Hey Willblack thanks for the reply.
Can you be more specific as to what laws this is breaking. Its just like a BlockFi, Nexo or Celsius. And ABC Co could also be a Trust maybe? Just trying to think outside of the box.
Is the below possible in Cyprus?
1 - Set up a Cyprus company (ABC Co.) and loan your crypto to ABC Co. at market interest rates.
2- Then borrow from (ABC Co) also at market interest rates deferring the interest payments.
In theory this would reduce ABC Co's income and thus the tax burden when...
no not found a solution. having spoken to some accountants/lawyers in CY there really isn't a consensus. most are pushing the corp 12.5% tax route more as a conservative option. i think i need to put boots on the ground in CY to find the best decision. the other thing is that if CY wants to be...
So there will be no Cap Gains on crypto? Now I am confused.
Are you saying that crypto will be taxed at normal income rates and not on cap gains rates?
I still don't understand why there is a potential tax implication. At least today. I think the remaining 2 accountants are too conservative.
The law might change tomorrow but today given the lack of a law governing how Cyprus views BTC , for example, as either currency or property it stands to...
These are all great responses. Thx everyone.
No I am not from Germany, EU citizen currently but not even living in EU today (no not in US either ;))
I was also looking into opening a fund in Cyprus as a way to potentially get the most favorable tax rates. I haven't gone deep into this but if...
Why 35%. Is this the rate for trading activity cap gain?
Also what if you are a resident of Cyprus and sell before any relevant law comes into play? (assuming they don't do a claw back to date past)
What am I missing here with the following potential crypto sale? (assume Cyprus residency)
Step 1 - Sell crypto on Kraken
Step 2 - Send EURs from Kraken to German Fidor Bank (individual account).
Step 3 - Forward at your leisure from Fidor Bank to established Cyprus Bank account - funds...
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