Jean Galea

Health, Wealth, Relationships, Wisdom

  • Start Here
  • Guides
    • Beginner?s Guide to Investing
    • Cryptocurrencies
    • Stocks
    • P2P Lending
    • Real Estate
    • Forex
    • CFD Trading
    • Start and Monetize a Blog
  • My Story
  • Blog
    • Cryptoassets
    • P2P Lending
    • Real estate
  • Consultancy
    • Consult with Jean
    • Consult a Lawyer on Taxation and Corporate Setups
  • Podcast
  • Search

🚗 Guide to Buying and Driving a Car in Spain

Last updated: April 17, 202439 Comments

Thinking of buying a new car in Spain VS a used one? In many countries, you now have the option to buy officially reconditioned used cars that may be less than a year old and in superb condition, practically like new. In any case, the biggest con of buying a new car is the depreciation you will be hit with as soon as you walk out of the dealer with the car keys in your hand.

Let’s take a look at some statistics on how cars depreciate. Keep in mind that some models and brands depreciate less than others. For example, Audi and Mercedes cars keep their value much more over the years than, say Opel and Citroen cars.

If you buy a new car, it will devalue around 17% in its first year of use. From then onwards, it depreciates around 10% a year during the first six years of its lifetime. Following this period, cars will depreciate at around 5% per year, and from the 9th year onwards the change in value is very little since the car would have already lost 84% of its value.

Some cars, especially luxury ones, tend to devalue more rapidly. The Volvo S80 will loses 32,6% of its value in the first year, while the Mini Cooper loses 29,3%.

If you want to retain the maximum value when buying a new car, you need to consider which cars are most popular, including colors, type of fuel used, extras etc. In Spain, the cars that used to retain value best were diesel compact cars. This has changed though as in the coming years as many European capital cities are implementing circulation restrictions on diesel cars and want to eliminate them completely in the near future.

Here’s a depreciation schedule I have for the car I bought

Basically, you should avoid diesel cars like the plague unless you have a very specific use case.

Apart from the fact that nobody wants diesel cars anymore and the value will drop significantly, these cars harm people and it’s just not worth the harm to humans for saving some money. If you’re not yet very familiar with how the public has been duped about “clean diesel” for many years, watch this documentary:

and this:

You can calculate the value of a used car in Spain using the Supertasador tool.
If you’re looking to buy or sell a car in Spain, these are the best web portals to look at:

  • Coches.net
  • Motor.es
  • AutoScout24
  • Wallapop
  • Milanuncios

Keep in mind that certain towns also have a used cars market on a regular basis, and cities like Barcelona have a yearly used car fair. They are good occasions to try out many different cars and see which ones you like best. If you’re just starting your search for a car and you’re not sure which one you like best, this can be a huge time saver.

If you want an experience that comes very close to buying a new car, you can visit the major brands’ used cars showrooms. These cars would have been given a thorough cleaning and sprucing up and are guaranteed by the manufacturer. They are typically cars that have been previously used by car rental companies or management and would have up to 20,000km on the clock. It is quite common to find the latest models on sale, so you’re effectively getting the latest model at a significant discount. Keep in mind that car rental companies tend to stick to particular brands and models of cars, so while you will find lots of Audis, BMWs, and VWs, the offer for Mazdas will be scarce since they don’t tend to be used by car rental companies.

Should You Even Buy a Car?

In the major Spanish cities like Barcelona, Madrid and Valencia, owning a car is not common, as people are realizing that it makes much more financial sense to use car-sharing services like Ubeeqo instead. I’ve written a separate article about carsharing services in Barcelona which I suggest you check out if you’re not 100% sure that you need a car.

New standard car VS used premium car

Another consideration is whether to buy a new car VS a similar car in the premium category in a used state. Some examples could be a new Seat Ateca vs a used (20k on the odometer) BMW X1 or Audi Q5. When buying a new car you get the car in a perfect state, with a longer guarantee, and you can configure it exactly the way you want to. You will also probably have fewer maintenance costs and the latest technology.

On the other hand, you will be hit with strong depreciation and perhaps you won’t impress that many people. With regards to a used luxury car, the points in favor are lower depreciation, better aesthetics, and less risk in the sense that the car has already been in the market for some time and kinks ironed out. You will also know if that particular model had a significant flaw or not. On the negative side, maintenance costs will be higher, technology will be older, worse fuel efficiency, and a shorter warranty period.

Car cost breakdown

Buying a car brings with it a yearly bill even if you don’t use the car at all. Here’s the typical breakdown of costs on a yearly basis for moderate to regular use, assuming a new or fairly new car:

  • Depreciation – 45%
  • Fuel – 28%
  • Maintenance and repairs – 13%
  • Insurance – 8%
  • Tyres – 6%

Guide to buying a used car in Spain

If you want to buy a used car in Spain, you have several options, and it’s getting more convenient every year. You can go the traditional route and visit a used cars dealer or even buy from individuals. This is perhaps the preferred way of buying if you know how to haggle and know how to check a car properly. It’s also the riskiest way of buying a car as many cars have their odometers tampered with and harbor hidden issues that the vendor won’t tell you about.

