Veeky Forums - Tax General

So what's the best way to cash out without paying taxes? I'm in the UK so would it be possible to open a bank account in the Cayman Islands, then cash out directly there?

This seems too easy, I must be missing something right?

just get a bitoin debit card and spend the bitcoin then you never cash out.

Fucking newfag stop asking the same questions every day. See old threads or join biz tax slack

No your plan does not work

I typically take my tax money, and put it all on AIX. then, once it moons in 6 hours, i'll monero and fly into the sunset.

kappa.jpg.png.shillng.

you'd have to physically move there then cash out. bermuda is probably a better idea. aren't they a part of the british commonwealth? might be easier to gain citizenship there?

>newfag
fuck off cunt, I was here before this board turned into cryptoshit
>hurr durr Veeky Forums was created as a crypto containment board
This is literally the first time I've posted a thread about tax.

I don't want to, I want to eventually transfer it to the stock market (once we stop growing exponentially)

Both are British Overseas Territories (ie part of our empire) so I'm already a citizen of both I believe.
So it wouldn't be as easy as going there on holiday and taking care of everything? I'd need to legally change my residential status to Cayman or Bermuda?

i don't know how all that citizen stuff work out with the British territory shit.

we have the US virgin islands here which are like the same thing ( you got british virgin islands which might work as well)

i assume you would need permanent residency there, and proof that you actually live there majority of the time.

Yeah, and what are you going to do with that money? Buy a house? A car? Tax attorney representative will knock on your door next day with couple of cops in the next block. Been there, saw that

That's why I want to do it legally.

Then pay taxes, wtf

However if you have paid taxes somewhere else, you do not have to pay them twice, but with no contacts it will cost you more than 20k if that suits you. As far as i rememmber greece and malta have 0% tax on income.

i want to pay taxes too but its so convoluted and fucked right now that i might not even bother. they should make it easy to understand then more people would pay

I've done alot of thinking about this topic, and have come to the conclusion that the best way is the way that looks normie to the tax dept. Don't file anything and pretend to be a clueless normie crypto enthusiast.

The tax dept will be told by your bank if there is any out-of-character activity on your bank account. Like wiring in 150K from overseas. The tax dept knows if you signed up with any local bitcoin exchange.

So make transactions that won't draw any attention - do the legwork - get to know people in your city who are also into crypto - take steps to secure your money yourself in a private deposit box and a home safe and on paper ZENcash wallets. Be open and enthusiastic about in talking about crypto but vastly understate how many coins you have.

The rule of thumb is you can cash out up to 80% of what you make in your normie job wageslaving. So say I make 60K per year, I can cash out 50K in the year before the tax dept will start to care. So I do that via localbitcoins, localZEN, and through my contacts i have met and come to trust.

I still pay for a day-to-day groceries from my bank account, but any toys Headphones, games, computers - I buy exclusively with crypto. Same with any travel or holidays. I ask every place if they accept crypto, and i keep looking till i find a place that does provide the good/service I desire for crypto.

At the same time, I start acquiring assets with crypto - a nice 2nd hand car - paid with ZEN. A super rare Magic the Gathering card - gave that nerd Monero. Gold bullion - I deposited privacy-enabled Bcash and received it via secure courier.

>Then pay taxes, wtf
I've made a very large amount, so I'd be slapped with an enormous tax bill. Seeing as plenty of wealthy people manage to avoid paying tax, I don't see why I wouldn't be able to avoid it too.

>tax on income
This is capital gains we're talking about.

>i want to pay taxes too
wat

Enjoy your time in cell. Or pay fucking taxes like everyone else do

Finally an user in the same position.

I've found a business that sells vintage film posters for cryptocurrency. I was thinking of this as an alternative for laundering my money if withdrawing to an offshore account is too difficult.

Then I'd hold onto the posters for a couple years, wait for them to go up in value then sell them and claim I inherited them from my grandfather who was a massive film enthusiast.

t. socialist pussy
Better dead than red. Or in this case, better to burn my paper wallet than let muh guberment have a single penny.

Sell your coins in person for physical cash or cash by mail. Lots of buyers on localbitcoins

Last but not least, after a year of building up like this, and greatly strengthening the crypto economy in the process, I request a 200K fiat loan from my parents, all signed by lawyers, no trouble. I pay the lawyer buy doing a transaction with a local crypto buddy I can trust and giving the him the lawyers bank account to deposit fiat to

I find a house for private sale, carefully feel out the owner, and if he seems smart, and offer to pay 5% extra if he is willing to take bitcoin for part of the payment. The house has a market value of 325K but If he will sell it to me for 250K I pay him the 75K balance in bitcoin plus 5% on the side, unrecorded in the sale and title document the sale is recorded as being for 250K fiat.

I'll pay parents back by selling on LocalEtherium every month and having the people buying ETH from me deposit the bank wire directly to my parents account - it never hits my account so it will never raise a red flag to the bank/tax dept. And to parents Bank it just looks like I am repaying the loan at a slightly above normal rate.

And just like that, by pretending to be a perfect enthusiastic Crypto normie numale for a year, biding my time, I am sitting on a tidy pile of useful assets and toys, I have paid no tax, and I have contributed to makeing the world a bette place where more private crypto transactions are done so people can keep the sweat of their brow. And not give it to the tyrrany of excess tax. i still feel good because I am paying same tax as everyone else on my wageslaving. Taxman sees me as just another drone, and I encourage this by not filing any tax return or making any large cashouts.

The only thing, the ONE thing that could undo all of this is a salty friend. So always complain with the other normies how poor you are. Say you still have a HUGE mortgage. And NEVER tell any women how much you are worth. If you can keep your mouth shut, you can enjoy all of your gains. if you can't... you will pay dearly to the jealous state.

UK citizen taxable on worldwide income and gains wherever they arise . You'd have to leave for at least 5 full years to change this.

Loads of people already know about my gains. Last summer when I was talking to my best friend about it, he told a group chat and they all know. Granted, I haven't seen any of them for 1.5 years so they probably forgot/don't give a shit.

Your plan sounds too confusing for me. Maybe I'll just never sell, it sounds easier.

Also aren't there legal consequences for selling cryptocurrency for cash? It's illegal for this very reason. Can't buy stock for cash on the street either I think.

This plan is basically the "never sell" plan, you cash out slowly to obtain the real-world items you need. Basically don't do any transaction you couldn't realistically have done in your normie life. $150K bankwire from overseas? nope, instant flag for tax and probably terrorist financing investigation.

No legal consequences in selling for cash. Unless youre trading partner keeps records like a dumbass and later get audited, there is no way for any government agent to know that the transaction took place. Unless you immediately go and deposit the cash over the counter to your bank. Banks are obligated to report around 10K or more of cash being deposited. If you use the cash to buy things from the grocery store instead then you are golden.

To avoid losing nearly half your gains to tax, you have to adpot the attitude of the samurai: banks are the enemy, you may work with them for now, but the goal of crypto is to be your own bank.

another thing you can do in the never-sell strat is to hire people with crypto for short term jobs - like designing you a slick website, or painting your garage, or converting your car to electric. in this way adding value to your assets, and potentially creating new legit revenue streams that you do pay tax on "for free"

>Tax attorney representative will knock on your door next day with couple of cops in the next block.
He's in the UK. Calm down amerishart.
Just pay your cg on the amount you take out then. Not sure if jersey, isle of man or gibraltar are also an option. Lot's of blockchain companies in gib

Be sure to signup on buttcoin.tax, you don't want to make a mistake :D