How to get lowest taxes for self employed online gambling?

[personlichkeiten]

I am playing at various online gambling sites and that is my base income for past 6 months. Currently I live in Estonia, my uncle knows the tax law and he says that I need to become self employed to pay the taxes because it is not considered as gambling anymore and in Europe they are tightening tax laws now.

I am willing to either move to another country within Europe to still be able to visit my family or to become self employed there but still live in Estonia.

What are the best options to pay as little tax and social security as possible for my earnings?

 

[Bandito]

Isn't gambling and lottery tax free?

It's definitely tax free in Denmark.

 

[Walter Rowe]

It has a different treatment in the UK if you can get it as a form of spreadbetting.you pay the tax on the bet .. not the winnings ..

 

[khinkali]

I don't know about Estonia but in UK you are supposed to declare gambling income if it is your main occupation.

The tax people like to earn gambling taxes from winners and losers, instead of income tax from profits which can lead to negative taxes when there are losses later. Most gamblers lose in the long term, so better for them to tax turnover than net profit.

People tend to get a small job and then work with an experienced advisor who has experience in this area to stay the right side of the tax authorities if their gambling winnings are large.

 

[Jester]

Maybe you can link your incomes with crypto? i can give info about my prepaid card BLACKCATCARD with a online crypto wallet option. As that's a bank it must report on account's turnover as banks do. But as far as I know up to a certain amount it only gives the information on euro turnover without any decryption of transactions and nothing about crypto

 

[Perry8]

I am playing at various online gambling sites and that is my base income for past 6 months. Currently I live in Estonia, my uncle knows the tax law and he says that I need to become self employed to pay the taxes because it is not considered as gambling anymore and in Europe they are tightening tax laws now.

In most European countries they distinguish between "random income" from betting/gambling and "occupational income" from betting/gambling. How they tecnically do this and how much income you can attribute to the first category also differs. But, if this is your main source of income you will probably need to decleare it as taxable income.

Three suggestions:
1) Open an Estonian company. Corporate tax rate is 20% but not paid until you take money out of the company. This will only reduce your taxes if you do not need to spend all your income.
2) As a self employed in the Czech Republik you will only pay 15% tax, and that is a country worth living in.
3) Open a company in Cypus. Corporate tax rate is 12,5%. No withholdig tax on dividends.