France, possible Tax Haven for Traders?
HTML-код
- Опубликовано: 20 сен 2024
- Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships: calendly.com/m...
You can visit our websites for more information about us: offshorecitize... & www.offshoreca...
Surprise, surprise! Today we are bringing you some news that you'd never think you'd hear.
Have you ever thought that France could be a tax haven for certain types of income?
Neither did we! However, it turns out that France can work out if you're a trader.
If you're trading cryptocurrencies you are not taxable until you cash out to fiat. This is quite rare. In most places, you will have to pay taxes when trading, because they will consider trading as a profession and tax it accordingly.
In France, this is not the case. You will be able to trade tax-free, and compound your gains.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
Feel free to join our community!
Don’t forget to subscribe to our channel
/ @offshorecitizen
This niche is for individuals that do trade occasionaly. If you dayvtrade everyday, it become defacto your main occupation/business and you will be considered as a pro. Then its a different issue already...
What I'm wondering about is... what happens if a US citizen, who has been living in the US... and who has a significant amount of unrealized gains in crypto.... goes to France, and gets legal residence there? Of course, it goes without saying that the US citizen is obligated to report all of his capital gains to the US government; but there's another issue for US citizens, and that is simply finding a bank that will ALLOW him to cash out his gains and to re-enter the banking system. Many US banks are simply unwilling to deal with crypto at all. So if it is true that there are a lot more crypto-friendly banks in France than there are in the US, a US citizen... who has a large amount of unrealized crypto gains.... could get legal residence in France, and just "cash out" into Euros; and then declare all of the gains to the IRS. So yes, he'd have to pay taxes (either to the US government or to the French government); but at least he'd be able to "cash out" back to fiat currency.
There are banks in the US that will do it
@@OffshoreCitizen which banks?
@@hakimboxing6672. There is this list:
www.offshore-protection.com/offshore-blog/best-crypto-friendly-banks
But I don't know how good these banks are in actual practice; particularly for the case where a person wants to "cash out" crypto that he had previously acquired.
In Canada there are Bitcoin ATM's where you can convert BTC to cash. Have you tried these in USA?
Shocking indeed! I lived in France for over 10 years and, as you say, tax there is hell. I'm now active in crypto but it would take more than this niche loophole to entice me to return there. Nonetheless, congratulations on discovering it and keep up the good work.
Wow! I am in shock sure you got the right country
The tax code said "Oh dear, I hadn't thought of that!" and the strategy then promptly vanished in a puff of legislation.
There's a similar situation happening in Brazil right now, but let me explain, because it only applies for crypto futures, not spot crypto trading. In Brazil there's not currently any LAW regulating crypto specifically, so the Receita Federal (aka IRS) taxes it like property, at 15% rate capital gains, which is pretty good compared to other countries. This includes crypto-crypto trades, which sucks. But here's the GOOD catch: it's only taxed if you SELL (spot crypto) with PROFITS over 35k Reais per MONTH (around 6-7k USD currently). But here is the best part for traders: When one is trading bitcoin/crypto FUTURES (including options), one is NOT trading the underlying, but contracts. And if the profit/loss of this contracts is settled in crypto (BTC, USDT, etc), you will ONLY pay taxes IF/WHEN you decide to SELL those crypto resulting from the settlement for Reais (BRL), and you're STILL exempt from taxes if your TOTAL sales stay under 35k Reais per month. How freaking great is that?! This is a current loophole that is particularly attractive for crypto TRADERS/HODLERS, who want to trade futures to increase their crypto holdings and almost never sell back to fiat (why would you anyway, lol). You just declare your crypto holdings every year in tax season, but there are no taxes for holders. Anyone can live like a king in Brazil with 35k, tax free. If you have a spouse/partner, double that ;D
Also, there are multiple fintechs in Brazil that offer crypto debit cards, so you don't even need a boomer bank account if you're a crypto native! Also checkout all the gift cards available in Brazil in Bitrefill. It's by far one of the easiest countries to live on crypto only, and it's all legal.
Good information there.
What if you want to buy something, like a house, or anything.. does it have to be a each month, if you take out crypto now and then but not each month, is there any tax then?
