Where not to go if you are paid in crypto? Here are the top 5 worst countries for crypto taxation.
Japan closes the top-five worst countries for crypto taxation for residents in Coincub’s rankings. The country has a progressive tax ratefor income considered miscellaneous income. The tax rate varies from 5% to 45%, depending on the amount of total profits.
Among other strict crypto tax economies, Coincub also mentioned countries like India, Austria, the United States, Norway, Denmark and France. On the other hand, the study pointed out a number of countries that provide tax-efficient incentives to citizens and have much more favorable crypto tax policies. According to the rankings, Germany tops the list as the best place for crypto investors, as anyone holding cryptocurrency for a minimum of a year
on selling or converting their crypto. Other crypto-tax-friendly countries include Italy, Switzerland, Singapore and Slovenia.Additionally, Coincub mentioned classic tax havens or countries that offer foreign businesses and individuals minimal to no tax liability for their financial deposits, where crypto is no exception. Among those, the study listed The Bahamas, Bermuda, Belarus, the United Arab Emirates, the Central African Republic, Lichtenstein and others.
Coincub emphasized that crypto taxation is very fast-changing as new regulations occur regularly. The firm also noted that there is an increasing number of countries that apply flat tax rates on gains for individuals, aiming to simplify tax take.
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