Another option is to go to an authorized brand showroom. For example, you will find Audi dealers that sell both new and used cars. These dealers can’t afford to ruin their reputation by tampering with the cars’ odometers, and they also perform a standard refurbishing procedure.

Vehicles purchased from these dealers tend to come with more information, such as the previous use of the vehicle (typically rental or management personnel). They also don’t sell vehicles which have been involved in accidents, as these are sent back directly to the manufacturer. The reason is of course that these cars are more likely to develop serious issues down the road and possibly harm the reputation of the dealer and the parent brand.

Note that going for this option of buying cars will be around 1,000 to 3,000 euro more expensive than buying the car from an individual. Of course, if you buy from an individual, you don’t get any warranties nor the peace of mind that the car has been refurbished before being sold on to you.

The most modern option is to buy online. I know this might sound strange, but there are some new startups that are trying to change the way we buy used cars. By operating purely online and having no showroom and salespeople, they are able to pass on the cost savings to the customer, thus they can offer the best prices without the need for haggling. I personally hate the process of haggling with a salesperson, and always come out of such deals feeling that I made a bad deal. Thus I am more inclined to use one of these websites when buying a car.

The main two online used car sites in Spain are Clicars and Quadis Select. Both these sites also offer a very convenient way to sell your car. You only need to enter some details about your car and upload photos and these guys will send one of their people to your house to inspect the car and make you an offer. If you accept, they will come to your house and collect the car, which makes it an incredibly convenient service. They also take care of all paperwork involved. They buy cars that have a full service history, have not been involved in any serious accidents, are less than 10 years old and have less than 150,000km on their clocks. Of these two sites, Clicars is the most established and its growing very rapidly.

Clicars has a slightly different model than Quadis Select, and is by far the larger of the two. You will also find higher-end models on Clicars. If you buy a car from Clicars, they offer the service of taking in your old car and paying you for it (essentially discounting from your new purchase). You can visit Clicars offices without any appointment, and of course you can also view their selection online. Their Madrid showroom is the biggest in Spain (40km squared) with 1,000 cars available. They are very transparent as they put up high-res images on the site that show the car in its real state without trying to hide any scratches or light damage.

According to Clicars, more than 79% of their clients reserve the vehicle without having seen it in real life. That’s why they need to be very transparent with their offer. They employ a rigorous check of 250 points and also have excellent customer support.

When buying a car from this website, you get a trial period of 15 days or 1000 kilometers, whichever comes first. If the client is not satisfied, Clicars will return all the money. That’s an awesome offer and gives a lot of peace of mind when buying in this manner. Quadis Selet offer similar conditions (10 days / 1000km).

If you prefer to view the car before buying, you can also visit Clicars in Madrid and check out some cars there. You only need to contact them beforehand to set up an appointment.

Clicars is clearly the leader in this kind of online car retail in Spain.

Idoneo, on the other hand, is another service that offers renting instead of outright purchasing of vehicles.

Types of Second Hand Cars on the market

In Spain you will find different types of second-hand cars, so here’s a handy breakdown of these types.

  • KM 0: All car showrooms in Spain register a few vehicles which they then sell after a couple of months as “KM 0”. Prices are advertised as a lot lower than brand new, but you should check just in case. Contrary to what their name suggests, KM 0 cars have actually been used, for example for test drives, but they tend to have a lower number of km on the clock than ex-rental cars. On the plus-side, these cars will still (normally) be covered by the manufacturer’s warranty.
  • Ex-rental cars: These cars must pass the official vehicle inspection (ITV) 2 years after purchase instead of the usual 4 years for a new car. Many people don’t know this and it can invalidate your insurance if you have to make a claim and the car hasn’t passed the ITV. If the car is under two years old, it will have to pass the ITV for you to be able to put it in your name. This may also apply to KM 0 cars too, it depends on how they were originally registered.

Used cars offered by dealers must include, as a minimum, the following details:

  • Price and validity (must be valid for at least 10 days).
  • Owner’s details.
  • Brand, model, cc, chassis number and license plate.
  • Age, km and last service details.
  • ITV (official vehicle inspection): date and test result. Also, any additional ITV tests if the vehicle has been involved in an accident or has been significantly modified/tuned.
  • Date vehicle purchased by the seller.
  • Warranty (legal and commercial – they may differ). The minimum warranty is 1 year.
  • Any outstanding debts or charges.

Buying from a dealer could mean you get a discount if you trade in your old car, also this is rarely a good deal and you’re much better off selling the car yourself if you have the time for it. Also, keep in mind that many offers you see online assume you will be financing the car. The price for settling the bill without any financing tends to be around 1,000 to 2,000 euro higher.

How much can you save?

Let’s consider an example of buying a premium used car that’s almost new. The Audi A3 pictured below is being sold by a dealer for the price of 29,900 euro. If you configure the same car on the Audi website it costs around 36,000 euro, which implies a saving of around 6,000 euro when buying used. The car only has 1,000km on its odometer.

