I love it how they hate you investing in crypto, banks try to stop or limit you from depositing into crypto but sure they want to get their grubby hands on your profits though.....
Where did you get zero Crime from? One of the Highest taxes in the world. Highest Energyprices in the world. Everyone i know who has a Business or a „Good“ Job is looking for getting out of here (out of the EU)
Countries who signed up to CARF: Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Norway, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America; the Crown Dependencies of Guernsey, Jersey, and Isle of Man; and the United Kingdom’s Overseas Territories of the Cayman Islands and Gibraltar.
You couldn't be more wrong, how do you think they catch and retrieve ransom money through bitcoin? That's correct they invented it and they fully control it or do you think the biggest financiers in the world just stick there money in and hope its all going to be OK 😅😅😅😅😅
Transparency should go both ways. Open ledger for the government and the people. I’m all for paying my share of taxes but not if the government are not following the same rules
@@Gtellem We need to raise our consciousness and realize not only are they not entitled to zhit but also all Taxation is slavery period and its the same currency that gets used for them to grab more power profit and control over our lives.
I am somewhere in Africa, where the government can't afford to pay tax collectors, teachers and the police. Its glorious if you can live without showing off your assets.
@@selfishgypsytears2322 There’s still a ton of banks for on and off ramps. They will have to answer to us on a legal basis if they want an all out ban. There’s nothing in the books that would allow them to do that. Even if crypto was gambling it’s our time/energy represented in (currently) fiat currencies to waste.
@@selfishgypsytears2322 No. What you’re eluding to is the on and off ramp. Even if that was enacted, there’s no option for them to stop peer to peer transactions/final settlement. In tyrannical and/or corrupt countries it just accelerate the above mentioned. We see adoption in African countries as a case study.
Remember marijuana caused brain damage and was a gateway drug and made you violent, etc etc... until they found a way to tax it, then it cured everything and everyone should use it
If you have BTC don't sell it and be liable for the 15% to 20% US tax levied on it. Simply borrow against it on a secured loan charging no more than 5%. In the long run you get to keep your BTC while paying the loan off with fiat currency, or wait for BTC to go parabolic and pay it off that way.
@@MMABeijingledgers, trezors, literally getting crypto how it was actually intended on being purchased and traded. Heck, you can create a wallet with an old usb stick. Crypto was not designed to be purchased and sent like a stock on an exchange…
@@CynthiaWithLove anything is a currency, it entirely depends on what you define it as. If you and I are bartering goods and services using apples, that makes apples the currency between a product and/or service the two parties are offering each other. It makes complete sense. Many companies offer the option now to pay with some cryptocurrency globally, Americans are in the bubble of “if I don’t see it in the country I’m living in right now it’s not happening anywhere else” and that’s so far from the truth. Western nations are actively trying to suppress it while eastern and African nations are learning to use it. Its value cannot collapse as long as there are people whom believe in its value, this is simple economics. A Rolex may be some dumb watch that’s overpriced to you and me but there are enough people that exist that will gladly pay 10k or more because they believe it is valued at that. Over 70% of all bitcoin wallets that exist have not had any outgoing transfer transaction in getting to two years now, all the volatility in the market is only between 20-30% of the supply that is currently not existent in wallets. The only person who doesn’t believe in it is you, while the hundreds of millions of others do, and for that reason it’s price will go up and up for as long as their is belief in it, this logic applies to literally anything that exists… gold, house, land, apples, chicken, beef jerky, MacBook Pro, Hyundai Elantra, lol u name it.
They're trying to get a hold on decentralized currency. With KYC prevalent everywhere it's going to be hard or impossible to move your money around without paying taxes.
It’s accelerating and they’re coming for everything. Just look at all the employees all governments have hired and are still hiring. It’s reported in Canada, 1 of 5 jobs is with government.
this is on purpose, the more people employed by government , the less people are left to resist the government. Because government jobs are so lucrative, people in them usually don't go against the government
Anyone ever heard of 'trust?' In the IRS Manual it tells you how to not 'qualify' for taxes.... also tells you the if you qualify, and u dont pay, you are 'evading..' dont let slick sounding folks further remove you from what it is that you should truly seek, no matter what kind of country hoping or not you may do...
@@Hmmm313 Monero, pirate chain, epic cash, dero. Monero is the easiest of those with widest support. Exodus wallet supports it, Ledger also does but you need to install the monero wallet separately and then use the ledger to store the private key
I had a windfall of $1000 and was thinking of investing in crypto. Then, when I tried to buy some crypto, I discovered the egregious and intrusive 'know your customer' and backed right out. No way am I going to give such a huge amount of personally identifying information to some crypto exchange which has no regulations on governance and could easily get hacked and now my PII is being used for identity theft. No thanks.
if you use US exchanges, they're highly regulated and governed, that's why only a handful can legally be used by US citizens. Also fyi, tons of other companies that have your identifying info get hacked every year, like bank of america just a couple weeks ago yet again
When you are paying tax on crypto, then it's not crypto anymore, it's just another Fiat cousin. This guy missed the whole purpose of what crypto. There is no crypto currency, wake up to this delusion and save yourself.
