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Topic: The best countries tax wise for Bitcoin - page 2. (Read 647 times)

legendary
Activity: 3500
Merit: 6205
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4. If Germany's crypto tax is lax, I expect this will be copied in some other European countries in the not-so-far future, hence it may not be a bad idea to have a bit more patience and keep the eyes open.

I would find the statement more credible if you had used "I hope" instead of "I expect", which implies a more vain hope. Germany has had a more favorable legislation to cryptocurrencies for many years, and there has not been the copying effect you are talking about, so I do not expect it to happen, except in some specific case perhaps and for other reasons, not for copying what Germany does. In the same way, Germany is called the European locomotive because it has an economic policy different from the rest, which encourages productivity and mass competition, and France with its elephantine state or Italy with its peculiarities do not copy it.

Not credible and "vain hope"? LOL! You come more than a year later saying that?! A lot changes in a year (do I really have to say that?!)
Back then I did expect that. Meanwhile the things somehow got.. slower, which is a surprise for me.
And, if you read, I wrote "some" countries. A possible short could contain Poland, Croatia, Romania, countries that imho look up to Germany. Especially France is expected to take its own decision (which may or may not be identical to Germany's), hence you deliberately picked at least one poor example.

However, since then there were news that made me lower my expectations by a great deal, hence now I'm indeed at the "I hope" stage.
And yeah, believe what you want.
legendary
Activity: 3038
Merit: 1047
Your country may be your worst enemy
Nigeria deserves to be on the list because its citizens benefit from minimal taxation through peer-to-peer (P2P) transactions, and an impressive 5.75% of the global cryptocurrency ownership belongs to Nigerians. (According recent word statistics)
I do not even think Nigerians are taxed at all. Nigerians have an easy ride. The country doesn't permit crypto trading with their local banks so there is no how the banks will work out the taxing. So the Nigerians find ways to trade among themselves and using exchanges p2p with paying any form of tax.
If someone is looking for a country with the best tax treatment for bitcoin and cryptocurrencies, then they will probably choose a country with a developed economy and a friendly banking system.
If you need a country where there is no control over cryptocurrency, no taxes, or you have many opportunities not to pay taxes, then this is Russia. In Nigeria, there are no such shadow cryptocurrency markets as in Russia, and no one plans to close this market yet.

Maybe I'm special, but I don't want to live in Russia, nor in Nigeria.
I'd rather choose a country which I like, then find a way to optimize, or evade taxation there.
legendary
Activity: 1736
Merit: 4270
Nigeria deserves to be on the list because its citizens benefit from minimal taxation through peer-to-peer (P2P) transactions, and an impressive 5.75% of the global cryptocurrency ownership belongs to Nigerians. (According recent word statistics)
I do not even think Nigerians are taxed at all. Nigerians have an easy ride. The country doesn't permit crypto trading with their local banks so there is no how the banks will work out the taxing. So the Nigerians find ways to trade among themselves and using exchanges p2p with paying any form of tax.
If someone is looking for a country with the best tax treatment for bitcoin and cryptocurrencies, then they will probably choose a country with a developed economy and a friendly banking system.
If you need a country where there is no control over cryptocurrency, no taxes, or you have many opportunities not to pay taxes, then this is Russia. In Nigeria, there are no such shadow cryptocurrency markets as in Russia, and no one plans to close this market yet.
sr. member
Activity: 420
Merit: 252
My post made philipma1957 wear signature
Nigeria deserves to be on the list because its citizens benefit from minimal taxation through peer-to-peer (P2P) transactions, and an impressive 5.75% of the global cryptocurrency ownership belongs to Nigerians. (According recent word statistics)
I do not even think Nigerians are taxed at all. Nigerians have an easy ride. The country doesn't permit crypto trading with their local banks so there is no how the banks will work out the taxing. So the Nigerians find ways to trade among themselves and using exchanges p2p with paying any form of tax.
legendary
Activity: 1736
Merit: 4270
In Europe there is always more control. It is easier to legalize in Asia or other offshore zones where taxes on cryptocurrencies are close to 0. I would like to see how the MICA law starts to work, but I am sure that this will entail very high costs for crypto companies in the KYC officers and lawyers.
legendary
Activity: 3038
Merit: 1047
Your country may be your worst enemy
I've lived in Germany for a while, and I was happy to leave.
Doing business is quite awful there. It's only a nice place as a tourist, but you can have a second home there, spend there a few months per year, and yes, it will be enjoyable. Best places are near the Bodensee.
legendary
Activity: 1372
Merit: 2013
4. If Germany's crypto tax is lax, I expect this will be copied in some other European countries in the not-so-far future, hence it may not be a bad idea to have a bit more patience and keep the eyes open.

