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Portugal was one of the safe havens for people who made lots of money in crypto because you could get away with paying no taxes at all!
Was this too good to be true? Was it accidental? Something that will end in just a matter of time?
Tax loopholes are very rare, and they often close after some time – unfortunately, this is what’s happening with Portugal taxing crypto.
There are strong indicators that Portugal will introduce crypto taxation in the near future.
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Lots of people canceling their golden visa rn
We’ll I’m leaving.
when? Do we have any info on timeframe? Not this year … right?
As a portuguese, I really want that crypto tax high af. That way, you'll get the hell out of here, leading to a housing devaluation, since the stupidly high valuations are due to those crypto bros and golden visas who relocated here and have really made the house values and rents jump through the roof, becoming impossible for portuguese people, some of the lowest paid europeans, to become unable to have their own homes.
Besides, it isn't as if those crypto bros and golden visas have really made a net positive contribution for the portuguese economy.
So GET THE HELL OUT OF HERE!!
its sad i rly just decided to move there . i mean if the taxes arent too high . i might still move . with the d7
Soon all crypto will be controlled and taxed by governments.
Is crypto still untaxed in Georgia? The country not the state.
The governments over time just get worse and worse. Its amazing how little time it takes. America was built on "were making our own nation because of this tiny tea tax" or one of the reasons. Look at the outrageous taxes in America. I heard many people say, Look how great Dubai is, 0 taxes ****introduce corporate tax, Portugal the same thing except now with crypto, its amazing how little of time it takes for government to come in and start screwing things up.
The poor countries remain poor, with a poor mindset…
If you are NHR in Portugal, you still need to worry about it ?
Hmmm I was going to buy in Portugal next year now I won't. I left Australia and moved to Turkey who have no crypto regulations on a long term tourist visa (no crypto tax as on a tourist visa any way) to avoid crypto tax and secured a year rental to pass Australian resides test along with sending my kids to school etc to pass more of the bs requirements my government requires to prove you are no longer a tax resident. Any more tips for AU? I kept an AU bank account as I don't trust Turkey's so much. We sold all our properties before we left etc but I'm concerned our strict ATO will still get me on something???
So… Sarawak MM2H might be on the cards after all!!! The trouble is… we really love it in Portugal. I hope the Portuguese IRS take many years to institute as they do for everything else! I'm not happy, I have to tell my wife! I'm assuming the value when calculating capital gains, at date of entering the PT tax system and not the initial purchase price? Perhaps a low rate for NHR and 28% for everyone else?
Lol I've been telling for month that Portugal was building the biggest rug pull ever in terms of attracting expats hahaha.
sad, crypto is the only major industry where PT has a chance to be a global leader…
Isn't there a tax code change only every 4 years… according to this it should be valid for another year or two…. I'm hoping 🙂
I heard that if you want a larger apartment in Denmark, then you have to apply to the government and justify to them why you need it. Before a person or a couple would be allowed to rent it. True or false?
Great video Michael, maybe a video on 0% capital gains in Jamaica. They may also introduce a CBI program. Lots of ppl also have citizenship by descent for Jamaica and it takes 3 months and inside of $300 for all the filings.
That's unfortunate, but all good things must come to an end.
We're headed there in just about six weeks for an exploratory trip as we are considering retiring there in the a few years. Hopefully the tax implications are still attractive enough to make that move.
Portugal would be stupid to do this after Germany just announced that crypto was tax free after a year.
Can you provide a source? As I can't find any information on the Internet about this
Can u make a video about non Dom in Ireland ??
I would not expect even the air to remain untaxed very soon 😉
When will this new tax become effective? Do you believe it will be applicable this current tax year – 2022?
As a Portuguese retired in Thailand, I know that one of the major advantages of relocating to Portugal was the crypto free taxation. These new changes will certainly push some digital nomads out of the country.
Thanks for the prompt update and great content. 🙏🏻
Hello
Thanks for the information
And what will be the percentage of the tax on crypto or until now no body now ?
What a shame
Nothing good ever lasts forever
It's probably time for everybody to read "Most Dangerous Superstition"
Do you see potential tax changes eventually being introduced in UAE as well?
Simple, flat 10% in Bulgaria seems quite attractive as of right now.
So if im staying in portugal benefiting from the nhr program, will this new crypto tax apply to me?
Michael , I love your videos , you are always current with issues related to expats. I’ve just moved to Dubai and I’d love to see a video about their medical services
Very disappointing, I was hoping it would last for longer. How would capital gains be calculated?
If crypto is your main income it is taxed at 30-50% as far as i remember so it wasnt really tax free in the first place 😅
Hope not or I won’t be moving there.
FORGET EUROPA 🙏