One of the main investments that today is more popular and fashionable are cryptocurrencies. Among them, bitcoin is the most powerful and most widely used cryptocurrency in the world. But, as in other types of financial transactions, the transactions of buying and selling bitcoins require payment of taxes.
Buying and selling bitcoins without tax burden: countries
It is more than recommended that, if you invest in bitcoins, you first acquire the knowledge in a stock exchange course for beginners and have taken stock investment courses.
All the operations that you carry out with bitcoins, from anywhere in the world, have an impact on the payment of a series of taxes that the country from which you operate will charge you. Here are eight countries where you do not have to pay taxes.
Portugal is one of the countries where investors do not have to pay income tax or of the equity, or on VAT when buying or selling bitcoins or other digital assets. However, businesses that accept bitcoins as payment for the goods and services they offer will have to pay VAT.
In this country, no VAT or capital gains are levied on any digital currency or cryptocurrency. However, they do tax the activities that are in their environment, such as trading or paying for goods and services with cryptocurrencies.
Belarus has a regulation regarding cryptography since March 2018 in which it frees both individuals and companies from paying taxes when trading digital assets until 2023 . Included in this measure are companies that are engaged in bitcoin mining , exchange and other operations that are located in the High Technologies park.
In Germany it is marked as a requirement for an investor to be exempt from paying for capital gains that he keeps accumulated cryptocurrencies for a period exceeding twelve months.
In this country, the cryptocurrency is considered private money, while in other countries it is considered a currency, security or capital. Thus, in Germany private sales that do not exceed 600 euros are tax-free. However, it is mandatory that the necessary adjustments to the earnings that come from bitcoin are paid through corporation tax.
Malaysia is moving towards the knowledge of the benefits of cryptocurrencies, so that it has opened up to its use, although it was previously prohibited. Thus, as in Singapore, there is no regulation ever in terms of capital gains, so that trade, either for cash or other digital asset, it is not necessary to be taxed.
In this country, individuals and companies that own bitcoins or other digital assets, as a long-term investment, do not have to pay tax, as there is no capital gains tax.
In Switzerland there are taxes if you trade professionally, mine cryptocurrencies or pay with them. However, the sale or possession of cryptocurrencies is not subject to capital gains tax.
In this country there is a tax system for individuals and companies that trade with bitcoins. It is not necessary to pay tax on the sale of bitcoins, but you do need to pay income tax, regardless of the currency used. The payment of this income tax will depend on the billing volume.
You already know how to sell bitcoins without paying an excessive commission. In this article we have shown you up to eight countries where you can do it. And if you also need additional training in trading, do not hesitate to subscribe to what can be your trading club. Do not stop trying!