Crypto Tax-Free Countries in 2024

[zasad@]

https://mudrex.com/learn/crypto-tax-free-countries-in-2024/
"How to Choose the Right Country for You?
Factors to consider include the legal requirements of the geographical jurisdiction and financial implications, lifestyle preferences, and personal or business needs. Each country offers a unique blend of advantages that cater to different priorities.

Conclusion
This guide emphasizes the strategic importance of selecting the right crypto tax-free country in 2024. By offering a comprehensive overview of the top destinations, the aim is to equip investors with the knowledge needed to optimize their crypto investments in tax-friendly environments."

[Fiatless]

The government of my country a few months ago restricted and banned all exchanges in our jurisdiction from offering P2P services using local currency. It was a problem for the crypto community because crypto is widely used in the country. When the representative of a major exchange came to seek a solution to these attacks they were arrested and charged with money for laundering and other financial crime.

Within a few months, the government realized that they had made a grave financial mistake. It seems they realized that the crypto industry has become a major player in the global financial system and they cannot be overlooked. A few weeks ago they imposed a tax of above 7% on all crypto transactions. They just realized that they could make some good money from taxes.

Countries that have tax-free policies are a step ahead of most countries that impose tax. They have realized these friendly policies would attract crypto investment into the country. These investments will create jobs, improve technology, and also add value to other sectors of the economy.  It's great to see these innovative nations and hope my country will realize that high crypto taxes are causing more harm than good to the economy.

[mindrust]

It is a shame the article missed Türkiye. It is not a developed country but the country still offers a nice retirement life in the southern parts of the country where the nature is perfect. Türkiye is having a discussion about bringing a new law to tax crypto but it is probably not going to be a capital gains tax. It will be a small flat tax which the exchanges will collect for the government when you make a trade. It will be probably something like 0.1% per trade... At least I don't expect anything more. They might even back down completely as the discussions are still not over.

[pakhitheboss]

Within a few months, the government realized that they had made a grave financial mistake. It seems they realized that the crypto industry has become a major player in the global financial system and they cannot be overlooked. A few weeks ago they imposed a tax of above 7% on all crypto transactions. They just realized that they could make some good money from taxes.

Hypocrisy at its best and if I am correct the VAT is for 7.5% which will be for all transactions from next month onwards. The best part is the u-turn that the government has taken after they failed to implement the ban. It is still less to what other countries are charging from cryptocurrency community in the name of tax.

It is a shame the article missed Türkiye. It is not a developed country but the country still offers a nice retirement life in the southern parts of the country where the nature is perfect. Türkiye is having a discussion about bringing a new law to tax crypto but it is probably not going to be a capital gains tax. It will be a small flat tax which the exchanges will collect for the government when you make a trade. It will be probably something like 0.1% per trade... At least I don't expect anything more. They might even back down completely as the discussions are still not over.

I guess due to the high inflation and falling fiat value in the international market they might have not considered Turkiye. Other than these two issues I do not think there was any reason for not including them on their list. Except for the two Latin American countries if you notice the name they are all known as tax heaven countries globally.

[shield132]

https://mudrex.com/learn/crypto-tax-free-countries-in-2024/
"How to Choose the Right Country for You?
Factors to consider include the legal requirements of the geographical jurisdiction and financial implications, lifestyle preferences, and personal or business needs. Each country offers a unique blend of advantages that cater to different priorities.

Conclusion
This guide emphasizes the strategic importance of selecting the right crypto tax-free country in 2024. By offering a comprehensive overview of the top destinations, the aim is to equip investors with the knowledge needed to optimize their crypto investments in tax-friendly environments."

I checked the article and I was amazed that my country was on the list. It's an unknown country for many and almost everyone ignores it. Btw the information was correct but many important details were missing. Corporations can get a huge benefit in Georgia but it depends on individual cases and those cases aren't included in this article. Betfury got an exclusively tax-free zone for importing mining equipment in Georgia and also got the lowest electricity rate without paying a single cent in taxes. That's definitely not possible for every individual or corporation but some might find this case interesting, who knows you might get a tax-free rate in the crypto business in our country.

El Salvador looks good but I'm afraid of the crime rate there. Btw UAE might be a heaven because Binance moved there.

[NeuroticFish]

This guide emphasizes the strategic importance of selecting the right crypto tax-free country in 2024.

