How to Escape Rising Crypto Taxes and Wealth Grabs
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- Опубліковано 7 січ 2021
- nomadcapitalist.com/cryptocur...
What does the future look like for crypto taxes? In this video, Andrew discusses the benefits of cryptocurrency as well as the challenges, ways you can avoid crypto taxes, and a new special Nomad Capitalist offer.
0:00 Start
0:01 Crypto
9:51 Nomad Mastermind
Contact help@nomadcapitalist.com
Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".
Work with Andrew: nomadcapitalist.com/apply/
Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we've spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.
About Andrew: nomadcapitalist.com/about/
Our Website: www.nomadcapitalist.com
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
That's fairly priced for the expertise.
Thank you, Mark.
True, i thought it would be way more. Especially in the daily changing climate
@@morenokv As did I, honestly. But it goes to show Nomad Capitalist is about delivering value.
@@cathylake9072 We have a conference in Mexico this year: www.nomadcapitalist.com/live/
@@cathylake9072 the vaccine doesn't work for the old strain
As a European: go to Portugal and live there for the majority of a year: Pay 0% Tax on Crypto. If anything changes to the negative then go to another crypto-friendly Country (for example Malta). Go where you treated best. Don't fight the system: just leave it.
I actually thought about this. Is a year sufficient time to become a tax resident?
@@MrHellweasel typically you only need 6 months to live there.
Interesting. Citizens of Portuguese-speaking countries probably have even less requirements. For example, retired Brazilians are automatically granted Portuguese residence, all they have to do is ask, no fees, no nothing.
Funny how easy you make it sound.
Stay out of malta
We are free-ranging slaves living on the tax farm.
well said.
Only we are not so free range.
USED TO BE 'free range' .....**now we're quarantined on lock down in our little prisons we call homes ...omg
“The masses are sheep...” TRUTH!
You can always count on the masses. To do what the masses do.
Sheep who follow a shepherd are slaughtered. Maybe blunt but time for nice cliches past IMO. Fear/compliance made virtues. Independent critical thought dangers. I agree to disagree calmly and help others w/$$$ plans when/if I can.
Good one
Sheep with wool pulled over their eyes are ready to be sheered.
Lol. "The masses" is everyone but you. Same as "traffic". Arrogant twat.
“The masses are sheep” oh yess
they're more like ants, sheep are at least smart enough to flee from danger.
/eating grass/ *chomp-*chomp-*chomp... "baaa-aa-aaa-aaaa"
Governments simply are going where they are treated best...your pocket.
I guess that's why Canada has opened up the floodgates for half-million refugees in 2020 as we put the country in covid-debt by creating unemployment and closing down businesses. We need a half million more mouths to feed and house. We need to build up grateful sheep taxpayers not those pesky freedom loving thinkers.
Tamara Rogers blame it on your tribe your government instead of victims.. you’re the sheep, luv
@@successandlifestyle actually Canada did that because for too long Canada has allowed women to vote. All the West is going down for the same reason.
@@successandlifestyle sheesh lady imagine how the natives felt
🤣
Don't "buy stuff". Pay for expenses with a credit card from a offshore account. Feed that account from your cripto.
That’s clever
yea good loophole option...
@@RyanZakMusic I need to look into this
Any recs for an offshore cc or how to get one?
Can you explain a little further?
Taxing someone's crypto holdings is a kin to taxing someone's winnings while they are still at the roulette table in a casino. They don't know how much money they have until they cash out.
exactly. It's anti human and unconstitutional. Government doesn't want normies checking them.
1990s internet was truly a golden age 😥
True dat. FOR DA HOMIES! *>pours out 40 oz onto the ground
The mastermind is also a good networking opportunity to do potential business deals or get intros to other ultra high net worth clients. It does not hurt to have a few crypto billionaires in your Rolodex. Glad to see you are bringing back the masterminds, Andrew.
I'm investing so much into new emerging cryptos in hopes of getting to leave the US. It's kind of ironic I'd leave the Us in search of freedom.
Same sentiment re Australia 8-/
@@habanerorhinoceros2384 Yup and the ATO are only tightening the grip on cryptocurrency users yet again this year with new ways to tax us. Luckily im leaving for Dubai in the next 6 months. Already processing my resident visa!
Turning in my USA passport in 2 years...and selling our 3 houses in next 6 months...it’s not worth the risk anymore... who in their right mind would live in USA anymore.... we live a better life on half the budget in S Bavaria in the Alps.... and better schools, and healthcare....what more can we need. Love this channel
Andrew i enjoy your videos. I'm a new subscriber. Im a common citizen and nowhere near a fortune holder. I find intellectual value in your videos and i like the way you speak and use your words. It keeps me engaged. I'm beginning to educate myself about crypto as of recently. Thank you!
