“Bitcoin Family” Relocate To Portugal For Its 0% Tax On Cryptocurrencies
After travelling the world for the past five years, the “bitcoin family” have decided to settle down in Portugal due to its 0% tax on bitcoin.
Back in 2017, Didi Taihuttu and his family liquidated all their assets, including their 2,500 square-foot house, and purchased bitcoin when it was trading at around $900. Since then, the Dutch family of five have safeguarded the majority of their crypto fortune in secret vaults across four different continents, with bitcoin currently trading at around $41,000.
Now, the “bitcoin family” has chosen to quit travelling the world and to settle down in Portugal instead due to its 0% tax on the world’ most popular cryptocurrency.
“You don’t pay any capital gains tax or anything else in Portugal on cryptocurrency,” said Taihuttu. “If you earn cryptocurrency by providing services in Portugal, you need to pay tax on those cryptocurrencies, but I don’t earn anything, at the moment, in Portugal. So for me, it’s 0% tax.”
While the United States treats digital currencies such as bitcoin as property and taxes them similarly to stock or real estate, Portugal treats cryptocurrency as a form of payment. This is a game-changing distinction in terms of taxation, and will likely see Portugal attract more cryptocurrency investors in the future.
