I would feel similar if it was 10-15% CGT, absolute mad 20%. 33% is a third of my profits, profits that are a result of my hard work to earn income (which was already taxed) and save enough to have money to invest with and then ultimately the risk that I decided to take with said money. It is so socialist to take such a hefty amount of my profits, and I think the tax should reflect the fact that the CGT I pay is extra tax that otherwise wouldn't have been enabled if not for my success. We can't even properly use our misses like in other countries as well to add insult to it all.
You could still visit Ireland
Well said, so much delusional crap being posted here.
Firstly, you're speaking about the EU like as if it's a country with a single CGT policy! Each country sets it's own rates and exemptions. Rates currently range from 0% to 42%. Anyone can already legally move to a 0% jurisdiction within the EU and cleanly dispose of their investment so long as they follow the rules.
Secondly, the USA already has a generous CGT exemption of about €40k. It cannot be availed of by non-residents because you are taxable in your country of residence. If the US permitted it then they can wave goodbye to any kind of tax treaties or assistance with identifying US tax defaulters abroad.
Thirdly, you will need a bank account to ultimately receive or spend the proceeds as virtually nobody exchanges physical goods for crypto. When you open the account you need to declare you residency for AML purposes and taxation treaties make that reportable. Even if you could exchange directly for goods then you can't come back to Ireland with those goods or you'll need to be able to show how you got them based on your income or risk seizure.
Fourthly, your proposed tax evasion means you can never return to Ireland rather than taking one of the numerous other legal avoidance options that mean you just have to follow tax residency rules before your disposal and then you're free to return to Ireland if you so wish.
to do this you'd need accounts with some dodgy exchange that'll let you move in considerable sums without asking it's origins and a bank account/or many accounts to receive it somewhere then that are also not asking. And eventually you'd have to show that you were scammed but everything is traceable on the main coins so you'd have to convert all to something else. (Dunno if I'd believe the untracability claims from some coins now) Probably many, many something elses on yet another exchange that also doesn't connect back to you.
its probably doable, as it's being done, for eg, by that slimey fuker that raked in 10s of thousands spoofing Binance and Kucoin users over the last 10 days but theirs a fair bit into it beyond normal average folk. Theirs state help involved in all that scamming. Them bots are cleaning up!
I wouldn't be surprised if CGT was ditched in the US, temporarily even just to get out all the money from the weekend. It's kinda wild how blatant things are.
You usually post an awful lot of nonsense but this gets the award for the most unrealistic, uneducated rambling!
You forgot the part where you convert the eth to dollars, a cex where they will ask mr dirk for his kyc, then, without having done any transactions a large conversion of eth to usd will sit on hold until mr dirk gets checked out, well mr dirk can you explain where this eth has come from, an eth scan is unclear of the source and seems fairly suspicious, and you haven’t even made it to the bank yet, if you do make it to the bank then same thing , a large deposit into a brand new account where no previous transactions have occurred, let us ring Ireland to see if they know a mr dirk, ahh I see a scam, and a not very good one. Your not cut out for this part dirk, just pay the tax.
Regulatory clarity on staking crypto in the UK is coming at the end of the month, legal clarity will hopefully bring old risk averse money into crypto
Hypothetically i deposit €30,000 in a CGT free US bank , i am issued a debit card, i return to Ireland and use this debit card, how does the Irish Tax man know anything about this money from a US bank being spent in Ireland?
Failte Ireland will be delighted that American tourists are spending big on their holidays in Ireland.
Friend of a friend is a lawyer, he knows lawyers working in big firms in UK/EU who's whole raison d'etre is Tax evasion, not Tax avoidance, straight up hiding millions from the tax men.
If Trump scraps CGT you can throw the old rule book in the bin, all bets are off.
You are looking at this through the lens of the current system, if Trump scraps CGT on crypto its a whole new world.
As for tracing the crypto, have at it, i had it on coinbase, moved it to my wallet, i was scammed and now dont have access to the crypto. Now what can the tax man do? Try crack the encryption?
The tax man traces the new wallet with the "stolen" crypto, whats going on here , the thief appears to be using a DEX, the sneaky son of a bitch has swapped the "stolen" crypto for Monero, Poof! it's now untraceable, it can be swapped back to ETH and now deposited in a US bank, converted to Dollars Sans CGT and yours to spent in Trumps America or world wide with debit card.
I'm guessing EU banks/ Tax collectors are in cahoots with each other to squeeze every penny out of the EU citizens, if he had moved out of the EU and cashed out they would not have access to his banking details.
If Trump scraps CGT i imagine there will be some provision to attract crypto from outside the US, boost the US economy and hurt the EU's, a win win for MAGA.
Money still needs to be repatriated to the country the investor resides in, this will incur a tax liability. Unless you think there will be an influx of crypto migrants to Crypto Valhalla just to avail of low CGT rates.
You are living in the past, this is Trump we are talking about, he just puled the US out of The WHO and the Paris Climate Agreement, he is MAGA and don't give a hoot about the BIS in Switzerland, he will ignore them if he wants and there is nothing anyone can do about it.
More importantly the BIS is also living in the past, they have been left behind and don't know it yet, here they are running a Committee on cross-border payments interoperability.
The standard has already been set and SWIFT, The DTCC, Euroclear, Clearstream and countless others are fully onboard, the BIS are in the dark as the whole financial world will be moving onto CCIP in the next 18 months.
CCIP solves the cross border, cross chain, multi currency, multi party payments problem, CCIP is just one part of Chainlink a US based crypto that just so happens to be a crypto the Trump organization is stacking with multi million dollar buys, $4,700,000 purchase of $LINK yesterday to add to the rest they have.
