What would be the best country for someone who wants to live simply and cheaply away from the eyes of the gov, primarily off crypto? I want to live a minimalistic lifestyle(Narrator: she didn't, but she didn't think luxury was worth the risk). I don't want to work neither. Cabin in the woods in not an option, as I am a woman with minimal (probably 0) survival skills. Not very picky about the country neither, just as long it's regulations are lax, the weather is nice, crypto to cash OFC requires no KYC and I can pay for basic necessities in cash. I'm set on Turkey right now(in limbo if I should risk a CBI or just buy a cheap studio and live indeterminately with a resident visa, hoping EU won't search for me), but I'm not sure how it will play in the long run. I'm afraid that I might one day discover that I am old, alone, in a world where crypto is deemed illegal, with no 'legal' cash to pay for healthcare. Although old and rich in a surveillance dystopian EU might be an ever more tragic end to my comedy life.
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Best country for a crypto hermit?
- Thread starter SusanSharandon
- Start date
Sounds familar ....
Turkey is nice but not the best solution considering your crypto holdings. With budget in mind I would look into Egypt and Philippines.
- Egypt: Pick one of the Red Sea Resorts like Hurghada, Safaga and you have perfect weather year-round with excellent infrastructure. Many single western woman live there without any problems. You can rent a nice apartment with seaview for about USD 250.- and live like Nefertiti. The Egyptian government will not bother you and restrictions are relatively lax. Crypto can not be taxed because the government banned it (it is not illegal). You will find easy ways to cash out once you are settled.
- Philippines: Very easy for a woman. However, the climate can be daunting. Not sure if you can stand the extreme humidity all year long. Other then that, the government does not care much about a foreigner as long as this foreigner renews his/her ACR-I-Card (residence permit) regularly. Crypto is legal and cash out is pretty easy. For a resident alien the territorial tax system applies.
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Thanks everyone for the replies! I see Egypt mentioned quite a bit. Does anyone know if I can purchase property there with cash without being reported with CRS to EU?
Yes forgot about Philippines, you can get cash against Crypto at the Manila airport Forex Bureau. Just look for the Bitcoin Logo.
Yes, especially in Sharm and Hurghada, they even accept Crypto but do not advertise it.
As @CaptK already mentioned, this is possible. It is advisable? Definitely not!
As I noted before, crypto is banned but not illegal. If you pay real estate with crypto you pay with a banned "currency". If anything goes wrong with that deal (which happens quite often in Egypt) you are at the receiving end because you either are unable to proof payment or you have to reveal to have paid with a banned "currency".
Real estate is cheap in Egypt. Do not bother about paying with crypto. Find ways to convert it into cash (which is easy once you are on the ground) and then pay.
To answer your other question: Egypt is not part of OECD-CRS. As long as the military is in charge it is hard to imagine that this will change.
I wrote a bit about Egypt and its current system here -> https://www.offshorecorptalk.com/th...home-mm2h-is-set-to-return.34824/#post-187283 (post #19 until post #37) and here -> https://www.offshorecorptalk.com/threads/egypt-taxation-of-foreign-sourced-income.33719/ . It might give you some hints.
I am on the move myself, going back to Egypt after more than ten years. So, it is obviously not too bad. Just highly underrated ...
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"simply and cheaply away from the eyes of the gov, primarily off crypto?"
Switzerland is a very bad place for that as it is neither cheap and the gov will put its nose in your affairs regarding tax if you do not have a standard job.
You'd need the lump sum tax deals for privacy but these are then not cheap again. UK also not cheap.
In Africa you can live well like you described, no one will care about you and generally leave you alone if you do not draw unnecessary attention by doing stupid things.
Thailand. Nice weather. Plenty of OTC ways to crypto > cash. The biggest property developers have also started to accept crypto. Cash is common, even for big purchases (cars, apartments, etc.). Easy to get a long-term visa with Thailand Elite and also cheaper ones like a student, volunteer, etc. (through connected agents).
Thailand considers crypto "to be with you" which means it can lead to unintended tax consequences
. Read https://www.offshorecorptalk.com/th...um-crypto-cash-out-options.33673/#post-175209 .I would not touch that country when talking about large amounts.
