If you make more money with this money you stash away, that is taxable as well in most places in the western world.
You normally also are obligated to inform the government wherever you are about your holdings in the west.
The way to get around this, is to start an offshore company in whats referred to as an tax haven. Basically its a company that has an unknown owner normally some legal secretary or a lawyer firm stands as owner and somewhere there is a presigned agreement by them that transfers the ownership of the shares in the company to someone else that you can write in(TBD). So the company is basically in limbo between owners .
But yeah, that how you would do it, of course its a bit more, but that is the gist of it.Just make sure the legal company you hire or find on google isn't hacked, lol.
Oh, and also, don't get a company card with this offshore company and use it to buy groceries, the tax people look out for that sort of thing :)
I don't think an offshore company gets around the requirement to report your holdings. You would legally need to report on that company and pay taxes on any profits if you are a US citizen.
But you could likely defer taxes this way, by holding the bitcoin with the offshore company. You would then only pay taxes when you liquidated the bitcoin and paid yourself something.
Whereas if you held the bitcoin yourself, you would need to liquidate to pay taxes every year that it increases in value.
The way to get around this, is to start an offshore company in whats referred to as an tax haven. Basically its a company that has an unknown owner normally some legal secretary or a lawyer firm stands as owner and somewhere there is a presigned agreement by them that transfers the ownership of the shares in the company to someone else that you can write in(TBD). So the company is basically in limbo between owners .
But yeah, that how you would do it, of course its a bit more, but that is the gist of it.Just make sure the legal company you hire or find on google isn't hacked, lol. Oh, and also, don't get a company card with this offshore company and use it to buy groceries, the tax people look out for that sort of thing :)