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Recently we’ve received some scary news – Portugal was considering introducing a crypto tax!
At the moment you can relocate to Portugal and make crypto income-tax-free – this option was, as you can imagine, extremely popular among crypto people.
However, recently some changes have been proposed. We’re bringing you the latest news regarding crypto taxation in Portugal.
Is it going to happen? If yes, when? What can you expect and how to position yourself in this situation?
Who are we and what do we do?
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Author: Michael Rosmer
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Looks like Italy
la Bella Italia!!
I like how the Socialist party is not the leftist party :p
Do you think Taxing will spread throughout to pensions as well?
You're at the Barberino location of the McArthur Glen Designer Outlet. Took less than 2 minutes to figure it out 🙂
What is outlook on portugal going forward? I want to check it out and see if the golden visa is worth doing.
That makes Cyprus very attractive again… no guessing game 🙂 Thanks for the comparison video awhile ago!
Montenegro
Are you in Malta?
Any plans to do a video on Residency by Investment Program in Hungary?
At a rate of 28% or anything even close to that will drive people away as fast (or faster) than they came. I can't believe that's the desired outcome.
This is going to be interesting…
Croatia, btw is my guess on your location.
Germany lets you exchange crypto tax free if you keep it there for 1 year without investing it. Someone suggested that Portugal should compete with that but allow people's crypto to be used for defi projects to potentially grow while it waits in Portugal. That would keep a lot of the web3 people around
That's Vancouver!
You’re in Tuscany?
Northern Italy with a very green nature. Near France or francophone Switzerland because the indications are written in both italian and french. My guess would be Aoste or not far. Otherwise, I don't expect anything pro freedom from a EU country currently.
@Offshore Citizen When is PT going to introduce crypto tax you think? 2023 already? 2024?
Italy but not sure which MacArthur Glen Outlet centre it is? I'm assuming as there's a river or canal running down the centre it's Venice? As always I cannot second guess governments and their monetary or fiscal policies.
Michael bout to buy some Timbs 😉
Split, Croatia
I'm more interested in how they will tax income from crypto for people with NHR. For instance, if someone is earning interest on USDC held in Celsius which is CEFI and US based, would that income not be exempt from tax under NHR? It is foreign sourced and I'm not sure what they will call it, but it seems as though it should be tax free. Also interested in implications for staking and Defi income. I'm assuming the later will be treated as Portugal sourced income.
Looks like Italy; judging by the landscape & architecture – somewhere around Florence or Venice.
Florence Italy.
Back in the UK Michael? Bicester village to be exact.
Question: Can’t someone just hold their assets in a corporation and then when they want to cash out take a dividend from the corporation at the 0% dividend tax rate?
Wouldn’t this just provide a way to circumvent the high 28% rate and pay close to zero instead?
Im Portuguese. All investiment capital gains are taxes at 28% don't expect crypto to be different.
You're at "Designer Outlet Barberino" north of Firenze in Italy
San Marino?
While it’s great that Crypto gets taxed at zero, it’s also unfair.
For example I’m an equities trader, so if I lived in Portugal I would have to pay 28% in taxes while a crypto trader would pay zero, which makes for an unfair playing field.
If I were in Portugal’s government I would just make one flat tax rate with a cap for everything, like 10% of all capital gains regardless of what asset it came from with a 100K€ cap. This would still make for a lower rate than other western counties and the cap would make them competitive against countries like Greece and Italy which have lump sum programs.
Bulgaria?
because crypto bros don't have any gains to be taxed. lmao