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Author Topic: Countries with best BTC taxes & regulations for individuals (not companies)  (Read 849 times)
Rafael101
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November 07, 2017, 11:51:35 AM
 #1

With ever increasing BTC prices, where can BTC holders move to minimize taxes? I'm confused by many of the tax laws that I'm reading about. It seems like clear rules have yet to emerge in many countries. Some countries have a wealth tax, which means that you must sell a certain amount of your BTC every year, which is regrettable. I think one should try to avoid these countries at least. But other than that, it is only the capital gains tax that is relevant?
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November 08, 2017, 01:39:32 PM
 #2

With ever increasing BTC prices, where can BTC holders move to minimize taxes? I'm confused by many of the tax laws that I'm reading about. It seems like clear rules have yet to emerge in many countries. Some countries have a wealth tax, which means that you must sell a certain amount of your BTC every year, which is regrettable. I think one should try to avoid these countries at least. But other than that, it is only the capital gains tax that is relevant?

Generally speaking, taxes can be levied on people who are converting their Bitcoin to fiat money or physical cash and then maybe their can be some sales tax if you are using Bitcoin to buy something either online or offline. It is just natural that each country and location will have different types of tax and amount or rates can very much vary from place to place. We really have no choice but to pay the tax which is imposed by the government as the sovereign power is exercised by the government

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November 09, 2017, 04:07:37 PM
 #3

The state may have a claim only in the case if you change bitcoin to Fiat. If you store bitcoin there are no taxes to be paid. It seems to me that if it is possible to spend bitcoins in the online store the state will not qualify for taxes. But you need to bitcoin has been upgraded. Due to the fact that segwit2x postponed indefinitely we will not soon see the opportunity.

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November 09, 2017, 05:40:39 PM
 #4

With ever increasing BTC prices, where can BTC holders move to minimize taxes? I'm confused by many of the tax laws that I'm reading about. It seems like clear rules have yet to emerge in many countries. Some countries have a wealth tax, which means that you must sell a certain amount of your BTC every year, which is regrettable. I think one should try to avoid these countries at least. But other than that, it is only the capital gains tax that is relevant?

So, basically you want a country that doesn't tax your coins at all. Most countries don't. For instance in the whole European Union you aren't taxed for holding your coins, the tax obligation appears the moment you sell for fiat.
Next are countries with low income tax like Bulgaria with only 10% flat rate, or Qatar with 0% income tax. There are more similar countries where income tax is at 10% or less, which seems reasonable. I wouldn't mind paying that.
There are also countries where you can easily sell your coins due to some regulations. Like in Germany, where coins kept for more than a year are tax free. In GB it's also nice as there's a certain amount of money you can withdraw from your investment every year that is tax free.

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November 09, 2017, 09:12:02 PM
 #5

First bitcoin only pay fee not taxes . second it is depend on network and no one can control with it
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November 09, 2017, 09:16:17 PM
 #6

First bitcoin only pay fee not taxes . second it is depend on network and no one can control with it

I just want a like button to like your post. I like it.

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November 11, 2017, 03:37:59 PM
 #7

The best country for bitcoin users those who did not react to his existence. In fact, these countries are still very much. The less the government will intervene in the turnover of the more popular bitcoin will be the currency. I don't understand users who are happy about the government intervention in the revolution of cryptocurrency. I think it's contrary to the idea of cryptocurrency.

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November 11, 2017, 04:54:03 PM
 #8

With ever increasing BTC prices, where can BTC holders move to minimize taxes? I'm confused by many of the tax laws that I'm reading about. It seems like clear rules have yet to emerge in many countries. Some countries have a wealth tax, which means that you must sell a certain amount of your BTC every year, which is regrettable. I think one should try to avoid these countries at least. But other than that, it is only the capital gains tax that is relevant?
If you can afford to move into another side of the world just to evade tax on your bitcoin then just proceed but come to think off that this thing would really be more expensive than on paying up taxes. They cant really impose taxation directly on bitcoin which they would normally target on those service than do make use of it.I would not be surprised if they would do such thing knowing that government wont really allow any of its citizens wont pay up tax which is really beneficial in the development and growth of the economy of a certain country specially if the one who manage or handle isn't corrupt.







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November 15, 2017, 04:39:48 PM
 #9

The state may have a claim only in the case if you change bitcoin to Fiat. If you store bitcoin there are no taxes to be paid. It seems to me that if it is possible to spend bitcoins in the online store the state will not qualify for taxes. But you need to bitcoin has been upgraded. Due to the fact that segwit2x postponed indefinitely we will not soon see the opportunity.

Yes, you can be correct. However, in cases where we use Bitcoin to buy anything, there can be sales tax either in addition to the price or the tax is already embedded within the price. We have to remember that some tax maybe invisible to our eyes but it is there and in many cases it is the seller or merchants which are required to be reporting and paying them. I am lucky enough because I am in a country where the government is not that so strict in dealing with small fishes on the pond.
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November 15, 2017, 05:04:11 PM
 #10

Depends how long you've been holding your btc and how actively you trade. In the EU Germany has zero capital gains if you sell after holding for a year. Capital gains the Netherlands is very low as well.

If it's regarded as income then it's going to be more work no matter where you are.

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November 15, 2017, 08:17:32 PM
 #11

Don't think about BTC.
Selling properties, stocks or cryptocurrencies are mostly the same to the taxman: they're capital gains, taxed pretty much all the same, besides your family home.
The best BTC countries are tax havens (think small islands...).

