If you open a bank account in a country which has no BTC tax

Emmami@758

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Quote from: kc. on June 17, 2017, 10:09:36 AM

Lets say you live in a country where Bitcoin is taxed. If you open a bank account in a country where it isn't, and withdraw it directly to there do you have to pay tax on it? Is that even legal?

wow really very nice thought. then most of the people buying this coins and keeping in the bank. if we are buying something then that product coming for without tax who can leave that opportunity. so every one try to buy in this process. including me also.

The Sceptical Chymist

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Quote from: gio3442 on June 19, 2017, 05:12:52 AM

Are there any countries that tax bitcoin? How?

In the US, it's part of income tax, where if you sell something for more than you bought it for, you have to pay tax on whatever profit you made.

Me, I don't own enough of any crypto--or cash, or any other asset--to make an offshore bank worthwhile, plus I'm not evading taxes. No one gets away with that. Only the very wealthy do that, and I hardly qualify for that classification.

Marry Finch

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I think that it is necessary in this case to act as if paying an ordinary tax. In this case, the rules, which are determined by the agreement between the two countries, should operate. Such agreements are concluded to avoid double taxation.

vitarian

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If you are in the US there will not be any escaping the tax

NABiT

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Quote from: kc. on September 02, 2017, 11:46:24 AM

Quote from: countryfree on July 01, 2017, 12:39:12 PM

If you open a bank account in a foreign country, it's most likely that because of automatic information exchange between countries, your country will immediately be notified. There are already 100 countries collaborating this way, with more to join soon. But why do you want to open a bank account?

Just pay with BTC, and your problem's fixed.

Ah yes, but it's hard finding people selling "big value" items for BTC Cheesy

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https://www.bitpremier.com

kc.

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uh-huh

Quote from: countryfree on July 01, 2017, 12:39:12 PM

If you open a bank account in a foreign country, it's most likely that because of automatic information exchange between countries, your country will immediately be notified. There are already 100 countries collaborating this way, with more to join soon. But why do you want to open a bank account?

Just pay with BTC, and your problem's fixed.

Ah yes, but it's hard finding people selling "big value" items for BTC Cheesy

.

olushakes

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Quote from: kc. on June 17, 2017, 10:09:36 AM

Lets say you live in a country where Bitcoin is taxed. If you open a bank account in a country where it isn't, and withdraw it directly to there do you have to pay tax on it? Is that even legal?

In addition to what others have contributed, I think this is an intelligent way to reduce tax liability and not evading it because the money eventually coming in will then we subjected to income from abroad tax which its tax liability is always reduced to the barest minimum and can even reduced further if the country its from has a double taxation agreement to the country where its going to. But also care needs to be taken in other to ensure that even though they might not be taxing bitcoin but how free are they in allowing money to be sent abroad?

darkangel11

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Don't let others control your BTC -> self custody

Quote from: Dart18 on July 04, 2017, 04:47:01 AM

Quote from: kc. on June 17, 2017, 10:09:36 AM

Lets say you live in a country where Bitcoin is taxed. If you open a bank account in a country where it isn't, and withdraw it directly to there do you have to pay tax on it? Is that even legal?

Wait there.
Where can you find a country where a bitcoin is connected with a bank? The question is a little weird or just going around.

Or just to make it clear.
Aren't you going to be taxed before you could even deposit the bitcoin from that bank that you are telling?

I haven't seen anything about a bitcoin bank in his question? How did you come up with that?
I also haven't heard of a direct connection, but something like that might be already working in Japan, since they have a very high bitcoin acceptance rate.

Usually it's difficult for an average foreigner to open a bank account. In the EU you usually have to be living in a given country to be able to open an account there. Banks need to know your address and it's more difficult and expensive for them to communicate abroad, so many of them will refuse to open an account if you don't have a local address.
Also, I have opened several accounts in the past and they always either required me to go to their office and sign the papers, or they were sending an employee to my home. It's not like you can just say hi, I want an account in e.g. Germany and, next day it's yours to use.

Dart18

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Quote from: kc. on June 17, 2017, 10:09:36 AM

Lets say you live in a country where Bitcoin is taxed. If you open a bank account in a country where it isn't, and withdraw it directly to there do you have to pay tax on it? Is that even legal?