While it's nice to see such a list now and then, I would have been loved to find a bit more in-depth info, or links. We're on the internet after all.
Plus, a comparison with some previous years could have been good too (although I am not sure if the list changes much in 1-2 years).
And I've read some time ago about Portugal on being crypto-friendly? Did that change?

It is a shame the article missed Türkiye. It is not a developed country but the country still offers a nice retirement life in the southern parts of the country where the nature is perfect. Türkiye is having a discussion about bringing a new law to tax crypto but it is probably not going to be a capital gains tax.

What is Turkiye status now? Is it crypto friendy, or not yet?
While I do think that the article might be incomplete, for Turkiye the current status is important, not what will come.
And iirc the inflation is a big high now there, which is a bit of minus. Sorry.

[mindrust]

It is a shame the article missed Türkiye. It is not a developed country but the country still offers a nice retirement life in the southern parts of the country where the nature is perfect. Türkiye is having a discussion about bringing a new law to tax crypto but it is probably not going to be a capital gains tax.

What is Turkiye status now? Is it crypto friendy, or not yet?
While I do think that the article might be incomplete, for Turkiye the current status is important, not what will come.
And iirc the inflation is a big high now there, which is a bit of minus. Sorry.

Türkiye is still crypto friendly however crypto payments are banned. Meaning, you can't buy anything using crypto officially from any business. Unoffically? Who cares. Just don't go to the police if you get scammed.

Other than that, no tax or anything on crypto yet.  No capital gains tax, no withholding tax, no trading tax (the small one you pay when you buy or sell an asset)... nothing. It is completely tax free, for now. It will probably change soon but I don't think they will implement a capital gains tax. It will be a small flat tax for making trades probably and it shouldn't concern the foreigners that have access to the international crypto exchanges anyway.

Inflation also isn't a problem if you are not a local. A foreigner from EU or USA can retire pretty well here.

[zasad@]

This guide emphasizes the strategic importance of selecting the right crypto tax-free country in 2024.

While it's nice to see such a list now and then, I would have been loved to find a bit more in-depth info, or links. We're on the internet after all.
Plus, a comparison with some previous years could have been good too (although I am not sure if the list changes much in 1-2 years).
And I've read some time ago about Portugal on being crypto-friendly? Did that change?

Portugal, like any other EU country, is obliged to comply with the norms of the MiCa law. But it is better to look for more detailed information in the relevant social networks. I believe that the freest market is now in Russia, because there are still no laws on cryptocurrency and Moscow has the largest cryptocurrency shadow market for cash.

[NeuroticFish]

Portugal, like any other EU country, is obliged to comply with the norms of the MiCa law.

Afaik the MiCa law affects pretty much the companies, not the individuals.
As long as I am allowed to pay with Bitcoin and no questions asked (legally!)... it looks good.
But maybe I know all wrong (and then any correction is welcome).

I believe that the freest market is now in Russia, because there are still no laws on cryptocurrency and Moscow has the largest cryptocurrency shadow market for cash.

Sorry, but whatever you would say cannot make Russia look good enough to willingly move there 

[btcinfo891]

Afaik the MiCa law affects pretty much the companies, not the individuals.
As long as I am allowed to pay with Bitcoin and no questions asked (legally!)... it looks good.
But maybe I know all wrong (and then any correction is welcome).

MiCA will have a strong negative effect on privacy for all end users, not just for businesses:

Crypto Asset Service Providers (CASPs). Any company that provides such services as exchange, wallet management, or custodial services for crypto assets will be considered a CASP. They will be obliged to integrate KYC measures when onboarding new users, as well as AML programs that will report suspicious transactions.

[zasad@]

Portugal, like any other EU country, is obliged to comply with the norms of the MiCa law.

Afaik the MiCa law affects pretty much the companies, not the individuals.
As long as I am allowed to pay with Bitcoin and no questions asked (legally!)... it looks good.
But maybe I know all wrong (and then any correction is welcome).

I believe that the freest market is now in Russia, because there are still no laws on cryptocurrency and Moscow has the largest cryptocurrency shadow market for cash.

Sorry, but whatever you would say cannot make Russia look good enough to willingly move there 

I don't see the point in paying with bitcoins in stores or in any state or commercial companies where my personal data is. I prefer to sell cryptocurrency and pay in cash or through a bank, because this will protect you from many questions in the future.

