The 'Bitcoin Family' immigrates to Portugal for 0% taxation on cryptocurrencies

Didi Taihuttu, the patriarch of the 'Bitcoin Family,' is settling in Portugal, Europe's last crypto tax haven.For the Dutch family of five, who has been travelling the world for the past five years, settling down is a big deal. However, after visiting 40 countries, Portugal — which is one of the last countries in Europe to have a 0% bitcoin tax — was simply too pleading a vacation destination to pass up

"In Portugal, you don't pay any capital gains tax or anything else on cryptocurrency," Taihuttu described. You're safe as long as you don't get paid in cryptocurrency for assisting in Portugal.He said, "That's a wonderful bitcoin heaven."

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Taihuttu, his fiancee, and their three children marketed everything they owned in 2017, buying and selling a 2,500-square-foot home and nearly all of their earthly possessions for bitcoin and life on the road. Roundabout the time when bitcoin was worth around $900. After peaking at around $69,000 in November, the world's largest cryptocurrency is buying and selling around $41,000.

With such a large crypto investment, the tax benefits in Portugal are undoubtedly attractive, though it also helps that the country offers a safe and pleasant way of life. The country was ranked fourth on the Global Peace Index in 2021, and it is the best country for ex-pats.

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The Bitcoin Family isn't the only one who has decided to relocate to the Iberian Peninsula. According to the population census of 2021 in Portugal, the number of foreign residents has increased by 40% in the last decade.0% tax on bitcoin.

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In disparity to the U.S., which heeds virtual money as property, burdening it in a way like stocks or genuine property, Portugal sees digital money as a type of installment. That differentiation is a distinct benefit for charges.

"Capital increases coming about because of crypto exchanges, for example, changing out and crypto-to-crypto exchanges are not exposed to individual annual charges," clarified Shehan Chandrasekera, a CPA and head of duty approach at crypto charge programming organization CoinTracker.io.

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This implies that gains from digital trading currency are not burdened like other government-issued ilks of money. It also implies that crypto exchanges or installments and bitcoin trading for government-issued currency are not exposed to a worth-added duty or VAT.