Considering packing up your bags and going to a country that does not charge tax on cryptocurrencies? However, in most countries around the world cryptocurrencies are subject to capital gains tax or income tax, still, there are a few countries where you will have to pay a less amount as the tax on cryptocurrencies. Cryptocurrency trading is becoming increasingly popular around the world, largely owing to the employment of crypto robots. There are many popular robots like the bitcoin lifestyle, helping traders in eliminating the troubles associated with the trading. Visit https://coincierge.de/bitcoin-lifestyle/ to learn the properties of bitcoin lifestyle. Let’s look at those countries that do not charge any tax on cryptocurrencies.
- Germany – Cryptocurrency is not completely free from tax in Germany, but this country does not follow unconventional cryptocurrency tax rules. Hence, investors can easily escape from paying cryptocurrency taxes. In fact, in Germany instead of seeing cryptocurrency as a capital asset, the country considers these digital currencies as private money. So, if you hold your cryptocurrency for more than a year, and then sell, or spend it, you don’t have to pay tax on it. Also, Germany is a pioneer in adopting NFTs. Through sources like insidebitcoins, anyone can buy NFTs to make a lucrative income.
- Belarus – This is another country that is free from crypto taxes. Belarus never tried to create crypto tax laws like other countries. All the cryptocurrency activities in the Eastern European state were regulated in 2018 and discharged all the people and businesses from paying cryptocurrency tax up to 2023.
- El Salvador – This country is now popular as the first country in the world for making Bitcoin a legal tender. By doing this, they expect to draw more investment into their economy. In order to promote more, El Salvador now exempted foreign investors from Bitcoin gains or income tax.
- Portugal – This is another country where you can live without paying taxes oncryptocurrency. From 2018 onwards, all procedures involved in selling crypto are completely free of tax. Portugal does not consider crypto trading as an investment income, hence, trading on cryptocurrency is also free of tax.
- Singapore – Individuals and businesses are not required to pay crypto taxes in Singapore. There is no Capital Gains Tax in this country. Therefore, businesses and investors do not have to pay Capital Gains tax.
- Malaysia – This country is also free from cryptocurrency taxes. As Malaysian authorities do not consider cryptocurrencies as capital assets or legal tender, transactions on cryptocurrencies are free from tax for investors.
- Malta – Malta authorities do not demand people or businesses to pay cryptocurrency taxes. The country officially approves digital currencies as an accounting unit, medium of exchange or a store of value. Therefore, you don’t have to pay tax on Capital Gains for long-term gains received by selling cryptocurrency.