Altcoins Talks - Cryptocurrency Forum
Further Discussions => Legality & Taxation of Cryptos => Topic started by: Daiana on May 03, 2024, 05:49:16 PM
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Crypto offers freedom for digital nomads but it also introduces complex tax questions. For those of us without U.S. citizenship—where citizens are taxed on worldwide income regardless of where they live—the question becomes: where do we declare our crypto earnings? With Starlink, trading or earning in crypto while traveling has never been easier.
But how do you handle tax obligations in a world that hasn't yet fully adapted to the nomadic lifestyle fueled by digital currencies? Do you declare taxes in the country of your citizenship, your residence, or where you are physically located while trading? And which country is the best to be a tax resident in when it comes to crypto?
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Where do I live not any specific taxes for cryptos yet but it still comes under the income tax for sure, so I report them and make it as low as possible so that I can pay zero taxes while still holding the crypto with occasionally cashing out profits but not sure how things will turn out in future whether there will be even cryptos transactions will be considered as taxable or has to pay only on the capital gains or whatever, have to wait.
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I know that in some Nordic countries, you have to show all of your transactions that you have made but only pay taxes on your gains.
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Do you declare taxes in the country of your citizenship, your residence, or where you are physically located while trading? And which country is the best to be a tax resident in when it comes to crypto?
Don't you have to pay them all, depending on your citizenship etc? I'm not familiar with how taxation law in other countries works, but in my country, I'd have to pay whenever I trade crypto, which means I don't have to declare it as a regular income. I'm not sure how to answer if we don't know which specific countries we live in and where we are right now, since no regulation in the world is exactly 1:1. CMIIW.
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Do you declare taxes in the country of your citizenship, your residence, or where you are physically located while trading? And which country is the best to be a tax resident in when it comes to crypto?
Don't you have to pay them all, depending on your citizenship etc? I'm not familiar with how taxation law in other countries works, but in my country, I'd have to pay whenever I trade crypto, which means I don't have to declare it as a regular income. I'm not sure how to answer if we don't know which specific countries we live in and where we are right now, since no regulation in the world is exactly 1:1. CMIIW.
Okay so you pay capital gain tax then. It of course will depend on if you get crypto as a salary (performing work) or as trading. Yes, the regulations are very different in the different countries. Some are better then others, and that was what I wanted to discuss :) The Nordic countries for example require you to show all of your transactions but you only need to pay taxes for specific transactions.