Freedom! – In 2016 Portugal ruled that cryptocurrencies could not be considered as a currency. Not having legal tender, they were not –and are still not– taxable. No need to repeat it twice at the ” BTC Family who has just set down in the land of the sun and Bitcoin.
Attractive taxation
In 10 years, the number of foreign residents has increased by 40% in Portugal, according to a recent census. There are certainly many explanations for this phenomenon. And it is equally certain that the tax framework granted to cryptocurrencies played a role in this immigration.
For 6 years now, Portugal has maintained its position: cryptocurrencies are not currencies. Indeed, for Rita BairosDirector of the Payment Systems Department of Banco de Portugal, due to their volatility cryptocurrencies allow no preservation of purchasing power and no storage of value. She also stated that:
“Without a central entity, it is difficult for cryptocurrencies to be considered real currencies »
theportugalnews.com
But if cryptocurrencies are not recognized as real currencies, it also means that they are not taxable. And that, some Bitcoiners have understood.
>> Come and take your first steps in the world of cryptocurrencies on KuCoin (affiliate link) <<
Booming Bitcoin Adoption
Because the consumer is king, traders also responded to Bitcoin call. Today at Portugalsome energy suppliers allow their customers to pay their bills in BTC. According to Coinmap, it’s close to 60 merchants and retailers that accept Bitcoin as a means of payment, in the Lisbon region alone. One can also note the many BTC ATMs deployed as well as various 100% Bitcoin companies born in the last few months.
When combined, all these ingredients provide a living environment that many consider idyllic. This is particularly the case for the famous ” Bitcoin family“, settled in Portugal recently.
“Portugal is a very beautiful paradise for Bitcoin”
Didi Taihuttu
The “BTC Family” in Portugal, light on the Bitcoin paradise
After a ” all in bitcoin paying off, Didi Taihuttu and his family decided to pack up and set off to explore the globe. These few years spent on the road will have finally led them to settle in Portugalthe ” bitcoin paradise“. For the hugely popular and highly publicized “ BTC Family“, this decision was obvious.
“You don’t pay any capital gains tax or anything else in Portugal on cryptocurrency. (…) We want to be part of this incredible evolution of technology in a country with incredible people, weather, food, etc. »
Didi Taihuttu – yolofamilytravel.com
But the –long– list of advantages related to cryptocurrencies is not the only reason for this move. Didi Taihuttu sees more than just a tax haven. This new adventure is driven by a much more spectacular project: create a crypto village. Well aware that Portugal is attracting more and more Bitcoiners, the patriarch seems to want to move up a gear.
Thanks to the new spotlight of the ” BTC Family on Portugal, an unprecedented perspective seems to be emerging for the country. In addition to sun, beaches and food, the land of Carnations today offers a tax regime that is increasingly attracting Bitcoin lovers. With his crypto village project, Didi Taihuttu takes the leader and is preparing to build what may be the next Bitcoin Eldorado.
The crypto revolution is on, the choice is yours to join or stay away. Ideal for taking your first steps in bitcoin (BTC) and crypto investments, the KuCoin platform just waiting for you (affiliate link)