That's very kind of you; thanks, Mike.
So glad I live in Singapore. No theft of my HODL!
But the cost of living is insane compared to other countries.
That's why they don't need to tax you.
@@luffebassen that's the most inept comment i ever saw.
Native to Singapore or you moved there from which country? Andrew makes it sound difficult to get residency and banking there for foreigners (?)
@@elijahhenriques3162 Banking isn't hard but residency is unnecessarily difficult. I'm on a student pass since 5 yrs so that helps. Again to address the above comment - it's NOT "expensive" if you don't buy excessive stuff + tax regime has nothing to do with that. They're just smart enough to not scare people off with capital taxes.
Care to share your experience. Iam in Australia and getting robbed by the tax man about to set up overseas.
like the new short intro and right down to business-ness
You definitely hold the crown for the most entertaining person to talk about regulations, laws and taxes!
Oh guys we need to post this to Crypto Twitter some good content here. 👍
Easy solution - don't own anything, rent everything. Live like the sheep.
And get loans from the bank
@@sparcx86channel42 loans with almost zero interest
Thats what the world economic forum wants....
@@blackroute1527 True
Been watching your channel for a while. I'm pretty worried about the recklessness of policy makers and their spending/printing. I'm in the US. Almost to the level where it would make sense to reach out. Keep putting out solid content! Just did a quick video on inflation and tried not to rip my hair out while talking about it. The next 5-10 years are going to be wild.
As Ray says...Cash is Trash. Even he has seen the light of BTC.
13:36 Why am I still watching this, the price of a meeting is more than my crypto holdings 😂
He's a con! 80K my foot! With half of that you could meet THE PRESIDENT of the country you wish to relocate to and he can hook you up through his immigration department, period!
@@meshwilly2413 Yea except he's teaching you how to do it legally. And if you have a million dollars in assets I wouldn't want to jeopardize that doing a bunch of illegal stuff. If 80k is too much for you then it's not for you or I, it's for the people that pay more than that in taxes every year.
Need net worth of 5-10 mill for 80k expense to be worthwhile.
Thanks for this show. It can be very helpful. Keep it up.
My Cousin Vinny. My dude, you nail it every time.
Thumbs up for us middle class guys who have no business even listening to this guy, but stayed anyway.
🤣🤣🤣🤣
Im in the same boat. But becoming financially educated and creating 3 income streams this year. Motivating to hold it and move abroad though
Nice, two in one day. 2021 looking pretty good so far. All hail Mr. H, lol. 🙌🙌🙌
The problem is that countries that has no regulations doesn’t mean they are friendly they are just lagging... US is ahead of many countries in a matter of taxation but others can follow suit. You should take that on consideration
‘The more you tighten your grip, lord Vader, the more systems that will slip through your fingers”
Money will go where it is treated best. Once upon a time, America lead in being friendly towards people who create businesses and wealth. Were they ahead then too? Just because the tide is going out, doesn’t mean it will keep going out.
Fav line........."I don't want to know later my ex-wife or my cousin Vinnie or whoever else drops a dime me"
This Happened to me with an ex wife
Second video, Team Nomad is working double duty today.
💪💪💪
Major thank you I been wondering about this
If I understand taxes correctly. If you keep the investment a year than the capital gain tax is only 15%. Shorter term gains are taxed at your income tax level.
The best thing to do, is to never take out all your money out on a sum slush or else you'll face big Taxes. Just try to calculate how much money you need in a year and use it accordingly to your needs.They can't tax you when you have your money inside the market or in this case cryptocoins, but only when you liquidate. Try to use your money wisely and get all the tax credits that you can when you make a big purchase.
Unless you live in the states with additional state capital gains tax. Ca tacks on an additional ~10%,depending on your tax bracket 13%. It’s such theft.
@@Eros13adios You mean if you're in a stable coin?
@Nomad Capitalist, are the Greyscale Trust stocks taxed differently than actual crypto? Thanks.
I think the Crypto conference is an excellent idea, particularly being able to pay in the Crypto of your choice. Brilliant.
According to data from the existing tax legislation, we come to a conclusion that profit from trade in cryptocurrency is not taxed (rate - 0%), because “The Cyprus Tax on profits from trading in shares or other securities, including forex or bitcoins is 0%”
Very helpful, thank you.
