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Andrew Henderson

Founder of Nomad Capitalist and the world’s most sought-after expert on global citizenship.

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Cryptocurrency

12 Countries That Don’t Tax Bitcoin Capital Gains

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In this article, we will discuss the future of Bitcoin and which countries won’t tax you on your Bitcoin capital gains.

If you’re not already familiar with cryptocurrency, don’t worry. You can get a quick Crypto 101 crash course before you proceed.

Cryptocurrency has come a long way since it emerged back in 2008. Instead of just being thought of as an alternative currency, it has now become a sought-after investment. In fact, some argue that crypto is the future. 

While physical, printed cash is still the medium that most countries use, many are adopting digital forms of currency.

But not so fast, in some countries, that adoption comes laden with regulations.

Yet, you may be able to escape those regulations by adding digital assets to your wealth portfolio. 

Whether you want to diversify your assets by investing in cryptocurrency, discover crypto-friendly countries, or expand your passport portfolio, Nomad Capitalist can help you. 

We’ve helped many crypto-investors go where they’re treated best, and we can help you do the same. Get in touch with us today to discuss your Action Plan.

Countries That Don’t Tax Bitcoin Gains

Tax on Bitcoin Gains
Consider moving your digital assets offshore to avoid paying tax on bitcoin capital gains.

While many countries may follow suit with the US and start taxing capital gains on Bitcoin, there are still several countries that don’t.

Here are 12 for your consideration:

Belarus

In 2018, Belarus created a ground-breaking law that legalized cryptocurrency. The law stated that until at least 2023, individuals and businesses that mine for or invest in cryptocurrencies are exempt from paying taxes on them. This year, the law may be subject to review. However, currently, in Bulgaria, crypto is considered a personal investment, so you can mine, buy, or sell cryptocurrencies here freely.

Bermuda

Bermuda does not impose taxes on digital assets or their transactions. That includes no income tax, capital gains, withholding, or other taxes. And as of 2019, any taxes that you do incur there can be paid with USD Coin, another digital coin.

Want to incorporate Bermuda in your offshore Plan? Read our ultimate guides about opening an offshore bank account and establishing residency in Bermuda.

British Virgin Islands

This tax haven is neutral when it comes to capital gains, corporate income, or withholding taxes. And for the time being, that includes cryptocurrency as well. This means that there are no specific taxes imposed against cryptocurrencies in the British Virgin Islands.

To bank or run a business in BVI, read our ultimate guide about BVI incorporation and BVI banking.

Cayman Islands

Like the British Virgin Islands, the Cayman Islands are already a tax haven. This means that the processes of issuing, holding, or transferring digital assets will not be subject to taxes here either.

Relocating to the Cayman Islands can drastically reduce your taxes. However, the Cayman Islands has put a high price on its residency, and it’s almost impossible to bank there as a non-resident.

Germany

Germany can be excellent for long-term crypto holders. In Germany, cryptocurrencies are considered to be private money. As such, they are exempt from taxes. However, you must hold said cryptocurrencies for over a year to be entitled to this perk. And if you sell any assets that have not been held for at least a year, the tax won’t accrue if the sale is less than 600 euros. Unfortunately, businesses in Germany are not as lucky and must pay corporate income taxes on any cryptocurrency gains.

Gibraltar

Already famous for low taxation, Gibraltar does not subject cryptocurrency investments to capital gains taxes. However, there is a fixed 10% corporate tax rate that is applied to crypto-trading.

Hong Kong

In Hong Kong, as long as individual cryptocurrency activities are for investment purposes, there is no capital gains tax. But for corporations, when digital assets are traded as a normal part of business, they are then subject to an income tax.

Malaysia

You will want to be careful in Malaysia. Currently, if you make cryptocurrency transactions as an individual investor infrequently, then you will not be subject to taxes. However, if you are an “active trader,” your virtual assets can incur a capital gains tax.

Malta has an excellent long-term residency program – MM2H – for people looking to relocate to Malaysia.

Malta

Malta is known as “Blockchain Island” and is one of the most crypto-friendly countries. Here, you will not have to worry about capital gains tax for any long-held cryptocurrencies. However, if you make same-day trades, you will be subject to income tax as you would with day-trading stocks. The country may also subject crypto trades to an income tax.

Moreover, Malta has one of the best citizenship-by-investment programs in the EU.

Singapore

Capital gains tax doesn’t exist in Singapore. Therefore, individuals and businesses that hold cryptocurrencies are not subject to such a tax. However, businesses are liable to pay income tax on any gains.

Slovenia

As with many of these countries, Slovenia applies a different tax law to individuals and to businesses. Here, an individual will not incur a capital gains tax on any cryptocurrency that they sell. However, they will be subject to income tax on their profits, and corporations will be liable to pay income tax at the corporate rate. 

Note, however, that the crypto-tax policies may change in Slovenia due to a piece of legislation that’s currently pending. 

Switzerland

Considered a crypto-haven, Switzerland also has a few tax breaks for cryptocurrency traders. Individuals that buy, sell, or hold cryptocurrencies will not have to pay a capital gains tax. However, this country considers cryptocurrency mining as self-employment, so an income tax will be applied to any resulting income from this activity. For professional cryptocurrency traders, a business income tax will be applied. It is also important to note that Switzerland has other wealth and cantonal taxes that may apply. 

Additionally, there are other countries that are extremely crypto-friendly that you might want to keep your eye on. Though, they may not have the tax incentives that you’re hoping for.

For Roger Ver, Antigua is at the top of his list. He claims that there is a large amount of cryptocurrency adoption by both the government and the rest of the island. Proof of this can be seen in nearly every restaurant now allowing payments with Bitcoin cash.

The Bottomline

If you’re a seven- or eight-figure entrepreneur who wants to move your assets to a country where you won’t lose half of your wealth in taxes, contact the Nomad Capitalist team. We’re ready to help you create an offshore strategy for your digital assets.

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