Crypto friendly countries, where and how to exchange your crypto with 0 taxes

[Lucius]

I dont follow you Lucius, I'm looking at your post and I'm thinking, thats what I posted anyway.
The OP isnt going to be earning Bitcoin, he has it for a number of years and wants it in FIAT

You are referring to VAT in your post, and what does that have to do with the fact that the OP wants to sell its BTC for fiat and not pay (or pay the minimum tax)? https://ec.europa.eu/taxation_customs/business/vat/what-is-vat_en

VAT is something that is paid for goods and services, for example if you buy a TV you have to pay a certain price consisting of the basic price + VAT, which means that the basic amount is given to the seller, while VAT goes to the state treasury.

The OP definitely has the option to cash out without any tax, but there must forget about any bank transactions or any evidence that can later serve his tax office to ask him the question of the origin of that BTC.

[1715461078]

1715461078

[ethereumhunter]

I suggest you not withdraw all of your bitcoin at once because that can make your bank suspicious and investigate your account. It is better to withdraw for less than $1,000 in a week or $5,000 in a month not to trigger the alarm to sound. Related to the tax, if you withdraw in a small or medium amount, your tax will not be bigger, and you can enjoy your money.

But paying tax is necessary for the country because that can be the country's income and help the economy. So it is normal if you should pay the tax to send the money.

[aoluain]

I dont follow you Lucius, I'm looking at your post and I'm thinking, thats what I posted anyway.
The OP isnt going to be earning Bitcoin, he has it for a number of years and wants it in FIAT

You are referring to VAT in your post, and what does that have to do with the fact that the OP wants to sell its BTC for fiat and not pay (or pay the minimum tax)? https://ec.europa.eu/taxation_customs/business/vat/what-is-vat_en

VAT is something that is paid for goods and services, for example if you buy a TV you have to pay a certain price consisting of the basic price + VAT, which means that the basic amount is given to the seller, while VAT goes to the state treasury.

The OP definitely has the option to cash out without any tax, but there must forget about any bank transactions or any evidence that can later serve his tax office to ask him the question of the origin of that BTC.

yes of course, apologies for any confusion caused, There are different types of TAX

VAT - Value added TAX - payable as a percentage on top of goods and services value

Capital Gains TAX - Percentage of TAX payable profits earned on investments for example.

[marcbitcoins]

I have some bitcoins that I've kept for a couple of years and I'd like to sell them for a profit, without paying a big tax on it, and then to transfer the money through bank transfer to my country. Here in my country I'd have to pay 20%, which is not acceptable.

If you are a US taxpayer, you can’t. You can stash your funds in bitcoin, hold them, but when you convert into fiat, there will be a trace (including the transfer transactions). All exchangers should report to the IRS (KYC/AML & BSA compliances). If you have friends in these crypto-friendly countries then maybe they can help you to evade taxes but I think the chances are small.

[Streets 2.0]

If you take a close look at the global trends in the field of cryptocurrency and investments, you can see the second wave of growth. Now it is due to the infusion of large capital, including state capital. Now there will be more players in the market with large shares, which means it will change. The only thing that will not change is the desire for legal cashing, so such countries will benefit where the legislation is ready to accept cryptocurrency and not tax its holders or keep its rate very low.

[Mbitr]

hi,
there is some country where tax-free. you can exchange there--

Portugal. Portugal is a 'tax-free' country for cryptocurrency investors. ...
Malta. The Block-chain island of Malta is also tax free for bitcoin and cryptocurrency investors. ...
Germany. ...
Spain. ...
Estonia. ...
Singapore. ...
Malaysia. ...
Switzerland.

Spain is most certainly NOT ‘tax free’ in regards to crypto - you will generally need to pay Capital Gains Tax
https://news.bitcoin.com/spain-tax-cryptoccurrency/

[Mahanton]

How much are we talking about? It's not the same to want to change $10,000 as it is to change $1,000,000.

I have some bitcoins that I've kept for a couple of years and I'd like to sell them for a profit, without paying a big tax on it, and then to transfer the money through bank transfer to my country. Here in my country I'd have to pay 20%, which is not acceptable.

To make things legal if you want to exchange large amouts you would need to move to the country you are exchanging the bitcoins in. You should get the tax residence there. Wanting to go to another country, exchange your bitcons for fiat and transfer them by bank transfer to your country doesn't seem very smart at first sight. If you live in a developed country the most likely scenario is that your bank will inform your IRS or equivalent about all the transfers that surpass $3,000.

Which basically means that there's no way that for you to hide up yourself on trying not to pay up those taxes because once you do touch out with those typical centralized transactions specially on bank
transfers then you would really be traced up and would really be sued up that you do need to pay up your responsibility or else then you would really be facing up some problems.
With just my own opinion and basic understanding about taxes then its really hard to make out conversions specially with big amounts involved.Its impossible when
making in between crypto to fiat.

[DdmrDdmr]

<…>

Hear, Hear.

It’s pretty messy in Spain right now, and though the general situation points to paying somewhere between 19% and 23% on the gains made upon selling (depending on the quantity of the gains), many people are rather fearsome of having an inspection from Hacienda (the IRS over there), having to justify exactly how and when they made every single satoshi that is sold, and that is not something everybody keeps a proper record of.
Theoretically, one should even declare the gains or loses made when purchasing one crypto with another, regardless of whether they were later converted to fiat.

There seems to be a new set of rules and regulations brewing now, which may turn out to be just some minor adjustments, whilst a common EU background in drafted and deployed.

I often wonder what percentage of hodlers there are really hodlers due to principal, and not to fear of Hacienda …

[Mbitr]

<…>

Hear, Hear.

It’s pretty messy in Spain right now, and though the general situation points to paying somewhere between 19% and 23% on the gains made upon selling (depending on the quantity of the gains), many people are rather fearsome of having an inspection from Hacienda (the IRS over there), having to justify exactly how and when they made every single satoshi that is sold, and that is not something everybody keeps a proper record of.
Theoretically, one should even declare the gains or loses made when purchasing one crypto with another, regardless of whether they were later converted to fiat.

There seems to be a new set of rules and regulations brewing now, which may turn out to be just some minor adjustments, whilst a common EU background in drafted and deployed.

I often wonder what percentage of hodlers there are really hodlers due to principal, and not to fear of Hacienda …

Too true mate !
I honestly think the more bitcoin/ crypto is becoming mass adopted the more the tax people are becoming interested. Any country which thinks they can tax a ‘ new ‘industry - they will . They are not going to let people earn money without having their share . It’s a double edged sword. We as bitcoiners want mass adoption , BUT we will unfortunately come into the radar of the tax authorities and they WILL eventually take their share . It’s a question I’ve been asking myself over the last few months - whether to get out now ?