While governments around the world are enacting laws that impose taxes on trading income kryptowalutami, such as BTC or ETH, there are still a few countries that allow investors to buy, sell or store digital assets without paying a penny. Today we present to you a list of eight countries that can be considered a Bitcoin tax haven.
In Portugal, tax offices have waived all taxes on trading and transactions in cryptocurrencies. This means that individuals do not have to pay capital gains tax or VAT when buying or selling BTC and other digital assets.
Citizens are not required to pay income tax when exchanging cryptocurrencies for FIATs. However, the Portuguese tax office requires that companies that accept digital currencies as payment for goods and services pay both VAT and income tax. The tax break makes Portuguese law one of the most favorable in the world.
In Germany, you are exempt from paying any taxes if you have yours Bitcoiny at least one year. No matter how much you earn on selling your BTC. If you have kept them for a minimum of 12 months, you won’t pay a penny.
Europe’s largest economy considers BTC as private money, contrary to widespread opinion in most countries they perceive kryptowaluty as currency, commodity or equity. In Germany, sales that do not exceed EUR 600 are tax free. However, enterprises are still obliged to pay income tax on profits from cryptocurrencies.
In Singapore, both individuals and companies that have BTC or others assets digital as a long-term investment, they don’t have to pay taxes. This is because there is no capital gains tax in this city-state.
Enterprises based in Singapore must pay income tax if they are involved in trading cryptocurrencies and this is their core business. Those companies that accept Bitcoin as payment for services rendered, they are subject to normal income tax rules.
As in neighboring Singapore, there is no capital gains tax in Malaysia. Transactions using cryptocurrencies are not taxable in this Southeast Asian country. This may change soon. According to local press in recent months, BTC may soon be considered a legal tender.
In an Eastern European country – Belarus – the new law, which entered into force in March 2018, legalized cryptocurrencies. Along with their legalization, individuals and enterprises were exempted from all forms of taxation on transactions and trading in digital financial assets. This act will apply at least until 2023.
Cryptocurrency mining or trading is treated as a personal investment and is therefore not taxable. Registered enterprises operating in the special economic zone of High Technologies Park near Minsk, dealing in mining, trade, or offering AND WHAT, they also don’t have to pay taxes.
In the case of Slovenia, the tax system for individuals and companies associated with BTC is quite different. Although citizens do not receive capital gains from the sale of cryptocurrencies, they still have to pay income tax regardless of the currency exchanged. Companies that receive payments in Bitcoin or carry out mining are required to pay tax at set rates.
Business taxation ‘depends on the circumstances of the case and the information provided in the tax return. If the income is considered capital gains, the tax is 19%, “experts say.
Malta is also known in the cryptocurrency community as “the island.” blockchaina“. In Malta, long-term investments in digital assets are tax free. Short-term cryptocurrency trading is treated similarly to trading on the stock exchange. Users making money on trading them have to pay 35% tax.
Malta is probably one of the friendliest countries in the world when it comes to cryptocurrencies. The government has introduced laws that legalize various cryptocurrency operations, and Bitcoin recognizes “as a unit of account, means of payment, or value store.”
In Switzerland, one of Europe’s cryptocurrency havens, individuals who buy, sell or store digital assets for personal gain do not have to pay tax on their capital gains. Income from mining is considered to be a profit from self-employment and is subject to payment of income tax.