To all my fellow Danish marines, how the fuck do we escape 53% tax on LINK gains? Did anyone else forget to buy it from your company and/or use localethereum.com? We are the most justed in the world
>Any crypto gains are considered speculation >You have to pay tax on crypto traded in foreign countries >You have to pay taxes on the value of your crypto holdings the day you move abroad skat.dk/skat.aspx?oid=8953
>Coinly gave up KYC information to the Danish tax authorities and Bitstamp, Kraken, Coinbase and Binance are next
Options: 1. Move abroad immediately (Germany, Portugal, Switzerland, Estonia, Belarus etc.) before your crypto holdings are worth more. And pay taxes in the future when they come for you on the 2020 value. 2. Buy something with your LINK, get an invoice and move the LINK to a different address you still control. 3. Sell your LINK to your registered company and pay tax on the profits so far, but have more options to minimize taxes in the future. 4. Move abroad and renounce citizenship. 5. Refuse to pay, cash out abroad and hope to God your trading history from your exchanges don't end up at the tax authorities. Risk very large fines and possibly jail time.
Switch to bitcoin cash, move abroad, buy iphones from purse.io and sell them at the discounted price.
Jayden Carter
Hi danebro, dont do anything rash yet. Think about staking gains and the possibility to collateralize your holdings to take defi loans in the future
Landon Stewart
Would this effect me if I go study and work there?
William Nelson
Norwayfag here
No fucking clue how im gonna do this shit Taxes are fucking sky high
Jaxon Williams
>Convince them you bought crypto to be used for payment Hey user, you bought LINK and held it all this time through price appreciation. Sure, you ended up converting it and spending it. But we see it as speculation. Here's your tax bill
>Staking gains So pay income tax on staking gains but have the benefit of earning interest on the full LINK holdings pre-tax. That's the idea? >Defi loans I haven't found anything in Denmark about crypto loans. I am not sure they will allow this to be tax exempt as everyone thinks
Anthony Barnes
When you move to Denmark, you are required to get a valuation from the tax authorities on your crypto holdings, and you will pay taxes on crypto gains in Denmark if you live there for longer than 180 days/year as well as if you move back and your crypto holdings appreciated in the meantime.
Nolan Perez
When do I pay? When cashing out?
Isaac Watson
Crypto to crypto is also a taxable event in Denmark. And even if you don't trade: >user moves to Denmark with $50k LINK holdings. >2 years later, user moves back home without having bought or sold any crypto but LINK holdings are now worth $500k. >user is required to pay $238.5k in Danish tax the day he moves.
Logan Evans
Holy fuck anons, see what you can do about commodity-secured loans there
I thought we were getting bent over in Canada, which we are, but Christ, Europe wants to keep you poor.
There's a shot at using your crypto as collateral for a loan, which then turns your 53% tax hit into 1-3% for the loan interest, since you never technically realize your capital gains. Or you can do the traditional vacation to Dubai where there is 0% capital gains tax and do the loan there.
It is theft. But it's not something you have to worry about unless you care about Danish citizenship. The Danish tax authorities suck at collecting taxes from foreign citizens.
user, simply move away from denmark. Remove all ties from the country. Say to the government you will be living in another country for over a year, preferably moving away permanently.
This way, you will not be taxed in denmark, but in the country you reside. Your crypto profits can grow and grow, it doesn't matter, you wont be taxed on it in denmark.
- swefag
Cameron Adams
We are absolutely justed. Good luck to you as well, fren. >Tax exempt crypto collateralized loans There is no legal precedence for this yet. I doubt they will allow it but let's see
Jack Wood
it is taxed as income tax, so if you have a low income, and you get lucky with the market peaking around Christmas, you could cash out half in 2020 and the other half in early 2021, two separate tax years. Tbh, i think it is hard to dodge without having prepared something prior to entering the crypto space.
Sebastian Sanchez
I have thought about this. I am already planning to move to Russia permanently but I don't want to renounce my European citizenship - and Danish citizenship is a particularly comfy retirement cushion if shit hits the fan.
