Making a living with cryptocurrency in Hungary from 2022?

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(Edited)

I have good news for you, if you live in Hungary or if you consider/thinking about coming to live in Hungary.

I read in this article that there will be new cryptocurrency tax rules from 2022.

The tax percentage will be reduced from 30% to 15%, and if you make profit in a year lower than the local monthly minimum wage, which is currently 167 400 Hungarian Forint (HUF) (currently $520.33 USD) per month, then you do not have to pay tax on your cryptocurrency profits at all. Not even if you exchange it to fiat currency. If you exchange one cryptocurrency to another, then you also do not have to pay tax.

You have to pay tax only if you exchange cryptocurrency to fiat money, and you get more money from the transaction(s) in the year than the local monthly minimum wage, which probably will be bigger than the current local monthly minimum wage.

And the new law can be also applied to the tax year of 2021.

@cwow2 would love this. He lives in Denmark, and they pay a tax percentage of around 52% or 55%. Or at least this is what I have heard.

At least Hungary is making this part a little bit easier for us. I will have a better chance to get out of the financial discrimination. Nowadays I (and many other people) live under the local minimum wage.



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13 comments
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These are rly good news, the 30% prize tax was very high, but the 15% is affordable. The other part could be a monthly profit rate instead of yearly... :D Btw i'm rly curious about who is actually paying these taxes... i doubt there would be many...

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Btw i'm rly curious about who is actually paying these taxes... i doubt there would be many...

To be honest, I have not heard about anyone, who actually/really pay or paid these taxes. The authority probably also do not really care about it.

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Well. Normal tax here is 37-40%. But the Crypto tax is 57% for some reason.

The minimum wage is 123 dkk = $18,71 dollars = 6027.63 HUF.

So the minimum wage is way higher here, but so are the taxes, I must say. Denmark is quite stable which is quite good and our taxes pays for a lot of stuff, so Hospitals are free, Doctor visits are free, a service called "Denmark" is helping paying for medical pills and Denmark also gives you money back after being at the Dentist.

Life is good.
I would love to pay taxes on my Crypto, if it was the same as the normal tax or if it was the same as the stock tax which is 27 - 42% for selling depending on the amount.

And 27% for dividends. I don't might paying taxes if they are fair

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The minimum wage is 123 dkk = $18,71 dollars = 6027.63 HUF.

Per hour? That is incredible good. Most people here earn 1000 HUF ($3.11 USD) per hour or less. So yes, most people earn something around 120 000 HUF ($373 USD). Many people earn less. We are both in Europe, yet the difference is so huge. The difference is so huge, even between us (Hungary) and Austria, which is our neighbor.

The government of Hungary really should do something to provide at least the minimum wage to everyone. Why is it called "minimum" wage, if many people earn less?

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Per hour?

Yes per hour. Its good and liveable, but not the most fun depending on what you do though.

But the taxes is also way less in Hungry though

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In the Philippines, the minimum wage is only about $1.20 per hour. To give you an idea about how valuable $1 is in the Philippines, you can already buy a simple breakfast and drink with $0.60 when dining in at a small dining establishment; filtered or purified drinking water is free when you dine in at those diners.

I give you some !PIZZA, !ALIVE, and !PGM with !LUV.

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Then I could live a proper life there with my pension-like income, which is $250 USD per month. Thank you for the tokens. I also give you some !PIZZA and some !LUV.

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It's actually not uncommon to find people from first-world countries stay in the Philippines temporarily or permanently, due to the fact that each dollar (or euro) is more valuable in the Philippines than in their home country.

Thank you for the !PIZZA and !LUV.

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