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Our fears are finally coming to life – Portugal is introducing a new crypto tax!
Shock! Horror!
As you know, this country was appealing because it was tax-free for crypto gains. However, this is now a thing of the past, and Portugal is about to start taxing crypto.
So, how are they going to tax crypto?
Capital gains are taxed in Portugal at the rate of 28%, and crypto gains will be taxed at the same rate. This is only applicable to the short term holds, which are less than a year.
If you’re a long term holder than this new crypto tax will not be applicable to you.
This is clearly not good, as you want to take the advantage of the market and sell when your crypto goes up! If it’s been less than a year, you will have to pay 28% tax on your gains, which is far from ideal.
Does this mean that Portugal will lose popularity among the crypto squad? Almost certainly.
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Author: Michael Rosmer
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I know a couple of companies in Portugal that use to pay a small portion in salary in the normal contract and the rest as crypto, as performance extra in the salary, that would not be taxed if given in crypto. Was an elegant loophole that is now over. 28% is not that bad since ss and income tax would be much higher
Istanbul, (unlike 'the rest of europe) and just like s. America or china etc.. 'prices by the dog' or sets the price each time you walk up.. by who walks up… ' IF you know the $ of what _ is then it is a fairly inexpensive place.. but that means you already know the price of everything costs.. ) ( yes i been all those places i mentioned) .. shrug* it's certainly a lot cheaper then EU .. 'Especially as you get out of Istanbul.. but.. but.. ) ( very interesting about the crypto tax change..
Can you open a freezone company in the name (aka to be owned by) of a foreign company like wyoming LLC, Delaware LLC, Nevis LLC ?
That's too bad. Well, it was good while it lasted I suppose.
Well… it was fun while it lasted. I’m in Portugal now and it feels like I got rug pulled. If Dubai is the #1 alternative, then can you suggest a #2 alternative where you see crypto folks are flocking to?
Michael have you considered an eBook regarding financial entry requirements for each of the 'most popular' destinations?
I appreciate it keeps changing but you are on top of your game so I imagine it wouldn't be too difficult to update
Great info 👏
Turkey is not in " two" continents. Turkey is neither Asia nor Europe. It's continent is called Anatolian.
First!
Portugal is ok if you don't care about time. For efficiency, I'd select another country. Same problem in Italy, Greece etc. Please make a video about the Dubai company + living in a low tax country which works. In particular health care.
How does Portugal treat options traders at a tax level?
That is no good lol
Yes crypto is the best, I have a holding asset's in crypto.
It was always coming