I am not agitating you to move to Russia, but if you need cryptocurrency and you want to buy it for cash rubles, dollars, euros, and other currencies, then you can do it in Moscow without KYC.The limit for importing cash into Russia without declaration is 10,000 dollars per person.

[NeuroticFish]

MiCA will have a strong negative effect on privacy for all end users, not just for businesses:

Crypto Asset Service Providers (CASPs). Any company that provides such services as exchange, wallet management, or custodial services for crypto assets will be considered a CASP. They will be obliged to integrate KYC measures when onboarding new users, as well as AML programs that will report suspicious transactions.

I still don't see how would this affect me if I use my own self-custody wallet.
While I agree that - especially for higher amounts - KYC may become mandatory, it is already so in a vast majority of cases when using exchanges. It is bad, but not a game stopper.

I don't see the point in paying with bitcoins in stores or in any state or commercial companies where my personal data is. I prefer to sell cryptocurrency and pay in cash or through a bank, because this will protect you from many questions in the future.

You have a point here, although I don't fully agree with it since I would really like to be able to pay with Bitcoin for goods and services directly.
The more such business they are, the bigger the ecosystem, the stronger Bitcoin becomes and its community too.

I am not agitating you to move to Russia, but if you need cryptocurrency and you want to buy it for cash rubles, dollars, euros, and other currencies, then you can do it in Moscow without KYC.The limit for importing cash into Russia without declaration is 10,000 dollars per person.

Interesting.

While I expect the tax issues start when one sells bitcoin, not when buying,
and while I would not come to Russia in person for at least 2 years after the war is over (!),
this info is still interesting and I can understand that it can be appealing for some.

[btcinfo891]

I still don't see how would this affect me if I use my own self-custody wallet.

This will enforce KYC on users, whenever they communicate with any CASP, which includes pretty much any business type, except for retail, but retail almost never uses crypto anyway. This KYC will be enforced regardless of the customer's wallet type, including a self-custody wallet.

While I agree that - especially for higher amounts - KYC may become mandatory, it is already so in a vast majority of cases when using exchanges. It is bad, but not a game stopper.

MiCA requires businesses to do KYC regardless of the amount that is involved. Financial businesses that work with crypto are treated pretty much like banks and banks require customer ID regardless of the amount that is transferred.

Another problem is that MiCA requires all exchanges to KYC their customers as long as the customer is in EU.  Currrently there are quite a few exchanges that don't require a KYC, only an email to sign up and trade, but the MiCA law will change that and all exchanges worldwide will start requiring KYC as long as the customer is located in EU. I am not sure how exactly they will determine that one is located in EU, probably by checking their IP address.

[KingsDen]

It is a shame the article missed Türkiye. It is not a developed country but the country still offers a nice retirement life in the southern parts of the country where the nature is perfect. Türkiye is having a discussion about bringing a new law to tax crypto but it is probably not going to be a capital gains tax. It will be a small flat tax which the exchanges will collect for the government when you make a trade. It will be probably something like 0.1% per trade... At least I don't expect anything more. They might even back down completely as the discussions are still not over.

I also did not see Nigeria here...
There's no type of crypto tax to citizens of Nigeria or let's put residents of Nigeria. Although Nigerian government of recent has been saying of taxing crypto, it's like they have not yet figured out how to go about it. As at today, to tax of any kind is associated with crypto in Nigeria. They deserve to be on the list, however the list is brief which I believe that there are some other countries that are omitted as well.

[pakhitheboss]

I also did not see Nigeria here...
There's no type of crypto tax to citizens of Nigeria or let's put residents of Nigeria. Although Nigerian government of recent has been saying of taxing crypto, it's like they have not yet figured out how to go about it. As at today, to tax of any kind is associated with crypto in Nigeria. They deserve to be on the list, however the list is brief which I believe that there are some other countries that are omitted as well.

I do not agree with you as the Nigerian government has already instated 7.5% VAT on cryptocurrency transactions. Kucoin has already informed its user in Nigeria that they will be deduction the VAT.

Source:https://www.cnbcafrica.com/media/6357094877112/nigeria-introduces-75-vat-on-crypto-transactions/

[zasad@]

I don't see the point in paying with bitcoins in stores or in any state or commercial companies where my personal data is. I prefer to sell cryptocurrency and pay in cash or through a bank, because this will protect you from many questions in the future.

