Is this a good or bad strategy if you haven't declared anything and want to legalise it all in tax friendly jurisdiction?

[DavidS]

Let's say you got lucky with crypto and stocks and have offshore accounts with plenty of assets that haven't ever been declared or taken out in local country (just shuffled).

What if this person just moves to a tax friendly country, starts living there, gets residency, gets citizenship or tax payer status and reports all the assets there?

Would this work?

Assets are acquired legally. It's just that they have not been declared to local tax man.

So declaring them to new residence jurisdiction and registering everyone with THEIR respective tax man as "I already own this" not "I just sold this, please tax me". Would that work?

Or would they share immediately all the info they get with your original jurisdiction?

 

[Praetorian]

In many jurisdictions you are taxed at the source. For example, if you acquired an asset in the UK, and made a profit with it but then decided to move to say Malta and declared that profit there, you'd owe tax to the UK still. They'll find out about the undeclared income when you deposit the assets in a bank account at an institution that does CRS and sooner or later the tax man will come knocking at your door asking for explanations if that money shows a too big discrepancy with your UK filings vs lifestyle/assets on hand.

Moving doesn't remove tax obligations if you made an asset purchase and turned in a profit while you were still resident of that country. The same goes for business income and other types of income.

 

[nomad999]

most tax hell country have an exit ta somewhere around a million or before if I am not mistaken, you should check that in detail.
obviously if you made gains prior to moving and did not declare that you are a tax evaders and that is really bad and you will be punish severely. now its possible that tax evasion goes away after like 10-15 years in many countries ... not sure.
now if your old country is looking out for you then you will get caught, just a matter of time. CRS is only for automated information exchange, if they make a manual request most country will answer their requests, I wouldn't play smart with the tax man ... depending on how much we are talking obviously.
in any cases the best is to leave and never look back and only come to your original country of residence for vacations.

also not all countries requires you to declare your intangible and liquid assets, most territorial taxation countries won't care or ask anything that is outside their borders, even inside if there is no capital gains tax for example you simply don't declare anything and just cashout to your bank.