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Author Topic: Do I have to pay tax if I live in tax free country? but...  (Read 57 times)
coinx0mrn
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March 21, 2018, 06:41:50 PM
 #1

Hi lads, I try to look for this information everywhere but I didn't find anything about this topic.

Let me explain you my situation.

I live in tax-free country where banks won't deal with any company that trades cryptos. (means that I can't deposit money to any platform that trades cryptos)
So what I do is that I send my money to UK bank and then I send money to a platform where I buy cryptos.

Question is: I'm resident in fax-free country, Do I have to pay tax to UK just because my money get thru UK bank account?


Thank you



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outsider99
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March 22, 2018, 07:40:31 PM
 #2

I think you have to pay your taxes to a British bank, because you made a transaction at that bank, just pay the transaction fee.
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March 22, 2018, 07:49:46 PM
 #3

The Bank of great Britain will not open an account for a resident of another country. If you open a legal entity then another thing, but in this case you have to pay taxes. You can use a friend's Bank account but then he will have to pay the tax. It seems to me that you need to negotiate for the purchase of goods and sell goods in your country for Fiat.


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Don Pedro Dinero
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March 22, 2018, 08:01:30 PM
 #4

Is bitcoin forbidden in your country?

When you buy stocks, you have to pay tax in the country you buy them, but many countries have agreements to avoid double taxing people. So, if I buy stocks from a foreign company and have to pay tax in my country, I have to fill in a form not to pay those taxes in the foreign country.

So, I suppose if this was applied to your case, you would need to pay taxes in the foreign country because you don’t pay taxes in your one.
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March 22, 2018, 09:02:12 PM
 #5

I think it is better to consult with experienced lawyer. And, on the other hand try to find new ways to transfer cash in crypto. For example, localbitcoins. As far as I know, there is also similar internet service for ethereum.

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March 22, 2018, 09:06:02 PM
 #6

Hi lads, I try to look for this information everywhere but I didn't find anything about this topic.

Let me explain you my situation.

I live in tax-free country where banks won't deal with any company that trades cryptos. (means that I can't deposit money to any platform that trades cryptos)
So what I do is that I send my money to UK bank and then I send money to a platform where I buy cryptos.

Question is: I'm resident in fax-free country, Do I have to pay tax to UK just because my money get thru UK bank account?


Thank you


You might not pay tax but you will pay charges or duty as the law of UK allows when it comes to making of payment to some exchange sites but instead of having to go through such stress and situation that is very ambiguous. I am sure you are not the only one dealing in crypto in the whole of your country. All you need is to identify the gathering of like minded individuals and trade in bitcoin while you money land in your bank account without any issue of blocking or sanctions.

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May 09, 2018, 08:31:25 PM
 #7

Bitcoin is self-regulated as per the country laws so taxation will be ruled as per the country legality check ur auditor regarding taxation
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May 09, 2018, 08:39:34 PM
 #8

I think it will be automatically deducted from your money once you make a transaction there regardles of whether you are a citizen or not. International law applies if i am not mistaken.


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May 09, 2018, 08:47:39 PM
 #9

Hi, I have read your situation. I think that if you are from tax free country you can avoid paying taxes. However, I think that it is necessary to ask the governmental bodies to be 100% sure that you do the right way

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May 09, 2018, 08:54:12 PM
 #10

I think that if you must pay any taxes, you will be informed about this. Don't worry, they won't lose an opportunity to get money. However, I think that you don't have to pay taxes living in tax free country

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May 09, 2018, 09:15:37 PM
 #11

I suggest you to consult with people who are experts in the field of taxation, but I think for more you just pay taxes according to the provisions, let's say that some of the costs you must spend in this investment, just follow the rules and conditions that I think it will ease your way

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May 09, 2018, 09:40:15 PM
 #12

Hi lads, I try to look for this information everywhere but I didn't find anything about this topic.

Let me explain you my situation.

I live in tax-free country where banks won't deal with any company that trades cryptos. (means that I can't deposit money to any platform that trades cryptos)
So what I do is that I send my money to UK bank and then I send money to a platform where I buy cryptos.

Question is: I'm resident in fax-free country, Do I have to pay tax to UK just because my money get thru UK bank account?


Thank you




I think the resident of one country do not pay tax to any other country so you will not need to pay tax for your money deposit to the UK bank but there is some fees for every service so the UK bank also has they may deduct that fees from your transactions. In that they will serve for you to perform your serves and to provide you a way to you to buy and sell crypto with your money.

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