It was too good to last – Portugal is (was?) a small Fiscal paradise for cryptocurrency holders. The situation could well change, and this, quickly.
>> Keep your cryptocurrencies safe on a Ledger key. Free shipping (link commercial) <<
No more balances, your cryptos will be taxable
Where France is used to taxing before understanding what things are for, Portugal was a small “raft” of freedom, in the middle of a sea of charges and percentages to be paid back to the States.
But, this free could change very quickly. Because Portugal, which is experiencing a significant deficit, a slowdown in growth and suffered the same problems as all the countries of Western Europe in this complicated period, is going to change its tune.
The Minister of Finance, Fernando Medinasaid that the time for free for crypto earnings has come to an end.
He therefore proposes a tax of 28% on capital gains, but only on income related to cryptos held for less than a year. In a way, Portugal is trying to recover money through this tax, but without scaring away the many investors who joined the country for its tax advantages.
” Portugal is in a different situation because, in fact, several countries already have systems. Several countries are building their models in this area and we are going to build ours. I do not want to commit to a date for the moment, but we will adapt our legislation and our taxation.»
Fernando Medina
If this proposal for the 2023 budget is validated, Portugal will cease therefore to be the only state in Europe not to impose the slightest penny of gain linked to cryptocurrencies. The country will adopt the same tax system as germany.
Is this announcement really a surprise? Not really ! With the current economic situation, and the bear market that we all know, it is not surprising that Portugal is changing its tune. And, even if the tax is no longer 0, it remains very attractive for anyone who wants to hold on to their cryptos “in the medium term” while waiting for the market to go up.
Want to keep your cryptocurrencies safe rather than spending them? Wise choice, the market is conducive to accumulation! Secure your assets with a Ledger key. The icing on the cake, the shipping costs are offered (commercial link).