Bitcoin Exit Tax in Austria: Which Value Counts?
Emigrating from Austria With Bitcoin: Which Value Counts for Tax
Anyone leaving Austria and taking sizeable Bitcoin holdings along does not have to sell first for a tax question to arise. If Austria loses its right to tax a later Bitcoin gain because of the departure, the so-called exit tax, or deemed disposal taxation, can apply.
For tax purposes the calculation is then made, in principle, as if the Bitcoin concerned had been sold at the moment of departure. The deemed sale proceeds are the fair value, that is in principle the market value, at that moment.
What Counts Is Not the Original Purchase Price on the Day of Departure
Suppose an investor bought Bitcoin for €20,000. At the point of departure from Austria that is decisive for tax, the coins are worth €70,000.
In simplified terms this gives:
- acquisition cost: €20,000
- market value on departure: €70,000
- increase in value accrued up to departure: €50,000
For exit taxation it is in principle this increase in value, accrued up to the loss of the Austrian taxing right, that is considered. For taxable new crypto assets the special tax rate of 27.5 percent applies in principle. Cryptocurrencies are expressly among the assets covered by the Austrian deemed disposal rules.
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