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Moving Overseas with Cryptocurrency e.g. Portugal

Newbie

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Hi,

 

I'm considering moving overseas to a country with a tax-free policy on cryptocurrencies such as Portugal. 

 

I've held my cryptocurrencies for a number of years but also traded a portion of my portfolio frequently. To my understanding to be a tax resident of Portugal, you must reside in the country more than 183 days a year or own a house there.

 

Since my Crypto was purchased in Australia, even if I resided in the country for more than 183 days would I have to pay tax on all of these when I sold?  Would it only be tax-free on any purchases in Portugal when I'm a resident after 183 days?

 

For example, I can't sell in Australia, pay tax on all, and rebuy as soon as I'm in Portugal for future tax free, I'd have to wait the 183 days?

 

Sorry I'm a bit confused and if this has been asked before.

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Taxicorn

Replies 3

@rlm42 

 

The moment you cease to be considered to be an Australian Resient for tax purposes the crypto is considered to be sold.

There is no way to move away and not pay tax on your crypto.

 

4 REPLIES 4

Most helpful response

Taxicorn

Replies 3

@rlm42 

 

The moment you cease to be considered to be an Australian Resient for tax purposes the crypto is considered to be sold.

There is no way to move away and not pay tax on your crypto.

 

Newbie

Replies 2

OK so I could become resident after 183 days, pay tax to ATO at this time but then any future gains bought as a new resident are tax-free?

Taxicorn

Replies 1

@rlm42 

The moment that you leave Australia and cease to be considered to be an Australian Resident for tax purposes you are considered to have disposed of all of those assets and therefore pay tax on them at that point based on Market Value.

 

https://www.ato.gov.au/general/capital-gains-tax/international-issues/changing-residency/#Ceasingtob....

 

Once you cease to be a resident then it will be the country that you are now a resident will tax you.

 

Newbie

Replies 0

OK thank you Smiley Happy