Slovenia: No Capital Gains Tax on Bitcoin

[BittBurger]

Are you sure that if in Germany you buy 5,000€ in bitcoins and after some time you cashout 50,000€ you have 0% to pay? No capital gains tax? No other tax? I don't think is that easy.

If you hold the coins for more than 1 year, there is no capital gains tax in Germany.  http://arstechnica.com/tech-policy/2013/08/germany-recognizes-bitcoin-as-a-private-money-subject-to-capital-gains-tax/
(note the subtext on the title).   "The Ministry also clarified that if a German taxpayer holds bitcoins for more than a year, she is exempt from paying the 25 percent capital gains tax." Germany was actually the first country I heard announce this, so it's been on the list for awhile now.

-Burger-

[El Extranjero]

1. Slovenia
2. Germany
3. Isle of Man
4. Belgium
5. Switzerland (1.2% tax)
6.
7.
8.
9.

Any others yet?  

As a side note, we joke about citizenship, but I see no reason why it wouldn't make sense to do two things immediately:  Work on citizenship (dual?) and set up a bank account there.  If you are going to cash out large quantities, you'll want a bank account that has some longevity and activity, so as to avoid questions from the bank.  No reason why you wouldn't set that up now and begin accruing longevity.

As for citizenship, do you have to renounce your US (or other) citizenship to get citizenship in one of these other countries?  I mentioned "dual citizenship" because I've heard of such a thing.  Know nothing about it though...

-Burger

You don't have to renounce it but in the case of my friends they both had to turn in their original birth certificates to the nation of which they were requesting citizienship from. I don't know if that applies to all other nations though.

[bryant.coleman]

Switzerland is really complex. Each of the 26 cantons are allowed to determine their own tax regulations. (even something such as immigration is different for each of the cantons).

Then there might even be Cantons which don't require any tax at all. 

The problem is that gaining residency in Switzerland is difficult as hell. 

[cr1776]

Look at these two also:

Antigua citizenship by investment:
http://cip.gov.ag

If you are a US citizen, Puerto Rico to avoid capital gains taxes:

http://www.caseyresearch.com/articles/the-only-legal-way-to-escape-us-taxes-besides-death-and-renunciation


These are good summaries, but they've been covered in the WSJ and NYT and other places too.

[bryant.coleman]

Look at these two also:

Antigua citizenship by investment:
http://cip.gov.ag

If you are a US citizen, Puerto Rico to avoid capital gains taxes:

http://www.caseyresearch.com/articles/the-only-legal-way-to-escape-us-taxes-besides-death-and-renunciation


These are good summaries, but they've been covered in the WSJ and NYT and other places too.

The Dominican citizenship for cash program is much more in demand as compared to that from Antigua. But all these nations do have extradition treaties with the US. No not 100% risk-free. 

[BitAddict]

In Dubai you pay 0%. But you need employment there to be able to pay tax.

[BitAddict]

The sad thing for americans is no matter where you live or work you still have to pay american taxes, even if you have not been to america in 50 years...


crazy


edit: even if you have dual citizenship

wtf? can't be true.

[luqash3]

BittBurger thanks for sharing the news. Wow no capital gain tax on profit made by selling bitcoins but I guess this is just a technique to persuade bitcoin holders to sell all the digital currencies so I will recommend not to sell bitcoins as bitcoins will rise above $2000 soon so keep on holding it don’t sell them.

[bryant.coleman]

I have heard you can get Cambodian citizenship for around $75,000.

No idea how their taxes work.

The easiest option might be Rwanda. And there is no income tax as well.

But if you are serious, then Dominica / St. Kitts / St.Vincent is a good option. Visa-free travel to 150+ nations!

[gangstabit]

slightly off topic for those who joke about slovenian citizenship

Slovenia is a little bit of a tax haven right now. Nobody really pays taxes except government employees. There isn't much regulation on banks. You can pretty much have money in the bank and don't have to prove where you got it from. However, things are changing, there's a regulation being proposed that would introduce 70% tax on any income you can't prove the source of and it would be retroactive for 5 to 10 years. Also, a lot of other stuff I don't know the details for. Some regulation will probably happen in 2014. It's sad, there's so much corruption in Slovenia that people will probably buy into it, not realizing how in the long run this hurts the economy even more.

just wanted to chime in because we're talking about Slovenia, not sure if I even understand what the change for bitcoin is

[gangstabit]

oh I thought so

I don't see how they could enforce that anyway.

[mmitech]

to become a citizen member of Slovenia there is few ways already:

1- be a family member of a Slovenian citizen and get it after 3 years of living here (my case).
3- live and work in Slovenia for 7 years and apply for it
4- finish high studies in Slovenia and apply for it ( PHD, Master...)
5- or be so famous, or athlete and you will get it as well ( there were cases were athlete got it to play for the national team)

at least this what I know, maybe there are other ways ? although I am not sure about the 4th..


getting the Slovenian citizenship might look easy but believe me it is not, there is no bureaucracy or anything like that, paper work is the easiest thing, now learning Slovenian language is one of the hardest things, you have to be integrated in order to get the citizenship which usually means that you have to understand/speak/write Slovenian, there is a test for that that you take in the faculty of philosophy in Ljubljana it is well sophisticated and a real hard one that most people fail to pass.

and there is the other and hard thing (some countries take it as a betrayal) , cancelling your original citizenship when you are accepted here, Slovenian law doesn't allow multiple citizenship.