Every time I use my card to buy crypto to raise tax reserves the bank blocks it. So which one is it? I can buy it and i'm taxed on it or a can't buy it and i'm not?
@@leafyutube 1-Deposit the crypto in a growth escrow account. 2-Take out loan to live on against the account. 3-Account grows fast enough to pay off your yearly loan. The government can’t tax what you don’t cash out, the government also can’t tax debt.
Just be careful that wherever you live doesn't tax capital gains that are unrealized. Many "name-brand" countries do this - its always the ones that have "deeming laws" that love taxing "unrealized" gains. They do this by deeming the value of the asset to be higher than it actually is (i.e. they're looking at and deeming it to be what it could be worth) and then demanding people pay tax on the unrealized gains. Australia loves doing this.
It’s very simple open an LLC register all the crypto address in the LLC and how much crypto you own, when your crypto goes up in price, you can try to borrow against the asset so you don’t create a taxable event, you pay no taxes on borrowed money.
@@kingkeebo80 It's hard to find good rates. Long term capital gains is only 15%. AAVE is charging that every year for loans. It fluctuates but during a bull run, you can't afford a loan.
If you hold for 10 years it will be currency. Enough countries will adopt it that every central bank will need to hold it on the balance sheet. At that point it’s not taxable
@@davelewis6256 monero doesn't allow you to see what is in a wallet, it does not allow you to see the amount of transacations. unless you give someone your wallet's view key, then they can see what you've been doing with it. It generates unique one-time addresses for each transaction. It is impossible to blacklist a monero wallet like they can with bitcoin, as well.
Thanks for the analysis! 🔍 Need some advice: 🙏 I found these words 😅. (behave today finger ski upon boy assault summer exhaust beauty stereo over). How do I use this? 🤨
Britain doesn't tax gold so why Bitcoin which is digital gold? It's the currency of El Salvador are we taxing other counties money now? They won't even let you trade a Bitcoin ETF on their stock exchange unlike USA, Canada, Australia and Germany.
@GameWorldEngineer Bit of a grey area. Spread betting no. CFDs yes. Also, it depends if it's your profession (source of income). You can earn £18,570 before tax.
@ sang3Eta The only gold Britain doesn't tax is legal tender bullion coins e.g Britannia's or sovereigns. CGT is due on everything else e.g bars and foreign coins
WHAT IS THE END GAME WITH CRYPTO? That is a question worth asking. Now that governments and investors treat it as a property rather than a currency, it is not ultimately useful for goods and services, due to all the capital gains tax complexity. I suspect that this is the plan:: the big boys and ETFs will push up the price on Bitcoin sky high, then exit into tax strategies like charitable remainder trusts, Roth, etc just before notice from insiders that the fiat system is crashing and defaulting. (So they capture the gains). Then, they roll out CBDCs as the only viable means of acquiring food, shelter, etc, since fiat is worthless. They maybe even give you a nominal amount of CBDC in exchange for confiscating fiat, BTC, gold, maybe even rental properties. Plus they offer a minimal CBDC income. People will comply if they have no other choice. Presto, you will own nothing and be happy. IF it comes to that, bartar, community and self-sufficiency will mean a lot, plus a good supply of food and water. OR--- maybe laws will change and BTC is encouraged as currency as it was meant to be, ... maybe Some think it is a Trojan horse to get us used to Digital currency.
Great analysis, thank you! I have a quick question: I have a SafePal wallet with USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). What's the best way to send them to Binance?
Glad to have dexes and places to spend straight crypto. Only thing i ducked up is that i had kyc on binance and send it ti my external wallet, so now they can follow the hops
the Q crowd has been saying this for years, there has been no evidence of this. Look into Operation Trust, where Russia created a fake resistance organization in order to entrap people who were against the government. it's entirely possible the Q phenomenon is another operation like that.
@@pinetworkminer8377Then they'd have to change their laws overall, because as things stand, residents pay 0% income and 0% capital gains. So if they start applying capital gains to crypto, then their entire 'tax free' model breaks.
I was born in the U.S. and live in the U.S., however I have dual citizenship to a crypto friendly country in Europe. Is there a way I can use that citizenship to invest in launchpads that are not allowed in the U.S.?
Stake SFUND (Seedify) would be one way. Use the good non-us passport if needed, and use VPN. But just holding SFUND without participating works too. It will rise as the interest in gaming projects rises.
