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

#41
CyprusLawyer101 said:
Why you say that?
income is from the sale of property and should be acceptable.
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Idk, all my mates who off ramped in Dubai are currently going through that problem.
They bought some fancy house 3-4 years ago with crypto.
Now they sold it with huge profit.
They want to bring the money elsewhere,
The bank keeps on asking them
"Where did you get the money?"
"where did you get the money to buy the house in the first place?"
"Send us the source of funds"
ETC ETC mate.

I guess some AML kicked in?

I mean to cash out crypto, we all gotta figure out how to set up a business and deal stuff from there.
 
#42
Nomadguk said:
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.
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Yes but only on the Korean side. Not where you live. And also, many banks won't report anything to your citizenship country. Especially real estate for not report.

You can get a Turkish citizenship with a different name and not tell the Korean government and then go bank with that one.
 
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#43
daniels27 said:
Yes but only on the Korean side. Not where you live. And also, many banks won't report anything to your citizenship country. Especially real estate for not report.

You can get a Turkish citizenship with a different name and not tell the Korean government and then go bank with that one.
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Mate thanks for letting me know about that.

Idk, I kinda went through a small audit in South Korea, but then they knew everything about what I did in Vietnam at least.... (CRS was working on that side I guess).
Real estate, it depends. If that country signed some treaty then Korean IRS would know hahaha
Like I said before, This country the IRS law hasn't changed since the military dictatorship period lol.

I was thinking about Turkish one. Though ,recently, the agencies are claiming that the due diligence Turkish Gov is running on Crypto is rather thorough, because of all the Chinese and Russians. And doesn't it cost like 0.5 mil?
 
#45
Nomadguk said:
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?
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The standard is 2 years for Temporary Residency, then 3 years of Permanent residency, and then you can apply for citizenship. (5years total).

The fast-track would involve two years of temporary and permanent residency, after which you can apply for citizenship (two years total).

The crypto offramp is relatively easy. We help with it quite a lot.
 
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#48
NewHorizonsParaguay said:
The standard is 2 years for Temporary Residency, then 3 years of Permanent residency, and then you can apply for citizenship. (5years total).

The fast-track would involve two years of temporary and permanent residency, after which you can apply for citizenship (two years total).

The crypto offramp is relatively easy. We help with it quite a lot.
Click to expand...
Interesting. Mate, you got me sold for Paraguay.
Must I admit, it's either Paraguay or Panama that I'm interested in.

The fast track, does it inovlve like 200k USD worth of investment in Paraguay or so?
or any requirement?
cheers.
 
#49
TheCryptoAnt said:
yes lol brother this is south east asia like nothing matters here fr



just keep it low imo
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Nah man, I lived in Vietnam, they are trying to follow China too.
Now they try to impose everything electronic, super ID, they about to ban people withdrawing ATM without showing ID or so... IT's fucked up there. LOl

Yeah. Keeping it low is tough haha,
that's why I'm trying to sort out massive way, that doesn't involve Asia first ya know.
Since Korea is already going through too much for all the SEA Atm...
Man, I miss the good old days hahaha

Are you currently in Thailand?
Or do you know someone I can talk to about these?
 
#50
Nomadguk said:
Interesting. Mate, you got me sold for Paraguay.
Must I admit, it's either Paraguay or Panama that I'm interested in.

The fast track, does it inovlve like 200k USD worth of investment in Paraguay or so?
or any requirement?
cheers.
Click to expand...
No, there is no investment requirement.

There is an investor program that would directly get you Permanent residency, but it requires a minimum 70k USD investment in a real business and the creation of a minimum of five full-time jobs for Paraguayans.

//Edit:
Panama could be okay for you as well. From what I know, the residency requirements are a bit stricter in Panama. The plus is the ocean.
Asuncion is much cheaper. Shockingly, IMO, the buildings are of better quality in Asuncion (and the quality is not impressive here at all).
It boils down to what you are looking for and how easy you want it to be.
 
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#52
aniglo22 said:
Panama is a much better place to live, as it has both the Caribbean and the Atlantic, and it is not landlocked.
But if you are still interested in Paraguay , you can read the requirements for the Investor Certificate here : http://www.suace.gov.py/wp-content/uploads/2019/02/ResolucionConstancias.pdf
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Better country is relative. For me it wasn’t. But could for some.

The thing you posted. He doesn’t need this, if he doesn’t want to go with Investor Program + at SUACE they can be pretty flexible. So even the .pdf is not rules written in the stone.
 
