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

[darkangel11]

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.

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[olushakes]

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?

[kc.]

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 .

[NABiT]

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 .

https://www.bitpremier.com

[vitarian]

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

[Marry Finch]

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.

[The Sceptical Chymist]

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.

[Emmami@758]

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.