Crypto Tax Laws: Some of the Best and Worst Countries So Far

Crypto Tax Laws: Some of the Best and Worst Countries So Far
фото показано с : zycrypto.com

2022-2-8 22:21

Western states are embracing digital currencies with some even considering taking tax payments in Bitcoin and other cryptos. India wants to slap a 30% tax on all gains. For the rest of the US, tax is anywhere between 10 – 37% depending on how long you hold your cryptos. The latest report shows a growing number of governments are doubling down efforts to web a nest of laws around crypto and make rich gains from taxes.

For all the gospel about decentralization, security, and autonomy preached by crypto-evangelists, government taxes on crypto are one of the harsh realities that show how impossible it is to simply wish centralization away.

To help users decide on their Bitcoin portfolios, here are some countries that collect taxes on crypto and those that don’t.

In no particular order, these countries have laws in place that either seek to support the infant innovation around crypto or simply view it as a non-threatening private digital asset. They are:

Portugal

The Taihuttu family from the Netherlands, which made headlines in 2017 after selling all their properties and investing in Bitcoin, has moved to Portugal.

That’s all you need to show how much of a tax-friendly country Portugal has become with cryptos. Mr. Taihuttu’s $900 investment in 2017 is now worth over $42,000 and together with the family, they are looking to escape any form of crypto law capable of eroding their gain by settling in Portugal. Lisbon is a great place for crypto traders as the government does not classify all crypto trading activities as investments.

Belarus

Despite being a close neighbor to Russia, Belarus is another tax haven country uninfluenced by Moscow’s unstable crypto laws. Since 2018, President Alexander Lukashenko has stood by his tax-free decrees for all forms of digital asset activities with hopes to stimulate the development of the technology sector of the economy.

El Salvador

Being the first country to recognize Bitcoin as a legal tender naturally comes with the responsibility of surrendering all tax laws to attract investors. That is exactly what El Salvador has done. Nayib Bukele, the nation’s president, has continued to campaign for global institutional adoption of Bitcoin, despite growing cautions from the IMF.

Cayman Islands

Far off the coasts of the United Kingdom, the Cayman Islands have remained for decades, one of the world’s favorite tax haven destinations—and this is no different for cryptocurrencies. There is no income tax, no corporate tax, and no capital gains tax as the government hopes to cover a significant cost of governance solely from tourist revenues and issuance of permits.

Other nations like Puerto Rico, Singapore, Malta, Malaysia, Switzerland, and Germany have laws that grant either partial or full tax waivers on crypto earnings depending on the type of crypto-activity you engage in and for how long.

In no particular order, here are some of the most popular crypto tax nations and what percentage of your income you may be liable to pay.

Venezuela20%US10 – 37%UK 10 – 20%France10 – 45%Netherlands1 – 5%Japan20 – 55%Sweden~30%

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