This particular car has been for sale since September, and I’m writing this post in January, so it’s been at the showroom for at least 4 months. My guess is that since it’s a premium class car, it’s tougher to sell.

In my opinion, if this is the car you are looking for, it makes a lot of sense to buy used and save 17% of the cost of the car. It’s the latest model of the Audi A3, so you’re not even getting an older model. In my mind, it would be very hard for me to justify buying new when I’d have the opportunity to get this car.

The biggest issue I’ve found in my search is that most cars tend to be diesel and not petrol. This is due to the fact that the Spanish nation had been duped for many years into buying diesel, so, for now, there’s nothing to be done about that. We have a big pool of older cars that their owners feel like replacing, so those go on the second-hand market, and they’re mostly diesel. On top of that, dealers have realized that the public does not want diesel cars anymore, so they’re trying their best to sell their new and demo car stock at significant discounts. They don’t need to do that for petrol cars as they are in high demand.

In the coming years, I hope that this will start to change. Another issue is that there typically are only a few colors available. The most common colors are white and black, followed by silver, light grey, red and blue. The white and black cars are by far the most common though, so for every 100 cars, I would say 80 of them would be either black or white, with the other 20 cars being one of the other colors I mentioned.

Every car has a set of different trim levels. In this case, the Audi A3 is sold in four different trim levels in Spain. They’re Standard, Design, Sport, S Line, and Black. I personally strongly prefer the S Line and Black trims, however, most of the cars available on the second-hand market are the standard model or come with the Design trim. So that’s another limitation to consider when searching for a used car. You’ll either have to wait until the model you like becomes available (if ever) or adapt your wants to what the market is offering.

Savings on a KM0 car, when compared to new, should be in the range of 17-25%, depending on the car and how many KM it has on the clock.

Paperwork and taxes

When buying a second-hand car in Spain from a dealer you’ll have to pay sales tax (IVA – included in the price).

If buying from a private seller you’ll have to pay the Impuesto de Transmisiones Patrimoniales. This tax will be calculated on the official value placed on the car (make, model, age) and NOT the selling price. Most regions in Spain have an online tax calculator, here’s the one for Catalunya.

As for the paperwork, buying from a company means they’ll deal with it directly. Otherwise, you’ll be responsible for the paperwork for changing the vehicle over to your name.

When dealing with a private seller always draw up a contract, even if you’re buying from a friend.

Keep all documents until you sell or scrap the car.

Driving Permits

Before you drive in Spain, make sure that you have the necessary permit to do so.

Driving licenses issued in any Member State of the European Union and European Economic Area (Iceland, Liechtenstein and Norway) are valid for driving in Spain while in force and have not been withdrawn for any reason, provided that the age required for driving corresponds to that required to obtain the equivalent Spanish driving license.

You could also exchange your country’s permit for a Spanish one, register your permit in the Spanish record, renew your license if it is about to expire (you will get a Spanish one) or get a duplicate if you have lost, impaired or have it stolen.

I have been stopped once by a policeman who claimed that I should have a Spanish driving license instead of my Maltese one, since I’ve been living here for more than two years. This is incorrect due to what I said above. There are some cases where this is true (see conditions here) but in my case it wasn’t. Beware of the fact that some traffic police don’t actually know the laws properly and you might get fined unjustly.

Driving licenses that have been issued in countries with which there is agreement can be exchanged for equivalent Spanish license when a number of administrative requirements are met. In some cases it will be necessary to test additional ability to perform the swap.

If your permit has not been issued from the European Union, European Economic Area (Iceland, Liechtenstein and Norway) and does not appear in the special list of countries with which Spain has an agreement, you’ll have to get a new permit.

There aren’t many reasons to change your driving permit to a Spanish one if you’re a European citizen. In my case, I opted to do so since I needed an international driving permit to drive in the United States and in Thailand. To get one I would have needed to apply for it in Malta, which was inconvenient and more expensive, so I opted to apply for it here. In order to do so, I had to change my driving permit to the Spanish one and only then be able to apply to the International Driving Permit here in Spain. You need to prepare some papers and get an appointment here.

A note on International Driving Permits: You may be thinking of getting an IDP for driving in Spain. These types of permits are issued by a select number of national authorities in each country, however there are many websites that claim to offer an IDP with a validity longer than one year, a plastic card and a digital version.

These are all scams, and while they can indeed work due to police or rental desk people not knowing the difference between a real and fake IDP, I would always recommend you get a real IDP from your country of residence. If you are caught in a fix and you’re already in a foreign country and need to drive with an IDP, then you can take a risk and use one of these websites as they can deliver you the fake IDP in a question of minutes or hours, but again, it’s not the option I would suggest.

Here are a few of these scammer websites:

    1. https://www.e-ita.org/
    2. https://internationaldriversassociation.com/
    3. https://international-permit.com/

Car Insurance in Spain

Full coverage is usually a good idea if your car is less than 5 years old. This is especially true if it’s an expensive car. The reason is that when a car is newer there are more chances of it getting robbed or it sustaining accidental damage that you will want to have repaired.