If you live in the Philippines on the perpetually extended tourist visa you will pay no taxes of any kind, so as long you are not being chased around the world by the country of your citizenship (like the US) you are good in the Philippines.
does this only apply to tourists? So if you are a citizen of the Philippines you have to pay tax? If thats the case I might not get my citizenship for the Philippines (citizenship by descent), as my mum is born there, ill just stay a tourist
It depends what you're after - convenience and availability of good healthcare or cheap real estate or temperate temperatures, or beautiful beaches or nature and geological peace of mind... in the Philippines it is always "or" never "and"@@user-dy2qq5wh4b
Yup, if you’re a citizen you’ve got to pay taxes. Even if you're on a working visa and have any form of residence you still have to pay taxes. Only a tourist visa gives you 0 taxes here. Extending your tourist visa isn't free though - you pay some PHP10,000 every 6months for every extension.@@Foden5354
@Andrew don't you always say that you follow all rules in your jurisdiction and advise anyone to do the same? In that case, how does information sharing have a negative impact on any one individual wrt tax specifically? I'm well aware of all other negatives both versus individual privacy and society-wide, however this shouldn't impact the tax bill of anyone already adhering to the tax reporting rules in the place they live/are tax resident. Your advise to move away from bad tax jurisdictions is of course very applicable in this case.
Or the average person isn’t educated and doesn’t have the money to leave the slavery. If the USA was so worried about Americans paying the right taxes and how to do it. Why the F don’t they teach it in high schools?
In the United States paying for something with crypto is the same as selling your crypto. You will pay capital gains on the increase in value from the time you bought it. Over 1 year is considered long term capital gains and that is taxed at 0% up to a certain amount.
So how can I find out what my tax liability is when Binance and Kucoin to name a couple no longer allow you to login to add your addresses on tax software?
Excellent. Thanks. I wonder though how much of all this (in the UK they are cracking down too and your tax free allowance went down for £12, 500 (ish) to £6000 this financial year. The next financial year - starting April, it's going down to £3000. You make the point about crackdowns on off-shore. My question is why, now, all of a sudden? The nagging thought is that they can foresee the average man and woman being drawn into crypto in the future. The don't like the idea of the great unwashed sharing in the riches.
There's no way the IRS has the manpower to go back to all the people who have bought, traded and sold crypto in the past. Yes they are trying to play catch up and be able to enforce crypto in the future but people have literally made hundreds of thousands of dollars and bought houses from crypto who haven't paid taxes on it. If anything the IRS would try and enforce taxes on those people, but there's no way they will be going after people who made 2 grand 4 years ago.
Please Share. Not Advice but if a John Doe who has a disability and is on SSID invested in crypto. John Doe wants to be able to protect his investments from being unnecessarily taxed but has to IRA set up. What should John Doe do to achieve his goals?
Crypto isn't fiat so if they want to take crypto it needs to be in crypto. Any fiat converted to crypto would have already been taxed, it cannot be a capital gain unless it's in fiat.
Well l didn't learn a thing. My advice to you is learn about who really is behind the push towards blockchain and crypto. Then work out the strategies. Then make a video with your findings. That would have true utility rather than a big ramble with "go to where you are treated best" l think we got that point 20 presentations back.Otherwise its just clickbait.
If you mined crypto from nothing, how on earth does the tax get worked out on that? The initial mining cost at the time? Vs the price you sold for. This was the exact reason btc was created, to avoid all this greedy stuff from the self elected agencies
you have a capital gain based on the value of the crypto mined minus the cost of running the mining equipment to mine it. I tihnk that's how it is supposed to work
it depends on each country's tax laws. some countries tax unrealized capital gains (which is bullshit but anyway), so if a coin's value increased massively over the last year you might have to pay tax on that gain even if you didn't sell it.
Hi, if you live in a country where there's no crypto tax regulations, could you still cash out on a bank account from your country of origin (where there's tax regulations on crypto)? Is that a problem ? Thanks
@@babbzy8966 Yeah I mean if you're not a tax resident in your country of origin, can you still use a bank account from your country of origin to cash out? (Or do you absolutely need to use a local bank account in order to avoid problems...?)
@@niklansa6380 if you're now a resident somewhere else that is crypto friendly, why don't you walk your butt into a bank there and open an account, it takes 5 minutes
Crypto is part of good tax planning overall! Make sure your crypto, like any safe asset outside your retirement plan, is protected in a complete legal formation.
Love ur tips thank u. For most folk difficult to uproot and move to another country. You have all your friends and family in one place you know is there anything we can do other than move?
More and more banks will collapse... Even bigger ones so well see where we stand when all of the dust clears globally and all regulations are reviewed and approved
TRANSPARENCY?? Hmmm? Maybe the government officials and anyone getting paid by the Federal Corporate Structure should publish THEIR complete tax FILING each year BEFORE they send the IRS after us little guys!!!
BRIA 11 3 b Most Thought It Was a Great Idea in 1913 Previously, federal government revenues came mainly from taxes on goods-tariffs on imported products and excise taxes on items like whiskey. The burden of these taxes fell heavily on working Americans, who spent a much higher percentage of their income on goods than rich people did. When a tax takes a larger percentage of a poor person's income than a rich person's income, economists refer to it as "regressive." But in 1913 when Congress passed an income tax law after the ratification of the 16th Amendment, the tax burden shifted to the rich-at least for a while.
