Golden visas opens a wide range of possibilities for bitcoin and cryptocurrency investors looking to expand their business presence across the globe. You could have a second home abroad to promote your coin and attend major blockchain events to promote your digital products.
You have to remember that golden visas only offer residency for investments, citizenship is possible at a later stage.
We look at these top countries offering golden visas to crypto investors involved in blockchain and fintech companies. These are also pure tax havens for bitcoin investors.
1. Portugal
Portugal is a ‘tax-free’ country for cryptocurrency investors. There are no capital gains tax or VAT levied for bitcoin transactions. It is a pure tax haven for bitcoin or fintech investors.
Portugal will give you golden visa if you invest 250K euro in businesses or buy a home for 280K euro in rural areas. There is also Startup or Tech visa routes available in Portugal.
2. Malta
The Blockchain island of Malta is also tax free for bitcoin and cryptocurrency investors. Malta exempts capital gains tax and VAT. If you trade coins from exchanges for business like stocks within a same day, there is a corporate income tax of 35%. ICOs are also exempted from taxes.
Malta broadly classifies DLT Assets either as coins or as tokens. Under the guidelines, coins are cryptocurrencies designed to be used solely as a means of payment, a medium of exchange or to function as a store of value.
Malta has implemented several crypto friendly virtual currency legislations and several companies like Revolut, OKex, Nchain, Binance are established crypto firms in Malta.
Malta will give you golden visa with permanent residency for paying a flat fee to government. You should be looking costs just over 100K euros for securing a permanent residency in Malta. Citizenship also possible after 1 year if you can invest close to one million euro.
3. Germany
Germany has no taxes for crypto and virtual currencies if you hold them for one year or more. These assets are classified as private money. VAT is exempted. Businesses however have to pay corporate income taxes.
Germany has the top startup communities in Europe.
Germany will give you a business visa or residency if you invest at least 100K euros in a venture with active investment.
4. Spain
Cryptocurrencies are not legal tender in Spain but the country does not yet have a regulatory framework on virtual currencies. Capital gains taxes are levied 19% to 23%. VAT is exempted for fiat conversion.
Spain will give you a one year golden visa for entrepreneurs and business activities. If you buy a home for 500K euro, you could get a golden visa under investor category. Spain is extremely popular with russian investors.
5. Estonia
Estonia is a technology hungry nation and forward thinking country for innovations is very well known among blockchain startups and finch firms. Estonia has no cryptocurrency legislation, income derived from virtual currencies considered the same as fiat. Income tax is charged on gains from the transfer of virtual currency, including exchange. VAT does not apply for virtual currencies and mining.
Estonia’s e-residency program is very popular among crypto startups. Estonia is will be soon launching digital nomad visas to attract entrepreneurs who can digitally work from anywhere. There is also a golden visa program for HNW individuals
6. Singapore
Businesses and individuals who hold cryptocurrencies for long-term investment purposes are not taxed in Singapore as there is no capital gains tax in Singapore. The Taxability of the ICO proceeds depends on the rights and functions of the tokens issued to the investors. The proceeds from the issuance of payment tokens may be taxable depending on its specific facts and circumstances.
Singapore welcomes foreign investors through global residence program
7. Malaysia
Malaysia does not have capital gain taxes and cryptocurrencies are tax free. Virtual currencies not a legal tender in Malaysia. The tax treatment will change if they are accepted legal tender. Foreign sourced income is also not taxable in Malaysia
Malaysia does offer 10 year multiple entry visas if you apply under MM2H scheme
8. Switzerland
Switzerland does not levy capital gain taxes if you buy, sell or hold cryptocurrencies for personal benefit. Ethereum, Shapeshift are well known companies incorporated in Switzerland.
Switzerland does not have golden visa program but it is possible to acquire long term residency for business activities.
9. Canada
Cryptocurrencies are not legal tender, referred as digital or crypto asset in Canada. Capital gains are taxable at the rate of 50%. There are no taxes on buying or hodling cryptocurrencies in Canada. Income or capital gains must be reported.
There are several migration schemes to move to Canada the most popular scheme among HNW individuals is Quebec immigrant investor program
10. Australia
In Australia, to acquire cryptocurrency as an investment, you may have to pay tax on any capital gain you make on disposal of the cryptocurrency. Records must be kept for all transactions involving crypto assets.
Capital gains tax apply for selling, gifting, trading, converting and using to obtain goods or services. It is added to the assessed income. Some capital gains or losses that arise from the disposal of a cryptocurrency that is a personal use asset may be disregarded.
Australia is offers a number of business innovation visas for the purpose of investing in Australia.
11. Cyprus
Profits from trading cryptocurrencies are not taxed in Cyprus. VAT is also exempted. Cyprus has the lowest corporate income taxes in the EU (12.5%)
Cyprus will give you resident visa if you buy a real estate for 300K and there is also a startup visa route. If could could afford little over 2 million euros, citizenship in six months is also a possibility through Cyprus investment scheme.
12. Greece
Greece taxes 15% on capital gains arising from cryptocurrency transactions. There is no regulatory framework for bitcoin or cryptocurrencies in Greece.
Greece has the most popular golden visa program in Europe. You just need to buy a property 250K euro anywhere in Greece, there are other routes as well for business and govt bonds
13. Ireland
Bitcoin and similar cryptocurrencies are regarded for VAT purposes as ‘negotiable instruments’ and exempt from VAT, also mining activities. Capital gains tax (33%) apply for cryptocurrency transactions. Businesses have to pay corporate income tax.
Ireland does have a golden visa scheme offering immediate stamp 4 permission for investors.
14. United Kingdom
UK levies no taxes on cryptocurrencies for buying or holding crypto asses. Individuals hold crypto assets as a personal investment, usually for capital appreciation in its value or to make particular purchases will be liable to pay Capital Gains Tax when they dispose of their crypto assets.
HMRC does not consider crypto assets to be currency or money. Income tax on airdrops are exempted on most cases.
UK has welcomed innovative tech startups. There is a tier1 investor scheme and innovative visa route available for young entrepreneurs.
15. Bulgaria
Bitcoin and cryptocurrencies are not legal tender in Bulgaria. You are required to pay 10% capital gains taxes on cryptocurrency transactions. Businesses have to pay 15% taxes on crypto trading activity. Bulgaria has the lowest corporate taxes in the EU
Bulgaria has residence and citizenship schemes for investments.
16. El Salvador
Bitcoin is legal tender in El Salvador, first country to adopt bitcoin. No taxes on capital gains on crypto investments.
Thinking about Citizenship?
If you are looking at citizenship, then three countries are are worth mentioning that is Malta, Vanuatu, St Kitts and Nevis. These 3 countries are the best countries for cryptocurrency investors acquiring citizenships relatively fast after thorough background checks.
Vanuatu and St Kitts are pure tax havens for crypto/bitcoin investors. There are no income, wealth, inheritance taxes in these countries. These countries require around $150K invested for a passport which are issued within 3 months without any personal visit. There have been Govt discounts ongoing with these programs due to Covid-19.
On a final note, remember that no government officially accepts bitcoin or any other cryptocurrencies directly for golden visas or citizenship program. Some property developers and agents do accept bitcoin or ethereum as acceptable payment.
