In terms of specific laws on the books related to bitcoin and other cryptocurrencies, Portugal has mostly been focused on warning consumers about the potential problems with cryptocurrencies and setting up guidelines for entities that decide to issue their own crypto tokens.
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Banco de Portugal has an entire page on their official website that warns consumers about the various issues that can arise when people are using bitcoin and other cryptocurrencies for the first time. Some of the problems covered include the potential for users to lose all of their money in a hack or due to human error in addition to the price volatility associated with bitcoin and even more so with the altcoins. In terms of initial coin offers ICOs , the Portuguese regulator of securities offerings has stated that new tokens will need to be approved on a case by case basis.
With all this said, lawmakers have not actually put any new laws in the books when it comes to bitcoin and cryptocurrencies.
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Another key area of the law when it comes to Bitcoin in Portugal is taxation, and the laws here are so unique that they deserve to be outlined in their own section. In short, Bitcoin users do not need to worry about capital gains taxes when they are living in Portugal. This means that if you make a lot of money off of an increase in value of your crypto holdings, you do not need to worry about paying any taxes on those gains. This is in stark contrast to most other jurisdictions around the world, where capital gains taxes almost always need to be made on gains traders make in the cryptocurrency market.
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In fact, in most countries Bitcoin users are technically supposed to pay taxes on gains that occur when bitcoin is being used as a transactional currency, which itself harms the utility of the crypto asset as a currency. The tax situation in Portugal is incredible as entire fortunes have obviously been made in the crypto market over the years.
You basically have two options to consider if you want to buy bitcoin and other cryptocurrencies in Portugal. The first option is to use one of the large, global exchanges that have basically become household names at this point.
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This would be something like Coinbase , Binance , or Kraken. Another option for buying bitcoin and other crypto assets in Portugal is to go the peer-to-peer P2P route. LocalBitcoins and Paxful are the two most well-known P2P exchanges in the world, but the best case scenario for P2P trading is to get involved with your local Bitcoin community and trade with friends rather than people who are trying to make money off your trades.
As mentioned previously, Europe is not exactly a desert when it comes to the prevalence of cryptocurrency exchanges. You basically just need to think about whether your want power behind your trading platform or you want a simple user interface that is easy to understand right away. Data provided by. Crypto Guides Explore All Guides. Learn History of Crypto What is Blockchain? This can cause problems specifically for investors in the US, where having American residence can create difficulties, especially during the coin mining process.
As Portugal increasingly opens up to the use of cryptocurrencies to pay for services, companies like Global Citizen Solutions GCS are revolutionizing the way investors can pay for Golden Visa services. Payment is accepted through the trusted portal Coingate. Cryptocurrencies have come under increased scrutiny in many countries in recent years, particularly in countries such as the US, there have been calls for increased regulation.
For this reason, it makes sense to obtain residency or even citizenship in a cryptocurrency-friendly country like Portugal.
The Portuguese government has brought in a number of different incentives to ensure that the country offers investors optimal conditions to succeed. This includes the NHR regime , which allows special allowances for startups and investors of high cultural and economic worth. Portuguese law is cryptocurrency-friendly, meaning that any individual profit from the purchase and sale of cryptocurrency in Portugal will not be taxed, nor is the exchange of cryptocurrency for other currency. The Golden Visa program in Portugal means that nationals from outside of the EU can obtain citizenship through investment.
This can be particularly useful for cryptocurrency traders, as it can provide extra security against future regulation in their home countries. Applicants can invest in the Golden Visa scheme as a way to ensure they will have more opportunities open to them in the future, for both themselves and their children.
Individuals who earn a salary in cryptocurrency is not charged income tax. However, companies based in Portugal who pay their employees in cryptocurrency are required to pay income tax.
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Income tax in Portugal is based upon activity and the profit made from it. This means that while bitcoin transactions themselves are not taxed, if the transfer of cryptocurrency is associated with a product or a service, then an invoice must be issued and the service must also be taxed. According to statements released by the Portuguese tax authorities, cryptocurrency under Portuguese law should be treated exactly the same as any other currency, which means that cryptocurrency exchanges are not subject to VAT.
Gains made from the purchase and sale of cryptocurrency is not taxed, as is the same with any other currency. Investors in Portugal who have not been tax residents in the country for the previous 5 years can benefit from the non-habitual tax regime. Under the NHR, you may be able to monetize your personal cryptocurrency profits in Portugal, exempt from capital gains tax.
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Click here to find out more about the NHR regime in Portugal and whether you are eligible for tax exemptions or reductions. The Golden Visa program in Portugal is another added benefit to investing in Portugal. After 5 years of continued investment in Portugal, investors can obtain a European passport, giving them the right to live and work anywhere in the Schengen area. Dependents can also obtain residency permits, including spouses, parents, and children under the age of 18, or are in full-time education.
Applicants are only required to spend 7 days per year in Portugal, meaning that investors can continue living in their home country and do not need to relocate. Having two passports provides security against future instability. Portugal has a stable government and economy, and making it an excellent choice for citizenship through investment.
The Golden Visa residence permit allows holders to live and do business in Europe, and with a Portuguese passport. A Portuguese passport allows you to travel to countries worldwide without a visa. The Portuguese Golden Visa program allows investors to acquire a passport after just 5 years, shorter than other popular programs in Greece 7 years and Spain 10 years. Portugal has a dynamic market with a variety of investment options. The most popular choice when it comes to Golden Visa applications is an investment in real estate, but there are also many investment funds which fulfill the requirements of the program.
Bitcoin & Cryptocurrency Trading in Portugal
There has been a recent growth in businesses dealing with cryptocurrency in Portugal, one of which is trust , which enables cryptocurrency payments for businesses. Take a look at our guide to find out more about the Portugal Golden Visa, or schedule an initial consultation with one of our team to discuss your Golden Visa investment options.
The Portuguese government has demonstrated a commitment to making cryptocurrency-friendly policies. In Portugal VAT is not charged on cryptocurrency transactions, and any payments made using cryptocurrency are not taxed. The Portugal Golden Visa is a residency by investment program. It allows investors to obtain Portuguese residency by making an investment in the country and also provides a clear route to citizenship.
Cryptocurrency trading: Portugal overview In recent years Portugal has positioned itself as one of the most economically innovative countries in Europe.