Such an elegant idea, I love it, Andrew. I hope you get to feel like James Bond with your first two niche customers !
Thank you!
Thanks very much! More updated crypto specific info in the future, please!!!
My question is why would you ever want to sell your bitcoin when you can use it as collateral to take a loan out (50% LTV, 5%apy)? Assuming bitcoin grows 100% each year, you're earning 95% tax free interest and paying zero tax on the loan while avoiding capital gains tax if you sold. Makes sense to me.
Where do you do this?
@@SpeedDemonExpress Celsius. But it's not available for US residents as of now.
@@SpeedDemonExpress blockfi
@@Kevin_Roche the only reason he doesn't mention this is because it would take away some of his business
Problem is they still tax you capital gains on all your trades.
Andrew I agree completely with your philosophy of "go where your treated best" legally. You have given me options and I hope to be contacting your company in the near future.
Loved this video very interesting indeed.
Thanks, David. Always here to help.
Thanks for listening to us on email. You really set the gold standard for modern consulting on UA-cam.
Thank you, Anand. You're always welcome to contact us.
I can’t wait to see you.
Looking forward to it, Josh.
Been waiting for this one
Excellent content. A niche market destined to expand.
Even low rollers can make substantive moves to expatriate.
Many countries do not allow foreigners to own real estate, yet you can acquire a master lease (with an option to buy), and then sublet to tenants.
Motivated or distressed owners will very often let you take over the management of their property with no down payment; just make their payments and repairs, and then you're set.
Often times, contractual control is superior to the risk of ownership, and you're earning a fair living while you are waiting out the clock to acquire citizenship.
Nice vids... I have been spreading your word... American ...now living in Bavaria, 50 years old....and looking for 2 more European places for residence to retire in 6 years and live simple life in different places...
Have many friends in USA wanting the same thing and want to get out of USA soon...
keep up good work
Neat idea but im barely even a millionaire. I live a frugal lifestyle. My big dream is to work in Permaculture. They can tax the potatoes I grow I suppose.
I wish you the best, but imagine those jerks implementing Rona Lockdowns and also your property taxes, access to water? "Green" New Deal? They are psychos...
@@BRAVENEWORDERFILMS truly and it’s a plan they sold out to the shadow elite rulers. They want to rid the world of workers and depopulate. Manufacturing and call centers are now automated. Next will be the food industry, then on to bankers, lawyers, accountants etc.I hope the professional in this video realizes what the future and artificial intelligence has in store for humanity.
You should think about finding a nice girl, single mom that can manage your finances also and in her name buy a piece of land where you can settle down and permaculture. Adopt a couple kids and work on the ol farm. ;)
@@turborewind lol! And get obliterated in divorce court? I hope you're kidding.
@@Vention1MGTOW Dat prenup doe 💪 😎
I like VOO (Vanguard S&P) and Mutual funds, I might put a little in Bitcoin.
You MIGHT wanna hurry the hell up.
Everyone from Argentina is that guy you don't want to be with a safe full of unreported dollars, LOL.
Especially old 100 Dollar bills
Documenting parts of their nomad journeys would make great content 😅
No seriously it would. I'd watch that.
My wife is currently applying for her Hungarian citizenship, so it's good timing to have confirmation of the importance of a 2nd passport, Thanks for the information.
Exactly what I need, thanks pal
I live in Puerto Rico and its great.
i been thinking about pr for the taxes but so many people complain about the everyday nuances like banking ,car licences , 2 hour waits at restaunts to get service ect ect.. what is your opinion on this
How expensive is housing down there? What is the avg. house price? (if you don't mind?)
Happy New Year 2022 The Year of No Fear.
Keep spreading the light of truth filled with an abundance of love.
❤ 🕯 ❤
Something else that's going on- Discover Card Services via Equifax is 'requesting' 3 years of tax info from approved card holders, fill out form 4506-T or account will be closed.
Once AMC squeezes I’m coming to you for consulting. Loving your content.
Hey Andrew, do you invest in US stocks? If so, how much of your portfolio is invested in the US stock market.
"The wider the adoption, the more the sheep will dictate" which part of the reason I hate the excitement over "adoption"!
Do you think if multiple countries adopt it then it'll be harder for america to be way worse in taxation/regulation? I see your point but hopefully it won't be as bad if there is global competition for crypto. We'll see.
@@uzah88 Good point. I should really say I hate it specifically for the US haha. It's weird to see crypto users here so hell bent on installing the same tax structure onto crypto. This should be the point of renegotiation, not repeating the same mistake!
