Country with no or less taxes on crypto currencies?

[sheld0n]

Suppose there is someone who has millions of dollars in crypto currencies . In which country could he could exchange the crypto currencies into fiat money legally with low or no taxes?

I have come to the question today because I live in a country where almost 50% of taxes have to be paid when those assets are exchanged legally.

Do not worry, it's not me who owns the millions of dollars in cryptos   Just a hypothetical question.

[bitbob82]

Suppose there is someone who has millions of dollars in crypto currencies . In which country could he legally exchange the crypto currencies into fiat money legally with low or no taxes?

I have come to the question today because I live in a country where almost 50% of taxes have to be paid when those assets are exchanged legally.

Do not worry, it's not me who owns the millions of dollars in cryptos  Just a hypothetical question.

i do not know that there is any single country where we can use bitcoin and can do transaction legally, my be in japan as they has turn bitcoin as legal currency may be they are now collecting taxes from bitcoin and may be the transaction of bitcoin is legal there, but still i have no idea about that. those people who are living in Japan and using bitcoin my have good idea about that.

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Bermuda, Monaco, the Bahamas, Andorra and the United Arab Emirates (UAE)
All U.S. citizens, regardless of where they choose to reside, are still legally obligated to file U.S. income taxes in the same way as if they were living in the U.S.

investopedia.com/articles/personal-finance/100215/5-countries-without-income-taxes.asp

[Nexillus]

Bermuda, Monaco, the Bahamas, Andorra and the United Arab Emirates (UAE)
All U.S. citizens, regardless of where they choose to reside, are still legally obligated to file U.S. income taxes in the same way as if they were living in the U.S.

investopedia.com/articles/personal-finance/100215/5-countries-without-income-taxes.asp

This is why many people give up US citizenship once they leave and do not keep dual.

[rchstr]

maybe he/she could exchange it on a legal local exchange his/her country have. he can easily withdraw that but expect a legal investigation about his/herself because million dollar is a huge amount of money and it is alarming where he gets that.

[krypt0n1]

Selling it locally, such as through CL or localbitcoins, could work without a paper trail. However, depositing that much cash into your bank would raise suspicions.

[Paid Piper]

Selling it locally, such as through CL or localbitcoins, could work without a paper trail. However, depositing that much cash into your bank would raise suspicions.

using any source theamount will at last go to your account and then FBR as in my country must have to investigate such a big amount  that where that money from from and you have to give a valid source of your income.

[Lomberjack]

https://news.bitcoin.com/worlds-top-10-bitcoin-friendly-countries/
In thi site wherein you can find the Top 10 Bitcoin friendly countries where bitcoin is not just legalize but also implemented maybe you can exchange a big amount of cryptocurrency for just a low taxation fee. Mostly the countries listed are Western countries like Denmark, Sweden and United States. But if you are living in Asian countries, maybe the good choice to have is South Korea. They can MAYBE exchange that kindof amount with a minimal tax. Also, I think there is no country right now that has no tax in money exchange.

[shyliar]

In Canada it's treated as a capital gain. So if you have 1 million profit the first 500k is not taxed. The second 500k is taxed at the normal rate. If you have RRSP deductions available from the past 7 years you can defer some of those taxes to the future (hopefully a year when you don't earn much). For example if you have 100k of available RRSP deduction available you put 100K of the taxable income into a mutual fund. After doing so you are only taxed on the remaining 400k.

The above is from personal experience. It did not involve 1 million.

[Febo]

Suppose there is someone who has millions of dollars in crypto currencies . In which country could he legally exchange the crypto currencies into fiat money legally with low or no taxes?

I have come to the question today because I live in a country where almost 50% of taxes have to be paid when those assets are exchanged legally.

Do not worry, it's not me who owns the millions of dollars in cryptos   Just a hypothetical question.

i do not know that there is any single country where we can use bitcoin and can do transaction legally, my be in japan as they has turn bitcoin as legal currency may be they are now collecting taxes from bitcoin and may be the transaction of bitcoin is legal there, but still i have no idea about that. those people who are living in Japan and using bitcoin my have good idea about that.

I dont know on which planet you live.
Bitcoin transaction is illegal? How, what WTF.
I spend plenty of BTC so far. Last i bought computer with it. In store that sells for BTC for like 5 years and was shipped to my home.
As long you can prove where your BTC come from you will be fine in any normal country. When you cant prove where your car and house come from you will be taken away from you in any normal country.

In Canada it's treated as a capital gain.

Yes here also. Same as any share. If you day trade you pay capital gain on it if you hold share for more then 1 year you dont pay capital gain tax. So if you buy BTC and have proof where you bought it and hold it for more then a year you pay ZERO tax.


If you mine or earn on internet by selling your knowledge or other digital asset then ofcourse you need to pay your tax.

[sheld0n]

Thanks is is a very useful list. And one country is even in my neighborhood

Bermuda, Monaco, the Bahamas, Andorra and the United Arab Emirates (UAE)
All U.S. citizens, regardless of where they choose to reside, are still legally obligated to file U.S. income taxes in the same way as if they were living in the U.S.

investopedia.com/articles/personal-finance/100215/5-countries-without-income-taxes.asp

Sure, but as I wrote in the OP. In my country for instance, I can use an exchange to convert them in my local fiat currency and then have to pay income tax for it which is almost 50% high. I know other countries were taxes is between 30-50%.

maybe he/she could exchange it on a legal local exchange his/her country have. he can easily withdraw that but expect a legal investigation about his/herself because million dollar is a huge amount of money and it is alarming where he gets that.

[Aztek]

Suppose there is someone who has millions of dollars in crypto currencies . In which country could he could exchange the crypto currencies into fiat money legally with low or no taxes?

I have come to the question today because I live in a country where almost 50% of taxes have to be paid when those assets are exchanged legally.

Do not worry, it's not me who owns the millions of dollars in cryptos   Just a hypothetical question.

Mostly Western Countries like United States and Denmark which is known to be on the Top 10 Bitcoin Friendly countries might give you an exchange for that great count of money. But if you are living in Asian Countries, a good spot will be South Korea which is also in that certain ranking that is based on an article that I have read. But I there is no such country that will not give you taxation fee with that great amount of money. Because in lined with having a great countof money is getting a large taxation fee for exchange.