Countries with low taxes on Bitcoin profits

babar123

sr. member

Activity: 481

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Quote from: surfinonmyownwavebaby on December 30, 2017, 02:33:57 PM

I have heard about a few countries like Netherlands and Liberland offering low tax rates. Never looked into it though would have to make a huge amount of BTC before I consider leaving my country to save on taxes.

I asked to a netherland trader he said he has tax if company and regular trading

surfinonmyownwavebaby

full member

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Decentralized Ecosystem for User-Generated Content

I have heard about a few countries like Netherlands and Liberland offering low tax rates. Never looked into it though would have to make a huge amount of BTC before I consider leaving my country to save on taxes.

babar123

sr. member

Activity: 481

Merit: 258

someone know about slovenia and ukrain ? i heard it was 0% i need a confirm please before moving
can someone confirm 100% that there is a country with very low tax or 0% tax for activ trading profits, scalping, and say which ?
thanks)

September11

member

Activity: 135

Merit: 10

Quote from: Iwuzhaxxed on October 25, 2017, 03:17:53 PM

Quote from: Rafael101 on October 25, 2017, 02:11:54 PM

I'm currenty living in Norway. Here we have to pay 24 percent taxes on cryptocurrency profits, and in addition ca 1 percent each year in wealth taxes (i.e., if you own 50 BTC you have to sell 0.5 BTC each year to pay the wealth tax). Because of the tax burden I'm seriously considering moving to another country. Any suggestions?

I also looked into this since I have a lot of BTC to convert to fiat.

This is the shit list. I wouldn't live in any of these countries. Either they are 3rd world or their laws are too strict. They all seem to have problems...

Algeria
UAE
Bahrain
Jordan
Israel
Iran
Egypt
Saudi Arabia

Then I found out that the Caymen Islands also has zero percent tax on capital gains. I'm considering moving there into a nice beach house.

Is it your guess or you really know for sure that taxes for Bitcoin revenues are 0% in these countries?

China8888

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Merit: 4

Hong Kong zero tax. Grin

danuker

newbie

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Merit: 1

Quote from: Almat on October 26, 2017, 10:04:15 PM

There are plenty of countries with no regulations at all so you could probably look into those.

In Romania, the tax people said they don't have a legal framework for taxing Bitcoin profits, so they don't tax them, for now at least. This is because Bitcoin is not considered a currency, financial instrument, product nor service.

ORIGINAL ARTICLE (RO): http://evz.ro/tranzactiile-cu-monedele-bitcoin-nu-sunt-impozitate-de-finante-u.html
GOOGLE TRANSLATE (EN): https://translate.google.com/translate?sl=ro&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fevz.ro%2Ftranzactiile-cu-monedele-bitcoin-nu-sunt-impozitate-de-finante-u.html&edit-text=&act=url

However, if you use a Romanian bank account, you will be met with lots of confusion when explaining this, and might actually have to pay the 16% capital gains tax regardless.

ORIGINAL ARTICLE (RO): https://goanadupabitcoin.ro/analize-generale/impozite-pe-bitcoin-platesti-profiturile.html
GOOGLE TRANSLATE (EN): https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sl=ro&sp=nmt4&tl=en&u=https://goanadupabitcoin.ro/analize-generale/impozite-pe-bitcoin-platesti-profiturile.html&usg=ALkJrhhdXY0UzX10nMMXLQMr0pS3zBSdcw

Almat

sr. member

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There are plenty of countries with no regulations at all so you could probably look into those. You can also not declare your profits if it's that big of a deal, but it's a very bad idea.

QlooQl

full member

Activity: 322

Merit: 122

Hello World!

I think this will become an important question soon. We could even see a crytocurrency repatriation holiday in some countries. I get the feeling people will be taking vacations to low tax nations that happen to have big exchanges. Interesting future. I can only hope one day i can be one of the lucky ones with a tax problem.

Mometaskers

hero member

Activity: 1764

Merit: 584

Bitcoin is considered legal here in the Philippines but so far the governments still haven't released a comprehensive set of rules. I tried looking up information but it seems that it is still not taxable here. The spread in the few exchanges that we have though is quite huge for my liking (around 200 USD).

mashort

member

Activity: 281

Merit: 10

it is unwise to call a country shithole, some of the major problems in those countries were caused by USA

Rafael101

newbie

Activity: 15

Merit: 0

Problem is, you never now what governments decide to do there, on a short notice or no notice at all.

thenameisjay

full member

Activity: 462

Merit: 100

Quote from: Rafael101 on October 25, 2017, 02:11:54 PM

I'm currenty living in Norway. Here we have to pay 24 percent taxes on cryptocurrency profits, and in addition ca 1 percent each year in wealth taxes (i.e., if you own 50 BTC you have to sell 0.5 BTC each year to pay the wealth tax). Because of the tax burden I'm seriously considering moving to another country. Any suggestions?