You have a point here, although I don't fully agree with it since I would really like to be able to pay with Bitcoin for goods and services directly.
The more such business they are, the bigger the ecosystem, the stronger Bitcoin becomes and its community too.

I am not agitating you to move to Russia, but if you need cryptocurrency and you want to buy it for cash rubles, dollars, euros, and other currencies, then you can do it in Moscow without KYC.The limit for importing cash into Russia without declaration is 10,000 dollars per person.

Interesting.

While I expect the tax issues start when one sells bitcoin, not when buying,
and while I would not come to Russia in person for at least 2 years after the war is over (!),
this info is still interesting and I can understand that it can be appealing for some.

Even though cryptocurrency payments are banned in Russia, but payment for goods from China is made in cryptocurrencies, mostly stablecoins. Thanks to sanctions and the absence of a law on cryptocurrencies in Russia, this ecosystem is developing very strongly.

In russia there are no problems in buying and selling cryptocurrency if you do it for cash. If you sell bitcoins in russia and want to take to another country a cache of more than 10000 dollars per person, you need to fill out customs declarations or break the law. But this I do not advise you to do. The customs service in Russia works well.

Usually if you need to export money, people find trusted partners on https://www.bestchange.ru/ and other services, give cryptocurrency or cash in Russia and get cash in the offices of the company in other countries, and it's all tax free.
How you will legalize cash in another country is up to you.

[Ant1987]

 It's reasonable.

[YOSHIE]

"How to Choose the Right Country for You?

Of course it is an honor and pride for me, personally, but it seems legally impossible for my country to make taxes free. In general, in my country's economy, the largest income for state spending comes from taxes, maybe I never dreamed of my country exempting crypto taxes, it didn't cross my mind.

I don't imagine that Malaysia and Singapore have genius minds regarding crypto taxation, that could be an example especially Asia, I think Singapore takes the biggest tax on crypto in fact no, this is the best thing for crypto users in Singapore, proudfor them.

[tread93]

https://mudrex.com/learn/crypto-tax-free-countries-in-2024/
"How to Choose the Right Country for You?
Factors to consider include the legal requirements of the geographical jurisdiction and financial implications, lifestyle preferences, and personal or business needs. Each country offers a unique blend of advantages that cater to different priorities.

Conclusion
This guide emphasizes the strategic importance of selecting the right crypto tax-free country in 2024. By offering a comprehensive overview of the top destinations, the aim is to equip investors with the knowledge needed to optimize their crypto investments in tax-friendly environments."

Good info! Still feel like Cayman Islands is perceived to be one of the best places to live to not have to pay any crypto gains taxes. It surely would be a dream come true to have these taxes lifted but I live in the US.

[Semen222]

I don't see the point in paying with bitcoins in stores or in any state or commercial companies where my personal data is. I prefer to sell cryptocurrency and pay in cash or through a bank, because this will protect you from many questions in the future.

You have a point here, although I don't fully agree with it since I would really like to be able to pay with Bitcoin for goods and services directly.
The more such business they are, the bigger the ecosystem, the stronger Bitcoin becomes and its community too.

I am not agitating you to move to Russia, but if you need cryptocurrency and you want to buy it for cash rubles, dollars, euros, and other currencies, then you can do it in Moscow without KYC.The limit for importing cash into Russia without declaration is 10,000 dollars per person.

Interesting.

While I expect the tax issues start when one sells bitcoin, not when buying,
and while I would not come to Russia in person for at least 2 years after the war is over (!),
this info is still interesting and I can understand that it can be appealing for some.

Even though cryptocurrency payments are banned in Russia, but payment for goods from China is made in cryptocurrencies, mostly stablecoins. Thanks to sanctions and the absence of a law on cryptocurrencies in Russia, this ecosystem is developing very strongly.

In russia there are no problems in buying and selling cryptocurrency if you do it for cash. If you sell bitcoins in russia and want to take to another country a cache of more than 10000 dollars per person, you need to fill out customs declarations or break the law. But this I do not advise you to do. The customs service in Russia works well.

Usually if you need to export money, people find trusted partners on https://www.bestchange.ru/ and other services, give cryptocurrency or cash in Russia and get cash in the offices of the company in other countries, and it's all tax free.
How you will legalize cash in another country is up to you.

Problems in Russia will begin at any stage. If there is no one to stand up for you, then: a). It will be quite difficult for you to find reliable people. b). You risk losing your wealth in the nearest forest.