From his/her words that's exactly what s/he did - Then you wait 12 months and cash out your cryptocurrencies, wait an additional 6 months, then deregister from Germany and report that you have moved to Brazil.
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Crypto cashout in Germany, 0% tax,
- Thread starter CryptoTrader87
- Start date
Actually 12 months should be enough as there is no requirement to be in Germany or be a German tax resident for the whole 12 months holding period
I guess s/he decided to be on the safe side and add an additional 6 months. That's what I would personally also do.
If you don't file any taxs with 0% tax payment due how will you prove you have earned the coins and paid what tax you may need to pay towards another country you may move to?
why should that be an issue?
If a country asks for an asset declaration before you go there, you can simply do so. Tax returns are not the only documentation of value.
what other document would you think they would accept for instant in France ?
don't you believe that they in France will refuse that you have paid tax (0%) on your crypto just because you have lived there if you can't proof SOF and all tax paid from it?
ask someone there. I just know to never go there for paying tax.
Crypto is easy to prove you have before due to blockchain timestamps, and you need to be sure to have been away from France somewhere else.
So you convert crypto to fiat while living in Germany. And then you don't really have to move to a country with asset declaration for wealth tax - most countries don't have this.
But if you still do, source of fund for your assets is usually not requested.
More of an issue is that banks sometimes require SOF, and here a tax declaration is one of multiple ways to show SOF. But I wonder if it doesn't show up in the German tax return even with 0% tax. The tax rate isn't the issue, just that you have paperwork for it.
Here is what I would have done though. Skip Germany, just get out of the Romanian tax net, and live in some fun country in Latam or Africa or Asia that doesn't care about personal capital gains. Then convert all the altcoins to Bitcoin and keep the Bitcoin, it's better money than fiat anyway.
But if you need some fiat for spending, convert in small batches via crypto friendly EMIs like Xapo, Zen, Verifo, Yoursafe etc, and/or via exchanges that also offer bank cards/IBAN's like Swissquote, Nexo, Swissborg and others, and/or p2p within the Bitcoin community.
But if you still do, source of fund for your assets is usually not requested.
More of an issue is that banks sometimes require SOF, and here a tax declaration is one of multiple ways to show SOF. But I wonder if it doesn't show up in the German tax return even with 0% tax. The tax rate isn't the issue, just that you have paperwork for it.
Here is what I would have done though. Skip Germany, just get out of the Romanian tax net, and live in some fun country in Latam or Africa or Asia that doesn't care about personal capital gains. Then convert all the altcoins to Bitcoin and keep the Bitcoin, it's better money than fiat anyway.
But if you need some fiat for spending, convert in small batches via crypto friendly EMIs like Xapo, Zen, Verifo, Yoursafe etc, and/or via exchanges that also offer bank cards/IBAN's like Swissquote, Nexo, Swissborg and others, and/or p2p within the Bitcoin community.
As mentioned, tax returns are just one alternative for SOF. If your home country got a tax treaty with the other country, just showing the tax residence certificate for that year should be enough. But it is true that some countries might ask for the tax return. However, you can file for taxes in Georgia if you want to, there will be no tax to be paid anyways. This option just gives you a bit more of privacy and less risk of your home country getting notified
For you that have done this in Germany, what kind of documentation does the tax agency accept for acquisition date? Is csv file enough?
Maybe you know the answer about documentation needed for acquisition date?
Technically anything that serves as solid proof. Even you business partners may serve as testimony in case it goes to court. I would recommend you to document it today as good as you can. Screenshots from Mt. Gox etc. are good. Blockchain proofs from Blockchain analysts etc. anything unambiguous is good.
Please also read this one
Nachweis der Haltedauer von Bitcoin und anderen Kryptos? Anwalt hilft!
Sie fragen sich, wie Sie den Nachweis der Haltedauer von Kryptos erbringen sollen? Spezialisierter Rechtsanwalt für Kryptowährungen hilft!
rechtsanwalt-kryptowaehrungen.de
It is in German, you can practise your language already.
It should technically work. The reason being that in there is no step-up in basis at the time of moving to Germany. I.e. the taxable amount is not the difference between moving there and selling but between buying and selling.
But you have to be careful with the rules of the country you are coming from and make sure to stay compliant there.
There are so many countries like this. Singapore, New Zealand, Hong Kong, Georgia, Switzerland, Belgium, etc.
I have not cashed out my crypto yet and still thinking about Germany. There are some things that I do not like here. Like I can only register a lease but not get a real 'proof of address' for tax purposes like in other countries. Tax legislation is also much weaker than in other countries, especially when it comes to international taxation. No clear rules on what is habitual abode or permanent home etc while Germany clearly states that.
I have talked with lawyers in my home country that says that I do not need all this stuff. Some countries do not even have a registry of where people live, I think Australia is one of them. However, it makes me much more uncomfortable that I have to rely on a lease written between 2 people. Bank statement adds to it, but even the tax residency certificate you get in Georgia doesn't mention what basis you got it on nor that it is in accordance with a specific tax treaty of country X. The really wealthy that want to sleep good at night are not in this country
I have talked with lawyers in my home country that says that I do not need all this stuff. Some countries do not even have a registry of where people live, I think Australia is one of them. However, it makes me much more uncomfortable that I have to rely on a lease written between 2 people. Bank statement adds to it, but even the tax residency certificate you get in Georgia doesn't mention what basis you got it on nor that it is in accordance with a specific tax treaty of country X. The really wealthy that want to sleep good at night are not in this country
The certificate are useless in any case as the other country will challenge them once that is enough money on the table. What you need is called flying under the radar. No country where you just moved in and are about to move in one year it out will cards to tax your coins, especially if you deposit the money into a Turkish bank account on a Turkish tax id.
Any bank in Turkey you can recommend apart from HSBC? Deposit insurance in Turkey covers only 100K Turkish Lira?
Yes, that's why I would go with HSBC. You have premier with around 30k USD. Maybe QNB is safe too?
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