The country does not tax cryptocurrency transactions and also offers a pleasant living environment. It was enough for bitcoin adventurers to flock.
They are five: the father, Didi Taihuttu, the mother and their three teenage daughters. They are nicknamed the “Bitcoin family”. The American site CNBC met this atypical American family, settled in the Netherlands before dropping everything in 2017. That year, the Taihuttu sold their large house and left to live on their savings in cryptocurrency by traveling the world. They visit 40 countries before settling in Portugal, “the ultimate tax haven for cryptocurrency holders”.
In 2017, bitcoin was worth $900. It is worth 41,000 today. The Taihuttu are therefore sitting on a small gold mine and intend to take advantage of the absence of taxes on these transactions in Portugal. The country does not impose taxes on capital gains or on transactions from cryptocurrency to cryptocurrency and no VAT at all on condition that you do not sell services from Portugal in cryptocurrency. Moreover, permanent residence is easy to obtain. European passport holders do not even need it. “Portugal is a very beautiful paradise for bitcoin”, enthuses Didi Taihuttu, who keeps the family fortune in secret vaults on four different continents…
The Taihuttu will soon be joined by other members of their family. In fact, they are far from being the only ones to choose this destination. The latest Portuguese census, which dates from 2021, shows that the number of foreign residents in the country has increased by 40% in ten years.
Wout Deley also sold his house in Belgium to settle in the Algarve. “For him, it was self-evident”, highlighted CNBC, which recalls that Belgium heavily taxes cryptocurrencies, and that Deley should certainly have donated up to 40% of his earnings to the State. He is convinced:
Want to double your profits? Just move to Portugal.”
Although he does not speak Portuguese, Deley feels like he is in paradise in the Algarve and appreciates the growing presence of crypto expats like him, which allows him to have a community and to be able to function in English. Portugal, anxious to attract more digital nomads, would also be quite a winner in this new migratory flow, which would compensate for the exodus of young educated Portuguese.
The next step ? The construction of a crypto-village… by the Taihuttu family!
Source
CNBC
Englewood Cliffs, New Jersey
The website of the American television channel specializing in financial information was created in 1996. Initially content to relay the channel’s programs, CNBC.com is now a site of economic information and
[…]
Read more