@@uzah88 it will not, because Trump was the last barrier against globalism. The entire world will become way worse for taxation and regulation of anything than USA is today.
Agree...can the people not have something left untouched by big brother
Great Channel. We have UK and Australian Passports. Should be consider another. And any suggestions. Thanks in advance. .
I believe it's been a legal tender dual currency in Japan since 1st April 2017. Governments with any sense should follow Japans move and let their citizens save in Bitcoin to devalue their fiat debts away!
BOOM
You got me with the no Computer, zoom rather in person!
I’m watching this in March 2021...Did you think a year ago your fee would be less than 2 Bitcoin coins? What a great time to be alive!
yep, I'm certainly wingin it
How’s the standard of living in Puerto Rico? How does medical care compare to the US? Would I need to renounce my US citizenship to escape 30-40% taxes or will a duel citizenship work and only live in Puerto Rico a certain # of months per year?
Very interested Andrew!
Great! Please email help@nomadcapitalist.com and the team will assist you.
I like what I'm hearing. I already said I'm moving to Puerto Rico in 3yrs. after I shake this job.
How about offering a service to train others to do what you do so we can get more people eduacted or serviced properly? Like a contractors course
My guess is he would rather not invite the competition. But you are free to start up your own expatriation consultancy.
Thank You
Is there any tax related difference trading crypto to USD vs. a stable coin, and centralized exchange like Coinbase vs. DEX?
Andrew ,I'm a common citizen, yeasr before I was about to say This man is crazy ,charging this kind of money for consulting. Now I came to understand how we are trapped for government regulations never in favor of the population. I find Fair this $80,000 for your consulting somewhere else . I personally years ago maybe ten twelve for a course investment in Chicago with one is considered one of the greatest motivators and you has not rest a minute during the breaks because you are assaulted by teams of so aggressively to buy more courses and believe me people were paying for taking courses for $75,000 up years years ago.
Now I see your consultation is very valuable for those time. Helping in all this sort of legal intricacies genuinely that's the value. I'm so wordy ,just I want to say I could feel emphaty with you. Thank you for give us an ample panoramic of what's happening in the world economic.
Andrew you really found me today even though I'm a long time sub. Thank you for your work. I know for sure that I will need to contact you for a good chat ;)
Much appreciated.
Im very impressed with your ability to convey your expertise of taxes and crypto. I have to chuckle as I sit here in amazement of what I have learned when my 10,000.00 investment of btc grows enough to achieve asking for your advice. 🤪. Seriously impressed and would love advice from anyone on how to prepare for taxes with pennies invested. I’m a hodler but in my life, sadly life happens in middle America. Thank You!
Much appreciated!
You are a legend, great and informative video.
Very exciting news! New premium service. I think high net worth entrepreneurs definitely appreciate this service, especially when you can knock out a plan in a week and then get a passport in the next 6 months
Thank you!
FUNNY BUT True... Softy Andrew is right!
This guy is a hero
Thank you😊
In Australia if we leave the country (which we're currently unable to do due to being banned by the government because of the coronavirus) we're taxed at a much higher rate. We become what's known as a "non resident for tax purposes". So my plan is to live in Thailand for 6 months out of the year so I stay an Australian resident for tax purposes, live off my government pension and let my Bitcoin holdings continue to rise in value. It wont be much longer before 5% of my bitcoin will be worth more than my monthly government pension. I might sell off 5% of my bitcoin per year, convert it to fiat and add it to my monthly income. I will rent in Thailand. I will rent a condo, I will rent a motorcycle, I will rent people - I will rent everything! It's a great plan - I go where i'm treated best (Thailand) and I own and live off two of the best assets imaginable - a secure government defined benefit pension income for life + bitcoin.
Just use Celsius Network and live off the yield. That way you don't need to sell your BTC.
@@kylejoseph225 Thanks - I will look into doing that
You're right, that's the correct way to handle Bitcoin: don't trade, don't try to time the market, just hodl!
You know the Australian government now charges you capital gains tax on any increases in the value of your coins and they count it as an asset for the purposes of assessing your pension eligibility.
Keep pumping up the FUD!!! Good work Bro!!
The best thing is to never take out all your money out in a sum slush or else you'll face big taxes. Just try to calculate how much money you need in a year and use it accordingly to your needs.They can't tax you when you have it inside the market or crypto coins, but only when you trade and liquidate.
Try to use your fiat money wisely when you spend it and get all the tax credits available that you can whenever possible and as well when you make a big purchase (home/s, new business or car/s). Good Luck!