Read more from me and follow me on Steemit: https://steemit.com/@countryfree
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November 15, 2017, 10:04:12 PM
 #12

In Slovenia you have for individuals capital gains form crypto coins taxed with 0 tax. the same as gold... You only have to prove, how you bought/got coins ...

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November 16, 2017, 12:00:53 AM
 #13

What are the worst countries for bitcoin taxes?
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December 11, 2017, 02:48:59 PM
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New Zealand. No capital gains tax
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December 11, 2017, 04:25:22 PM
 #15

So far here in my country(which is Philippines) doesn't have any law regarding on taxation of cryptocurrency. So i can still enjoy tax free cryptocurrency. The government dont have the capability to track all the people who are earning on Bitcoin. If you want them to charge you with taxes. Then you can report your income statement. But i won't do that unless they are such law that requires me to do that. Countries like US is not the best place to live if your a cryptocurrency trader. You'll get into jail if you did not report your income statement. That sucks.

Anyway, im sure the government will find a way to charge people taxes here. So enjoy with your crypto while it's still tax free.

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December 13, 2017, 02:49:30 AM
 #16

With ever increasing BTC prices, where can BTC holders move to minimize taxes? I'm confused by many of the tax laws that I'm reading about. It seems like clear rules have yet to emerge in many countries. Some countries have a wealth tax, which means that you must sell a certain amount of your BTC every year, which is regrettable. I think one should try to avoid these countries at least. But other than that, it is only the capital gains tax that is relevant?

So, basically you want a country that doesn't tax your coins at all. Most countries don't. For instance in the whole European Union you aren't taxed for holding your coins, the tax obligation appears the moment you sell for fiat.
Next are countries with low income tax like Bulgaria with only 10% flat rate, or Qatar with 0% income tax. There are more similar countries where income tax is at 10% or less, which seems reasonable. I wouldn't mind paying that.
There are also countries where you can easily sell your coins due to some regulations. Like in Germany, where coins kept for more than a year are tax free. In GB it's also nice as there's a certain amount of money you can withdraw from your investment every year that is tax free.

Thanks for sharing some details about taxes levied by different countries to their citizens. I am wondering: if I am not a citizen, let's say of Germany, can I avail of the same tax rate if I will stay in that country or do I have to be a legal resident first? I understand that with USA even if one is living in another country as long as they remained to be US citizen then they are subject to the same USA tax laws. I happened to live in a country where the government has not yet focused on implementing tax codes on cryptocurrency but I am suspecting that exchanges are the ones collecting the tax when we convert our Bitcoin into the fiat money, which can be convenient for all of us. As of now, the government has not yet ordered us to declare our Bitcoin capital gains or any income derived from Bitcoin related activities but am sure that once Bitcoin can reach a certain level of popularity then the government can get so creative in generating revenues from Bitcoin holders and traders. Personally, I have no problem with paying tax because by paying our share we can demand the government to shape up or be ship out.

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December 14, 2017, 02:08:50 AM
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[...] I am wondering: if I am not a citizen, let's say of Germany, can I avail of the same tax rate if I will stay in that country or do I have to be a legal resident first? I understand that with USA even if one is living in another country as long as they remained to be US citizen then they are subject to the same USA tax laws.

You can be a legal resident of Germany without being a German citizen. If as a result you have to pay your taxes in Germany, you'll also get the tax benefits that come with it. However if due to some tax treaty between Germany and your nation of origin you still have tax obligations to your home country -- as, to some extend, seems to be the case with US citizens -- you're shit out of luck.


I happened to live in a country where the government has not yet focused on implementing tax codes on cryptocurrency but I am suspecting that exchanges are the ones collecting the tax when we convert our Bitcoin into the fiat money, which can be convenient for all of us. [...]

I wouldn't get my hopes up for exchanges taking care of collecting taxes for you. If it were only about capital gain taxes, maybe. However in many cases income tax applies, which exchanges are not able to determine due to not having insight into your income and tax status. Add to that cryptocurrency being a global phenomenon with people from various countries trading on exchanges of varying legal status it is close to impossible to find a one-size-fits-all tax collecting solution, unless the exchanges operates and focuses on only a single tax territory.

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December 14, 2017, 02:55:02 AM
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With ever increasing BTC prices, where can BTC holders move to minimize taxes? I'm confused by many of the tax laws that I'm reading about. It seems like clear rules have yet to emerge in many countries. Some countries have a wealth tax, which means that you must sell a certain amount of your BTC every year, which is regrettable. I think one should try to avoid these countries at least. But other than that, it is only the capital gains tax that is relevant?

I have moved to Panama and Cooks Island, as gaining a lot of FIAT currency i want to hide from my origin country I have moved all to panama and Cooks Islands, with a support of a law office in Panama.Believe me it the best thing,they open an offshore anonymous account for your company , an offshore company opened in few days and then you send money to that bank account spending that money or investing anonimously
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December 14, 2017, 10:47:35 AM
 #19

In the offshore areas probably concentrated most of the finances of the richest people in the world. This scheme was invented by rich people to not pay taxes. Governments can easily ban it but they didn't because the participants of these schemes. So I find it funny when they talk about money laundering. The world economy is built so that the state be kept at the expense of the middle class. The rich pay only symbolically. Bitcoin is the offshore for ordinary people. That's why the government is against its legalization.

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December 14, 2017, 10:51:27 AM
 #20

Before think about move in different country for pay less taxes, be sure about AML policy! You could have big issue if you cannot demostrare from where your bitcoin cames!
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