Hi folks, hoping to seek some advice from those who would have more experience with this. I'm most likely going to seek professional advice in person but i'd like to get some quick opinions on these ideas first.
I currently have a stream of unofficial 'income' from gambling that may or may not be taxed in Australia. To minimize this I was thinking of moving to another country that is tax friendly on foreign income and I'd like to gauge which countries may be suitable. I have a preference for Asian countries as i'm Asian myself so I was thinking of Thailand, but I wasn't sure if I could qualify for any of the visas without holding an actual job besides Thailand's Elite Visa (or will I be able to easily prove that my gambling is a 'job'?). However the 650,000 THB fee is a little hefty and I'm trying to see if there are any other options. Just to confirm, in terms of minimizing tax I wouldn't be taxed if I were to move my winnings/income into an existing Australian bank once enough time passes would I? And if I were to eventually return to Australia long term (and become an Australian tax resident again) I wouldn't need to pay tax on that 'income' right?
If anyone also has any experience trying to lose Australia's tax residency for another I'd be happy to listen to your experiences and things to look out for. For example, I know there's a 'Deemed Disposal' that i'd need to look out for.
Edit: Looking at it further, UK does not tax professional gamblers and I am eligible for the HPI visa which will allow me to stay for 2 years which can help with losing Aus tax residency. Downside is the cost of living in the UK as well as that Polymarket does not have a gambling license in the UK