Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Coincub: Top 5 Countries with the Best Crypto Tax for Residents
Coincub | Jon Lea | Sep 8, 2022
Overall, tax havens traditionally offer highly attractive tax concessions to attract businesses and overseas investors. This list takes those countries which aren’t purely out to attract overseas investors but have decided to adopt a policy of low or generous tax rates on crypto investment for its domestic population.
1. Germany: Having a very generous no tax on gains if your crypto is kept for over a year, seems to be perfectly in keeping with a country whose population has a long tradition of saving as opposed to spending. This, and the fact that Bitcoin can be held in traditional savings accounts in Germany, is what keeps it on our list of low crypto taxation economies.
2. Italy: Gains sourced in Italy are taxable as income, with an exemption from tax on crypto asset gains that do not exceed a whopping €51,000, whilst foreign income and gains can be sheltered from Italian tax.
See: Before receiving your salary in crypto you should consider these things
3. Switzerland: Overall capital gains for individuals investing in crypto are tax exempt and the country also has a generous income allowance which can be up to around 18,000 US dollars before tax kicks in. Much depends on exactly where you live.
4. Singapore: Purely on tax terms, it is a highly desirable place to trade and invest in cryptocurrency with low taxes on high earners - as little as 22% and no capital gains tax on crypto earnings.
5. Slovenia: Slovenia levies no capital gains tax on individuals when they sell bitcoin. Also, crypto gains are not considered to be income. Enterprises have a tougher time, however, and are required to pay tax on crypto at the corporate rate. Things may change as the country seeks to reappraise its tax law.
Crypto tax haven or crypto low tax economy?
Traditional tax havens aren’t full-blown economies as such, they are not competing with mainstream economies in terms of economic power – although they draw their investors from such locations.
See: Canada: Release Of Draft Tax Legislation For Consultation including GST/HST for Crypto Mining
Tax havens tend to be small in physical size but with inordinately generous and incentivizing tax advantages overall for investors and businesses which locate in them but generate income from overseas. Broadly speaking, where traditional taxed-based mainstream economies encompass low crypto tax advantages, they are offered to residents and citizens rather than purely outsiders.
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