Thailand signed the Convention on Mutual Administrative Assistance in Tax Matters in 2020. Moreover, Thailand fully participates in the OECD-CRS with exchange of data staring year 2023 .
So, what you propose is the exact opposite of what @SusanSharandon is looking for !
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There is no risk with CBI in Turkey, there are no checks on anything besides if you are on some Interpol wanted list haha. You can easily cash out there with really no questions asked, walk into the bank with a fat sack of cash mid-6 figures, deposit it like nothing, not a single question asked by anybody lol
That being said I don't know if Turkey is the right place for a single woman
That being said I don't know if Turkey is the right place for a single woman
This is amazing! What if I become a tax resident of Turkey? Would I still be able to walk in with a big sack of money or would they start keeping an eye of me and ask me about the source of my funds?
In both cases you will be asked about the source of funds. Perhaps not immediately at the cashier desk (if accepted) but later. Until you answered everything your funds will be blocked.
There is also a distinction between Turkish and foreign clients. The latter needs to have justification for opening a local bank account.
Turkey is not some tiny country in the middle of nowhere. They need foreign valuta but they also do not want to end up on the FATF list. Read about the "Halkbank" case - Turkey is in the spotlight.
Last but not least: There is extensive flow of data between Turkey and certain European countries which host large Turkish expat communities. This is a long-standing partnership on the level of authorities. It has nothing to do with politics. Considering the ever increasing controls in Turkey your activities will be monitored and exchanged if there is even the slightest sign of irregularity.
Understand that you are not a Turkish citizen for whom different filters may apply. Even by taking up a second passport you will still remain a foreigner in the eyes of Turkish authorities.
CBI was created to open a legal path for business people from certain Middle Eastern countries to settle in Turkey legally. The program has the same spirit like the CBI of Egypt (yes, Egypt offers that as well). Of course, with the base idea of attracting foreign valuta.
Nevertheless, an EU citizen applying for Turkish citizenship is so unusual that it will always attract the interest of many people.
For what you want to achieve it is best to stick to residency in a country which is not in the spotlight. By choosing an unexposed country and living a frugal life without extravaganza you might be able to fly under the radar. Life is a gamble.
Think twice before doing anything hasty!
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Nonsense. Turkey is in dire need of foreign capital and as such, they are happy to bring in sweet sweet foreign money.
Whatever the OP is doing that might draw attention, I promise you there are much sketchier people coming into Turkey with questionable money. Literally there are people from fucking Afghanistan and Iran coming with millions in cash buying up property.
Certain banks do ask questions, but many do not really ask anything. Also if you walk into a bank by yourself speaking only English you will definitely stand out, bring a local lawyer or agent with you so it seems more legit and natural.
Your only problem might be upon bringing the money back to Europe. Turkey was recently placed on the FATF grey list, and understandably so.
Just like what @Bagpacker and @CaptK. The winners are Egypt, Dubai or turkey. For me I chose Egypt and you can found why if you look into my discussions in the threads that @Bagpacker linked.
Anyway, I will just add that you don't have to live a "minimalistic" lifestyle in Egypt or dubai.
Just like Dubai and the rest of the middle east, in Egypt, every single thing is done with cash and no "reporting" whatsoever happens in or outside Egypt. be it luxury cars, gold, properties, you name it.
Just don't indulge into political matters and you will be more than fine.
The same can be said about Dubai as well, if you move to Dubai and get an Emirati ID, no reporting whatsoever will happen and you can pay everything with cash too.
Dubai is more mainstream, while Egypt is more hidden and underrated since it's not considered a Tax-haven by any country around the world and one you are here on the ground, you will find plenty of interesting things that you never knew was possible.
That's all I have to say, there are plenty of threads already about Egypt and Dubai and I don't want to repeat myself. so, do what you want with this information.
Good luck!
Btw @Bagpacker Any update on our last discussion?, I can PM you If you don't want to discuss it on the public forum
Anyway, I will just add that you don't have to live a "minimalistic" lifestyle in Egypt or dubai.