The more expensive the car the more expensive the repairs generally are. If you want to reduce the high premiums of full coverage insurance, you can opt for full coverage with an excess that you’d have to pay out of pocket in case you make a claim.

The most value for money full insurance packages are those that are “con franquicia” where you will have to pay a part of the damages should there be any, and the insurance company would pay the rest. However you can cut the yearly cost of the insurance by half or more in this way.

After 4-5 years cars would have lost almost half their value, and you might want to switch to third-party insurance only.

Some leading car insurance companies to check out

  • RACC
  • Mapfre
  • Allianz

On the other hand, AXA, DIRECT and Mapfre tend to be the cheapest. I’ve always worked with AXA and Direct so far.

You can find the best deals on comparison sites such as Rastreator, Acierto or Rankia.

It’s also worth checking with your dealer whether they can offer you an insurance policy, and compare it with the rest of the quotes you got yourself. Another good idea is to use an app like Prudenzia (previously Coverfy) to manage your insurance policies and ask for quotations. I use it to manage all the insurance policies I have in Spain and find it very convenient. You will have one assigned person that you can consult for any questions about your policies.

Gas Stations in Spain

The quality of fuel available at gas stations around Spain is known to vary depending on the additives that each company uses. There are also two types of petrol available: 95 and 98. The latter is more expensive and usually results in less engine clatter as well as better performance. People also report that fuel from different gas stations can affect the car’s autonomy by up to 20km.

My favorite gas station is Repsol. You can use this tool to find the cheapest fuel nearby.

Diesel VS Petrol

The Spanish government, after promoting the sale of diesel vehicles for many years, has now decided to wage war on diesel. Unless you absolutely need it, I would highly discourage you from purchasing a diesel-powered vehicle.

Only purchase such vehicles if you’re doing 80% of highway driving and doing more than 20-30 thousand kilometers per year. Even then, I would honestly think twice, since the price of diesel is almost as high as petrol and diesel vehicles are soon to be banned from the major European cities. Another reason for buying diesel would be if you need to tow something regularly (boat, caravan etc.) as that type of engine is more suitable for this work due to the torque it can generate.

Do you regularly tow things? Then diesel might make sense. Car always full of passengers and luggage? Better, Diesel. Live in a mountain area or very hilly district? Consider diesel. Drive more than 30 k miles a year? Probably diesel. If none of these things, opt for petrol you won’t be disappointed. Cheaper to buy, quieter, cheaper to service, less likely to need costly repairs.

Due to the impending issues with diesel, you can find some incredible deals for diesel vehicles, and you have much more leeway for negotiating with the salesmen.

Car Care

It’s best to avoid automatic car washes as they mess up the paintwork. If you absolutely must use them, use the ones that have chamois leather rolls instead of the typical bristles. In Barcelona I found Hanna to be a good option. I use Auto Glym products for the exterior and interior cleaning of my car, as they are considered to be among the very best. You pay a premium price but you get peace of mind that you’re using the best products on your car.

What to Do If You’re Involved in a Car Accident in Spain

This is one of the topics that is not really a fun topic, but it’s very important to know your rights and duties if you’re driving in Spain.

First of all, you should know that you have the right to indemnification for both material and personal damage.

Material damages refer to the car you’re in and other objects in it (laptops, phones etc) as well as economic damages such as foregone income in the case of taxi drivers.

Personal damages refer to physical injuries to the driver and passengers of the vehicle as well as any psychological issues caused by the accident. These damages are assessed by a medical expert after the accident.

If there are any injuries, you have the right to choose where you will receive free medical treatment and rehabilitation, be it public or private. You can check all the centers available by clicking on this link.

According to Spanish law (Real Decreto 1507/ 2008), and Ley 41/2002 the costs of medial attention received will be borne by the insurers of the car. This does not depend on whether the patient has a private health policy or whether he chose a private or public hospital to get treatment.

You also have the right to receive consultancy for diagnostics of any injuries. Note that both the driver and passengers are always covered in accidents, provided the cars are insured.

Procedures to Follow

Remember that the emergency number is 112.

There is also a free number you can call in Catalunya that provides support for victims of accidents and their family. They help with getting all the papers done and also to know what rights you have as well as receive any support and psychological attention you might need. The service is called SIAVT and the number is 900 100 268.

If you’re involved in an accident that is not a serious one, you should always fill in the papers that you’ll find in your car together with the other party. It’s best if both parties can agree on how the accident occurred. Remember that both parties must sign the forms.

If an agreement cannot be reached or there is serious material or personal damage, you should call the national police or the Guardia Civil. In this case, when the police arrive on the scene they will take notes of the accident themselves. If the other driver is not collaborating you should take down his details just in case you need them further down the road when dealing with insurance and tribunals. You must inform your insurance that you were involved in an accident within the next 7 days.

If you will be asking for damages to objects damaged in the accident, make sure you keep the damaged objects and the original purchase receipts if possible. You also have the right to ask for a replacement car while yours is being fixed.

