The IRS has been on a crusade to track down Americans who have evaded taxes by not reporting income from cryptocurrency. The agency will issue a “John Doe summons,” which requires M.Y. Safra Bank to hand over crypto transaction data for SFOX.
According to the US Department of Justice, this digital currency prime broker has had more than 175,000 users, and its transactions have amounted to over $12 billion since its debut in 2015.
The aggressive pursuit is a considerable bottleneck for the cryptocurrency industry in the USA, as it could make other financial institutions and investors leery of participating for fear of being caught up in an IRS dragnet.
Some are looking to friendlier jurisdictions as US taxpayers come under increased scrutiny. Here are the top three havens for crypto tax.
El Salvador
El Salvador is one of the most cryptocurrency-friendly countries in the world. The country is the undisputed leader in Bitcoin adoption, with President Nayib Bukele even suggesting that the cryptocurrency could become a legal tender in September 2021.
El Salvador does not tax cryptocurrency gains, making it an attractive destination for those looking to minimize their tax burden. The country’s lack of a capital gains tax and its friendly attitude toward cryptocurrency makes it an ideal destination for digital nomads and other crypto investors.
The country plans to make itself a crypto hub as President Bukele announced the construction of a Bitcoin city despite criticisms from well-established financial institutions such as the IMF.
Singapore
Singapore is a Southeast Asian powerhouse and one of the global financial centers. The country’s highly developed free-market economy is consistently ranked as one of the easiest places to do business.
Singapore does not tax cryptocurrency gains, making it an attractive destination for those looking to minimize their tax burden. The city-state does not charge tax for goods and services paid in crypto and has a favorable tax regime for companies that are willing to set up shop in the country.
The city-state is also home to several cryptocurrency exchanges and startups. Binance, the world’s largest cryptocurrency exchange by trading volume, has offices in Singapore.
Financial regulators in Singapore are also open to allowing crypto companies to operate for 6 months without a license.
Portugal
Portugal is another well-known crypto hub and a popular destination for digital nomads. The southern European country has several attractive tax incentives for those looking to relocate.
Portugal, however, charges taxes on income on crypto, but there are no taxes on capital gains and no taxes in trading. Furthermore, it has a Visa program that allows non-EU citizens to qualify for residency and offers a passport for crypto investors.
However, to apply for the golden visa card and not become and not become a tax resident, you cannot remain in Portugal for more than 183 days a year. This tax-free way of life for crypto in Portugal has made it a popular destination for those in the industry.
Lisbon has been the center of attention as it is one of the most liveable cities and has a very start-up-friendly environment.
These three countries offer more favorable tax treatment for cryptocurrency investors than the United States. El Salvador, Singapore, and Portugal are attractive destinations for those looking to reduce their tax burden.
If more countries follow El Salvador’s lead, it could pressure the United States to change its stance on cryptocurrency taxes.
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