Taxes in EU

[wilsonfisk]

Is it illegal to open a bankaccount in another country with lower taxes just to pay less taxes when selling bitcoins/altcoins? In my country it's 30% taxes on the money you profit when selling your coins. If i would make huge gains i would have to pay ridiculus amounts of taxes. I don't want to do anything illigal but there must be a way to pay less taxes leagal

[LeGaulois]

European countries now exchange bank information. When you open a bank account outside your country the bank system reports your new account to your administration within 48h max. (it's a European agreement)

So basically yes, you can open a bank account outside without problem but your country will be aware of it, so if you are trying to "hide" your money you won't able to, because
1. your government will be aware of the bank account
2. you are still supposed to pay the tax because you are still a fiscal resident of your country, no matter where your bank is located

You would need to live in another country several months

[countryfree]

You may open a bank account in Montenegro (no AEOI), but I still haven't found an exchange which accepts customers from there.

[Platonicus]

Belarus.

[BitHodler]

You may open a bank account in Montenegro (no AEOI), but I still haven't found an exchange which accepts customers from there.

And what happens when an exchange denies your fiat withdrawal because your personal details (ID and utility bill) don't match your foreign bank account in country based terms?

I too have been looking at opening a bank account outside my own country myself, and that's pretty much my only concern. In my case the tax rates aren't as high as OP has described his tax rates to be, but they are still steep.

Profit over my trades are subject to a 20% tax cut (if declared), and I find that to be ridiculous. If it was just a few percent, it was all fine and people wouldn't need to look for creative alternative routes of cashing out.

[Tstar]

European countries now exchange bank information. When you open a bank account outside your country the bank system reports your new account to your administration within 48h max. (it's a European agreement)

So basically yes, you can open a bank account outside without problem but your country will be aware of it, so if you are trying to "hide" your money you won't able to, because
1. your government will be aware of the bank account
2. you are still supposed to pay the tax because you are still a fiscal resident of your country, no matter where your bank is located

You would need to live in another country several months

This is true.
In EU, at the moment you exchange crypto to fiat you are screwed in matter of taxes. You need to pay it.

You would need to live in another country several months

6 months + 1 day.

[LeGaulois]

You may open a bank account in Montenegro (no AEOI), but I still haven't found an exchange which accepts customers from there.

Transfering funds to a bank account located in Montenegro is not really a problem. The problem is what about if in 6 months or 1 year the country is added to the list, we're screwed. The list is huge; surprisingly the USA is not in.

[dokie987]

Is it illegal to open a bankaccount in another country with lower taxes just to pay less taxes when selling bitcoins/altcoins? In my country it's 30% taxes on the money you profit when selling your coins. If i would make huge gains i would have to pay ridiculus amounts of taxes. I don't want to do anything illigal but there must be a way to pay less taxes leagal

For me it is okay to pay taxes if i will earn much money and that is a blessing. you don't have to hide it because having bitcoin in our life is a blessing.

[countryfree]

You may open a bank account in Montenegro (no AEOI), but I still haven't found an exchange which accepts customers from there.

And what happens when an exchange denies your fiat withdrawal because your personal details (ID and utility bill) don't match your foreign bank account in country based terms?

I too have been looking at opening a bank account outside my own country myself, and that's pretty much my only concern. In my case the tax rates aren't as high as OP has described his tax rates to be, but they are still steep.

Profit over my trades are subject to a 20% tax cut (if declared), and I find that to be ridiculous. If it was just a few percent, it was all fine and people wouldn't need to look for creative alternative routes of cashing out.

Wrong way of thinking. You shall think about leaving your own country, and moving to another country where tax is lower. If you're not ready to do that, you'll have to pay tax...

You may open a bank account in Montenegro (no AEOI), but I still haven't found an exchange which accepts customers from there.

Transfering funds to a bank account located in Montenegro is not really a problem. The problem is what about if in 6 months or 1 year the country is added to the list, we're screwed. The list is huge; surprisingly the USA is not in.

You have the choice. The best option is to change your tax residency, and Montenegro is a good choice, with a 9% income tax, or you can transfer your money again to another non AEOI country. Actually, this doesn't happen overnight. If Montenegro joins AEOI, something most people expects considering it wants to join the EU, it will be officially announced, and then it will be months before it's effective.

[wilsonfisk]

I live in Sweden now and have no plans for living here much longer anyway. This coountry is turning to a totalt mess..so sad..  . My plan is to live here just a couple of years more. Im seeking for a country that is SAFE, cheap living and good climate.

If i move to lets say Spain or Italy and would like to sell all my cryptos. Will it be any problems when my account is created with a swedish id?
any suggestions for countrys to move to?

[Tstar]

I live in Sweden now and have no plans for living here much longer anyway. This coountry is turning to a totalt mess..so sad..  . My plan is to live here just a couple of years more. Im seeking for a country that is SAFE, cheap living and good climate.

If i move to lets say Spain or Italy and would like to sell all my cryptos. Will it be any problems when my account is created with a swedish id?
any suggestions for countrys to move to?

If you move to another EU country and live there legally (make a registration, if it's required) for 6 month + 1 day, you will be able to pay taxes there, with Swedish ID or not. Keep in mind that in most of EU countries you could stay legally for 90 days in any 180 days period, as a tourist. If you want to live there, in most country you will need to take temporary residence.

[crypt0_t4lk3r]

Hey guys,

why don't you consider moving to Switzerland? Cpaital gains tax is 0.0 % (also on cryptos!). The only taxable situations with regards to crypto are the wealth tax (above 75 K CHF) of 0.1% and a tax for mining (if you intend to do that).

Cheers!

[countryfree]

I live in Sweden now and have no plans for living here much longer anyway. This coountry is turning to a totalt mess..so sad..  . My plan is to live here just a couple of years more. Im seeking for a country that is SAFE, cheap living and good climate.

If i move to lets say Spain or Italy and would like to sell all my cryptos. Will it be any problems when my account is created with a swedish id?
any suggestions for countrys to move to?

Well, you need a plan.

My suggestion would be not to move your cryptos to the country you will live. Open a bank account in a third country where you will not live. You will just have a bank account and a mailbox there, only moving some money to the place where you live when needed.

[Samarkand]

Hey guys,

why don't you consider moving to Switzerland? Cpaital gains tax is 0.0 % (also on cryptos!). The only taxable situations with regards to crypto are the wealth tax (above 75 K CHF) of 0.1% and a tax for mining (if you intend to do that).

Cheers!

It is not always easily possible to just leave your current country. Many people have families
that they don´t want to leave or other responsibilities (e.g. train a local sports team).

Besides, if you are a resident from a country like the US you might be subject
to taxes on your profits even if you left the country for Switzerland. Additionally,
it could be difficult to obtain residency in Switzerland unless you really bring in a lot
of wealth.