I would find the statement more credible if you had used "I hope" instead of "I expect", which implies a more vain hope. Germany has had a more favorable legislation to cryptocurrencies for many years, and there has not been the copying effect you are talking about, so I do not expect it to happen, except in some specific case perhaps and for other reasons, not for copying what Germany does. In the same way, Germany is called the European locomotive because it has an economic policy different from the rest, which encourages productivity and mass competition, and France with its elephantine state or Italy with its peculiarities do not copy it.
hero member
Activity: 2408
Merit: 516
Nigeria deserves to be on the list because its citizens benefit from minimal taxation through peer-to-peer (P2P) transactions, and an impressive 5.75% of the global cryptocurrency ownership belongs to Nigerians. (According recent word statistics)
legendary
Activity: 1736
Merit: 4270
February 19, 2022, 11:47:38 AM
#15
I like the politics of Dubai. You can register a company in the DIFC free zone, it will take 1-2 months and 10-15K dollars, if you use the services of intermediaries, you will get a work visa. If the company earns less than $200,000 per year, the tax is 0%.
legendary
Activity: 2030
Merit: 1643
Verified Bitcoin Hodler
February 18, 2022, 08:09:53 AM
#14
I agree with Germany being the best country, tax wise for any cryptocurrency. But then again that only holds true if you can fulfill the expected conditions. If you hodl your crypto and do not sell/trade for one year, then you do not have to pay any taxes on the profits. You are allowed to shift your crypto from one wallet to the next, but as soon as you trade crypto for crypto, thats considered selling too.

We are seeing new laws for staking rewards that consider a 10 year rule, however, as far as I know, pure hodling is still 1 year.
 
hero member
Activity: 2254
Merit: 658
Revolutionized copy gaming platform
February 18, 2022, 08:06:01 AM
#13
I think Philippines would be a great one too, I have a friend who makes a lot of money already and I don't think that he pays that much tax. I too don't even though I make an amount that's already taxable in a regular setting. I don't recommend going to the country though, cost of living is low but the quality of life isn't good.

It is because Philippines hasn’t introduced crypto taxes yet. For now, we are paying a normal tax rate base on our income range whether monthly, quarterly or annually. If our income is below 250,000 Philippine peso annually, we’re exempted from getting taxed.

However, if it’s above, of course we are required to report that to the Bureau of Internal Revenue. As self-employed, we are only taxed for realized income (for instance crypto to fiat to bank) and not on capital gains or unrealized income.
legendary
Activity: 3500
Merit: 6205
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February 17, 2022, 02:11:23 AM
#12
- Are you implying that most of the European countries also have such a thing in place?

I don't know how it is, hence I didn't try to imply anything.
I would not be surprised though if the tax of the old country is bigger than the one from the new country, one would have to also pay the difference in the old country.
But again, this is speculation, I don't know for sure how it is.
legendary
Activity: 2968
Merit: 3406
Crypto Swap Exchange
February 16, 2022, 02:42:18 PM
#11
Any other countries/states ?
Perhaps "some" of the missing names from "this article" from last year, are still relevant in 2022...

e.g. Antigua

copper member
Activity: 2828
Merit: 4065
Top Crypto Casino
February 16, 2022, 01:51:15 PM
#10
It is not easy to move to another country. There is a difference in culture, lifestyle, and many other things to take into account. You find yourself away from your family, friends, and everything you knew before. You may even have to quit your job and maybe not even find another one later on. It's great not to pay taxes, but if you're going to be unemployed in a country where you don't speak the language well, it's not even worth it.

Moving to another country can be fun when you are in your twenties, but at a certain age, it is not an easy thing to do, especially when you have a family, children, a house, a job, responsibilities and all that

How many of us here have left our country to settle in another? All that to take advantage of a tax break? Not many, in my opinion. One hand would be enough to count them.

People thinking they can stay unnoticed until now will maybe cry later when more data is harvested and a lot of automation is done. With technology, governments are becoming more effective at detecting fraudsters. Nowadays, it is more and more difficult to cheat on taxes compared to 20 years ago.