Just like Dubai and the rest of the middle east, in Egypt, every single thing is done with cash and no "reporting" whatsoever happens in or outside Egypt. be it luxury cars, gold, properties, you name it.
Just don't indulge into political matters and you will be more than fine.
The same can be said about Dubai as well, if you move to Dubai and get an Emirati ID, no reporting whatsoever will happen and you can pay everything with cash too.
Dubai is more mainstream, while Egypt is more hidden and underrated since it's not considered a Tax-haven by any country around the world and one you are here on the ground, you will find plenty of interesting things that you never knew was possible.
That's all I have to say, there are plenty of threads already about Egypt and Dubai and I don't want to repeat myself. so, do what you want with this information.
Good luck!
Btw @Bagpacker Any update on our last discussion?, I can PM you If you don't want to discuss it on the public forum
@MiddleEuroAsia
Yes, there are updates. I am on the move, even though without being hasty. Would love to PM but that does not seem to work in this forum. If you have that option, please send me a message.
Yes, there are updates. I am on the move, even though without being hasty. Would love to PM but that does not seem to work in this forum. If you have that option, please send me a message.
Regarding Thailand. There is a lot of misinformation and nonsense posted.
You are perfectly fine in Thailand living off your crypto and cashing it out when you have a student (ED) or Elite visa, as you are not allowed to work on those visas and won't get a work permit.
No work permit means no tax to pay.
After more than a decad in Thailand and not paying a single cent in taxes, while having a bank account at almost every thai branch and receiving wires from from BVI, Cyprus etc I have not encountered a single problem.
No work permit = no tax liability in Thailand
If you suddenly want to start and pay tax in Thailand you mind end up getting deported for 'working without a work permit'.
In case you settle for Thailand, keep your head down, get an elite visa for 20k and no one will bother you. Buying a condo or car in cash is no problem either.
If you run into problems, the men in uniform will happily take your money and look the other way.
You are perfectly fine in Thailand living off your crypto and cashing it out when you have a student (ED) or Elite visa, as you are not allowed to work on those visas and won't get a work permit.
No work permit means no tax to pay.
After more than a decad in Thailand and not paying a single cent in taxes, while having a bank account at almost every thai branch and receiving wires from from BVI, Cyprus etc I have not encountered a single problem.
No work permit = no tax liability in Thailand
If you suddenly want to start and pay tax in Thailand you mind end up getting deported for 'working without a work permit'.
In case you settle for Thailand, keep your head down, get an elite visa for 20k and no one will bother you. Buying a condo or car in cash is no problem either.
If you run into problems, the men in uniform will happily take your money and look the other way.
@drysky
Please inform KPMG, PwC and Deloitte immediately. It's a shame these advisors did not find that out themselves
And for the rest of the readership:
There is a difference between "liability" and what somebody might perhaps have experienced in the past. So, better check your "liability" by consulting several different sources.
In short: The Revenue Code of Thailand (and applicable DTT's) determines if a person is liable for Thai taxes. Not a single word in the Revenue Code of Thailand ties such liability exclusively to a work permit.
"Regarding Thailand. There is a lot of misinformation and nonsense posted." - I mention your introduction cause it suits your post.
If you are bringing to Thailand a dividend from abroad for example, you can get it without working (so no work visa needed, all perfectly legit), but living there for more than 183 days / year makes you a fiscal resident, no matter what, therefore you must pay tax. PERIOD. There is no BUT or IF. You stay 183 days, you are fiscally resident. The only way to avoid paying taxes is to leave the money abroad and take them in later on.
Is the bank gonna question you about the source of money? Nope. Will the Revenue Dept. catch you for it? Probably not, just 10 million thai file the tax return and just 3 million pay taxes. BUT... this doesn't make it legal either.
Regarding the thread: legally Thailand is pretty advanced about crypto, and if you want to follow the rules unlike @drysky, it's the last place you'd like to be. I know personally a few people ended up in jail for buying crypto for cash, and no, they couldn't buy their way out paying the guys in uniform, it's not always the case.
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