[mmitech]

to become a citizen member of Slovenia there is few ways already:

1- be a family member of a Slovenian citizen and get it after 3 years of living here (my case).
3- live and work in Slovenia for 7 years and apply for it
4- finish high studies in Slovenia and apply for it ( PHD, Master...)
5- or be so famous, or athlete and you will get it as well ( there were cases were athlete got it to play for the national team)

at least this what I know, maybe there are other ways ? although I am not sure about the 4th..


getting the Slovenian citizenship might look easy but believe me it is not, there is no bureaucracy or anything like that, paper work is the easiest thing, now learning Slovenian language is one of the hardest things, you have to be integrated in order to get the citizenship which usually means that you have to understand/speak/write Slovenian, there is a test for that that you take in the faculty of philosophy in Ljubljana it is well sophisticated and a real hard one that most people fail to pass.

and there is the other and hard thing (some countries take it as a betrayal) , cancelling your original citizenship when you are accepted here, Slovenian law doesn't allow multiple citizenship.

But citizenship isn't needed to live and pay taxes in Slovenia. Any EU passport will do.

yes you do not to be a Slovenian citizen if you are already EU citizen, you have to just move and register your new address here....

[mmitech]

I meant Thai taxes.

Let's see if they can invade America to get her:)


(also I'm not sure she even owes Thai tax as they have no legal ruling at all on BTC)

BTW if you mind me asking you this question, I see you only talking about BTC lately, many Bitcoiners doesn't know that you are one of the biggest LTC holders !! do you still hold that portion or did you give up LTC and completely moved to BTC ?

[bluemeanie1]

so open your bitcoin hedge fund in Slovenia.  See what happens when you have a dispute and you need to take it to Slovenian courts for resolution.

[mmitech]

I meant Thai taxes.

Let's see if they can invade America to get her:)


(also I'm not sure she even owes Thai tax as they have no legal ruling at all on BTC)

Okay, then I'm probably completely wrong. I was under the impression you lived in Thailand and was in the US for holiday only.

Well, what she bought with her BTC will be staying in the USA. We will not bring the Lambo back to the USA. Honestly I have no idea what we should be doing with taxes and there is not an accountant on this earth who I can find to help me.



@ mmitech. Yes, I hold a crazy amount of LTC. Trying to get someone to sell me a Bugatti for LTC... So far no luck.

what If I get you one? I take LTC at 1/4 its Price now ?  

Edit: I take my words back, that car is worth $4 million   ?

[gangstabit]

oh I thought so

I don't see how they could enforce that anyway.

Easy. You have no job but a big house and a car?

https://lh4.googleusercontent.com/-5Tmk5rlRabg/UORLsq71o2I/AAAAAAAAHQk/gb_aHhL8qLo/w497-h373/dalek_explain.jpg

haha I know a lot of people like that in Slovenia. To me that's awesome. But Slovenians are jealous (stereotype that's somewhat true) and they want regulation to make sure nobody can make money unless he's a government slave.

[Otoh]

I'm actively looking in to this atm & should know more in the next couple of weeks.

Quote:

Hi Redacted,

I’d be happy to discuss further with you.    Do you want to have an initial phone conversation first?    I don’t want to scare you off, but I want to ensure you are comfortable with our firm’s fees (i.e. they just raised my rate to $720/hr) and we would likely need a $10,000 retainer to get started.

Feel free to give me a call to discuss.  I’m  generally around tomorrow morning and then on the 30th and 31st of December.

I look forward to speaking with you,

Best,

Redacted


Dood's charging approx 1 BTC an hour    he comes most highly recommended as being top of the field for this with many clients of much fame & fortune, we'll see...

[mmitech]

I'm actively looking in to this atm & should know more in the next couple of weeks.

Quote:

Hi Redacted,

I’d be happy to discuss further with you.    Do you want to have an initial phone conversation first?    I don’t want to scare you off, but I want to ensure you are comfortable with our firm’s fees (i.e. they just raised my rate to $720/hr) and we would likely need a $10,000 retainer to get started.

Feel free to give me a call to discuss.  I’m  generally around tomorrow morning and then on the 30th and 31st of December.

I look forward to speaking with you,

Best,

Redacted


Dood's charging approx 1 BTC an hour    he comes most highly recommended as being top of the field for this with many clients of much fame & fortune, we'll see...

ah ! what is this about ?

[BitAddict]

I'm actively looking in to this atm & should know more in the next couple of weeks.

Quote:

Hi Redacted,

I’d be happy to discuss further with you.    Do you want to have an initial phone conversation first?    I don’t want to scare you off, but I want to ensure you are comfortable with our firm’s fees (i.e. they just raised my rate to $720/hr) and we would likely need a $10,000 retainer to get started.

Feel free to give me a call to discuss.  I’m  generally around tomorrow morning and then on the 30th and 31st of December.

I look forward to speaking with you,

Best,

Redacted


Dood's charging approx 1 BTC an hour    he comes most highly recommended as being top of the field for this with many clients of much fame & fortune, we'll see...

ah ! what is this about ?

Unless you're really rich or you want to do something really hard, you will get the same result with one who charges $150-$200.

Of course you will need to search more, and know he's good.