Further Reading

  • Accidentes Trafico
  • Further details in Spanish
  • Stop Accidentes
  • P(A)T
  • TraCE

Car Repairs in Barcelona

If you’re in Barcelona and need repairs for your car, especially after paintwork damage, I can recommend VTC.

Apps

I recommend using the ElParking app to save 50% on ITV as well as booking airport parking and finding electric charging points in your city.

Buying New

If you still want to buy a new car, I found the Carnovo site to be really useful. Instead of you having to visit various dealers and haggle with them until you get the best offer, you can do all that from the comfort of your living room.

Carnovo allows you to select and configure the car you want, then receive offers from various dealerships, who will generally give you a discount on the sticker price of between 7-15%. This is very much comparable to what you would get if you had to haggle with them at the showroom. For people like me who hate these kinds of silly negotiations, this is a perfect solution to this inconvenience when buying a new car.

Make sure you check out my post about how to negotiate the best price on a new car in Spain.

In conclusion, if I were looking for a family SUV I would definitely go for KM0 and buy a quality car such as the BMW X1. Buying KM0 means you’re getting a practically new car so there are no issues of hidden defects and damages. You’re just as safe as when buying a new car, and you don’t have to think forever about which extras to choose because that choice is done already.

On the other hand, if I wanted a coupe or sports car I would most definitely buy a used model, perhaps around 10 years old. You can get a quality car such as an Audi TT at a great price when you follow this strategy. I would only buy an older car if it is a sports car, and the reason is that sports cars tend to be well cared for and always garaged, which means less wear and tear and damage. Manufacturers also invest a lot in the design and engines of their sports cars, meaning that they typically age much better than SUVs or your everyday family hatchback.

Having said the above, I ended up buying a new SUV, because there were no KM0 options for that particular model, even after waiting for several months. In the end, it’s about buying a car that makes you happy every time you drive, and that feeling is priceless.

What do you think about buying a new or used car? 

Filed under: Expat life

📈 What is the Best Cryptocurrency Portfolio Tracker?

Last updated: April 02, 202455 Comments

Buy cryptos

With thousands of crypto tradeable assets available, it is hard to keep track of your crypto portfolio these days. Even if you’re just buying and selling one or two different coins, you can quickly lose track of things, especially if you’re using several crypto exchanges or trading apps like Coinbase, Binance etc. Not to mention if you’ve been dabbling around in DeFi and DEXes like Uniswap and Sushiswap.

It is also important to track other crypto-related activities, for example when earning interest on your crypto through platforms like Nexo and YouHodler.

You could also be using one of the various crypto debit and credit cards, like Crypto.com, where for tax purposes you will need to keep track of every single purchase done with your card.

As you can see, it is important to know your positions in an easy way, and there is no better way than to use an app or software solution.

You need to know where you stand at all times:

  • to keep track of your overall investment
  • to be prepared when tax time comes along

Here are my favorite portfolio tracking and tax preparation tools.

CoinTracking

Cointracking

CoinTracking is the most complete portfolio tracker on the market. They have automatic import from exchanges built-in, and the interface is very clean. Their support is fantastic, and best of all, everything is free for those with few transactions. This is the system I would have built if I had to build a tracker myself.

CoinTracking analyzes your trades and generates real-time reports on profit and loss, the value of your coins, realized and unrealized gains, reports for taxes and much more. With the prices for 7666 coins and assets, you’ll always have a complete overview.

  • 620K+ Active Users
  • 750+ CPAs & Corporate Clients
  • 11 Years of Historical Data
  • Coin Trends for 7666 Coins
  • $4.3B Total Value of all Portfolios

This is one of the earliest and most complete services available out there. They have two offerings, one for crypto traders and the other for crypto companies.

See also: My detailed review of Cointracking

CoinTracking.info has one of the most extensive customer service areas I have seen on tax reporting platforms. It has an elaborate documentation section that covers almost every question you might have. It also has a separate FAQ that caters to the most commonly asked questions.

There is even a CoinTracking.info robot ready at your disposal. This is all aside from the typical customer service tools such as communities, live chat, video tutorials, and email contact. There is also a demo version of the website available that can give you a good idea of what to expect once you start using the platform.

Of course, CoinTracking also calculates crypto taxes every year for you. Given that it’s still so hard to find competent accountants who understand crypto (plus it would be very expensive), it’s well worth it to pay for a tool like this that prepares everything for you. At any point, you can review your tax summary, and download the reports you need to file your taxes. CoinTracking is seamlessly integrated with TurboTax and your accountant’s software. Full support is offered in US, UK, Canada, Australia, and partial support for every other country. They are adding full support for other countries too, so check out the site for the latest list.

I’ve spoken to the founder of CoinTracker on my podcast Mastermind.fm, so check that episode out if you’re interested in learning more about the platform and crypto taxation in general.

You can not only connect it to your exchanges to pull in all the data about trades you’ve made, but you can also mark transfers to your Ledger Nano or other cold wallets so that they are not deducted from your overall balance.

