bank want source of funds and wealth
how to convert crypto to fiat and make it legal and with no taxes?
in Europe
how to convert crypto to fiat and make it legal and with no taxes?
in Europe
How to convert crypto to fiat without problems?
- Thread starter dor
- Start date
I find myself in a similar situation. I have some bitcoin (6 digits USD equivalent) and I would like to sell them for fiat currency in a checking account. I am Italian and I was thinking of moving my tax residence to Portugal. There are no taxes for crypto trading, but it is difficult for me to prove my source of funds. Can it work?
From what I have read in Portugal if you are professionally trading crypto to earn an income then you are supposed to pay taxes, so even though it's a commonly mentioned country free of crypto tax I wonder if it is really a good choice when there is a risk of being determined to be a professional trader and having to pay back unpaid taxes.
Could you please retrieve a source for what you claim? What requirements to be considered a professional trader?
https://mcs.pt/cryptocurrency-taxation-in-portugal/
“it is also the understanding of the Portuguese Tax and Customs Authority that the profits obtained from the sale of cryptocurrencies are not taxable under the Portuguese tax system, unless by their regularity ends up constituting a professional or entrepreneurial activity of the taxpayer, in which case it will be taxed as a qualifying income under the category B (freelancing) of the Personal Income Tax Code”
I guess you would have to talk to a professional to get the specific requirements, curious to hear from anyone who has.
But guys...one noob question...Does this really imply that say if I have crypto that I mined on my own PC 10 years ago now I cannot cash it out since need a PROOF OF SOW?? Isn't enough just a statement "I liked the crypto for 10 years and now want to cash out at all time high"?