I have £500,000 in Bitcoin, I have held since the beginning and obtained though buying coins from MtGox and held ever since.
I don't want to get jew'd by Capital Gains Tax, I can only cash out around £11,000 tax free.
What can I do? If I try and avoid it by saying I got it from gambling and it fails HMRC will rape me in fines and I will get investigated as soon as it hits my bank account.
Even if I use Bitcoin gold buying sites and cash out by buying bullion I am still fucked as I can't exactly do much with bullion, I will have money I can't spend.
Are there any ways to actually lower it? I refuse to pay 20 percent or £100,000 to the government.
>inb4 hurr durrr offshore Jersey or Cayman Island
if you say that, at least explain HOW, willing to move country btw.
Just pay the taxes and be done with it. You didn't do shit to earn that money anyway.
Be happy that you're taxed at a lower rate on free gains from money you didn't even need than you are on money you worked for.
David James
>crime general
Elijah Brown
how about founding an investment company? you never declared any cryptos right? then cash out crypto sells to your companies bank account. pay you some small wage monthly. sure you still have to pay little tax but you can buy a house a car through your company.
Wyatt Perez
>if you say that, at least explain HOW pay a asset management lawyer to set up a convoluted matrix of trusts/llcs and bank accounts in different offshore jurisdictions. another option is a charitable trust where you gift your cryptos to the trust and now they can be reinvested into physical assets, tax free. do some research faggot youtube.com/watch?v=DHNHasrOqdE
Caleb Edwards
Don't fuck with the taxman, retard. Dont put skeletons into your closet.
Landon Martin
>trusting 500k in a Belize Trust
Jace Gomez
Couldn't you just buy monero and go from there? It's private right?
Jaxson Watson
>muh belize get raped by the taxman then faggot i don't give a fuck i'm only trying to help you use some of the foundational law of western civilization to your own advantage
Isaac Ortiz
Why would one not just get a 3 month contract wagecucking in singapore and liquidate while there on zero capital gains?
Jack Adams
you need to be a 'tax exile' for 5 full tax years to avoid paying CGT in the UK.
if you are an amerifat you will also need to give up your US citizenship
Bentley Hill
govs just love to steal those shekels. The convoluted rules they use to justify never cease to amuse.
Jason Johnson
dude are you retarded?
Charles Morgan
no just not british, and not tied to any single country and haven't been for years now.
Austin Reed
how?
Ethan Johnson
Send this question to your local tax collector. Tell them your story, and I'm sure they'll cut you a deal. Tell them you'll give them a nice tip if they can help you out. Also make sure this is all in writing so you don't get rused in the final second.
Benjamin Garcia
don't be american. don't value human connections or material possessions that tie you down to a single place, have valuable marketable skills that allow you to stay wherever you want permanently, have a passport that gives you lengthy visa free access almost everywhere and just split when it starts getting to the end of the visa free period and go somewhere else.
Combination of the above.
Hudson Ross
shut up greekfag.
Henry Reyes
whats about family and friends?
Caleb Rogers
omfg stop being a cuck piece of shit that you are only capable to live in some shitty western country, OP said he is willing to move!
Go bloody south america or asian tax haven and enjoy the splash of cash. Like just open a bank account and withdraw some btc into fiat. Do it at colombia, singapore and shit
Gavin Gonzalez
humans are shit tier. connections are for emotional people. I am not one.
I can pretend though by keeping in touch via email and stuff enough that it minimises drama. Broken home and all that shit anyway so was never really big on family and fucking hate my country so... not a big problem to me.
Samuel Taylor
St Kitts is shit best off shore is cayman. If you wanna stay in Europe take a trip to Luxembourg, Gibraltar, and Andorra. Open a bank account and a company on paper in each. Make yourself the prime shareholder of one and have the other ones shares owned by that main one. and your assets are the crypto, sell them in the 2 shelf businesses and route the gains as divys to ur shares in the main corp, and 0 cap gain tax ez peezy
Brayden Clark
Go to UAE, open Bank Account in there.
James Miller
It would be better if you open account in Sharjah, Fujairah and Ras Al Khaimah than Dubai & Abu Dhabi. I prefer Ras al Khaimah
Alexander Fisher
Do you really want to cash out all into fiat? A few ways to do it is to take your 11,000 pound tax free every year, go to localbitcoins.com and trade with some pedo on the street. Find Bitcoin ATM machines and paid huge fees to cash out anonymously.
If I would you I would either leave it in Bitcoin or drop it into a cryptocurrency index fund. Then use a cryptocurrency credit card to buy things with it. No need to cash out.
Anthony Miller
Why the fuck would you pay tax on it? That money still has to go buy a grossly overpriced property off some filthy fucking boomer.
Fuck paying tax and fuck boomers.
Charles Kelly
user, I'm with you, but the system is designed to ensure that you will pay your taxes, like it or not. "The only certainties in life are death and taxes" is a centuries old saying, but it's true.
If you're American, your only option would be to renounce citizenship completely if you want to cash out and not pay tax.
Adrian Fisher
No joke, I'll tell you what I did if you spare me some change so I can buy link and join the meme. I want to link post. It should work for you even though you have a shit ton more to cash out than I did.
1AhS9j52jdyt4keyygk8jHfkojrxu79Kqs
Nicholas White
user, knows his shit.
Ethan Baker
Hey OP.
Move to Denmark and live there for 6 months (you need a permanent residency)
Once you've stayed at least 6 months and have a permanent residency there you now become taxable towards Denmark instead of the UK. Denmark has ZERO, ZIP, NADA tax on crypto. Withdraw your crypto and then you can move back or do whatever with your life.
Good luck friend!
Joseph Bell
>living in a shit country is worth £100,000 Are you dumb?
Ian Roberts
Why the fuck would you ask this on a mongolian dog whisper forum?
Thanks user, it's basic asset protection, I know about some really advanced tactics individuals use so no one can touch their assets, even if they're sued, etc.
Also big corporations route their revenue to erase most of the tax thru a basic tax dodge called double Irish and a Dutch sandwich. Just shelf companies in the right jurisdictions can lower your tax, consult a tax attorney