What is your other channel? I can't pick up the name of it or find a link, thanks.
The Solutions Podcast, here's the link ruclips.net/channel/UCAXYjNKIABiNoLEyGhuFpPg
We cover some different topics there, let us know what you think!
Thanks for the video! great content as always.
It would be great to have a video like: tax heaven in Europe for traders in general , not only crypto but also commodity, index, forex etc.. Keep up the good work
Yes! I'm thinking that there might be specific circumstances for traders in a few countries. Because most of this global citizen advice is broad enough for most people and not customized to traders. Ultimate would be a channel series aimed at what's uniquely best for traders of all stripes. (Futures, Stocks..)
I agree.. what's the best place in Europe for forex and commodity traders?
Thank you for the support! We appreciate it!
That's a very interesting suggestion, we'll add it to our list!
@@pauljaytudor8199 Cyprus
He already made that video but it’s worldwide.
ruclips.net/video/yZ5IM32uvAE/видео.html
Hi michael , well ok french dont tax crypto unless you convert to fiat true, however in France you have to declare ALL your accounts investment pension BTC paypal everything supposedly its a minefield simply because its a massive overhead, then equally they are looking at tax on unrealised gains. then in addition to that you will stay social security charges on any income wether its taxed somewhere else or not , it pay tax in UK on a dividend sure one tax no tax france but then be liable for 35% social security on the dividend in France. So tax in France isn't predominantly the issue its the ludicrous social charges . Aside from not taxing crypto transactions buy and sell profits on chain, there is little or benefit as far as I can see. once you convert to fiat you could be liable to 60%+ tax and social and if you leave could be liable to exit tax. And could have to declare all accounts and balances for past 3 years - dear me !
Oh yeah France is terrible for tax in general that being said one shouldn't underestimate the value of deferral. And if you can kick the can down the road there are often ways to optimize when it comes time to cash out.
Isn't the exit tax only appliable to people who have lived at least 6 out of 10 years in France ?
Does this work for stock option traders or only crypto?
Thanks for the great information as always. Can I jus check that this is also the case in Portugal (NHR) - with the additional benefit of paying 0% tax when we withdraw gains to our bank account?
Now i am in portugal and we want to earn from forex trading and how we pay tax and how to saveing from tax?
Another wow, from me. I didn't know that. I'm currently in the UK but moving to Cyprus next month to save on taxes. France is a bit closer to home and a lovely country. Do you know how the interest on stablecoins are treated? Would you only get taxed when cashing out from a stablecoin to fiat?
Hey there. I'm living in France (10 years now from theUK) as far as the reasearch I've done the tax is a whopping 30% flat rate.
Would gold backed cryptocurrencies be included in this? That would be interesting
Sound level is loads better on this video.
Thanks for the comment. Glad it is better.
that's true indeed. in france they're no crypto to crypto Taxes, which is honestly saving the citizen and tax authorities from a lot of headache. but there's a 30% Flat Tax for each crypto to FIAT cashout. also you need to be careful about one things, depending on the numbers of cashout that you made in an Year, you can be put in either Two of those categories private person or Professional. if you fall under the professional, you will have to pay taxes as high as 60%!!!
As it is a highly volatile asset, the only problem that I see is what if you wanna cash out/sell before the prices fell? Then you might still have to pay taxes on it.
If you trade to USDT, USDC or even DAI which are stablecoins, there should be no issues 🙂
@@ryanexplorer Alright , I didnt know that.
Wouldn't you still be liable for the exit tax if you chose to get out? it kicks in at 800K, albeit it is worded for stocks and shares.
Get your baguette and eat it too.... For the time being
Good news
So like in Poland
So usdt is still crypto? 😀
Usdt is crypto and will always be.
Is that a Killzone shirt?
What is a Tax Haven for Binary options traders or Forex traders in 2022? Happy New Year and keep up the great work 👍
The wisest thing that should be on every wise individual's list is to invest in
different stream of income that don't depend on the government to bring in money especially now the pandemic is hitting economy pretty hard.
Algum brasileiro aqui pra me explicar?
You know you could work for 40 years to have $1M in your retirement, meanwhile some people are putting thousand of in investment now they are multimillionaires.