2023-6-24 10:30 |
While some countries are tightening their grip on crypto activities, others are embracing the digital revolution with open arms. Here are the top five countries that are paving the way for a crypto-friendly future.
1. United Arab Emirates (UAE):The UAE, particularly its crown jewel Dubai, tops the list of crypto-friendly countries. Recognizing digital assets as the future, the UAE has taken significant strides in making Dubai a hub of crypto influence and innovation. The country’s proactive governance and legal clarity, as demonstrated by the establishment of the first crypto regulation body of its kind, Vara, make it an attractive destination for crypto enthusiasts.
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Show more +Show less –The UAE offers no income tax, no capital gains tax, no corporate tax, and only a 5% value-added tax (VAT) for goods and services. With a lower crime rate and cost of living than the US, your crypto gains can go further in the UAE.
2. Puerto Rico:As a U.S. territory, Puerto Rico offers unique tax privileges. Under Act 22, U.S. citizens can be exempt from capital gains as well as income tax, and only have to pay a 4% corporate tax. The cost of living is cheaper than in the U.S., and the only catch is that you have to be physically present in Puerto Rico for 183 days out of the year to be considered a resident.
3. El Salvador:El Salvador has made headlines by becoming the first country to adopt Bitcoin as legal tender. The Central American nation is not only building a Bitcoin city powered by volcanoes but also offers zero capital gains taxes on Bitcoin. The country’s President, Nayib Bukele, has signed into law the complete removal of business taxes from tech businesses, making El Salvador an attractive destination for Bitcoin enthusiasts.
4. Bermuda:Bermuda is a tax and crypto company haven. The country offers some of the best legal frameworks for setting up a crypto company. Individuals in Bermuda do not pay personal income tax, and there’s also no tax on buying, selling, or holding crypto. Bermuda was one of the first governments to allow stable coins for tax payments.
5. Cayman Islands:The Cayman Islands have been popular for large corporations and high net worth individuals for decades, thanks to zero capital gains, income, property, payroll, withholding, or sales taxes. Setting up a business in the Cayman Islands costs as little as $3,000, with a yearly renewal of $6,000.
While these countries offer favorable conditions for crypto investors and enthusiasts, it’s essential to consider other factors such as cost of living, crime rate, and lifestyle before making a decision. As the crypto landscape continues to evolve, these countries are setting a precedent for others to follow, making the world a more crypto-friendly place.
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