I cheated once but I learned a good lesson. They never forget you Roll Eyes
hero member
Activity: 2478
Merit: 621
Leading Crypto Sports Betting & Casino Platform
February 16, 2022, 11:49:16 AM
#9
~snip

So you're just avoiding taxes, which could land you in trouble unlike in the countries mentioned above where you can do this legally!
It's a yes and a no, in the eyes of the law, we are poor and minimum wage earners, they don't investigate you even if you buy stuff with crypto, they're too corrupt for their own good so us people that fade in the background get away with it. And the taxes for most Filipinos are already paid when we buy our products and we have a high income rate that considers you as tax exempted anyways.

@Obito don't you think that you have not bought certain product that is involving large number or fraction of bitcoin and that is why the government has not noticed it. I think so because you are spending very minimal amount of bitcoin and they may think you have that through faucet  Grin

But the point is you have gone unnoticed because you spending just little , if you spend big amount you can see things can change and you don't evade again.
sr. member
Activity: 1274
Merit: 293
February 16, 2022, 10:05:28 AM
#8
~snip

So you're just avoiding taxes, which could land you in trouble unlike in the countries mentioned above where you can do this legally!
It's a yes and a no, in the eyes of the law, we are poor and minimum wage earners, they don't investigate you even if you buy stuff with crypto, they're too corrupt for their own good so us people that fade in the background get away with it. And the taxes for most Filipinos are already paid when we buy our products and we have a high income rate that considers you as tax exempted anyways.
legendary
Activity: 2828
Merit: 6108
Jambler.io
February 16, 2022, 09:31:48 AM
#7
Not really my guy, if you live here then you know that the legislation or bills passed will only be implemented strictly for about 3 months and then the people are going to forget about it, that's why I was confident that you can avoid taxes here with your crypto, the only time that you're going to pay taxes is if it's in fiat.

So you're just avoiding taxes, which could land you in trouble unlike in the countries mentioned above where you can do this legally! And no country in that list taxes crypto gains in the same crypto, lol, how would that ever be possible?  If you follow the law once you sell any coin at a profit in the Philippines you must pay income tax since you have income, that's the law if you know differently please link the law that exempts you from this.

Again, this is not about getting away while breaking the law, this is how to live your life peacefully without surprise visits from the police while not paying a penny.

Just because the police don't give a damn about speeding and you haven't got a ticket in 10 years it doesn't mean there is no speed limit, unless, funny coincidence, you're in Germany again Grin
sr. member
Activity: 1274
Merit: 293
February 16, 2022, 09:15:41 AM
#6
~snip

If a person doesn't pay "that much' tax in most cases is because of tax evasion and not low taxes.

According to the laws, it seems that income in crypto is taxed the same way as normal income, so assuming you have made 1BTC in profits and you cash that out you're going to end in the near last threshold and pay around the equivalent of $11k in tax.
Comparing that to Germany where you just have to hold the crypto for one year and you're tax-exempt, legally!!!!
Not really my guy, if you live here then you know that the legislation or bills passed will only be implemented strictly for about 3 months and then the people are going to forget about it, that's why I was confident that you can avoid taxes here with your crypto, the only time that you're going to pay taxes is if it's in fiat. Also with the advent of Axie Infinity in the country, how come those that have made money in the early pump didn't get any visit from the tax bureau?
legendary
Activity: 2828
Merit: 6108
Jambler.io
February 16, 2022, 09:09:01 AM
#5
I think Philippines would be a great one too, I have a friend who makes a lot of money already and I don't think that he pays that much tax.

If a person doesn't pay "that much' tax in most cases is because of tax evasion and not low taxes.

According to the laws, it seems that income in crypto is taxed the same way as normal income, so assuming you have made 1BTC in profits and you cash that out you're going to end in the near last threshold and pay around the equivalent of $11k in tax.
Comparing that to Germany where you just have to hold the crypto for one year and you're tax-exempt, legally!!!!

Well, as European I would not choose a country from outside Europe because the laws may become (very) strange for actually living there.

And most poeple think the same even if they live in way poorer countries.
That's why we didn't have even 100 000, that's 0.03% of the claimed number of crypto owners moving to Salvador. Cheesy
sr. member
Activity: 1274
Merit: 293
February 16, 2022, 08:42:33 AM
#4
I think Philippines would be a great one too, I have a friend who makes a lot of money already and I don't think that he pays that much tax. I too don't even though I make an amount that's already taxable in a regular setting. I don't recommend going to the country though, cost of living is low but the quality of life isn't good.
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