Where Will You Be In The Next 10 Years?
I do believe over the next 10 years thousands of crypto investors/holders will have moved to a crypto friendly tax free haven. It actually doesn't have to even be tax free just less than what we are seeing now in most places.
What is happening in India currently will play out in other countries with anyone who has value in crypto and plans to earn from their stake will pack their bags and head off to pastures new.
Governments may see this as a new form of income which they think they can greedily tap into which in fact is not the case. Ever since the Indian Government introduced their harsh regulation regarding crypto taxes they have seen trading on exchanges drop by as much as 90%.
We all know that doesn't mean no one is earning as I am sure many have staked or have entered DeFi whilst working out their next moves. Good luck trying to work that one out and locating where the taxes are coming from as this will not be obvious as who would send profits back to a centralised exchange knowing the Government is watching for any movement. This is what anyone in crypto would do and this should have been expected.
Over the next 5 years or 10 years many of us will encounter a similar problem forcing us into making decisions. Do you pay 40% where you are currently living or do you move for a 0% or a friendlier rate. This could be serious $$ being thrown away if you stay.
Late last year I had a crypto value of plus minus $250K and over the next 10 years expect that to grow considerably making a move decision far easier. There aren't a whole lot of options right now and expect the list to grow with countries trying to attract the new wealth. The pickings are rather slim if you start to dig with only 1 or 2 standing out.
Portugal seems like it is at the top of the pile as other options like Belarus could change their tax fee crypto stance next year. El Salvador and Puerto Rico are other countries on the list, but not really on my radar to be honest. The Cayman Islands may be tax free but you may as well be paying taxes with the high cost of living as everything from food to property is inflated. Malta offers another opportunity with loopholes depending on your status if you own property or not giving you residency.
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Even if crypto isn't tax free just calculate the worth of crypto you have now for example Hive and times it by lets say 10x and then you'd definitely know you won't be chilling as you are now
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I agree and why I do think many will have to make decisions on what to do as this starts becoming serious. Chilling will definitely change along with the scenery.
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Definitely!
Absolutely!!
😋
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That could change once crypto becomes a means of payment.
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It already is but understand what you are saying. I think Portugal may still keep that rule relaxed and others may drop the tax percentages hopefully or we have to find genuine tax havens.
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Vietnam could be an attractive option depending on the level of taxation. I've heard from two sources, one on Hive, that healthcare tends to be rather good in Vietnam as well as inexpensive. One Hivean whose name I don't remember now wrote in a post that he fell on steps outside a building and hurt his back. He went to see a doctor and asked for an X-ray. An assistant was found who spoke English. The doctor also had MRI taken to be sure that nothing was broken and it turned out he just had a strained muscle.
The bill was $8, which is quite unbelievable unless you take into account that medical care must be very heavily subsidized in formerly socialist Vietnam.
A young Canadian YouTuber couple had moved to Vietnam and they told they had had their young child undergo regular checkups. The facilities were all modern and well-equipped at least in the big city they lived in. Similarly to China, Vietnam is ruled by communists gone capitalist. They still retain things like universal healthcare that is very heavily subsidized. Taxes aren't too low in general but taxes aren't the only consideration for seniors. Almost everyone gets a serious condition like cancer or heart disease in old age and requires expensive treatments to survive.
What Vietnam has going for it is a pleasant tropical climate as well as low cost of living. An acquaintance of mine lived several years in Vietnam about 10-15 years ago while working remotely for a Finnish employer. He and his wife rented a good two bedroom apartment in central Hanoi for €300 a month. There is almost nothing available for that little in Finland. Hanoi is a very large city in Northern Vietnam with a population of 20 million in the metropolitan area and four million in the urban area.
Here's the skyline of Hanoi:
By Ntml4507 - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=112824732
You kind of just sold Vietnam to me, am surprised the Canadian couples move to Vietnam. Canada happens to be a country most consider migrating to, it is on my list as well.
Go where the treatment is better has to be the reason why one moves form one nation to the other and crypto friendly nations is certainly one of those option for us that plans living off crypto.
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The Canadian couple did not move permanently to Vietnam. For them it was kind of an adventure. But they were happy.
I see, makes sense.
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Lol. I read the same post about gooddream's slip and medical expenses. I honestly would consider Vietnam but Portugal and Malta are still ticking the right boxes.
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Ah, gooddream was the name!
Portugal is a really good country. Malta is quite small.
These are the Canadians:
first five minutes of the video is interesting already!
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I have heard Portugal is really nice and it is very crypto friendly. I think the biggest thing for me would be moving away from my family. That likely wouldn't be a possibility no matter the cost.
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El Salvador sparked my interest last year when it legalized Bitcoin as legal tender, I have since not follow up on developments, it will be better to keep tabs on crypto friendly nations as migrating might be in the rise in the coming years for the stated reason.
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El Salvador has a bit of a gang violence problem like many other countries in that part of the world. Most people in El Salvador are really poor.
When I looked up El Salvador, I checked at its telecom industry being a telecommunication technician but didn't find any promising opportunity there. I hope with the nation opening up to crypto lures investors for growth of its economy and better living.
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I think coming from Africa you don't want to go back to similar problems and why I gave them a big miss. Definitely keeping tabs on crypto friendly places is a must.
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You certain don't want to be moving from problem, might as well not move at all. So far not any African nation I know of being crypto friendly, do you know of any perhaps?
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There are none and quite right you may as well not move if you are going to face similar issues. I love Europe and know that is where I will be heading.
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Not a surprise, we hardly ever get it right in Africa anyway!
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