{ "media_type": "text", "post_content": "S. Korea arbitrage opportunity? I am visiting in April wih my girlfriend who is a resident and has a bank account. Can she get setup on Korbit or another exhange, I buy BTC here, transfer to her, she sells for KRW and then we fund our vacation from the arbitrage profits? We wouldn't be trying to repatriate the funds or take them out of Korea ", "post_id": "5a53e38ba7279100187964ee", "reply_count": 11, "vote_count": 3, "bowl_id": "58f9471ab298570010451a0a", "bowl_name": "Everything crypto", "feed_type": "bowl" }

S. Korea arbitrage opportunity? I am visiting in April wih my girlfriend who is a resident and has a bank account. Can she get setup on Korbit or another exhange, I buy BTC here, transfer to her, she sells for KRW and then we fund our vacation from the arbitrage profits? We wouldn't be trying to repatriate the funds or take them out of Korea

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Amount low is 10-20 BTC!!!! Geez!! What kind of money do you guys have???

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I realized upon further consideration after my original post, that I would need to bring back at least some of the principal investment in BTC. I'll continue to lok into it and post what I find.

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What I've come up with so far is the following, which I think would work in case of repatriating all of the funds. Curious to get thoughts, esp from any tax professionals. I would work this out with my GF's father because I think it would only work with a non US resident. Draw up a short term promissory note and lend say $30k USD to him. Then I send him the funds in bitcoin. He converts them to KRW which based on today's difference would be about $45k (round numbers). And then he wires me back the full amount. The $30k + interest as stipulated in the note is repayment of the loan. I pay income tax on the interest, which would be a very small amount since the time period will be short. The rest of the transferred funds are counted as gift from foreign individual and are not taxed, and only need to be reported if over $100k. The only big outstanding question is what taxes he would pay in Korea on the profit from using the loaned funds to generate a capital gain. Seems like things are still in flux regarding the tax situation there, with all of the recent commotion, which means I should probanly act quickly before the window closes ... or wait a bit until it gets clearer. What do others think?

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I like you’re style of thinking. Should work. Interested to see what others think

Yeah do it

Are there no tax implications for local citizens?

Should work, enjoy your vacation Op!!

I will have to research more about the tax implications. Also would have to figure out how to get principal back to the US without taking a tax hit.

It can’t be this easy right? Hard to imagine this sort of arbitrage opportunity is just sitting around waiting for you

Sounds like you’re trying to repatriate the funds

Try it but keep amounts low, no more than 10-20 bitcoins

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