Sell Crypto TO Fiat in a Crypto Friendly Country?

[worldtraveller321]

Is it possible as a Canadian citizen and living in Canada. Taking my crypto and opening up a bank account etc in a crypto friendly country like Portugal that does not have tax on crypto.
Is this possible loop hole in the system of bringing Crypto to FIAT?
Reason I wish to do this is I have a few credit card debt I need to pay off. But want to see if anyway to avoid the tax.
So I was thinking this, what if I used Portugal exchange or bank to sell out crypto into the money Portugal uses. Then take that currency and sell into CAD and avoid some taxes? Thoughts on this? Thanks

[ascqrwasc33]

Not anymore. Long term (> 365 days) holding might help but you will still pay some taxes in Portugal I believe.
Better options now are: Bermuda, Singapore, UAE, Kuwait etc.

More:
https://coinledger.io/blog/portugal-crypto-taxes
https://plisio.net/blog/portugal-crypto-tax-guide

There are other ways of converting crypto to fiat though, unofficial channels if you are interested.

[Solosanz]

You're a foreign if you only open a bank account in Portugal and you're still a subject as Canadian citizen when it comes to tax. You might be not have any problem for few months or years, but if you have a lot money, don't be surprised if you would receive a letter from your banks or tax authority.

A better idea is to change your nationally or just spend your coins directly (move to El Salvador).

[Husires]

Do not take tax advice from the forum because it may not be accurate and you may end up paying higher taxes or submitting an inaccurate tax return.
If the amount is large, use a country with low taxes without having to wait a year, exchange your crypto into cash, exchange it for Canadian dollars, and pay taxes on it, but if the amount is small, you can use DEX or some services that do not require identity verification, and you can easily spend the excess amount in the form of cash.

[Mate2237]

If you want to sell cryptocurrency just visit your local cryptocurrency exchange or international centralized exchanges like Binance, remitano and others. I will not advise you to use your cryptocurrency and open account with them in the fiat Banking system because you don't know what they would do and accuse you of. This to avoid unwanted drama among you guys. As a cryptocurrency holder and you are running from tax then that is wrong, just pay your tax and stay put in your home town and do you investment instead of running because of tax.

If you want to pay your debt with fiat then sell and pay their is no big deal there.

[Kelward]

You're a foreign if you only open a bank account in Portugal and you're still a subject as Canadian citizen when it comes to tax. You might be not have any problem for few months or years, but if you have a lot money, don't be surprised if you would receive a letter from your banks or tax authority.

A better idea is to change your nationally or just spend your coins directly (move to El Salvador).

I think that the OP can consider the possibilities of making the exchange of his crypto into fiat, in probably the most crypto friendly country in the world, being El Salvador, he can carry out research and see if he can carry out his transactions without being heavily taxed in that country. Even if it requires him moving to El Salvador, altleast it's in the same American continent with Canada, instead of traveling all the way to Portugal, if it calls for traveling to the crypto friendly country. Let him make take advices but make his own research before making up his mind.

[Dunamisx]

Is it possible as a Canadian citizen and living in Canada. Taking my crypto and opening up a bank account etc in a crypto friendly country like Portugal that does not have tax on crypto.
Is this possible loop hole in the system of bringing Crypto to FIAT?

Its very simple, if you're in debt, take consideration on using the crypto p2p in exchanging your cryptocurrency to fiat and use it to pay your debt, as long as its not prohibited by the government in Canada, you can always make use of this without having issue, those that can have challenges are in countries where using crypto is not allowed, but in this case, you're only selling your crypto in exchange for fiat in other to pay and clear debt, so its not something bad.

[electronicash]

the best thing you can do is not avoid tax. you won't be living in fear and look over your shoulder every minute thinking an IRS agent is chasing you.  

using a credit card to purchase BTC, means they have the data you bought some. its only a matter of time when they decide to do something. Canada is becoming dystopian country as far as i know. the media says Trudeau is crazy.  better yet asks someone who knew this well and not online.