Avoiding taxes on cryptocurrency trading profits (Cyprus)
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Good evening everyone.
Thanks for your replies..now that this was waste of time, any professional willing to help me with my case in cyprus? Thank you.
Have a nice weekend all
Thanks for your replies..now that this was waste of time, any professional willing to help me with my case in cyprus? Thank you.
Have a nice weekend all
Did anybody had success to get a bank account for a Cyprus Limited which does trading as business?
The problem with offshore companies like a Belize company is that you don't get crypto exchange accounts in the name of the company. Either they reject your application or you can't even submit it because they want (like ftx.com for example) the bank details of your company. But it's not possible anymore to get bank accounts for offshore companies, at least in my experience. So your offshore company is useless because you still have to register the exchange accounts in your own name.
So in the end︀ the only solution would be a Cyprus Limited but even for this type of company︁ I don't know a bank which would provide you a bank account if your company︂ does trading.
The problem with offshore companies like a Belize company is that you don't get crypto exchange accounts in the name of the company. Either they reject your application or you can't even submit it because they want (like ftx.com for example) the bank details of your company. But it's not possible anymore to get bank accounts for offshore companies, at least in my experience. So your offshore company is useless because you still have to register the exchange accounts in your own name.
So in the end︀ the only solution would be a Cyprus Limited but even for this type of company︁ I don't know a bank which would provide you a bank account if your company︂ does trading.
you want to find one and consult him.. there is so much possible in this small country / island that for now and the next few years in the future you will have opportunities which you won't have many other places.
At the moment crypto to crypto is not considered a taxable event. From a legal perspective unless there is an amendment in the income tax law you cannot tax something that is not recognised in the legal framework.
The tax authorities are preparing something that will confirm that crypto to fiat is taxable as income (under income tax if an individual or corporate tax if company), it appears that crypto to crypto will not be covered, at least not yet.
The tax authorities are preparing something that will confirm that crypto to fiat is taxable as income (under income tax if an individual or corporate tax if company), it appears that crypto to crypto will not be covered, at least not yet.
Thank you for this valuable status on crypto to crypto, much appreciated. Would the tax commissioner decide the contrary (to︀ defend the interests of the tax department), I guess it would hence be possible to︁ appeal the decision to court on this basis.
Performing a close follow-up of the tax︂ law seems important given the announcements to come; I assume there is no official website︃ reporting such changes though.
Performing a close follow-up of the tax︂ law seems important given the announcements to come; I assume there is no official website︃ reporting such changes though.
Very useful information, thanks for that for your input.
Given that crypto-to-crypto transactions are not taxable events, are there any︀ simplifications on the accounting of an LTD if all assets are cryptos? I am asking︁ this to understand whether each crypto-to-crypto transaction will indeed need to be booked (and charged︂ as transaction by the accountant).
There also seem to be some laws on crypto taxation︃ coming next month. Have you heard what what these might include?
Given that crypto-to-crypto transactions are not taxable events, are there any︀ simplifications on the accounting of an LTD if all assets are cryptos? I am asking︁ this to understand whether each crypto-to-crypto transaction will indeed need to be booked (and charged︂ as transaction by the accountant).
There also seem to be some laws on crypto taxation︃ coming next month. Have you heard what what these might include?
Even crypto to crypto transactions will have to be recorded.
With respect to the tax the information we have is that the tax aurhorities︀ will confirm that the taxation on cryptos is based on income tax and corporate tax.︁ Feel free to pm me to discuss further.
Of course this is always unofficial information︂ we have so it could change.
With respect to the tax the information we have is that the tax aurhorities︀ will confirm that the taxation on cryptos is based on income tax and corporate tax.︁ Feel free to pm me to discuss further.
Of course this is always unofficial information︂ we have so it could change.
Many thanks for the reply.
Regarding the transactions, I was not able to find any reasonable estimate of how much accountants would charge for, say, 25k+ crypto transactions (long/borrow/short). Do you happen to know much is charged charged in such︀ cases? Obviously, I could export the transactions to accounting/cryptotax/cointracking or script a data dump in︁ any required form.
As for tax legislation, no surprises or simplifications to be expected then︂ - trading through the LTD apparently remains the only feasible way.
Regarding the transactions, I was not able to find any reasonable estimate of how much accountants would charge for, say, 25k+ crypto transactions (long/borrow/short). Do you happen to know much is charged charged in such︀ cases? Obviously, I could export the transactions to accounting/cryptotax/cointracking or script a data dump in︁ any required form.
As for tax legislation, no surprises or simplifications to be expected then︂ - trading through the LTD apparently remains the only feasible way.
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