Wait there.
Where can you find a country where a bitcoin is connected with a bank? The question is a little weird or just going around.

Or just to make it clear.
Aren't you going to be taxed before you could even deposit the bitcoin from that bank that you are telling?

corroze

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Indeed, each country certainly has different tax rules as well as bitcoin taxes, perhaps in some countries that legal bitcoin already has income tax rules from the proceeds of bitcoin income. This is different from countries that resist bitcoin, so far the government has not set tax laws for countries that do not accept bitcoin.

freedomno1

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Quote from: kc. on June 17, 2017, 10:09:36 AM

Lets say you live in a country where Bitcoin is taxed. If you open a bank account in a country where it isn't, and withdraw it directly to there do you have to pay tax on it? Is that even legal?

It depends on where you live the majority of the year and the tax rules of the country. The US practices global taxation and pursues its citizens overseas while some countries are based on the national level of taxes.
So the legalization depends on the jurisdiction to an extent and the intent.
https://www.quora.com/Which-countries-do-not-tax-overseas-income
So countries with no World Wide Income tax would be more likely than not exempt and not out to get you for that, until you bring that money into the country etc.

countryfree

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Your country may be your worst enemy

If you open a bank account in a foreign country, it's most likely that because of automatic information exchange between countries, your country will immediately be notified. There are already 100 countries collaborating this way, with more to join soon. But why do you want to open a bank account?

Just pay with BTC, and your problem's fixed.

audaciousbeing

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Quote from: kc. on June 17, 2017, 10:09:36 AM

Lets say you live in a country where Bitcoin is taxed. If you open a bank account in a country where it isn't, and withdraw it directly to there do you have to pay tax on it? Is that even legal?

The fact that you are receiving the money outside your country does not mean you earn it there and tax is based on your primary place of residence but at the same time, its a form of tax avoidance because if the money is now coming into the country, you pay lesser than if you receive it in the country. That's what most multi national countries do in other to avoid paying high tax from countries that are not tax friendly but at the same time government is trying to curb that through Transfer Pricing mechanisms.

botany

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Quote from: Amph on June 30, 2017, 02:45:36 AM

if you receive money in your bank account they are subject to taxation it doesn't matter from where this money come, i would suggest to use bitcoin and buy something abroad to avoid taxation

The money is not taxed, your income is taxed.
Even if you use bitcoins abroad to buy something, you are not avoiding tax. You are evading tax.

1.btcwonder

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Some states have more progressive financial prudence who challenge to accept BTC because it looks that a poor country's budget will be more in view of taking BTC as a cryptocurrency having ditto functionality and legitimacy as approved currency. It is also well known that Tax is formed for state's revenue so it's significant for every state for having tax. I'm sure that if administration authorizes bitcoin, they will consist of tax on bitcoin as it developed the most required service for people.

mindrust

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You expect to clean up your money for free but don't you think that's far too easy?

Those free tax countries are heavily monitored by the US/EU. Taking your money in is fine but any money coming out from a tax haven will be questioned instantly and heavily.

Many countries don't even let people from those tax free countries to buy properties because it is impossible to prove where that money is coming from.

Amph

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if you receive money in your bank account they are subject to taxation it doesn't matter from where this money come, i would suggest to use bitcoin and buy something abroad to avoid taxation

none will now that you bought a laptop from germany for example, if you live in france....

Quote from: gio3442 on June 19, 2017, 05:12:52 AM

Are there any countries that tax bitcoin? How?

well in the usa is taxed, you report the income and will be taxed as a revenue per year, just like you tax fiat, if you don't exchange you are not taxed, maybe in the USA they tax you even if you don't exchange

alexrose2699

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Stop looking for personal account and register a company instead. Much easier since the company has the residence status. Hong Kong is a good option with 0% tax on offshore income and well connected banks.

kafiddrhman

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Nowadays japanese who already have a tax legislation on bitcoin every bitcoin purchase in taxes pay VAT about 8%, but they plan to withdraw the policy by removing taxation rules on bitcoin.

Beparanf

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Quote from: gio3442 on June 19, 2017, 05:12:52 AM

Are there any countries that tax bitcoin? How?

Maybe those countries that implemented it like Japan, but I don't know yet the process on how they put tax on it. There were lots of countries open btc as their transaction payments some mau put tax on it.

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