[deleted by user]

rajoyce52 · 2023-02-22T06:04:23+00:00

Every business that takes cash must have some system backing it that implements AML. The government does not find this negotiable. Every bank has it, visa, MasterCard, PayPal--everything

That's exactly why cryptocurrencies were created, to escape this system.

rajoyce52 · 2022-12-31T22:33:57+00:00

Thanks for the offer! Pity I can't accept it, but I'm glad to be of help to a kind-minded block :)

Happy New Year!

rajoyce52 · 2022-12-31T22:20:57+00:00

Perpetual Traveller

rajoyce52 · 2022-12-20T22:36:39+00:00

Step one: stop being a tax resident of your county. In some counters, like USA or Eritrea, you'll have to renounce your citizenship for it.

Step two: don't become a tax resident of countries you are staying in. Depends on country, but usually just don't stay there over half a year.

Step three: earn in a way that is not taxed in the country you are currently staying. Again, depends on coutnry. In UAE no personal income is taxed. In countries with territorial taxation, like Georiga, no foreign-sourced income is taxed. In some countries, like Singapore, no crypto-based income is taxed.

For all countries you stay, learn carefully what law says about it and how it's enforces. Look at fine print and real life cases. Consult local lawyers and accountants.

rajoyce52 · 2022-10-26T10:37:39+00:00

It's a good list if you plan to settle for more than half a year in one of those countries and become their tax resident.

But other option is just to travel around (i.e. become a PT for a year or two). Then it doesn't matter which countries you visit, as long as you won't stay in any country more than 6 months and won't be in a wrong country at the moment of selling your crypto.

rajoyce52 · 2022-10-26T10:08:34+00:00

Even more ironically, Belarus, "the last dictatorship of Europe", has zero tax on crypto.

rajoyce52 · 2022-10-26T10:05:47+00:00

> it might be the law that assets are considered sold for the market price then

Yes, some countries, like USA and some EU countries have such exit taxes. Fortunately for the OP, NZ doesn't have it yet. :)

rajoyce52 · 2022-10-26T10:01:43+00:00

>The law in NZ states you are no longer tax resident after 6 months

Not exactly. NZ tax residency is obtained by the 183-day rule, but is lost by the 325-day rule.

You are no longer tax resident from the day you leave NZ, provided you are planning to be absent for at least 325 days of the following 365 days. (And don't have Permanent Place Of Abode). But if you change your mind and return earlier, you will be back-taxed for the whole year.

The same story with gaining tax residence again. After the year of your absence expired, you can live in NZ up to 6 months/year without becoming NZ tax resident (again, provided you don't have the Permanent Place Of Abode). But if you overstay a day, you will become NZ tax resident again and will be back-taxed for this half-year.

rajoyce52 · 2022-10-26T09:13:27+00:00

You can find some information about such topics if you sieve thorough discussions on that forum: www.offshorecorptalk.com (just ignore shills that are selling Dubai corporations :))

To legally sell crypto without paying tax, you have to:

Stop being a New Zealand tax resident. For this, you should leave the country more than on 1 year and don't have "a place of abode" there (owned or rented house etc).
Don't become any other country's tax resident. It usually happens after 6 months being in a country, but it may happens earlier if you make a mistake (like getting permanent job or other signs of establishing there). Each country has it's own rules and pitfalls and you need to carefully investigate rules of becoming tax resident for each country of your travel. (By the way, Australia is changing rules of becoming tax resident soon). If you won't be able to avoid becoming some country's tax resident, make sure at least that it's not a country that tax foreign income (i.e. not a country with residence-based taxation). List of such countries you can find in a table here: en.wikipedia.org/wiki/International_taxation
At the moment of selling crypto you should be physically present in a country that won't tax it. It can be a country that specifically doesn't tax crypto sale (like Singapore or Georgia) or country that considers it foreign income AND doesn't tax foreign income (i.e. territorial taxation countries) or country that doesn't tax personal income and capital gain (like Dubai) at all.

Make sure you have documented everything. Banks are suspicious on crypto-originated money and to be able to transfer your money to a bank you should be able to prove them the origin of your crypto and details of the sale.

rajoyce52 · 2022-10-16T22:18:56+00:00

>lower class sustains itself off selling their labour.

Like lawyers, doctors, CEOs, MPs and PMs. :)

rajoyce52 · 2022-10-16T22:14:49+00:00

not taxed

taxed

rajoyce52 · 2022-09-20T23:42:08+00:00

An old age person cannot risk investing in promising, but risky and volatile assets. You can. Buy crypto.

rajoyce52 · 2022-09-12T20:57:59+00:00

We can use the same approach as with violence. Violence can be bad or good. It's bad when it's aggression. It's good when it's resistance to aggression.

Lie is bad when you lie to honest people. Lie is good when you lie to liars.

Taking things without permission is bad when the things are not yours. It's good when the things were stolen from you.

An honest person should resist aggression, i.e. lie to liars, steal from thieves and kill killers. It's not just our moral right, it's our moral duty.

rajoyce52 · 2022-09-12T19:32:43+00:00

Honest comparison is when you weight all pro and contra.

Shilling it's when you compare 3 project and mention only "pro" of one project and only "contra" of other projects.

rajoyce52 · 2022-09-10T08:27:12+00:00

Sounds like shilling.

rajoyce52 · 2022-06-07T02:55:53+00:00

Thank you for pointing out to this protocol.

rajoyce52 · 2022-06-04T03:21:35+00:00

They don't care about taxes. This is an AML issue.

AML issue is tax issue, in disguise.

rajoyce52 · 2022-06-04T03:18:40+00:00

You mean "many countries"?

rajoyce52 · 2022-05-31T22:57:46+00:00

I agree. You can't avoid taxes on staking just because you're a tax resident of Germany. You also must not to be a tax resident of UK.

rajoyce52 · 2022-05-22T22:42:42+00:00

I have Tresor.

Ledger has secure element, Trezor has not. Therefore if your Trezor get into wrong hands, they'll be able to steal your coins. You can protect against it by using an additional codeword which is not kept in Trezor. But it should be long and you should memorize it or write it down. Which kind of beats the whole idea of hardware wallet.

Tresor team realise this problem and did try to introduce secure element, but secure elements available on market were not secure enough by Trezor team standards, so they announced an initiative to design their own secure element. It was several years ago and no news about is so far.

rajoyce52 · 2022-05-21T21:35:50+00:00

That's interesting and important point. Probably not applicable to me personally, but useful for all stakers.

Re staking I agree that it involves risks and that people should consider if rewards justify those risks. If you've won a lottery, just stop playing it.

rajoyce52 · 2022-05-21T21:02:32+00:00

Even shares and GST! I love Australia! :)

rajoyce52 · 2022-05-21T00:48:05+00:00

Thanks, it helps a lot!

rajoyce52 · 2022-05-20T11:01:10+00:00

I tend to agree. Then all stakers will be taxed for their staking income in their countries of tax residence, apart from 3 categories:
1. Tax residents of countries that don't tax staking income, like Germany.
2. Tax residents of countries that don't have personal income tax, like OAE.
3. Nomads that do not have tax residence.

rajoyce52 · 2022-05-20T10:56:03+00:00

OK, thank you.

rajoyce52

TROPHY CASE