Please help a nomad
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It's perfectly fine and both countries are quite packed with Western Europeans.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
This was a proposal from a previous government. This never went into affect.︄ So currently it's still 0% tax on profits, although you better have all the paper︅ trail ready in case of cashing out large amounts.
Track record of the current government︆ is mostly to increase taxes and add taxes where they didn't exist yet. So expect︇ to have taxes on crypto on-pair with capital gains tax (25%) in the next 2-3︈ years.
Track record of the current government︆ is mostly to increase taxes and add taxes where they didn't exist yet. So expect︇ to have taxes on crypto on-pair with capital gains tax (25%) in the next 2-3︈ years.
Malta is the easiest, no CGT on crypto as a non-dom.
The 5k€ tax payment is if you have more than 35k€ of worldwide income.
Selling crypto is capital gains, not income.
Cyprus, it’s unclear how crypto is taxed, some say it’s tax free, some say it’s taxed at the progressive income tax rate. IRL you probably don’t risk much, but there is less uncertainty in Malta.
Switzerland, it seems that it’s VERY easy to get requalified as a « professional trader », so it’s too hazardous for my taste. Like if 100% of your gains are from selling assets, I’ve read that you︀ can be considered as a professional trader even if you don’t trade. Feel free to︁ correct me if I’m wrong.
The 5k€ tax payment is if you have more than 35k€ of worldwide income.
Selling crypto is capital gains, not income.
Cyprus, it’s unclear how crypto is taxed, some say it’s tax free, some say it’s taxed at the progressive income tax rate. IRL you probably don’t risk much, but there is less uncertainty in Malta.
Switzerland, it seems that it’s VERY easy to get requalified as a « professional trader », so it’s too hazardous for my taste. Like if 100% of your gains are from selling assets, I’ve read that you︀ can be considered as a professional trader even if you don’t trade. Feel free to︁ correct me if I’m wrong.
Cryptocurrency taxation in Cyprus is governed by the general provisions of several existing laws, as there is no specific legislation targeting cryptocurrencies. For instance, the Income Tax Law (118(I)/2002) is key to determining how income from cryptocurrencies is taxed, and in the absence of legislation to explicitly provide a differential treatment for cryptocurrency, the general provisions of the law apply. Under this law, income derived from professional or habitual cryptocurrency trading, mining, or other business activities is considered taxable income and is taxed on individual basis on progressive tax scale or if traded︀ under a company, at corporate tax rate of 12.5%. Articles 5 and 26 of the︁ law outline taxable income sources and allowable business deductions, respectively.
The accounting/tax practice in Cyprus︂ varies but the common risk averse position is to consider active crypto trading as taxable.︃ Currently there is no ratification or law to cover tax treatment of cryptocurrency hence the︄ practice follows general accounting provisions which consider cryptocurrnecy as inventory or intangible assets.
Hope this︅ helps.
The accounting/tax practice in Cyprus︂ varies but the common risk averse position is to consider active crypto trading as taxable.︃ Currently there is no ratification or law to cover tax treatment of cryptocurrency hence the︄ practice follows general accounting provisions which consider cryptocurrnecy as inventory or intangible assets.
Hope this︅ helps.
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