Just taking drawing/liquidating your crypto into Cash to sit in the bank is a bad idea all around and setting yourself to be vulnerable to get in trouble in taxes for no good reason.
Great channel! Will reach out to your group for assistance with my crypto business. Thank you!
Happy to help, Chris.
love it!
Great video Andrew!
In Australia, the Institute of chartered accountants Australia and New Zealand distinguish between tax avoidance, tax evasion and tax minimisation. Its somewhat semantics, but only one of these are legal.
I appreciate your no bullshit info.
What do you think about just converting it all to monero?
What’s the threshold on doing all this second residence? I’m just starting out in Crypto , but have been doing ok.
Please do a video for cryto and trading - tax friendly countries
At what net worth would you suggest looking at tax-free CBI programs?
It really depends on your wealth velocity, risk profile of you or your business, quality of your current passport, etc. For a westerner, start anywhere from $500K-1M for day trader and cryptocurrency types, or $2M+ for others.
@@nomadcapitalist thanks for responding, I’m very familiar and lived in St. Kitts and would love to take advantage of their program and what it offers - love the channel and what it does!
They have increased the amount of time it takes to get your U.S. Passport. I sent mine in for renewal it now takes three months. The State Dept got in November 2020 it is now January 2021 and they still have not finished reviewing my documents. You can expedited for more money to the original time frame.
Why not borrow against your crypto to buy a house, car, yacht, etc?
That’s a good idea! Or at least a good thing to do more research on to see if it’s a good idea 😛 From what I’ve heard so far, companies like Celsius will loan you 25-50% of what you collateralize to them... I don’t own enough crypto to buy a house, but if I had enough to buy 2-8 houses I’d look into this further 😏 Just don’t get the loan during the BTC spike! When it comes down you’ll be liable for what it was worth at the top 😵
It isn't taxable until you cash out crypto into fiat. How could they possibly know what you paid for it? What did you profit? What if, for example, you stake it and collect interest? If the interest was below the $96K allowed for earned income abroad (Americans) then no tax. Living in a foreign country married to a woman in that country, cash out to her account if country's taxes are low or not capable of keeping up. What people think about my ideas?
What is the threshold at which point I should consider this type of advising? $2mil? $5mil? I've been considering lending services against my holdings to avoid selling (and taxes)...
Also - How easy is it for an American to get a Spanish passport or Portugal (Where do you recommend?)
"Everything is easy and nothing is easy." We generally advise a $500K income AND/OR $2 million net worth (or a little less if you're a US citizen). You can email help@nomadcapitalist.com and our team will assist you.
Start a Trust Account and tie an EIN to the account and use it as your SSN. It is an non-taxable account. You get taxed in United States but not in America..
Thank you, Andrew.
Is that an SKX007 on the 007 Nato Strap?
The NATO strap is, yes.
This business is about to explode along with the bull rally
thanks for good content.im from poland and also in crypto carencies . Im your fan, folowing ur ideas and knowledge.
Glad to have you.
This dude is talking about an 8% capital gains tax, 90% of working people in the US are paying like a 33% payroll tax, and that's actually money they need to eat and pay rent with.
I pay alot more than 8% in capital gains
15 to 20% bud
50% in Canada bud
@@TQ2beats Its 50% in CGT here in Australia the first year, then 25% the following subsequent years and we get taxed on transaction fees and the amount moved wallet to wallet as well!
Tell me if there is a flaw with my plan. I moved all my millions from my IRA to my Roth IRA, paid the tax and now inside my Roth IRA I am buying MSTR which is a BTC play. All profits I make on MSTR are tax free. So as BTC goes up so does MSTR. I’m doing good. Was up 1680% for 2020. Up 100% so far in 2021. I hold lots of TSLA Call LEAPS too. However your meeting sounds fun. Currently living full time outside USA.
thats actually a solid plan. I wish I could of converted my roth to btc when I last bought at $180. It would of been a 8 figure roth at its peak!
Which countries accepting crypto in return of nationality ?
Hello Andrew, recently there was a change in the nationality law in portugal, in the case of sephardic ancestry they will ask for objective ties with portugal, any idea what this will be, it will come to effect in february 2021. Thanks.
Is it difficult to visit and spend time in the USA after renouncing citizenship? I’ve been looking into having a St. Lucia passport to go along with my Mexican passport and from what I’ve researched, Mexican citizens with resources can fairly easily get a 10 year multi-entry visa to enter the US up to 180 months at a time.
have you confirmed that?
Do you have any services that assist with relocating to another country for the average joe rather than millionaires?