#53
Mate, I'm interested in Paraguay too, interns of getting a fast citizenship.
Within the 70k, is the bribery included? (as in the inner-code?)
And does It include all the fees?
and how fluent do I need to be with Spanish?
A2 level good enough?

Tbh, there's very limited info about the banking system of Paraguay, or is it easy to transact money to the other one... etc etc mate. But yeah,
 
#54
aniglo22 said:
Panama is a much better place to live, as it has both the Caribbean and the Atlantic, and it is not landlocked.
But if you are still interested in Paraguay , you can read the requirements for the Investor Certificate here : http://www.suace.gov.py/wp-content/uploads/2019/02/ResolucionConstancias.pdf
Click to expand...
I guess it all depends on my goal then. Getting a fast citizenship or finding a place to live....
man. Like I wish I knew how to offload crypto,
And I"m going through multiple ways, but it all sounds a bit off to me tbh haha
 
#56
HardRJones said:
What is your primary objective? To legitimize cryptocurrency earnings? To pay minimal or no tax to South Korea? To move away from South Korea? To replace your South Korean citizenship with another one?
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That is a good question. Like I got too much of things all at once right, so I guess I got swamped.

Well, I gotta legitimize crypto currency earnings, without raising flags to South Korea.
Plus, Move away and replace my citizenship should come close, because as long as I am holding it, they can still go after my family.

So yea, the primary goal? Run away from Koreans while taking profit from my crypto earnings.
 
#57
There is some research you’ll need to do here. I’m not an expert.
  1. Remove yourself from the ROK tax jurisdiction
    1. Find some knowledgeable, practical advice on South Korean tax law (not me), particularly demonstrating non-residency.
    2. Evaluate and select a jurisdiction to establish yourself
      1. Cryptofriendliness
      2. Bank availability/access
      3. Tax law
      4. Ease of establishing tax residency
      5. Reporting to ROK (CRS, tax treaty, etc.)
      6. Economic opportunity for lifestyle and conversion of funds
    3. Establish residence and banking/company infrastructure in that jurisdiction
      1. From my quick research, it’s challenging to demonstrate ROK non-residency. You might need to do some divestments or other extra actions.
      2. This doesn’t appear to be based on citizenship; non-citizens are subject to the same center of interest tests. Giving up ROK citizenship might not help.
  2. Off-ramp cryptocurrency into fiat and establish source of funds in a sheltered country (this might or might not mean non-reporting)
    1. Cryptofriendliness will help a lot here
  3. Convert citizenship either in your new place of residence or elsewhere (if needed; might not help you)
I’m not so sure how necessary non-reportability is with no practical experience in ROK tax law. You might be protected via tax treaty or solid demonstration of non-residency.

CFC laws look pretty bad but my knowledge of the details is non-existent.

Some of the mentioned places in this thread might work. Paraguay, Panama, or UAE might be valid for 1.2. Serbia or Cambodia? It’s worth taking the time to methodically step through each piece above and evaluate your options.
 
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#58
Nomadguk said:
and how fluent do I need to be with Spanish?
A2 level good enough?

Tbh, there's very limited info about the banking system of Paraguay,
Click to expand...
For living in any LATAM country you need some Spanish.
For citizenship test a2 is sufficient.

The limited info about the country in general is a good thing. Py is not on any blacklist. Banking is non-CRS.
The banking is old fashioned, there are ways to make it smoother, but expect questions (like in any bank in the world).
You can find threads in the forum, where guys said it’s impossible to get unlimited account with credit card for non-citizen residents at Banco Itau, yet I have it (and know many others who have it).
 
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#59
NewHorizonsParaguay said:
For living in any LATAM country you need some Spanish.
For citizenship test a2 is sufficient.

The limited info about the country in general is a good thing. Py is not on any blacklist. Banking is non-CRS.
The banking is old fashioned, there are ways to make it smoother, but expect questions (like in any bank in the world).
You can find threads in the forum, where guys said it’s impossible to get unlimited account with credit card for non-citizen residents at Banco Itau, yet I have it (and know many others who have it).
Click to expand...
How stringent are banks on transfers from crypto exchanges and source of funds?
 
#60
HardRJones said:
How stringent are banks on transfers from crypto exchanges and source of funds?
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Depends on your history with them. They are less strict if there is some history. Basically, at all banks you get assigned your “banker” and he/she assess you all the time.
That’s what I meant by old fashioned. Compare to retail banking in Europe, where you can be client for 10 years… one transaction they don’t like and they close your account.
Crypto is ok, but I definitely wouldn’t withdraw six figures to USD account on first day I got USD account opened.
 
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