#SINGAPORE FINANCIAL TRANSACTION TAX FREE#

Similarly, if a company’s core service is related to crypto trading, the company would still be liable for Income Tax. If you’re acting as a business and you accept crypto as payment - you will pay Income Tax on it. So while the goods or services may have Goods and Services Tax (GST), the payment coin or token will not. So when you dispose of crypto by selling it or trading it, you won’t pay Capital Gains Tax.Īs well as this, because cryptocurrencies are viewed as intangible property from a tax perspective, when you spend crypto on goods and services, this is viewed as a barter trade, not a payment. This is because Singapore doesn’t have a Capital Gains Tax - so individual investors and businesses are not liable for Capital Gains Tax. Singapore is a crypto tax haven for both individuals and businesses. There’s a reason many crypto exchanges - like KuCoin and Phemex - are based in Singapore.

#SINGAPORE FINANCIAL TRANSACTION TAX FREE#

It's not all bad news though, as like in Germany, long-term gains from selling or swapping crypto are likely to remain tax free in this draft. This said, this is all potentially changing - and soon! In the Draft State Budget for 2023, gains from selling or swapping crypto held less than a year will be subject to a flat tax rate of 28%, while commercial activity including mining will be considered self-employment and subject to Income Tax and social security. So for the vast majority of investors - Portugal is a crypto tax free country. Provided you’re not a business, your crypto is also exempt from VAT and Income Tax in Portugal. In even better news, crypto trading isn’t considered investment income either, so crypto trading is also tax free. Since 2018, all proceeds from selling crypto are tax free. Portugal is one of the best places in the world to live if you want to avoid paying crypto taxes. So in El Salvador, you can pay for a huge range of goods and services in Bitcoin that you wouldn’t be able to anywhere else in the world. In even better news, because Bitcoin is a legal tender in the country - businesses must accept payment in Bitcoin. To further promote this, the country also now exempts foreign investors from paying any tax on Bitcoin gains or income. The country is hoping that in doing so - they’ll attract more investment into their economy. So while Belarus is currently a crypto tax haven - this might not be the case after the 2023 review.Įl Salvador made headlines around the world as the first country in the world to make Bitcoin a legal tender. This unusual law was created to bolster Belarus’ digital economy - and it’s up for review in 2023. Instead of creating crypto tax laws like many other countries, in March 2018 the Eastern European state legalized crypto activities and exempted all individuals and businesses from crypto tax until 2023.Īs such - all crypto activities - including activities like mining and day trading - are viewed as personal investments, which makes them exempt from both Income Tax and Capital Gains Tax. Learn more about German crypto tax in our guide.įrom the West of Europe to the East - Belarus is another tax free crypto country.īelarus took a very unique approach to cryptocurrencies back in 2018.

Selling, swapping or spending crypto you’ve held for less than one year if the gain is more than €600.Germany does still subject some crypto to Income Tax, including: But before you pack your bags for Berlin, it’s not all good news when it comes to crypto tax. So provided you HODL, your crypto is tax free in Germany.

Holding your crypto is key - because crypto held for less than a year is taxed unless the profit is less than €600. This matters because if you hold your crypto for more than a year, when you later sell, swap or spend your crypto - you’ll pay no tax on it. Germany views Bitcoin and other cryptocurrencies as private money - not a capital asset. We’ll start by saying that crypto isn’t totally tax free in Germany - but they do have some quirky crypto tax rules that mean investors can legally avoid crypto taxes in Germany. Here's a list of the top crypto tax free countries, as at August 2023. While most countries around the world do apply a tax on crypto, there are some which tax crypto a little less, or not at all.

Learn all about the best countries for crypto taxes to move to in 2023. Thinking about packing up your bags and heading to a crypto tax haven to avoid paying tax on crypto? While most countries around the world tax subject crypto to Capital Gains Tax or Income Tax - there are still a few crypto tax havens and countries where you'll pay less crypto tax.

Singapore financial transaction tax