Cryptocurrencies have become more and more the most demanded means to make wealth and carry out transactions in the network.
Thanks to this, Portugal is qualified as a tax haven for those who interact with cryptocurrencies; this country has one of the most efficient tax systems in the world.
Many people from all over the world see Portugal as their favorite place for investments and all kinds of activity related to cryptocurrencies because it is in the group of the few countries worldwide that do not require taxes for operations and investments with cryptocurrencies.
The fiscal entity of that country assumes that the income obtained from investments in cryptocurrencies are not categorized to apply the collection of any tax, only that it will collect tax when the gain obtained is the result of a professional income, that is to say, that they have been accrued from a professional activity of the crypto user.
This great tax advantage shows Portugal as one of the most attractive countries worldwide for companies and investors who have cryptocurrencies as part of their virtual portfolios and wish to carry out prosperous businesses and investments.
Another significant benefit that derives from the fiscal sphere is that it offers the opportunity to obtain the status of Non-Habitual Resident since, for five years, residences have not been granted to foreigners who come to settle in this country.
Portugal and bitcoin
This cryptocurrency is one of the most profitable and demanded investments and businesses. Therefore, the Portuguese Tax Authority recently promulgated a decree establishing that this currency will be free of tax tariffs within the trade of digital assets and in payments made over the internet.
The Portuguese Tax and Customs Authority demonstrated that the operations or payments made with cryptocurrencies come from VAT (Value Added Tax). Specifically, the law established by the Fiscal Entity indicates that the exchange of digital currencies for fiduciary money is tax-free and shows that those who use crypto assets are not forced to pay any tax.
What Portugal seeks is to demonstrate that the measure to exempt taxes on cryptocurrencies serves as proof to explain to the European continent that a financial system free of fiscal tariffs can be established, where the net profit of investments and businesses on assets is guaranteed. This way Bitcoin help the economy of the country.
Portugal, a lucrative destination
Living in Portugal sounds interesting, for all the economic benefits it offers, but you must be aware of the residence regulations that this country establishes because although you do not pay taxes, you must know how to live in this society.
A citizen is considered a resident in Portugal if his stay is more than 183 days in a row or not during a stay in that country for 12 months.
The person who obtains tax residence before becoming a resident in Portugal can apply for permanent residence in the next five years. In the same way, other countries may emerge during those years, assuming the trade of cryptocurrencies as a very lucrative activity and free of tax tariffs.
Portugal is the earthly paradise where it is possible to win and make a fortune without paying any tax, a wonder for those who seek to enlarge their capital in cryptocurrencies without losing a penny of it in the process.
This country is considered one with much future projection for the crypto world. Its position on the current economy, moderate and digitized, together with the liberation of cryptographic operations, makes it a highly demanded destination in the future.
Other aspects that make Portugal a paradise to live in are its tourist attractions, culture, natural beauty, quality of life, and a landing strip, making it an exciting prospect for investors.
Unquestionably, the completely legal and tax-free trade of cryptocurrencies continues to multiply in this nation. In the future, foreign residents and Portuguese citizens will be seen fully carrying out their operations by implementing cryptocurrencies.
The cryptographic markets only pursue the opportunity to provide profits and profitability to investors who want to be part of this world, and with this possibility that is being formed in some countries that have followed the example of Portugal, it will be possible to increase the crypto capitals of the investors very significantly.
Therefore, the majority of investors who can migrate to Portugal will be the best option they can take when deciding to invest in said country with cryptocurrencies.