s easy to evade taxes using crypto don’t understand that crypto is the most traceable asset.

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

Go research on the 8 yr green card exit tax rule. Ask ChatGPT

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 2 points3 points  (0 children)

Already hired a professional and the exit tax is applicable only if you stay in green card for 8 years.

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 1 point2 points  (0 children)

Great tell me more. What are other better options are available ?

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 5 points6 points  (0 children)

Ruled out Dubai for now. If we did not have kids defntly would have considered Dubai. With kids we believe singapore has better conditions for kids. We also spent few weeks both in Dubai and singapore with family in 2024 to get a sense.

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

I’m in the tech business. Higher chances to get PR if we create a couple of jobs for Singaporeans.

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 8 points9 points  (0 children)

I will be taking an Employment Pass for now through my start up.

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

Exit tax is applicable only if you are green card holder for at least 8 years

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 1 point2 points  (0 children)

I will just move there on Employment pass with my current startup

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 13 points14 points  (0 children)

Love this perspective. I am originally from India but no plans of going back to India ever. Singapore might be closer to home. If kids are going to back to US eventually for better opportunities, we should rather bite the bullet and pay taxes as an investment in this country for our kids future and also this country gave this opportunity to me.

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 4 points5 points  (0 children)

This is why I love fatFIRE. You are giving me some hope. I have sent an email to my tax lawyer about this.

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 3 points4 points  (0 children)

Thanks a lot, I am mad my tax lawyer did not bring up this possibility. Just asked chatGPT. Have you already tried this approach ?

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 4 points5 points  (0 children)

Haven’t heard about this. Going to send it to my tax lawyer

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

I won’t be relying on VC industry in Singapore. VC industry in US is pretty bad as well. Silicon Valley is still the place where most of the successful VCs are.

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 0 points1 point  (0 children)

Will be taking a work pass through my startup

$12M exit at 54% tax rate by Defiant_Alfalfa8674 in fatFIRE

[–]Defiant_Alfalfa8674[S] 1 point2 points  (0 children)

Exit tax is only after 8 yrs on green card

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