I love it how they hate you investing in crypto, banks try to stop or limit you from depositing into crypto but sure they want to get their grubby hands on your profits though.....
So true! It’s not just the market that will take your profits!
EXACTLY THIS !
I was just thinking exactly the same
Communists
Biden has to go!
The more governments start clamping down on crypto the more you realise it is the way of the future. It’s not going away.
It is the future !
Tax in cyrpto os great. It allows the big guys to comfortably invest into it. Pay your tax guys
@@AP_Sim yea pay your taxes for them to invest into it with your taxes paid.
Zero taxes in Germany after a year of holding. On the other hand this is the only positiv thing I can say about this country.
OHHHHHHHHHHHHHHHHHHH dude- Harsh, baby! What about the smooth roads and Radlers? Wide variety of Asian restaurants available? Zero crime?
Where did you get zero Crime from? One of the Highest taxes in the world. Highest Energyprices in the world. Everyone i know who has a Business or a „Good“ Job is looking for getting out of here (out of the EU)
smooth roads and wide variety of asian restaurants as a selling point lmao
@@DG-rv9phyeah but they have dim sum. Dim sum man!!!
@@SunKing968 Don't forget sauerkraut.
The UK would tax the shit that comes out of your arse if they could not only once but 3 or 4 times like they do with your income.
The government has already figured out how to tax the water you consume to flush your shit away.
Countries who signed up to CARF: Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Norway, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America; the Crown Dependencies of Guernsey, Jersey, and Isle of Man; and the United Kingdom’s Overseas Territories of the Cayman Islands and Gibraltar.
Too bad all those places suck.
@@bobmalooga335😂
Whose left? Malaysia? But that’s next to Singapore whose also joining. Hope Malaysia’s stays out cuz I’m thinking of moving there
@@Ailandscapes I'm hoping to retire in Thailand soon
Amazing how they want to crack down on it, but they're worried about not getting profits from it.
Bitcoin = freedom
Govs & banks = Tower of London, life prison sentence.
Thank you awesome talk 😊
You couldn't be more wrong, how do you think they catch and retrieve ransom money through bitcoin? That's correct they invented it and they fully control it or do you think the biggest financiers in the world just stick there money in and hope its all going to be OK 😅😅😅😅😅
Yes, it will be over $100k this year.
P2P payments was a great idea and the main BTC narrative since 2009. Now we see it can't be more distant from this.
Transparency should go both ways. Open ledger for the government and the people. I’m all for paying my share of taxes but not if the government are not following the same rules
Taxation is theft.
awesome idea! so we can aggragate and see the money flow!
Are you cool with funding arms manufacture and genocide?
What did any of these countries provide to have a right to your gains? Why do people accept this? Taxation is not slavery or anything.
Exactly they took no risk but want some of the profits
@@Gtellem We need to raise our consciousness and realize not only are they not entitled to zhit but also all Taxation is slavery period and its the same currency that gets used for them to grab more power profit and control over our lives.
Debt slavery . They don't need the tax, they print money out of nothing
That is modern day slavery, they'll get their cut. 😡
Slavery is about forced labor. Taxation is about forced tax on your labor. Tell me if these are not the same snake in the grass.
I am somewhere in Africa, where the government can't afford to pay tax collectors, teachers and the police. Its glorious if you can live without showing off your assets.
Whereabout in Africa
Excellent. I do something similar, but not quite that drastic. I feel no moral ob to give taxes to my war-crime supporting govt.
Seriously... where in Africa? Currently considering Botswana.
It’s the same in the uk, unless you buy a house; you can pay zero tax your whole life 😂
Amen to that!@@genestone4951
They try to stop it. They couldn’t. Now they want a piece of the price. Tax is theft.
They can easily stop that. By not cashing out crypto money. I mean by not allowing transfers into bank account
@@selfishgypsytears2322 There’s still a ton of banks for on and off ramps. They will have to answer to us on a legal basis if they want an all out ban. There’s nothing in the books that would allow them to do that. Even if crypto was gambling it’s our time/energy represented in (currently) fiat currencies to waste.
@@selfishgypsytears2322 No. What you’re eluding to is the on and off ramp. Even if that was enacted, there’s no option for them to stop peer to peer transactions/final settlement. In tyrannical and/or corrupt countries it just accelerate the above mentioned. We see adoption in African countries as a case study.
Remember marijuana caused brain damage and was a gateway drug and made you violent, etc etc... until they found a way to tax it, then it cured everything and everyone should use it
I'm an American that has been living in Puerto Rico for the last 7 years. 👍
from crypto funds?
Puerto Rico is a state of the US?!?!?! You and your fellow Puerto Ricans are American as well.
@@satclass9632Puerto Rico has tax advantages for investing….live at least six months and day every year there
@@satclass9632if you live more than half the year and buy and sell your crypto in PR you don’t have to pay tax on your gains.
How hard was it relocating and working there? How safe is it? Where would you recommend?
Or....OR.
You can just become an illegal immigrant.
