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Is there a country where taxes are only 10 or 15% on cryptocurrency ?
- Thread starter jonnyG
- Start date
I am, 100% certain, talked to a layer, see here.
https://mcs.pt/cryptocurrency-taxation-in-portugal/
And here.
“Furthermore, it is also the understanding of the Portuguese Tax and Customs Authority that the profits obtained from the sale of cryptocurrencies are not taxable under the Portuguese tax system, unless by their regularity ends up constituting a professional or entrepreneurial activity of the taxpayer, in which case it will be taxed as a qualifying income under the category B (freelancing) of the Personal Income Tax Code.”
https://jeangalea.com/portugal-crypto-bitcoin/
Dubai , Monaco ,Bahamas
I have thread here You can find
https://www.offshorecorptalk.com/th...untry-list-no-tax-on-individuals.32922/page-2
What do you mean about no way of checking you? The have the obligation to check about money laundering, UE legislation.
Also a company with 1 employee and less than 1 million eur revenue per year has 1% tax on revenue and a resident in Romania would pay 5% tax on dividends so 6% a nd some 530 eur as health insurance per year
@i888 officially yes, if you get a fiscal residence then all works via declaring. You complete Unique Declaration , saying you got X money from crypto, they will say you have to pay 10% from the profits and that is that.
But on crypto they can't and won't actually verify source, from my experience you only declare, pay and that is that. The money you received in bank from binance or some other platform is good. I do use Revolut tough I don't transfer directly to Romanian banks because they will lock the accounts.
As a note, the Romanian ANAF doesn't really want to work, unless someone makes some accusations or you start buying expensive things and show off, so verifications are rare to none.
Regarding the company, you pay 530 Euro if you are a Resident, for people that don't have fiscal residence here, they don't pay the health system.
Honestly 6% beats offshores ( due to bank commissions ) and you have clean and ready money all over the world.
But on crypto they can't and won't actually verify source, from my experience you only declare, pay and that is that. The money you received in bank from binance or some other platform is good. I do use Revolut tough I don't transfer directly to Romanian banks because they will lock the accounts.
As a note, the Romanian ANAF doesn't really want to work, unless someone makes some accusations or you start buying expensive things and show off, so verifications are rare to none.
Regarding the company, you pay 530 Euro if you are a Resident, for people that don't have fiscal residence here, they don't pay the health system.
Honestly 6% beats offshores ( due to bank commissions ) and you have clean and ready money all over the world.
Switzerland is <10% depending on the canton. In the Caribbean there are some jurisdictions that go as low as 0%.
Revolut / Transferwise for transferring funds from crypto markets and then Libra / Transilvania bank.
It's not something illegal, it's just Romanian banks don't accept money from any crypto activity.
I assume you become tax resident in Romania simply staying -renting a house-183 days there or there is any other requirement involved?
So trading crypto as individual -not through a company-, apart of 10% income, which is the amount you should pay related to social security and health insurance if apply them?
Crypto is Dangerous and Risky territory. It is better to live in country where you do not have to declare your wealth. (Tax free country)
Is true. Also the question is source of funds were you have to declare income.
Many risks and issues can arrise if you have to declare
You usally have to declare not only wealth, income, but foreign accounts in foreign countries. There are lot's of formalities with tax
Well maybe its an advantage when you are able to show that you declared and paid tax reasonably 10-20% to avoid hassles
Of course it better be in a country which is not gonna spend years to audit and analyze every single digital skateboard you earnt for your ghost blockchain pet, but will tax the money earnt remitted to fiat to bank account.
But if you cashout and pay honestly on the whole amount the money you really earnt, build a trust relation with some banks on your real activity, I think it could in some case be a good solution for peace of mind and make it easier to reinvest, we don't know what will be in the future.
I would say it depends every case, and what one is trying to achieve, there is not one fits all solution, if you are already rich (officialy) or not, individual situation matters
Some people here were complaining they were adviced in Georgia not to declare their crypto profit by an accountant, and how it defeated their intention, that they actually wanted to declare these to make it easier for the future
Of course it better be in a country which is not gonna spend years to audit and analyze every single digital skateboard you earnt for your ghost blockchain pet, but will tax the money earnt remitted to fiat to bank account.
But if you cashout and pay honestly on the whole amount the money you really earnt, build a trust relation with some banks on your real activity, I think it could in some case be a good solution for peace of mind and make it easier to reinvest, we don't know what will be in the future.
I would say it depends every case, and what one is trying to achieve, there is not one fits all solution, if you are already rich (officialy) or not, individual situation matters
Some people here were complaining they were adviced in Georgia not to declare their crypto profit by an accountant, and how it defeated their intention, that they actually wanted to declare these to make it easier for the future
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You sens money to Revolut or Transfereise then to Libra or BT? And no Q's asked? What sums of money, how many times per month?
Do you think 100k euro per month will raise Q's for banks? I bet it would.
Maybe many transfers to different banks, all of them 100k will still get the central bank looking around.
Should I think of 500k euro?
Libra accepts money from crypto exchange but they ask for prove of those money binance stats and the money you start trading and if you have 1 cent without proving that's it, they refuse the transfer.
I've heard that kind of stories with Revolut also, ppl getting their money blocked.
I had my fist wallet back in the day 2009, then bought btc and other with cash or with bank transfer (I still have the paper on those banks transfer) , but I'm in a bad situation bcs everyone tells me those acquired btc with cash is fishy...
From those tens of thousands now there are some hundreds of thousands after trading pff
I have some money on some decentralized exchanges like rudrex I'm not gonna mix those with the rest maybe they will stay there forever won't bother
Ohh ING will accept money from crypto also
Unicredit also
better is to call and ask
Regarding BT I've talked in many employees in different places and last time like more than 2 wks ago some lady said that they accept money from crypto exchange s, but obviously not crypto currency, that made me think that this lady either knows what she talks, sexy young blonde shinny eyes good to be you gf to clean your wallet, or it was for the wallet.
Where do you have the 20% info for Romania? It is wrong as far as I know, capital gain tax in Romania is 10% (which includes crypto gains - i confirmed with a local tax advisor).
@fabyoga
I'm a resident, a national.
If you love corruption, go for it. Everything is bribable, almost everything is doable and as a foreigner you probably won't pay the price (jailtime) if something happens.
Honestly for me the life seems expensive for the quality of life you are having.
Romania company up to 1M Eur a year is 1% on income and 5% on dividends. After 1 M, it's 16% on profit, and they are quite strict on expenses/deductibles.
As per money, the only way the institutions actually catch you with something is if you showoff with undeclared money.
Even that won't be a problem, but as a national if one of your friends/neighbor/relative happens to make a lot money they will start pointing fingers and due to envy you will likely get caught.
If you are cool with this mentality, go for it.
I'm a resident, a national.
If you love corruption, go for it. Everything is bribable, almost everything is doable and as a foreigner you probably won't pay the price (jailtime) if something happens.
Honestly for me the life seems expensive for the quality of life you are having.
Romania company up to 1M Eur a year is 1% on income and 5% on dividends. After 1 M, it's 16% on profit, and they are quite strict on expenses/deductibles.
As per money, the only way the institutions actually catch you with something is if you showoff with undeclared money.
Even that won't be a problem, but as a national if one of your friends/neighbor/relative happens to make a lot money they will start pointing fingers and due to envy you will likely get caught.
If you are cool with this mentality, go for it.
True, Jealous People can destroy your life.
now day It is better to live life Low key.
Avoid unwanted attention.
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