I’ve invested a small amount of money in bitcoin. I would like to invest more but the capital gains tax in my country (Ireland) has kinda taken the fun out of it. We have to pay 33% and that doesn’t change no matter how many years you let your investment sit.
Interested to know what others pay in their country and whether you think it’s still worthwhile for me to invest more.
Posted by Odd_Shopping2037
5 Comments
Switzerland…has no capital gains tax on shares and neither on crypto so far.
Kuwait , 0% tax whatsoever on any form of money
33% , whhaaa! Thats plain robbery.
Australia has a top tax bracket of 47% but (currently) assets held for longer than 12 months are eligible for a 50% discount making the maximum (effective) tax rate on bitcoin 23.5%
It hasn’t been announced officially yet but all reports are that the 50% discount will be removed this month so if that happens, Australians will be paying up to 47% of every dollar made from selling Bitcoin to The Australian government.
Here’s the thing mate, I started buying Bitcoin in 2014, I now live in a multimillion dollar house that I paid cash for. I had a capital gains tax bill of over $1,000,000 that year because I had to sell so much Bitcoin to buy it! Yes I paid a LOT of tax but I’m doing way better than anyone else I know.
Ignore the tax, Figure that out when you get there. Invest your money! It doesn’t need to be in Bitcoin, I don’t care, Just invest it wisely and you’ll do JUST FINE! 33% 47% what ever it is…
Oh… and P.S. you’re going to probably get a lot of comments about losing your bitcoin in a boat accident? Not paying tax and things like that! Don’t listen, PAY YOUR TAX!
There’s no point in having nice things if you can’t actually enjoy them because you’re worried about the government knocking on the door one day. Pay your tax, Suck it up and be happy!
All the best brother 🙂
33% is painful but you’re still keeping 67% of profits you wouldn’t have made otherwise lol. I’m in the UK paying 20% and honestly it still stings every time.
Don’t let tax kill the whole thing for you, just be smart about when you sell. You only pay when you realise gains so hodl and chill.
Germany here. HODL for one year minimum, and you can sell your assets tax-free.