yes or buy car in UK from VAT company so without VAT then sell car. I have sold numerous cars and banks are OK showing that you sold car they dont ask where you got money for a car.︀ It was up to 30000EUR for 100K could be different. But you can buy several︁ cars and use several banks. But yeah could be different ball game. I would guess︂ 2 cars each 50K is ok but if you plan every month then you need︃ to think about some business.
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Cyprus crypto EUR cash out?
- Thread starter JoeBlow
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Can anybody confirm if staking and lending cryptos in Cyprus as natural person considering the Non Dom status would be tax free?
About traditional financial markets, trading stocks and futures are tax free but what happens if you trade stocks or indexes through CFDs? I guess in this case, profits, maybe are not tax free, so I hope someone can clarify me this.
Thanks in advance!
About traditional financial markets, trading stocks and futures are tax free but what happens if you trade stocks or indexes through CFDs? I guess in this case, profits, maybe are not tax free, so I hope someone can clarify me this.
Thanks in advance!
I thought someone, at least could give us a proper information if staking and lending cryptos in Cyprus as natural person considering the Non Dom status would be tax free.
What do you think about that @CyprusBusiness @CyprusLaw ?
Thanks in advance!
What do you think about that @CyprusBusiness @CyprusLaw ?
Thanks in advance!
The matter is not clear as there is no specific legislation or circular being issued. However approaching the matter correctly cqn result into favorable tax treatment while minimizing tax riak exposure. This might sound vague, but in the absence of definitive legislation a tax risk assessment approach is the optimum approach.
Hello
No specific legislation has been enacted as of now, which depicts the tax treatments for trading in cryptographic assets. We are anticipating a formal announcement this year. Therefore, the common practice is to consider any crypto trading activity as taxable under the normal trading route.
Even in case of staking or liquidity mining, rewards and transaction fees would be deemed taxable. Of course, there are several grounds to optimise tax position which︀ need to be considered on case by case.
With these type of activities, operating through︁ a company in Cyprus rather than on freelance basis would be more optimised.
No specific legislation has been enacted as of now, which depicts the tax treatments for trading in cryptographic assets. We are anticipating a formal announcement this year. Therefore, the common practice is to consider any crypto trading activity as taxable under the normal trading route.
Even in case of staking or liquidity mining, rewards and transaction fees would be deemed taxable. Of course, there are several grounds to optimise tax position which︀ need to be considered on case by case.
With these type of activities, operating through︁ a company in Cyprus rather than on freelance basis would be more optimised.
I'm in a similar boat. Although I would be paid regularly in stable coins and tokens. Did you progress on the matter? Have you opted for Cyprus?
I only had a phone call with an accountant in Cyprus a couple of months ago and he told me:
- lack of legislation regarding crypto (every accountant sees things differently);
- crypto-to-crypto trades don't generate tax events;
- gaining money from staking falls under capital gains and is taxed at 20% ;
- impossible to cash-out crypto to Cypriot banks;
- people cash out using ATM or spending with a card such as Binance card, crypto.com card or Coinbase;
- EU citizens who have a health insurance︀ and more than 50k euro (to prove with bank statement) won't have issues to get︁ the yellow slip (a document that allows to live longer than 3 months in Cyprus);︂ in this scenario it should be easy to move the tax residence there also without︃ an income.
In my situation Cyprus seems to be a good option as the crypto-to-crypto︄ is tax free, but the lack of legislation and banks not accepting crypto cash-out might︅ turn out to be a waste of time and a loss of money moving there.︆
So I'm still thinking if moving there or not.
- lack of legislation regarding crypto (every accountant sees things differently);
- crypto-to-crypto trades don't generate tax events;
- gaining money from staking falls under capital gains and is taxed at 20% ;
- impossible to cash-out crypto to Cypriot banks;
- people cash out using ATM or spending with a card such as Binance card, crypto.com card or Coinbase;
- EU citizens who have a health insurance︀ and more than 50k euro (to prove with bank statement) won't have issues to get︁ the yellow slip (a document that allows to live longer than 3 months in Cyprus);︂ in this scenario it should be easy to move the tax residence there also without︃ an income.
In my situation Cyprus seems to be a good option as the crypto-to-crypto︄ is tax free, but the lack of legislation and banks not accepting crypto cash-out might︅ turn out to be a waste of time and a loss of money moving there.︆
So I'm still thinking if moving there or not.
I would look︆ to spend crypto with crypto.com but otherwise not cash out so that doesn't really bother︇ me. I suppose the only negative is the lack of long term clarity. It would︈ be a big bummer to go through the effort of getting everything setup and moving︉ over only to have a negative ruling that makes it unviable.
Just to clarify even though the tax circular has yet to be formally published we have information as to what this will include. Please note that as things stand the circular will simply confirm the position stated above i.e that such︀ income falls under income tax with some potential exemtpions such as security tokens.
Any differentiation︁ to the above will be to give incentives to crypto-traders, not the other way around︂
Any differentiation︁ to the above will be to give incentives to crypto-traders, not the other way around︂
So staking fall under Personal Income Tax? And lending criptos? Even having the Non Dom status? I suppose, at least, first 20k are tax free as usual.
About this︀ tax circular you mentioned above @CyprusLaw that is not formally published but you have info︁, can you go deeper or advance the most meaningful points, terms or changes?
Thanks in advance.
About this︀ tax circular you mentioned above @CyprusLaw that is not formally published but you have info︁, can you go deeper or advance the most meaningful points, terms or changes?
Thanks in advance.
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