In an effort to further boost the economy, Portugal wants to become epicenter of fintech industry attracting cryptocurrency and blockchain companies.
Portugal’s tax authority has in a recent update has clarified that cryptocurrency trading and payments in Portugal are tax-free and also will be exempted for VAT (value added tax 23%).
There is also no income tax on cryptocurrency earnings in Portugal, according to report.
Cryptocurrency can be exchanged for “real” currency according to its market value and may be used as a means of payment from vendors that accept the cryptocurrency.
In 2018, Portugal registered the first property sale using Bitcoin on a property located near Lisbon. Property and real estate transactions although not popular but involve bitcoin and other cryptocurrencies.
Homeowners directly list properties for sale online accepting bitcoin. There are handful agents who accept bitcoin and other cryptocurrencies for buying property in Portugal under golden visa scheme.
In the future, cryptocurrencies will play a role in boosting property market in Portugal.
Portugal is not the only tax friendly country for crypto. Other countries are Germany (VAT exempt), Switzerland offer tax incentives for crypto.
Portugal has been voted recently as the safest countries to live with best healthcare, education system in the world. The country also has been consistently ranked as a retirement country for expats.
We are relaunching Citizenship coin in 2020, a stable coin tied to Euro which can be used in property transactions for citizenship and residence schemes