Then they’ll give you health insurance,money and praise you as a hero
If you have BTC don't sell it and be liable for the 15% to 20% US tax levied on it. Simply borrow against it on a secured loan charging no more than 5%. In the long run you get to keep your BTC while paying the loan off with fiat currency, or wait for BTC to go parabolic and pay it off that way.
Or if BTC takes a dump the bank might seize your holdings.
@@Crimea_River Most loans are backed by credit. A secured loan is a different animal altogether.
Only until they change those rules😢
El Salvador, El Salvador, and El Salvador
Too expensive, need million dollars for citizenship
@@blake1069 actually there’s a workaround for that…
@@moonwalker8490I would like to know more about this!
@@moonwalker8490 ?
@@blake1069you don't really need a million. Many bitcoiners are moving there now.
Plenty of people buying and selling privately! Just stay off the exchanges
Where
@@MMABeijingledgers, trezors, literally getting crypto how it was actually intended on being purchased and traded. Heck, you can create a wallet with an old usb stick. Crypto was not designed to be purchased and sent like a stock on an exchange…
How is it currency if you can't buy anything with it? Makes no sense. I think the value has been fabricated and will collapse without notice.
@@CynthiaWithLove anything is a currency, it entirely depends on what you define it as. If you and I are bartering goods and services using apples, that makes apples the currency between a product and/or service the two parties are offering each other. It makes complete sense. Many companies offer the option now to pay with some cryptocurrency globally, Americans are in the bubble of “if I don’t see it in the country I’m living in right now it’s not happening anywhere else” and that’s so far from the truth. Western nations are actively trying to suppress it while eastern and African nations are learning to use it. Its value cannot collapse as long as there are people whom believe in its value, this is simple economics. A Rolex may be some dumb watch that’s overpriced to you and me but there are enough people that exist that will gladly pay 10k or more because they believe it is valued at that. Over 70% of all bitcoin wallets that exist have not had any outgoing transfer transaction in getting to two years now, all the volatility in the market is only between 20-30% of the supply that is currently not existent in wallets. The only person who doesn’t believe in it is you, while the hundreds of millions of others do, and for that reason it’s price will go up and up for as long as their is belief in it, this logic applies to literally anything that exists… gold, house, land, apples, chicken, beef jerky, MacBook Pro, Hyundai Elantra, lol u name it.
@@CynthiaWithLove Actually it will go much higher when they will force the CBDCs on us.
They're trying to get a hold on decentralized currency. With KYC prevalent everywhere it's going to be hard or impossible to move your money around without paying taxes.
What is KYC?
@@Juyen_3 KYC is "Know Your Customer" it's when the exchanges make you send your ID and other personal identifiable information
Know your customer
Almost every exchange has it. I Google every list nd by 2024 they're all outdated. Almost ALL have KYC at this point
It’s accelerating and they’re coming for everything. Just look at all the employees all governments have hired and are still hiring. It’s reported in Canada, 1 of 5 jobs is with government.
In many European countries 40% and more State or state-related
Government creep, they just get bigger and bigger. Funny thing is, cost of living in Russia is cheaper than Canada now days.
this is on purpose, the more people employed by government , the less people are left to resist the government. Because government jobs are so lucrative, people in them usually don't go against the government
Anyone ever heard of 'trust?' In the IRS Manual it tells you how to not 'qualify' for taxes.... also tells you the if you qualify, and u dont pay, you are 'evading..' dont let slick sounding folks further remove you from what it is that you should truly seek, no matter what kind of country hoping or not you may do...
Privecy coins are king
Which is?
@@Hmmm313 make yor reserc
@@Hmmm313 Monero.
@@Hmmm313 Monero, pirate chain, epic cash, dero. Monero is the easiest of those with widest support. Exodus wallet supports it, Ledger also does but you need to install the monero wallet separately and then use the ledger to store the private key
@@Hmmm313Zcash monero dash
I had a windfall of $1000 and was thinking of investing in crypto. Then, when I tried to buy some crypto, I discovered the egregious and intrusive 'know your customer' and backed right out. No way am I going to give such a huge amount of personally identifying information to some crypto exchange which has no regulations on governance and could easily get hacked and now my PII is being used for identity theft. No thanks.
Use a decentralized exchange, or buy directly from someone peer-to-peer, or sell goods or your services or employment for bitcoin.
So you'd rather be trapped in the failing legacy system? There are ways to escape. Do more research. Best not to use CEX's tho.
if you use US exchanges, they're highly regulated and governed, that's why only a handful can legally be used by US citizens. Also fyi, tons of other companies that have your identifying info get hacked every year, like bank of america just a couple weeks ago yet again
steve they already know everything about you. dont cut ya nose off to despite your face.
blockchain is the future
Buy a mining machine and mine it to your own Wallet :)
When you are paying tax on crypto, then it's not crypto anymore, it's just another Fiat cousin. This guy missed the whole purpose of what crypto. There is no crypto currency, wake up to this delusion and save yourself.
