There is some research you’ll need to do here. I’m not an expert.
- Remove yourself from the ROK tax jurisdiction
- Find some knowledgeable, practical advice on South Korean tax law (not me), particularly demonstrating non-residency.
- Evaluate and select a jurisdiction to establish yourself
- Cryptofriendliness
- Bank availability/access
- Tax law
- Ease of establishing tax residency
- Reporting to ROK (CRS, tax treaty, etc.)
- Economic opportunity for lifestyle and conversion of funds
- Establish residence and banking/company infrastructure in that jurisdiction
- From my quick research, it’s challenging to demonstrate ROK non-residency. You might need to do some divestments or other extra actions.
- 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.
- Off-ramp cryptocurrency into fiat and establish source of funds in a sheltered country (this might or might not mean non-reporting)
- Cryptofriendliness will help a lot here
- 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.
Ah mate, yeah you are spot on.
CFC law is a cunt, it's all just about abusing their power.
Even those "specialist; think the CFC law is just up to whether the tax officers need their performance record or not. So it's not certain. (in this country, the tax man's performance record is based on how much extra tax did he managed to rip off, just like a sales record. Also, they get to collect 20% of taxed amount charged as a commission.) Pretty f-ed up I'd say, but well that's why I'm leaving.
But after visiting them and a thorough self inspection, I figured out the maximum tax I'd be charged up would be in like 30-40ks (Because of some bs laws they think they can apply), which I can lower it down to 0 in the end, but then hiring those ex-IRS people to battle against them would cost me 30-40k easy. And since they are gonna go after my family too,to threat me to just puke up the money, That'd be like 200k total.
It's all because crypto is not taxed until 2027, and they all need performance records.
Though, The money isn't big enough for them to chase me all the way to elsewhere.
But things might escalate in case when they get the right to just go peek everything I do, which includes in case of receiving succession, or buying a real estate there. Which I'm not gonna do both in anytime soon.
But yea, the "specialists" kind recommended this way, and do not get back to Korea more than a month a year. So prob, I'd visit my mother, And change my nationality, all is in good hands.
if you read the president, most of those are in the end, a matter of citizenship.
"This person kept his nationality for all the time living abroad, we consider him as resident kind of bs).
Now, after reading all this, I figured out that I need to create some offshore company and all even if I move to Panama/paraguay to clear out as a crypto and get a proper income statement.
Initially, I thought I could just make a company -> invest my crypto sellings -> do shares/stocks,-> collect dividends as my monthly salary. But let's see.
Thanks for all your replies mate.
Actually, your quick search was totally spot on.
