The popular Bitcoin Family has recently moved to Portugal due to the 0% tax on cryptocurrencies as we are reading more in today’s latest Bitcoin news.
The head of the family Didi Taihuttu says they spent the last five years traveling to 40 different countries and the Bitcoin family decided to move to Portugal for its crypto tax rules that include 0%tax on BTC. Didi Taihuttu is settling down in Portugal because it is Europe’s ultimate crypto tax haven. The family of five traveled the world for the past few years and spend time in more than 40 countries. Taihuttu said:
“You don’t pay any capital gains tax or anything else in Portugal on cryptocurrency. As long as you don’t earn cryptocurrency for providing services in Portugal, you’re in the clear. That’s a very beautiful bitcoin heaven.”
Back in 2017, the family liquidated all they owned and traded a 2500 square foot house and all earthly possessions for BTC for a life on the road. This was the time when bitcoin was trading around $900 while now the cryptocurrency is trading near $41,000. While the family won’t disclose the exact size of their crypto stash, the father of three said he protects the family’s crypto fortune in secret vaults on four different continents so their crypto stake is enough to make it worth having to move around the globe and redeem their cash.
The tax perks in Portugal are a huge draw but it doesn’t hurt that the country offers a safe way of life. In 2021, the country ranked fourth on the Global Peace index and the best place for ex-pats. The Bitcoin family is not alone in moving to the country. The 2021 census in Portugal shows that the number of foreign residents increased by 40% in the past 10 years. Taihuttu’s siblings are also on the move. Didi’s brother and sister sold their houses and invested the cash into BTC:
“We will all be traveling together as one big bitcoin family which is, of course, really cool.”
Unlike the US which treats virtual currency as property, taxing it in a manner like stocks, Portugal sees crypto as a form of payment and this is a game-changer for taxes. The CPA and head of Tax at CoinTracker Shehan Chandrasekera noted:
“Capital gains resulting from crypto transactions such as cashing out and crypto-to-crypto trades are not subject to personal income taxes.”
This means that similar to other fiat currencies, the gains from buying and selling crypto are not taxed and it also means that crypto transactions as well as exchanging them for fiat money are not subject to a value-added TAX or VAT.
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