You can try moving to countries without BTC Taxes. Move to 3rd world countries. Philippines can be an ideal place to move to just don't go beyond Makati City or BGC because internet connectivity outsidr these areas are far worse.

Rafael101

newbie

Activity: 15

Merit: 0

Quote from: Iwuzhaxxed on October 25, 2017, 03:17:53 PM

Quote from: Rafael101 on October 25, 2017, 02:11:54 PM

I'm currenty living in Norway. Here we have to pay 24 percent taxes on cryptocurrency profits, and in addition ca 1 percent each year in wealth taxes (i.e., if you own 50 BTC you have to sell 0.5 BTC each year to pay the wealth tax). Because of the tax burden I'm seriously considering moving to another country. Any suggestions?

I also looked into this since I have a lot of BTC to convert to fiat.

This is the shit list. I wouldn't live in any of these countries. Either they are 3rd world or their laws are too strict. They all seem to have problems...

Algeria
UAE
Bahrain
Jordan
Israel
Iran
Egypt
Saudi Arabia

Then I found out that the Caymen Islands also has zero percent tax on capital gains. I'm considering moving there into a nice beach house.

All these countries have zero taxes on Bitcoin profits? If I had to pick one of these, it would have to be Israel. But I'd much prefer living in a non-shithole country with moderate taxes (maximum 20% capital gains and no wealth tax).

(I don't think Israel is a shithole, but all of their neighbours are)

Cayman is very isolated and very expensive. Especially if you want to go back and visit your family and friends now and then.

Iwuzhaxxed

member

Activity: 77

Merit: 10

Russian hackers stole my legendary account. :(

Quote from: Rafael101 on October 25, 2017, 02:11:54 PM

I'm currenty living in Norway. Here we have to pay 24 percent taxes on cryptocurrency profits, and in addition ca 1 percent each year in wealth taxes (i.e., if you own 50 BTC you have to sell 0.5 BTC each year to pay the wealth tax). Because of the tax burden I'm seriously considering moving to another country. Any suggestions?

I also looked into this since I have a lot of BTC to convert to fiat.

This is the shit list. I wouldn't live in any of these countries. Either they are 3rd world or their laws are too strict. They all seem to have problems...

Algeria
UAE
Bahrain
Jordan
Israel
Iran
Egypt
Saudi Arabia

Then I found out that the Caymen Islands also has zero percent tax on capital gains. I'm considering moving there into a nice beach house.

Rafael101

newbie

Activity: 15

Merit: 0

I don't mind paying a small amount in capital gains taxes when I cash out, it's the wealth tax that is really annoying. 1 percent may sound little, but it adds up. After 25 years one quarter of your BTC will be taxed away even if you just hodl.

electronicash

legendary

Activity: 3178

Merit: 1054

0.5 TC is huge now that btc keeps rising. if the price goes beyond 10K USD, you seriously need to move somewhere else. if my government also ask us this huge, i'm just going to declare i'm jobless and sell my house and stay on the jungle for good. Grin

no kidding. hold on.. i'm gonna drink up my beer.

Rafael101

newbie

Activity: 15

Merit: 0

Quote from: Daniel91 on October 25, 2017, 02:32:31 PM

I'm very curious how did you report income from bitcoin?
For example, in my country, I couldn't report income from cryptocurrency, only ''second income'' from abroad since cryptocurrency or internet income is not recognized by tax office

I had to pay 25 % tax on my income but couldn't report it as internet income plus I had to pay some additional contributions.

We just write down our profits in the tax return under a post called "Other taxable income".

radeone

full member

Activity: 169

Merit: 100

Central American countries apparently don't care. Costa Rica and Panama come to mind and they have decent internet access. Good luck man.

Rafael101

newbie

Activity: 15

Merit: 0

I think the wealth tax is worse than the capital gains tax. I could live with 16-24% capital gains as long as I don't have to pay taxes for hodling my own coins.

Daniel91

legendary

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Merit: 1824

Quote from: Rafael101 on October 25, 2017, 02:11:54 PM

I'm currenty living in Norway. Here we have to pay 24 percent taxes on cryptocurrency profits, and in addition ca 1 percent each year in wealth taxes (i.e., if you own 50 BTC you have to sell 0.5 BTC each year to pay the wealth tax). Because of the tax burden I'm seriously considering moving to another country. Any suggestions?

I'm very curious how did you report income from bitcoin?
For example, in my country, I couldn't report income from cryptocurrency, only ''second income'' from abroad since cryptocurrency or internet income is not recognized by tax office

I had to pay 25 % tax on my income but couldn't report it as internet income plus I had to pay some additional contributions.

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