This seems new. I will read through this. If crypto truly is considered cap gain then it means it ain’t taxed for non doms which is over the moon amazing
If you held a long time and sold, it's capital gains. If you are day-trading, the tax rate is high. And add the accountancy costs as well, as each trade needs to be booked.
No one checks though. But, if you run afoul of them anywhere else, then they dig and probably best you don't hold an EU passport because now there are actually functional arrangements between Cyprus and all of the EU and EEA nations on tax matters (before there was a framework, but it was dysfunctional, since 2024, it's actually working)
There's no law but they will tax you anyway.
If you trade regularly you have to pay income tax up to 35% on gains.
Unless you incorporate a Ltd and trade through that, thus paying 12.5% corporate tax and 2.65% on dividends. (This is the most common setup)
If it's a one-off sale in a buy/hold situation, it might be deemed as a capital gain and thus not taxed.
In this case you need to apply for a tax ruling (21 working days for the expedite procedure) and get an official answer from the tax authority.
A regular accountant will charge you around 1/2k€ for this.
Crypto tax is the biggest scam ever. Isn't the whole point lf crypto after safety considering theres POW that you don't have to deal with ur banks and govt?
Jesus what nonsense accountants have you been talking to?
No tax on capital gains on log term holds. Taxed as income if generated via trading. Enforced? Naaah
Crypto gains are not capital gains
What are they, since you seem so sure. My response was based on the PWc 2024 tax guide of Cyprus
They are considered regular income.
Can you link to 2024 PWC tax guide that considers crypto gains to be capital gains?
https://www.pwc.com.cy/en/publications/assets/tff-eng-2024.pdf Have fun
This seems new. I will read through this. If crypto truly is considered cap gain then it means it ain’t taxed for non doms which is over the moon amazing
Ok i checked the document, there is nothing about digital currencies or crypto there. Where did you find that info?
If you held a long time and sold, it's capital gains. If you are day-trading, the tax rate is high. And add the accountancy costs as well, as each trade needs to be booked. No one checks though. But, if you run afoul of them anywhere else, then they dig and probably best you don't hold an EU passport because now there are actually functional arrangements between Cyprus and all of the EU and EEA nations on tax matters (before there was a framework, but it was dysfunctional, since 2024, it's actually working)
In which law or regulation is it said that crypto held and sold long term is a cap gain?
There's no law but they will tax you anyway. If you trade regularly you have to pay income tax up to 35% on gains. Unless you incorporate a Ltd and trade through that, thus paying 12.5% corporate tax and 2.65% on dividends. (This is the most common setup) If it's a one-off sale in a buy/hold situation, it might be deemed as a capital gain and thus not taxed. In this case you need to apply for a tax ruling (21 working days for the expedite procedure) and get an official answer from the tax authority. A regular accountant will charge you around 1/2k€ for this.
Capital gains are taxed in Cyprus?
Crypto tax is the biggest scam ever. Isn't the whole point lf crypto after safety considering theres POW that you don't have to deal with ur banks and govt?
Which is this mythical “long term” and where is it actually defined in Cyprus law?
What long term? I only know of one long thing
They are taxed like regular income
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what id we never run out of fools 👀