Best Countries for Crypto: Top 5

Best Countries for Crypto: Top 5

Best Countries for Crypto: Top 5

Are you wondering which are the Best Countries for Crypto in 2021?

For both crypto traders and crypto investors, choosing the best country for keeping more of your gains should be a crucial matter, in this article, we will go through some of the most crypto-friendly countries in 2021.

Best Countries for Crypto

What Is a Crypto-Friendly Country?

Some countries make life really hard for crypto traders and/or investors, high taxes, a lot of regulations, restrictions, and banned cryptocurrency exchanges, these are some of the elements that make some countries undesirable.

On the other hand, some countries have no regulations on cryptocurrencies, some don't tax your gains, and allow you to use most crypto exchanges.

Taking into consideration all these elements along with the general living standards of each country, we've drafted a list of the top 10 countries for crypto traders and/or investors.

Please keep in mind that regulations are constantly changed and you should consult with a knowledgeable tax adviser before making any serious decision based on this article.

Check out our Top 5 List of the Best Countries for Crypto below!

1. Portugal

Portugal is extremely welcoming for anyone dealing in crypto, authorities have waived all tax on cryptocurrency trading and transacting, individuals do not have to pay capital gains tax or value-added tax (VAT) when buying or selling cryptocurrencies.

On top of that, Portugal offers a 10-year tax break on all foreign earned income for foreigners who move to the country, getting a Golden Visa is also fairly easy for six and eight-figure individuals.

The cost of living in Portugal is very low, with about €2000 per month you'll live a very comfortable life, the weather is nice, the food is great, most people speak some English, and you'll be able to enjoy visa-free travel to many countries, the country's location is strategic.

Finally, if you'd like to invest in real estate, you're bound to find some great deals.

Portugal's major drawback is the inherent bureaucracy and corruption that plague most government-operated sectors, customer service, in general, is also fairly poor and slow when compared to western standards.

2. Germany

Germany does not tax cryptocurrencies held for over a year, this means that if you buy cryptocurrencies and sell them after a year has gone by, no taxes will be applied.

If you decide to sell your cryptocurrencies before a year has gone by, you will only be taxed if a single sale exceeds €600, this can be easily avoided by performing multiple sales.

Germany regards cryptocurrencies as private money, contrary to the widespread view in most developed countries, which look at crypto as a currency, commodity, or equity.

In 2021, a new law came into force that effectively killed crypto derivatives trading in Germany, as of now, losses can no longer be deducted. The legislation reflects moves across Europe to regulate derivatives.

The cost of living in Germany isn't exactly cheap, but considering the quality of life you'll have, it's definitely worth it.

3. Switzerland

Switzerland does not tax individuals that buy, sell or hold cryptocurrencies for personal benefit, that being said, income from crypto mining is considered self-employment income and is taxed through income tax.

It’s no surprise that Switzerland, home to “Crypto Valley”, has one of the most forward-thinking tax policies in the world.

Laws in each canton differ greatly and you should check every local regulation before choosing where to settle.

The fact that Switzerland isn't part of the draconian rule of the European Union and has one of the last true direct democracies in the world makes it a great choice for freedom lovers.

The cost of living in Switzerland is very high and this is the major drawback

4. Belarus

Belarus has exempted individuals who interact with cryptocurrencies until January, ist 2023.

In 2017, the President of Belarus signed a Decree to turn the country into a crypto-based digital economy.

The Decree excluded digital tokens from the same regulations as applied to traditional markets in the nation.

Activities such as mining or trading crypto, are considered personal investments, and therefore, are not subject to tax. Similarly, registered businesses operating in the special economic zone of High Technologies Park near the capital Minsk, involved in mining, trading, initial coin offerings, or other crypto-related operations are not taxed.

With all this in mind, the fact that Belarus is far from a free society and is still plagued by Soviet-era bureaucracy and incompetence in many sectors is its major drawback.

5. Bermuda

Bermuda has no taxes on income or capital gains, therefore, crypto transactions are tax-free. What’s more, any taxes incurred can be paid with Circle’s USDC.

The cost of living in Bermuda is extremely high and daily life is very family-oriented, it is a wonderful place to visit as a tourist, but if you decide to live there, you may find it hard to fit in as expats are sometimes frawn upon.

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