Crypto immigration (I guess I"m the first Asian here)

[NewHorizonsParaguay]

Like how fast and for how much?

Right after you get permanent residency. It starts at 70k for low-risk countries (EU, UK, Switzerland, USA, Canada, South Korea...).

 

[Mercury]

Why not The Philippines? As a foreigner no tax on foreign sourced income, stay through recurring visa is easy, and Korean diaspora is widespread.

 

[daniels27]

Right after you get permanent residency. It starts at 70k for low-risk countries (EU, UK, Switzerland, USA, Canada, South Korea...).

Is this legal?

 

[NewHorizonsParaguay]

Is this legal?

Yeah. Ultimately it’s Supreme Court deciding whether your application will be accepted. They have their internal norms.

 

[CyprusLawyer101]

My question would be,
Is it relatively easy to pull out money after that?

Because, I know Dubai is like that too, but then you can't really get the money out after you sell your house. They'd ask for "Where did you get this money from? or where did you get the money from?" ya know.

And what's the threshold for the money?

Why you say that?
income is from the sale of property and should be acceptable.

 

[daniels27]

Yeah. Ultimately it’s Supreme Court deciding whether your application will be accepted. They have their internal norms.

And whom you pay the 70k USD? The court or somebody internally illegally?

 

[NewHorizonsParaguay]

And whom you pay the 70k USD? The court or somebody internally illegally?

Edit: It is the consulting fees

 

[daniels27]

Ideally, if you pay it to me for getting it done

My question is whether this 70k is an official deal or what it is? Is it bribing some guy? Is it some payment to a lawyer who then makes a long case of which he knows that the court will approve it based on prior experience etc.?

 

[daniels27]

They'd ask for "Where did you get this money from? or where did you get the money from?" ya know.

If you move from Korea to any country and suddenly have some money in your account in your new country, it generally is not a big deal as they have no track record of you from the past. And then you can always claim that it was savings from childhood, salary from 4 decades ago when you were 20, etc. If you have over 5M, it is a different story, then better buy and sell your house once to have a sales record.

 

[NewHorizonsParaguay]

My question is whether this 70k is an official deal or what it is? Is it bribing some guy? Is it some payment to a lawyer who then makes a long case of which he knows that the court will approve it based on prior experience etc.?

It is not an official deal. Officially, applying is almost free. The price includes consulting fees of various experts to land it successfully.

 

[NewHorizonsParaguay]

If you move from Korea to any country and suddenly have some money in your account in your new country, it generally is not a big deal as they have no track record of you from the past. And then you can always claim that it was savings from childhood, salary from 4 decades ago when you were 20, etc. If you have over 5M, it is a different story, then better buy and sell your house once to have a sales record.

In European countries, he might have faced some scrutiny, but in the Philippines, Thailand, Paraguay, Panama, etc, he could buy assets directly with crypto without much question (at least for Paraguay I can confirm), and rest off-ramp in cash/bank.

 

[daniels27]

In European countries, he might have faced some scrutiny, but in the Philippines, Thailand, Paraguay, Panama, etc, he could buy assets directly with crypto without much question (at least for Paraguay I can confirm), and rest off-ramp in cash/bank.

Even in Europe, I would not worry too much. And if, then you put the money in a US bank account with a reidency in Peru or something.

 

[Nomadguk]

Right after you get permanent residency. It starts at 70k for low-risk countries (EU, UK, Switzerland, USA, Canada, South Korea...).

Mate, so how does it work?
2 years for Temporary residency
2 years for Permenant residency
then 3 years for Citizenship?

Also, what's the fast track and how does this work
and is it easy to offramp crypto there?

 

[Nomadguk]

Why not The Philippines? As a foreigner no tax on foreign sourced income, stay through recurring visa is easy, and Korean diaspora is widespread.

But don't they charge crypto offramp tax?
I thought about it, Loved Manginasal (chicken barbecue) when I went there.

I don't actually like Korean diaspora, loathe them tbh.
Myself was the formal Korean-Kiwi-then back to Korean person (So KKK in short, lol)

 

[Nomadguk]

If you move from Korea to any country and suddenly have some money in your account in your new country, it generally is not a big deal as they have no track record of you from the past. And then you can always claim that it was savings from childhood, salary from 4 decades ago when you were 20, etc. If you have over 5M, it is a different story, then better buy and sell your house once to have a sales recor

It actually does.
South Korea and their tax treaty is off the game.
At least in all the countries I've ever been to,
some SEA countries, developing Eastern Europe, South Korean gov got all the tracing records.
They just block the passport, so the person can't get a new visa or so.
I guess this is what happens if the country doesn't give a f**k about caring locals' life, instead start attracting foreigners.

That's why I thought about Latin America first, because it's kinda off of their radar.

 

[Mercury]

But don't they charge crypto offramp tax?

PwC: "The Philippines taxes its resident citizens on their worldwide income. Non-resident citizens and aliens, whether or not resident in the Philippines, are taxed only on income from sources within the Philippines."

As a resident alien, If you keep and sell your cryptos offshore it's non-local income then tax-free, even when remitted in PH.

 

[Nomadguk]

Even in Europe, I would not worry too much. And if, then you put the money in a US bank account with a reidency in Peru or something.

See, that's the part that I"mhearing a lot, yet confused much.

Like I see people talking bout US LLC with the second citizenship, then ETC ETC.

I wish there was a way for me to learn about it so I can do it later?

 

[Nomadguk]

PwC: "The Philippines taxes its resident citizens on their worldwide income. Non-resident citizens and aliens, whether or not resident in the Philippines, are taxed only on income from sources within the Philippines."

As a resident alien, If you keep and sell your cryptos offshore it's non-local income then tax-free, even when remitted in PH.

Resident Alien....?
So that means Permanent residency from PH then sell it offshore?
Wow that's next level too.
Man Isn't there any all those class for all this.
I wish I can learn more.

 

[Mercury]

Resident Alien....?
So that means Permanent residency from PH then sell it offshore?

That means being resident in PH for tax purposes.

https://taxsummaries.pwc.com/philippines/individual/residence

A resident alien is an individual who is stateless or is a national of another country and who lives in the Philippines with no definite intention as to length of stay, but who is not a mere transient or sojourner.

Basically if you establish yourself long-term with proper address in PH and no plan to leave, you are considered PH resident.

Also, you need to be sure you're not triggering tax residences in other countries including your passport country (tax residence conditions vary country by country) that could potentially continue to tax you.

 

[Nomadguk]

That means being resident in PH for tax purposes.

https://taxsummaries.pwc.com/philippines/individual/residence

A resident alien is an individual who is stateless or is a national of another country and who lives in the Philippines with no definite intention as to length of stay, but who is not a mere transient or sojourner.

Basically if you establish yourself long-term with proper address in PH and no plan to leave, you are considered PH resident.

Also, you need to be sure you're not triggering tax residences in other countries including your passport country (tax residence conditions vary country by country) that could potentially continue to tax you.

Thanks for letting me know mate!
I'll look into more about this resident alien.

But yeah, Anw, the Tax residences in my passport country (South Korea in this case),
Are a*s about all the tax residencies. So yeah, that's why I was keen on changing passport.