In terms of exchanges, they practically support every exchange out there, including my favorites Binance and Binance. You can import your data automatically via API or upload a CSV of all your trades. Cointracker uses read-only access to your exchange accounts to protect your funds. That is very very important as it means that Cointracker will never have any permission to operate with your crypto.

Read more: The Best Books about Bitcoin and Crypto

This service offers a broad and comprehensive analysis of your crypto portfolio – which allows you to manage all your digital currency accounts at once.

Moreover, its longstanding reputation has allowed the CoinTracking.info team to update the platform regularly to cater to the changing needs of the crypto community.

To ensure the provider is right for you, CoinTracking.info also offers a free account to help you understand whether the platform can fit your tax reporting needs. Overall, CoinTracking.info comes across as one of the most efficient management tools you can use for your crypto portfolios.

Get your 10% discount on Cointracking plans

Koinly

Koinly crypto tax preparation

Koinly was established in 2018 and has already generated more than 11,000 tax reports for its clients.

I like it since it’s not 100% US-focused, and as such you can use it to prepare your German, Italian, Spanish, French taxes along with many other countries. The team behind Koinly is composed of tax lawyers, accountants and engineers who study the tax implementations of many countries and make sure the software can support these systems as well as a plethora of worldwide exchanges.

See also: My detailed review of Koinly

Koinly automatically imports your transactions, finds all the market prices at the time of your trades, matches transfers between your own wallets, calculates your crypto gains/losses and generates your tax reports.

Check out Koinly

Cointelli

Cointelli is one of the most recent additions to the crypto tax reporting tools and to date, it is only available to US-based crypto investors who are after obtaining automated US-tax reports.

Established in 2021, Cointelli’s service is intended to ease the pressure of accurate tax reporting by automatically compiling your transactions from across your wallets and exchanges. Once it generates your transaction list, Cointelli’s software will consequently help you to easily fix any errors therein, prepare a comprehensive report for tax purposes based on the latest tax provisions and have it sent out to your accountant or other relevant tax platforms.

Apart from freeing up a great deal of precious time, Cointelli places a lot of effort into helping you generate the required stats and reports as accurately as possible, thus saving you from paying any unnecessary tax.

Cointelli’s pricing structure is lean with a one-size-fits-all price for consumers and customized packages for large transaction-volume enterprises. For a flat annual fee of $49, clients can benefit from all the Cointelli suites and services for up to 100,000 crypto transactions, be it DeFi, margin trades, or NFTs. This is very competitive pricing, particularly when a number of other platforms offering similar services, already start charging a higher fee as soon as transaction volume exceeds 100.

Cointelli also scores high in terms of support. It not only offers customer support via email and chat widget, but also provides 24/7 live customer service with dedicated tax experts.

Get your crypto tax report with Cointelli

CryptoTaxCalculator

Cryptotaxcalculator

  • Direct support for hundreds of exchanges, including Binance, Coinbase.
  • Handles staking rewards, airdrops, margin/futures trading, perpetuals, lost/stolen funds, ICOs, and much more.
  • Direct support for DeFi protocols such as Uniswap, PancakeSwap, Binance Smart Chain.
  • Pricing is an annual subscription, and you can cancel anytime, with a 30 day money back guarantee.
  • The plan covers all historical tax years so if you need to amend your tax return for previous tax years the plan has you covered.
  • Prices range from $49 (100 transactions); $99 (2,500 transactions); $249 (10,000 transactions), $399 (100,000 transactions).

Open an account with CryptoTaxCalculator

TokenTax

Tokentax

TokenTax is a crypto tax software platform and a full-service cryptocurrency tax accounting firm. This tool also takes care of tax-loss harvesting. If you hold assets at a loss, then you can save money on your taxes. TokenTax’s Tax Loss Harvesting dashboard tells you exactly how much losses you can claim by strategically selling off assets.

Read more: My in-depth review of TokenTax

Tax loss harvesting is selling off assets you hold at a loss to reduce your capital gains. When you reduce your capital gains, you owe less taxes. And, if you take a loss in crypto, you can offset other capital gains in assets like stocks.

Support for margin trading is also included.

Check out Tokentax

Cryptotrader

Cryptotrader

CryptoTrader.Tax takes away the pain of preparing your bitcoin and crypto taxes. Simply connect your exchanges, import trades, and download your tax report in minutes.

Check out Cryptotrader

Kubera

Kubera helps you to organize all your wealth in one place and keep regular track of your net worth in a very simple intuitive way. In fact, Kubera is a more holistic tracker than the above platforms in that apart from automatically tracking your crypto position and NFT holdings, it also captures your bank and brokerage accounts, real estate, vehicles, domains and metals. Kubera also allows you to manually input any other assets you own so that you can obtain a comprehensive view of your net worth in real-time.

Kubera will also provide you charts with analytics showing you how your net worth and investments changed over time. Every update to your asset value is kept in history to go back in time to see how you fared. It also allows you to keep an eye on the asset allocation and statistics indicating which asset experienced the highest appreciation or depreciation.