Alexander Ramirez
I'm planning to work and study there as a EU citizen. This is fucked up. At the very least they could not bother with how I spend my money in other countries. I guess I'd be in as bad of a place as a native right? >Old news Yeah, I'm just surprised they did this brutal 180.
Austin Anderson
i dont know how the danes do shit, but in sweden as long as you move out of the country, cut all ties to it and live abroad, you are not taxed on capital gains
isnt it like that in denmark too? also russia is a shit place desu, so many better countries brah
check out: nomadcapitalist.com
hire him for ur services, he's worth it
Daniel Mitchell
Holy shit, better pay the taxes before they confiscate your stinkies! Oh wait, it's blockchain. They literally can't. In fact, they can't even prove you own them.
Jaxon Perez
>Low income $1000 EOY fren. >Should've prepared Yep, fucked up there.
Alexander Howard
>There is no legal precedence for this yet. I doubt they will allow it but let's see
One fucking thing about what we in the English speaking world call the Danelaw, which is that our entire legal tradition derives from yours, is that anything that isn't specifically prohibited is at least defensibly legal.
I don't care how much or little you're worth, call a GOOD accountant or tax lawyer today, make an appointment, pay the man for his time, and find out.
Because if this loophole exists you can secure the gains that you made ON MONEY YOU ALREADY PAID TAXES ON.
Or, possibly there is a barly-EU country you can take a vacation to and realize your gains within their borders. But FIND OUT.
Cooper Hall
>how the fuck do we escape 53% tax on LINK gains?
We don't. That's the price we pay to live in Denmark. If the government decides that it want's to be on the losing side of the crypto war, i.e. the side supporting the banks and so on in not being replaced, then the government will make sure that the tax laws surrounding crypto will be as absolutely retarded as humanly possible.
It's a sad state of affairs when tax regulations in regards to crypto look more like the US than the rest of the EU
Bentley Gonzalez
>If you move, you are not taxed on capital gains Except your assets are considered sold the day you move, so you are required to pay taxes on the value then. Not future gains after that though >Russia is a shit place This is a longer discussion but I disagree fren
Adam Rogers
>That's the price we pay to live in Denmark. Someone has to pay for the cash benefits.
Lincoln Flores
You're right. I'm already in contact with a crypto lawyer. Will set up a meeting to discuss this with him.
Brody Campbell
wait, what the fuck? you danes are taxed on UNREALIZED gains? LOL what?? that cant be true my danish friend... proof?
so if i have 1000 euro and i put it in crypto and i move from denmark, i have to pay tax on that crypto? what
Anthony Mitchell
You have to account for the transactions following the KYC exchanges somehow >Tell them you lost access to the wallet That's an option too. Seems risky but maybe it's not
Caleb Phillips
Based. I live in Sweden and I am thinking of moving to Belarus due to 10% tax for a while then to Russia. Will keep my citizenship for the inevitable future climate collapse.
Grayson Williams
>You're right. I'm already in contact with a crypto lawyer. Will set up a meeting to discuss this with him.
Thank Christ.
Juan Bell
>i have to pay tax on that crypto? what If your crypto is worth more than €1000, yes
Andrew Ortiz
>Am I in as bad of a place as a native? If you're eventually gonna leave Denmark and don't want Danish citizenship, you'll be fine. >Brutal 180 Yep, change of government, restructuring of tax authorities
John Taylor
that is sickening, i would easily remove my citizenship at that point
Joseph Ortiz
You only use KYC exchange once at most. To buy the crypto. After that, your crypto never touches KYC.
Nice fren. I like Belarus too. Though it can be a good idea to pay those 10% in Russia because it helps grant you permanent residence.
Levi Davis
If you leave Denmark
If you leave Denmark and you no longer have a tax liability in Denmark, we will consider your stock of cryptocurrencies to be sold at market value on the day you left the country.
This means that if on the day you left Denmark the value exceeded the value at the time of purchase, you should enter the difference as profit in your tax assessment notice. If on the day you left Denmark the value was less than that at the time of purchase, the loss is tax-deductible.
If you cannot correct your tax assessment notice or if you have any questions about taxation of cryptocurrencies, please contact us.
that is fucked up, there are ways around it tho... idk about your gift tax, but you could be creative with that
