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Tax Rules for Traders & Investors (Crypto Yield Farming, Forex Stocks, etc)

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Offshore Citizen

Offshore Citizen

Күн бұрын

Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships: clarity.fm/mic...
You can visit our websites for more information about us: offshorecitize... & www.offshoreca...
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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Пікірлер: 20
@jape0140
@jape0140 3 жыл бұрын
Thanks for your videos Michael, I appreciate them, but unlike your other videos which are very specific, your videos on trading are very general. This should be common knowledge for most of serious traders, while more country specific information would be really helpful.
@abosrox
@abosrox 3 жыл бұрын
I would love a video about crypto and Portugal! If you can also give details on combining that with the NHR it would be amazing :)
@OffshoreCitizen
@OffshoreCitizen 3 жыл бұрын
Great suggestion will do!
@i1pro
@i1pro 3 жыл бұрын
Wow... You got videos/knowledge on demand with Michael here. Just saw that one...
@Bibijay
@Bibijay 2 жыл бұрын
If I stake my ABC/ETH in a liquidity pool and I earn rewards in ABC token which I need (to pay ETH gas fees) to claim, when I claim it the rewards are vested for 12 months. How does the tax on the rewards work? Do I claim the ABC token as income from the date that I claimed it? Or do I claim it as income from the date that it is unlocked (i.e. after the 12 month vesting period)?
@junyoo8748
@junyoo8748 2 жыл бұрын
I have question about tax on yield farming. I ask around friends and nobody has enough knowledge about crypto tax. I wish you can help me on this. I tried yield farming on my XRP using wanchain. Long story short, I made some money in high interest payment, but lost money in the end because of price volatility. this is what I basically did 1.enter market with 100 xrp ( I been holding xrp more than a year and having 2x return on xrp investment) 2. swap 50% xrp to wan coin => entering yield farming with 50 xrp and 50 wan 3.After converting all the profit and wan coin to back XRP, ended up having only 93 xrp. I ended up having 7% loss. My question is when the xrp is swapped to wan coin for yield farming, Does it create capital gain tax 0n x2 xrp profit.
@junyoo8748
@junyoo8748 2 жыл бұрын
I used wan cross chain when swapping xrp into wan. its looks like an swapping app for their platform. The funny part of it is all the transaction never shows price of coins when swapping but only shows swap ratio between coins,
@sc3639
@sc3639 3 жыл бұрын
I would like to see a video on you. I think you said that you were canadian but do you have any other citizenship? Where is your tax residency? Where do you spend your time? I enjoy your videos but I wouldn't mind seeing what your situation was like and how you structured your own life. thanks and God bless.
@OffshoreCitizen
@OffshoreCitizen 3 жыл бұрын
Thanks
@i1pro
@i1pro 3 жыл бұрын
Don't want to be mean but CPAs in the US live inside an outdated box... They've become expensive bookkeepers.
@OffshoreCitizen
@OffshoreCitizen 3 жыл бұрын
Haha often true though there's a value in management accounting as well.
@dimitrivancamp1013
@dimitrivancamp1013 3 жыл бұрын
Options trader here ! Thanks good video ! However you did not mention that you can use the NHR in Portugal and combine it with a Cypriot corporation. In Cyprus gains from tradable securities are not taxable and you can take out a tax free dividend since dividends are not taxed under the NHR regime. Furthermore, CFC rules don't get triggered since Cyprus is part of the EU and it also not on the blacklist, unless I misunderstand this.
@OffshoreCitizen
@OffshoreCitizen 3 жыл бұрын
This isn't totally accurate. The concept is true but there are some important details missing. 1. You need to worry about management and control 2. Source income based on permanent establishments 3. CFC rule exemption for EU countries only applies if there is substance there So yes can work but needs the substance to back it up.
@cjlemky4293
@cjlemky4293 2 жыл бұрын
I was wondering about options, Offshore Citizen are they considered earned income? I sell options but its not really me working, its my money working, but its not really a capital gain in terms of the increase of an asset, and its not dividend because its before take, and its not interest because its not regular. Would love more info on this in your next trading video. Also, thank you for all the trading videos, this is so helpful.
@cjlemky4293
@cjlemky4293 2 жыл бұрын
@@OffshoreCitizen also curious, if the management and control is travelling around the world, and you have employees in various countries, how else can you establish substance?
@Tzmaker
@Tzmaker 3 жыл бұрын
What about crypto mining? That's its own mess...
@Tzmaker
@Tzmaker 3 жыл бұрын
@@moocharoo8744 wtf are you talking about? Get out before you lose the little you have left lol
@OffshoreCitizen
@OffshoreCitizen 3 жыл бұрын
Crypto mining is pretty clearly regular business income.
@Tzmaker
@Tzmaker 3 жыл бұрын
Yes but proving the source of income is a gigantic hassle, even specialized firms in blockchain analysis can struggle. The mined coins are 100% untraceable to the mining hardware. You can see where the coins end up but never where they actually come from. That causes problems for auditing.
@hellophoenix
@hellophoenix 3 жыл бұрын
First one here 😊
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