Every time I use my card to buy crypto to raise tax reserves the bank blocks it. So which one is it? I can buy it and i'm taxed on it or a can't buy it and i'm not?
CGT in Ireland is 33%, one of the highest in the world
join us in the usa at 40%
@@therealpg777 that's only for shortterm, your long term is 20%, no? Ireland is a flat 33
I'm beating the crypto tax by never selling
Never? Ever? What is the point of investing then?
@@leafyutube
1-Deposit the crypto in a growth escrow account.
2-Take out loan to live on against the account.
3-Account grows fast enough to pay off your yearly loan.
The government can’t tax what you don’t cash out, the government also can’t tax debt.
Just be careful that wherever you live doesn't tax capital gains that are unrealized. Many "name-brand" countries do this - its always the ones that have "deeming laws" that love taxing "unrealized" gains. They do this by deeming the value of the asset to be higher than it actually is (i.e. they're looking at and deeming it to be what it could be worth) and then demanding people pay tax on the unrealized gains. Australia loves doing this.
Until the progressives get their way and pass an unrealized capital gains tax 😂
@@jpaul8589 What's a GROWTH escrow account?
It’s very simple open an LLC register all the crypto address in the LLC and how much crypto you own, when your crypto goes up in price, you can try to borrow against the asset so you don’t create a taxable event, you pay no taxes on borrowed money.
Correct! You borrow against using Aave or similar
@@kingkeebo80 It's hard to find good rates. Long term capital gains is only 15%. AAVE is charging that every year for loans. It fluctuates but during a bull run, you can't afford a loan.
the moment you move your coins to another wallet, their trail to you goes blank.
Monero will be the last coin standing
XMR is constantly falling in value against BTC. Also, just owning Monero, or any other "privacy" coin, puts a target on your back.
its not completely private, look into it
@cryptotharg7400 Amusing how so many ppl can't read a price chart or understand decentralization and network effect.
NGMI
Hahaha thats one of the worst coins, buy Solana and thank me later
If you hold for 10 years it will be currency. Enough countries will adopt it that every central bank will need to hold it on the balance sheet. At that point it’s not taxable
It’s always nice to listen to your podcast before going to bed
It would be great to see a table of countries with low cap.gain.tax vs low income tax
Great video. I think of you as an F.Scott Fitzgerald character from the Jazz Age.
Monero makes it impossible for government to see what you have in crypto.
How ?
@@davelewis6256 monero doesn't allow you to see what is in a wallet, it does not allow you to see the amount of transacations. unless you give someone your wallet's view key, then they can see what you've been doing with it. It generates unique one-time addresses for each transaction. It is impossible to blacklist a monero wallet like they can with bitcoin, as well.
@@davelewis6256 Because it is heavily mixed all the time, like TOR. You can't follow the transactions.
Analogous to how they examine the content of all our uploaded material (e.g., cloud storage) supposedly to check for CSAM.
Thanks for the analysis! 🔍 Need some advice: 🙏 I found these words 😅. (behave today finger ski upon boy assault summer exhaust beauty stereo over). How do I use this? 🤨
You really didn't tell us anything.
Just do a CRT and take the annuity or keep holding the asset and learn to get % dividends off it
Britain doesn't tax gold so why Bitcoin which is digital gold? It's the currency of El Salvador are we taxing other counties money now? They won't even let you trade a Bitcoin ETF on their stock exchange unlike USA, Canada, Australia and Germany.
Would they tax you if you traded in forex and made money trading other currencies? In Canada that's a capital gain, not sure about Britain
@GameWorldEngineer Bit of a grey area. Spread betting no. CFDs yes. Also, it depends if it's your profession (source of income). You can earn £18,570 before tax.
@ sang3Eta
The only gold Britain doesn't tax is legal tender bullion coins e.g Britannia's or sovereigns. CGT is due on everything else e.g bars and foreign coins
WHAT IS THE END GAME WITH CRYPTO? That is a question worth asking. Now that governments and investors treat it as a property rather than a currency, it is not ultimately useful for goods and services, due to all the capital gains tax complexity. I suspect that this is the plan:: the big boys and ETFs will push up the price on Bitcoin sky high, then exit into tax strategies like charitable remainder trusts, Roth, etc just before notice from insiders that the fiat system is crashing and defaulting. (So they capture the gains).
Then, they roll out CBDCs as the only viable means of acquiring food, shelter, etc, since fiat is worthless. They maybe even give you a nominal amount of CBDC in exchange for confiscating fiat, BTC, gold, maybe even rental properties. Plus they offer a minimal CBDC income. People will comply if they have no other choice. Presto, you will own nothing and be happy. IF it comes to that, bartar, community and self-sufficiency will mean a lot, plus a good supply of food and water. OR--- maybe laws will change and BTC is encouraged as currency as it was meant to be, ... maybe Some think it is a Trojan horse to get us used to Digital currency.
Wow! You opened up a whole can of worms. Get moving while the numbers are lower! I need to get moving!
