Our monthly newsletter contains health and financial news, expat articles, social media recommendations and more.
Panama & Capital Gains Tax
Hi All. I have had a modest level of good fortune recently. I currently live in Ireland but need to move jurisdictions as a matter of urgency. I have a holding of cryptocurrency (bitcoin) which I need to realise into USD. Taxes here are punitive.
I'm looking to move residency permanently to another country. Friends suggested Panama.
Can anyone confirm what (if any) capital gains tax I would pay on arrival in Panama if I realised my gain and cashed in bitcoin in exchange for USD?
I'm 45 years old. I'm treating this move as early retirement. However, given my age, it's quite likely after resting up, if I see an opportunity, I will probably work at something or other again.
On the basis of all of the above, what visa should I be applying for?
Any further pointers or tips given the circumstances I present with above would be greatly appreciated.
If the bitcoin profits were earned from non-Panama business, it is not subject to Panama income tax but you may have to pay income tax in your country of citizenship/residence.
How is the visa going?