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321run

New member
I live in Norway, and I dont know how to avoid taxes here. Norway charges up to 22% in tax!!

I really need help!
 

lopez007

New member
How much crypto we are talking about?

You might try cashing out via localbitcoins.com (which allows you to exchange fiat/crypto with face-2-face without regulations).
 

Hegemon

Mentor Group Gold
@travelES . If the cryptos have been acquired while he was in Norway he has to exit tax them

"You will always be tax resident in Norway in the year in which you move abroad and the three following income years if you have lived in Norway for ten years or more before the income year in which you take up permanent residency abroad."

Those 10 years count from when you were born or after you become of legal age?
If you are a minor, are you a tax resident? So if OP is younger than 28, does he really have to?
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
All the Nordic countries are dangerous when it comes to tax. I would leave to start fresh but it's a risk with the 3 year tax hangover.

If OP wants to stay in the country then there is no way round it. He will have to pay the 22% which is actually quite reasonable compared to the UK @ 40%.
 

lowprofiler

New member
Try Denmark. You will have to pay 53% !!!! Pay those 22% or withdraw them by different services like localbitcoin, privately etc. If you want to "enter" the system and law, you will have to pay those 22% - thats cheap man!
 

Cyrex

Mentor Group Gold
Try Denmark. You will have to pay 53% !!!! Pay those 22% or withdraw them by different services like localbitcoin, privately etc. If you want to "enter" the system and law, you will have to pay those 22% - thats cheap man!

Come to germany, in worst case you will pay up to 60 % with obligatory insurance. :)
 

GrumpyGladiator

New member
I live in Norway, and I dont know how to avoid taxes here. Norway charges up to 22% in tax!!

I really need help!
I don't suggest avoiding tax but I totally, totally understand the waking nightmare that is accounting paperwork.

I suggest:
- don't cash out yet. Look into stablecoins, even if they are a bit risky
- get an accountant to help you simplify everything
- have a look at TaxBit: The #1 Cryptocurrency Tax Software

Tax authorities are the most powerful entity in any country. They will follow you to the ends of the earth. 22% is a cakewalk worth paying for to put the fear of jail behind you.

Good luck finding an accountant in Norway. Maybe a specialist serving financial traders might be a good place to start. I don't know the specifics of Norway.

Try posting the question on a Norwiegan website aimed at professional stocks and shares traders, maybe?
 

Gamblord

New member
22% is actually pretty darn good for a high tax country. Most western countries are 26% for capital gains and others will just treat it like income so 50-55%.

also stable coins do not do anything helpful for tax. Selling your crypto to stable coins is a taxable event and if you do this on a fiat exchange it will most likely be reported to your tax authority. Stable coins are just there to lock in your gains and I wouldn't trust USDT. There are ones like PAX, USDC, BUSD that seem more trust worthy.

It's actually not the worst idea to just cash out, pay the 22% and then move to a zero tax residency country so all your gains going forward can compound rather than languish in 22% capital gains country.

I guess the problem with most people in crypto is they want it both ways. They want zero tax AND be able stay in their home country, buy multiple properties and supercars to show off to their friends and family.
 

John Spectre

Active Member
also stable coins do not do anything helpful for tax. Selling your crypto to stable coins is a taxable event and if you do this on a fiat exchange it will most likely be reported to your tax authority. Stable coins are just there to lock in your gains and I wouldn't trust USDT. There are ones like PAX, USDC, BUSD that seem more trust worthy.

How is the capital gain are calculated in this case?
Usdt, pax, etc, are not strictly cost 1usd. Their price volatile to the usd.
So, exchange one crypto to another, as well as exchange crypto to stablecoins are not same as exchange to fiat.
Calculation capital gain is not so trivial, and probably doable process(until the tax authority in specific country provide exact rules for such events)
 

JJReddick

New member
22% is a pretty good rate for peace of mind..I was taxed 40% on my 2017 gains by UK tax authorities..
Also stables are in most countries equivalent to cash, so if you sell ETH for USDC, you will pay CGT on that transaction. Lastly I would be very weary of parking your cash in stables on several protocols, due to lack of rights of recourse, and collapsing yields during the upcoming bear market.
 

John Spectre

Active Member
22% is a pretty good rate for peace of mind..I was taxed 40% on my 2017 gains by UK tax authorities..
Also stables are in most countries equivalent to cash, so if you sell ETH for USDC, you will pay CGT on that transaction. Lastly I would be very weary of parking your cash in stables on several protocols, due to lack of rights of recourse, and collapsing yields during the upcoming bear market.
Could you, please, provide some first hands info with link to tax authorities that stablecoins are equivalent to cash?
At least if so, they should also be considering to the legal tender, which i believe they dont
 

JJReddick

New member
Could you, please, provide some first hands info with link to tax authorities that stablecoins are equivalent to cash?
At least if so, they should also be considering to the legal tender, which i believe they dont
many countries (UK is a first hand example, there are many other afaik) tax crypto to crypto transaction, so cashing out to usdc won't save you from CGT
 

CoffeeExpert

New member
Frankly the regulation around crypto is changing every day. Some times cryptos are commodities, other times they are securities and they can be considered currencies. Each country taxes or doesn't tax each differently. In most countries cryptocurrencies are considered virtual currencies and as currencies, they should not be taxed. You don't see Albania taxing people who convert their currency to Saudi money do you? Is there a tax on trading like kind commodities in your country? The only thing I could consider taxable would be digital securities, which there are currently only a handful of. Personally, I would not sell anything unless there were regulatory clarity on cryptocurrencies in your country.
 
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