Great analysis, thank you! I have a quick question: I have a SafePal wallet with USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). What's the best way to send them to Binance?
Tax on money is just obscene, one step from taxing air.
Not one of the 48 countries hasn't announced what it's prepared to give the taxpayers...
the shafft.
Glad to have dexes and places to spend straight crypto. Only thing i ducked up is that i had kyc on binance and send it ti my external wallet, so now they can follow the hops
Thanks
Great content/post, thank you :D
Most governments are being stood down as we speak.
Disclosures always come last.
There will be no capital gains tax as we know it moving forward.
That is true. The Great Awakening is here!
I wish, I keep hearing this but not seeing the facts on the ground!
the Q crowd has been saying this for years, there has been no evidence of this. Look into Operation Trust, where Russia created a fake resistance organization in order to entrap people who were against the government. it's entirely possible the Q phenomenon is another operation like that.
What you guys think about Paraguay?
Argentina and Salvador!
Excellent 👌🏽
I am thinking of leaving Marbella Spain towards Punta del Este URUGUAY, Spain is broken with cryptography
I heared they're with/ in CBDC as a form of * first funds- try* country now...😒
what do you mean Spain is broken with cryptography?
El Salvador or Argentina?
Could I ask what model of watch do you wear in this video?
I see the UAE is not on that list, and they're one of the most 'crypto friendly' countries so far...
But what if they change their crypto laws in the not-so-distant future? Any info provided in the video could turn out to be out of date someday..
@@pinetworkminer8377Then they'd have to change their laws overall, because as things stand, residents pay 0% income and 0% capital gains. So if they start applying capital gains to crypto, then their entire 'tax free' model breaks.
@@pinetworkminer8377move to Elsalvador
I was born in the U.S. and live in the U.S., however I have dual citizenship to a crypto friendly country in Europe. Is there a way I can use that citizenship to invest in launchpads that are not allowed in the U.S.?
Stake SFUND (Seedify) would be one way. Use the good non-us passport if needed, and use VPN. But just holding SFUND without participating works too. It will rise as the interest in gaming projects rises.
use your non us passport to kyc and use a vpn. no ones forcing you to show your US documents.
@@genestone4951 this goes for any launchpad, not just seedify. stop shilling your bags
For US Citizens
Invest from your Roth IRA and IRS can't touch a penny of the gains even after you started to take distribution after 55 and 1/2.
I love your videos!!! Thanks!!!!
Thanks! 🥰
If you live in the Philippines on the perpetually extended tourist visa you will pay no taxes of any kind, so as long you are not being chased around the world by the country of your citizenship (like the US) you are good in the Philippines.
whats the best area of PH?
does this only apply to tourists? So if you are a citizen of the Philippines you have to pay tax? If thats the case I might not get my citizenship for the Philippines (citizenship by descent), as my mum is born there, ill just stay a tourist
It depends what you're after - convenience and availability of good healthcare or cheap real estate or temperate temperatures, or beautiful beaches or nature and geological peace of mind... in the Philippines it is always "or" never "and"@@user-dy2qq5wh4b
I love the Philippines and visit often.
Yup, if you’re a citizen you’ve got to pay taxes. Even if you're on a working visa and have any form of residence you still have to pay taxes. Only a tourist visa gives you 0 taxes here. Extending your tourist visa isn't free though - you pay some PHP10,000 every 6months for every extension.@@Foden5354
@Andrew don't you always say that you follow all rules in your jurisdiction and advise anyone to do the same? In that case, how does information sharing have a negative impact on any one individual wrt tax specifically?
I'm well aware of all other negatives both versus individual privacy and society-wide, however this shouldn't impact the tax bill of anyone already adhering to the tax reporting rules in the place they live/are tax resident.
Your advise to move away from bad tax jurisdictions is of course very applicable in this case.
Ok so I have to pay tax in the US for crypto when it's not regulated?
That light needs turning down a bit
Or the average person isn’t educated and doesn’t have the money to leave the slavery. If the USA was so worried about Americans paying the right taxes and how to do it. Why the F don’t they teach it in high schools?
What’s your stance on bitcoin and El Salvador for US Citizens?
People still get "the clevers" in regard to tax authorities? They DESERVE the fines! Look for legal workarounds, folks.
Taxation is theft. Debtor slavery is not life
So you pay taxes when you sell crypto, but what happens if you pay with crypto? There are countries where you can buy a house and pay with crypto
In the United States paying for something with crypto is the same as selling your crypto. You will pay capital gains on the increase in value from the time you bought it. Over 1 year is considered long term capital gains and that is taxed at 0% up to a certain amount.
So how can I find out what my tax liability is when Binance and Kucoin to name a couple no longer allow you to login to add your addresses on tax software?
I lost so much in 2021 & would like to offset future gains
Excellent. Thanks. I wonder though how much of all this (in the UK they are cracking down too and your tax free allowance went down for £12, 500 (ish) to £6000 this financial year. The next financial year - starting April, it's going down to £3000. You make the point about crackdowns on off-shore. My question is why, now, all of a sudden?