Kubera also calculates accurate rate of returns (IRR) for all your investments based on the multiple contributions & withdrawals and the time invested. It also benchmarks the IRR with the returns from popular indices and tickers (S&P 500, Dow Jones, AAPL, BTC etc.).

See also: My detailed review of Kubera

Another handy feature of Kubera is the possibility to store important financial or asset documents on the platform.

Through Kubera you will also be able to share a read-only link of your portfolio with others. In addition, with Kubera’s “Life Beat” feature you can allow portfolio and document access to your beneficiary of choice, however only after extended periods of inactivity.

Check out Kubera

How to Easily Prepare Your Crypto Taxes

So you’ve fallen down the crypto rabbit hole, started buying and selling some Bitcoin, then bought some Ether, and perhaps even ventured further to buy some other altcoins.

After some time, seeing that you’re profiting massively, you decide to sell some of your tokens. Sometime later, you decide to buy a new token that you believe will revolutionize the world.

The problem is, of course, keeping track of all these purchases and sales. You want to keep track of whether you’re actually turning a profit or not, plus you need to calculate what you owe your country’s taxman at the end of the year.

Crypto taxes are a complex topic, but I’ve done my best to summarise the situation in several major countries, so check out my post on how Bitcoin and other cryptos are taxed around the world.

So what are your options for crypto tax preparation?

You could keep track of things manually using a tool like Excel, but this quickly gets out of hand, especially if you’re trading on multiple platforms or have multiple wallets.

The better solution is to use an online crypto tax preparation tool.

All the tools mentioned in this post can help you in preparing your taxes apart from acting as a handy crypto portfolio.

If you’re preparing your crypto taxes for the first time, I would suggest you check out my favorite portfolio/tax preparation tools:

  • CoinTracking
  • Koinly

Depending on what your needs are, what jurisdiction you’re in, and what your budget is, you can choose one of those platforms. All three of them are excellent and run by serious people, so you cannot go wrong.

What’s your favorite crypto tax preparation tool?

Filed under: Cryptoassets, Money

MyTripleA Review – Better Alternatives Exist

Last updated: January 19, 20222 Comments

MyTripleA is a Spanish investment platform launched in 2015. It is the first and only Spanish crowdlending platform that has been granted two licenses to operate:

  • Payment Entity license granted by the Ministry for Economics and supervised by the Bank of Spain
  • License to act as a Crowdfunding Platform (since July 2016) registered at the CNMV.

MyTripleA offers two ways to invest:

  1. Fixed and guaranteed returns that are based on the Euribor rate + 2%.
  2. Non-guaranteed loans with a higher interest rate.

Guaranteed and Fixed Returns Loans

They offer guaranteed deposits and returns through collaborating with SGR (Sociedades de Garantia Reciproca). These entities are supervised by the Bank of Spain and guarantee payments in case that other companies are unable to pay.

In this way, there is no need to diversify since all the loans are guaranteed. MyTripleA says that they use the same SGRs as the banks themselves. Hence you are getting the same security as you would when putting your money in a savings account at the bank. However, you get a much better rate of return.

See also: The Best European P2P Lending platforms

MyTripleA says that the difference between what they offer and what the banks offer is due to the fact that banks keep a much larger commission for themselves, and hence MyTripleA are passing on to their clients a bigger share of the profits.

In case that there are any delays or defaults affecting your loans, the SGR will return any capital invested plus interest. This will take place after the 3rd failed payment. The maximum period between the failed payment and the compensation date is 60 days.

When investing in these fixed returns loans, you commit your money for a total of 36 quotas, in other words, you won’t be able to withdraw your money for three years. During this period you will be receiving monthly interest and capital repayments.

Non-Guaranteed Loans

While the guaranteed loans are certainly a nice way to park a sum of money and get safe returns, they are not that interesting to me at this stage. I am still young and am more interested in generating good returns while undertaking a medium risk rather than focusing fully on low risk. This is why I was more interested in the non-guaranteed loans that MyTripleA offers.

When I decided to invest, there were a few non-guaranteed loans available. I decided to go with a factory that needed the money to buy supplies of rubber and plastic. The company is based in Cantabria and was looking for a total of €7,350 in funding. In return, they offered a 6% annual interest rate. This was a relatively short-term loan of just three months, which made it very attractive to me.

MyTripleA does a good job at providing a risk analysis for each loan as well as details about the company and the loan itself.

Below is the introduction of the loan and its details.

They gave it a D rating with a 3.99% of loss of funds. In that eventuality, I would have not

The MyTripleA website is only available in Spanish at this stage.

As with other Spanish platforms, MyTripleA deducts 19% of all your interest payments.

I feel that the website itself is a bit old-fashioned and there isn’t much activity really. This has made me somewhat lose confidence in MyTripleA and I have decided to pull out all my funds from this platform. The 19% tax deduction doesn’t help either. The idea is good but they need to modernize themselves and make sure that investors always have plenty of diverse loans to choose from.

I would recommend having a look at some better platforms like Mintos, Swaper and Peerberry instead.

Have you invested your money with MyTripleA? What’s your experience so far?

