Advice on crypto cashout

[hungryPanda]

Hi guys,

I am trying for a while to declare my crypto profits but it has been impossible since the tax authority in my country refuses to accept such incomes since there is no law. I am looking for alternatives and thinking of either creating a company setup or changing tax residency. Some choices for me are Switzerland, Luxembourg, Cyprus. I would prefer the first two countries, if anyone has any experience it would be appreciated to comment.

* All profits are legally made and come with proof of funds

 

[CyprusLawyer101]

I can help, let me know !

 

[Martin Everson]

hungryPanda said:
I am trying for a while to declare my crypto profits but it has been impossible since the tax authority in my country refuses to accept such incomes since there is no law.
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What country is this then? Do they not even allow calculation of income on a Mark To Market basis i.e equivalent crypto value in local fiat value?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[hungryPanda]

Martin Everson said:
What country is this then? Do they not even allow calculation of income on a Mark To Market basis i.e equivalent crypto value in local fiat value?
Click to expand...

European country with a lot of sun. At the time being declaring crypto is not accepted, but there is intention to change this at some point.

 

[JohnLocke]

Switzerland and Cyprus are both good choices. There are reviews in the resource section about providers for both countries too.

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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​