The nagging thought is that they can foresee the average man and woman being drawn into crypto in the future. The don't like the idea of the great unwashed sharing in the riches.
There's no way the IRS has the manpower to go back to all the people who have bought, traded and sold crypto in the past. Yes they are trying to play catch up and be able to enforce crypto in the future but people have literally made hundreds of thousands of dollars and bought houses from crypto who haven't paid taxes on it. If anything the IRS would try and enforce taxes on those people, but there's no way they will be going after people who made 2 grand 4 years ago.
No crypto tax in the Dominican Republic
Or in Thailand
Chainalysis is probably what you’re referring to.
Please Share. Not Advice but if a John Doe who has a disability and is on SSID invested in crypto. John Doe wants to be able to protect his investments from being unnecessarily taxed but has to IRA set up. What should John Doe do to achieve his goals?
Why is it weird putting crypto in a holding company?
Crypto isn't fiat so if they want to take crypto it needs to be in crypto. Any fiat converted to crypto would have already been taxed, it cannot be a capital gain unless it's in fiat.
I've already beaten it, by not having any LOL, how is this the best thing some people can think of investing in? Are they new or something?
what about colombia??
Well l didn't learn a thing. My advice to you is learn about who really is behind the push towards blockchain and crypto. Then work out the strategies. Then make a video with your findings. That would have true utility rather than a big ramble with "go to where you are treated best" l think we got that point 20 presentations back.Otherwise its just clickbait.
Is turkey a viable option?
If you mined crypto from nothing, how on earth does the tax get worked out on that? The initial mining cost at the time? Vs the price you sold for.
This was the exact reason btc was created, to avoid all this greedy stuff from the self elected agencies
you have a capital gain based on the value of the crypto mined minus the cost of running the mining equipment to mine it. I tihnk that's how it is supposed to work
Is it true that you don't need to file your crypto taxes for coins you've held for more than 5 years and have not taken any profits from?
it depends on each country's tax laws. some countries tax unrealized capital gains (which is bullshit but anyway), so if a coin's value increased massively over the last year you might have to pay tax on that gain even if you didn't sell it.
Wheres the job board for remote jobs?
GERMANY has 0% tax on crypto capital gain if you hold at least 1 year.
Can u help Australians avoid crypto tax?
But where are you currently living? Where are they treating us well?
Hi, if you live in a country where there's no crypto tax regulations, could you still cash out on a bank account from your country of origin (where there's tax regulations on crypto)? Is that a problem ? Thanks
Yes it’s a problem. It’s where are you a tax resident is the issue
@@babbzy8966 Yeah I mean if you're not a tax resident in your country of origin, can you still use a bank account from your country of origin to cash out? (Or do you absolutely need to use a local bank account in order to avoid problems...?)
@@niklansa6380 if you're now a resident somewhere else that is crypto friendly, why don't you walk your butt into a bank there and open an account, it takes 5 minutes
@@niklansa6380 generally, if you still have a bank account in your country of origin, you are still a tax resident of that country.
In my country India..its taxed at 34pc
Is MEXICO 🇲🇽 one of those countries collaborating? I ask because I’m from the US, but live in Mexico and my husband is Mexican. And we share assets.
GOOD! I hope they throw people in jail too.
Just don't stand for it ... speak out and vote out corruption and over government control ... tine for change
Crypto is part of good tax planning overall! Make sure your crypto, like any safe asset outside your retirement plan, is protected in a complete legal formation.
Love ur tips thank u. For most folk difficult to uproot and move to another country. You have all your friends and family in one place you know is there anything we can do other than move?
More and more banks will collapse... Even bigger ones so well see where we stand when all of the dust clears globally and all regulations are reviewed and approved
TRANSPARENCY?? Hmmm? Maybe the government officials and anyone getting paid by the Federal Corporate Structure should publish THEIR complete tax FILING each year BEFORE they send the IRS after us little guys!!!
BTSE exchange brings peace of mind to users with a reassuring absence of tax issues. Enjoy trading with confidence and focus on your financial goals
Might move to Malaysia
# say it like it is. 🎉
BRIA 11 3 b Most Thought It Was a Great Idea in 1913
Previously, federal government revenues came mainly from taxes on goods-tariffs on imported products and excise taxes on items like whiskey. The burden of these taxes fell heavily on working Americans, who spent a much higher percentage of their income on goods than rich people did. When a tax takes a larger percentage of a poor person's income than a rich person's income, economists refer to it as "regressive." But in 1913 when Congress passed an income tax law after the ratification of the 16th Amendment, the tax burden shifted to the rich-at least for a while.
Here in Canada the rules keep ratcheting up
El Salvador.
India crypto taxation is the worst.
this guy is awesome
Digital currency has taken over the world.
I’m forever grateful to have such a legit and trustworthy manager.
I don't really care what the governments of the world say. I assessed the arguments from both sides and I've sided with the criminals.