Filed under: Money

How Are Profits from Peer to Peer Loans Taxed?

Last updated: February 18, 20211 Comment

If you’ve been investing in P2P loan platforms such as Mintos or Twino, you will need to know how the profits you make will be taxed.

This is a general rule for all your investments. Always consider the tax impact of any investment you do. Different asset classes and investments can be taxed in different ways, so you need to look at that as it will affect your net return, sometimes in a drastic way.

The UK tax authority has issued a good guide that should be applicable to many other countries in the EU too, although it’s always important to check with your country’s authorities for specific guidance.

The advantage of peer to peer loans for lenders is that they can generate higher interest rates that exceed the interest that could be earned from banks and other financial institutions.

P2P loan platforms also give borrowers an alternative to the finance which they may get from standard financial intermediaries.

[Read more…]

Filed under: Money, P2P Lending

Using Representational Systems for More Effective Communication

Published: January 10, 2018Leave a Comment

Back in 2008 I had taken an NLP course which proved to be quite useful. One of the most important things I had learnt in the course is that people have different representational systems that they use to learn things. It’s important to understand what representational system the person you are communicating uses, because only then can you communicate in the most effective manner.

At the time I was teaching, and this insight helped me change the way I delivered lessons to make sure I covered everyone’s preferred way of learning. In a class setting it was very easy to see how true these systems are, and I achieved very good results with them.

So without further ado, here are the notes I had taken and published on my old blog. They are still as true now as they were back then, so I thought I’d re-publish this here.

Representational systems are used to identify how people learn and remember things. Being aware of the four representational systems and the preferred preference of a person will help you communicate better.

“When you’re learning about people’s strategies to understand how they make a decision, you also need to know their main representational system so you can present your message in a way that gets through” -Anthony Robbins

Here is a description of the four representational systems. Further down you can also find a link to a test which will help you identify your preferred system.

V:Visual

People who are visual often stand or sit with their heads and/or bodies erect, with their eyes up. They will be breathing from the top of their lungs. They often sit forward in their chair and tend to be organized, neat, well-groomed and orderly. They memorize by seeing pictures, and are less distracted by noise. They often have trouble remembering verbal instructions because their midns tend to wander. A visual person will be interested in how your product LOOKS. Appearances are important to them. They are often thin and wiry.

A: Auditory

People who are auditory will move their eyes sideways. They breathe from the middle of their chest. They tipically talk to themselves, and are easily distracted by noise (some even move their lips when they talk to themselves). They can repeat things back to you easily, they learn by listening, and usually like music and talking on the phone. They memorize by steps, procedures, and sequences (sequentially). The auditory person likes to be TOLD how they’re doing, and responds to a certain tone of voice or set of words. They will be intersted in what you have to say about your product.

K: Kinesthetic

People who are kinesthetic will typically be breathing from the bottom of their lungs, so you’ll see their stomach go in and out when they breathe. They often move and talk very slowly. They respond to physical rewards, and touching. They also stand closer to people than a visual person. They memorise by doing or walking though something. They will be interested in your product if it “feels right”.

AD: Auditory Digital

This person will spend a fair amount of time talking to themselves. They will want to know if your product “makes sense”. The auditory digital person can exhibit characteristics of the other major representational systems. AD people prefer logic, facts and thoughts to feelings. They often have conversations going on inside their heads, and can sometimes have difficult sleeping because they can’t switch off at the end of the day.

AD people like to think things through, and make sense of the world with logic, facts and figures. They can sometimes be oblivious to their physical comfort or discomfort, as they often think about how they feel rather than just feeling it. Sometimes they may confuse a conversation they had in their mind with an actual conversation, which can get them in trouble! Approximately 10% of the population are Auditory Digital.

Are you ready to discover your preferred representational system? Take the representational test now!

How to practice what you’ve learnt

Your exercise this month is to pick a significant person in your life and listen to the types of words they use. You will notice they will probably use all types of the visual, auditory and kinesthetic words…but one type will usually predominate. Then practice translating your language to their system.

If they say “I don’t see your point,” don’t say “Let me repeat it,” instead say “Let me show you what I mean.”

If they say “What you’re suggesting doesn’t feel right to me,” don’t say “Take a different view,” instead say “Let’s touch upon the points another way.”

If they say “I’ve tuned you out,” don’t say “You’re insensitive,” instead say “Lets talk it over.”

Then practice with other people you know, and listen to conversations on radio or television to develop your skills. Eventually you will find yourself doing it automatically. Become aware of how other people think, become flexible in how you respond, and develop excellent communication skills.

Filed under: Thoughts & Experiences

  • « Previous Page
  • 1
  • …
  • 77
  • 78
  • 79
  • 80
  • 81
  • …
  • 94
  • Next Page »

Latest Padel Match

Jean Galea

Investor | Dad | Global Citizen | Athlete

Follow @jeangalea

  • My Padel Experience
  • Affiliate Disclaimer
  • Cookies
  • Contact

Copyright © 2006 - 2025 · Hosted at Kinsta · Built on the Genesis Framework