The USA has show it does not care about the EU and has removed the EU as a economic rival and easily set the EU's economy back 20 years, all it had to do was get idiot EU politicians to turn away from cheap Russian Oil/Gas, and now Trump wants to sell Oil/Gas to the EU at a handsome profit, a double whammy.
If Trump scraps CGT in the US, money will flood in from the EU and there is nothing the EU can do to stop it, unless they scrap CGT as well. It not beyond the realms of possibility American banks will allow EU nationals to open an account and deposit crypto for dollars and issue a debit card for world wide use, nothing the EU can do about that short of banning Mastercard/Visa and that wont be happening.
Trump will do what he believes will MAGA and if it can hurt the EU economically at the same time its a bonus, so don't rule anything out.
“They’ll understand it when we power everything." - Sergey Nazarov
The corporation avails of the lower rate. You then need to extract it, which you will be taxed on at the income tax rates. If you have a regular job with an above average salary, some of your income from the corporation mY be taxed at the higher rate.
My take on it is you make a stupid amount of money so fast in crypto so be it. I want Ireland to prosper. It needs takes money to do it.
33% is in the high side sure. Are you really not going to invest because you'd rather pay 20% or 25%? You'll be much better off anyway than had you not invested
Couldn’t you create a trading company and avail of corporation tax?
Wish I could share this positivity but the thought of the allowance being only 1270 and this not being reviewed since the 1990s, that is pretty stupidly scandalous. At one point in the UK it was £12000 which would give way more breathing space to be more strategic with the trades.
I would have taken way more profit before the crash in Nov 2021 had we not had such a crippling allowance.
I don't mind paying taxes. I'm in the position I'm in now because of the opportunities afforded to me by the generations that came before me and allowed to do this. I hope my taxes help the next generation have even better opportunities.
Tax avoidance - Legal
Tax evasion - illegal
There are a number of ways you can avoid CGT such as making charitable contributions or putting into a pension but what sane minded individual would wants to do either of these things?
Another option to avoid tax which I have pondered (and this technique not likely to be feasible if profits are too high or too low) but if you have a high volume of trades in a year (tax man calls it a "high aggregate consideration") then you can be liable for income tax (50%) as opposed to CGT (33%).
So couldn't one quit their job, have crypto as their source of income, you could technically cash out €20,000 in profit per year without being liable for any tax? If you have a spouse who also isn't working this could be higher
This of course would require you to 1. quit your job 2. Have a spouse and 3. Make sure this would fly with Revenue beforehand
Seems far-fetched but if people willing to abscond to Portugal then it's not so crazy either.
You mean it’s very easy to track, not very easy to control, dirks example at evasion is terrible because it’s still traceable, he might be a good Link shill but he’d make a terrible criminal, he will now have the fbi waiting for him when he exchanges.
Dont get it mistaken either, crypto is no longer at the mercy of the banking system, none of the banks would upset Blackrock, so this idea that if we decide it’s over then it’s over is another fairytale.
Most people won’t commit to that. Never seeing friends and family again. Funerals, sick parents etc.
The mistake he made was to return to Ireland. Had he stayed in Portugal or gone elsewhere he would have not had a problem. If you are permanently emigrating and do not return to Ireland, even for a visit, you can ignore the 3 year rule.
There was a story from the papers posted here about a crypto ‘trader’ that got a huge fine when he moved to Portugal and hadn’t declared his previous trades. If you get caught you end up paying more. Then you have places like these being hostile to outsiders driving up property prices. Is all that worth the stress?
Who told you that fairy tale? You really don't know much about banking, one word from the BIS and crypto will be locked down so tightly you won't be able to get as much as cent out of it. And the instructions to the BIS will come from the EU.
The very automation that drives crypto means it is actually extremely easy to control it. It is just a matter of time as to when it will happen.
What you're talking about is tax evasion. You can do the exact same thing now and the legality would be the very same… ie you're liable for tax in Ireland.
Cant tax you on crypto that was "stolen" from you.
If the USA scraps CGT on crypto everyone will be heading of to the states to cash out, you could even see a US bank let you exchange your crypto for $$$ and issue you a debit card that you could use world wide, the bank would be happy to charge a fee every transaction and make a profit, wont be anywhere near the CGT of 33%, and the USA will become the crypto capital of the world, something Trump wants.
EU will be force to copy or loose out
That ignores the role the leaders of the global south play in their own problems. They are massively corrupt and unstable. The global north doesn’t have to fix these problems for them if their own people won’t, that would still be called colonialism too. Our own country has a huge amount of corruption, the current refugee situation is being milked by politicians friends at the expense of the taxpayer, they do not control migration and intentionally keep housing supply low as they pretty much all own property.
Well mister tax man i had my crypto on Coinbase and i moved it out to my own wallet, a few months later i received an email from "Coinbase" that my wallet might be compromised, so i clicked the link and followed the instructions to secure my wallet, and what do you know, it was a scam and all my crypto was stolen!
This is all you need to do to avoid the 3 year rule, have for arguments sake €30,000 of ETH on Coinbase, spend €10 to move it to wallet, let it sit there for a month before you get "scammed" send it to another wallet for €10, so now you don't own it any more and it cost you €20 , now the "scammer" has €30,000 and will avoid the 33% CGT when they spent it in the USA, you have just saved yourself €10,000 doing this.
Their will be dozen of more sophisticated ways no doubt if the USA scraps CGT on certain crypto, the EU will have to follow suit or loose out on all this money.
Yeah i was being sarcastic. He's proposing Reagan's trickle down economics, but just for crypto owners (because he holds crypto)
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