Bitcoin investing is growing in popularity around the world! The Taihuttu family from the Netherlands, who claim to be Bitcoin loyalists, reached a consensus in 2017 and decided to sell all their property to buy Bitcoin, including a 2,500-square-foot property and a profitable company. Since then, they have lived a nomadic life, also known as the "Bitcoin family".
In the past five years, they have traveled to more than 40 different countries. According to a previous report by the Dynamic Zone, the family's cryptocurrency wealth is well preserved in six secret locations on four continents. Father Didi Taihuttu once said, I prefer to live in a decentralized world, where I have a responsibility to protect my assets.
Settled in Portugal with zero tax on cryptocurrencies
Now, the family appears to have decided to settle down temporarily from their wandering nomadic life, as CNBC reports that they have decided to take root in Portugal because of its favorable tax policies. Father Didi Taihuttu said:
“As long as you’re not offering services in Portugal to earn cryptocurrency, you don’t need to pay any capital gains tax or anything on cryptocurrency in Portugal…it’s a very beautiful habitat for bitcoin.”
Unlike the United States, which treats cryptocurrencies as “property” and taxed in a manner similar to stocks or real estate, Portugal treats cryptocurrencies as a form of payment. Shehan Chandrasekera, head of tax strategy at a crypto tax software company, explained:
“Cryptocurrencies are similar to fiat currencies in Portugal, the gains from the purchase or sale of cryptocurrencies are not taxed, and the exchange of bitcoins for fiat currency is “without VAT”; Attractive place to live. "
The Bitcoin family is reportedly not alone in choosing to move to Portugal. Wout Deley, an enthusiast who has been studying cryptocurrencies and their underlying technologies since 2013, worked as an international sales manager for a company in Belgium before deciding to sell his house and invest heavily in cryptocurrencies.
"I don't typically have more than 10,000 euros (~$11,450) in my bank account at any one time, and the rest is in cryptocurrencies," Deley told CNBC. Portugal settled down."
Settling in Portugal was an advantageous option for Deley, adding: “Crypto is taxed heavily in Belgium, and I could be taxed in seven figures.” “Want to double the profits? Go to Portugal."
He rented a "very cheap" villa in Lagos, southern Portugal, where the climate is warm, surfing is possible and there is no traffic. Even better, the neighborhood is almost populated by cryptocurrency holders, “Everyone has cryptocurrency here, everyone has and understands Bitcoin.”
The “Bitcoin Family” is even preparing to build a “cryptocurrency village” in Portugal. They have recently been buying land and have selected three parcels of land, one of which is 250,000 acres (about 1,012 square kilometers) in the Algarve on Portugal's southern coastline. Communities are run in a decentralized manner, where land is divided by square meters and sold as non-fungible tokens (nfts) to represent ownership.
Taihuttu also hopes to mine bitcoin using solar and wind power, and then use the heat from the rig to heat the house in winter, a closed-loop system. The current work plan is to use a Decentralized Autonomous Organization (DAO) to govern the community. dao runs on blockchain technology. "We want to build a decentralized way of life, and that's the future," he said.
How to get Portuguese residency?
The process of establishing residency in Portugal is relatively simple and does not require many difficulties. EU citizens are entitled to permanent residency in Portugal, while for non-EU citizens Portugal offers several avenues for expats to obtain permanent residency, including the Portuguese Golden Visa:
The Portuguese New Deal has been officially implemented, raising the threshold for fund investment from 350,000 euros to 500,000 euros; narrowing the geographic scope of residential house-purchasing immigrants, only residential properties above 500,000 euros or refurbished residential properties above 350,000 euros. Available in inland areas, Madeira and Azores.
This means that overseas home purchase immigration will also become more stringent in the future, and price increases may become a trend. Policy dividends may be less and less in the future. It is recommended that investors who need it can prepare early, contact precision immigration, and get on the bus as soon as possible!
Portugal Golden Residence Permit Program
main applicant
Non-EU citizens over 18 years old
No criminal records
buy private health insurance
Affiliated Applicant
legal spouse
Children under the age of 18
Unmarried, studying, financially dependent children over 18 years old
Main applicant and parents of both spouses
Investment method
Fund project: 500,000 euros invested in Portugal fund
Real estate project:
350,000/500,000 EUR investment in Portuguese real estate
280,000 euros to invest in hotels in low-density areas in Portugal
According to the decree 14 issued in 2021, after January 1, 2022, the investment threshold for fund projects will increase to 500,000 euros, and the 35/500,000 euros residential property is limited to the inland areas, Madeira and the Azores Islands investment, non-residential properties are not limited to regions.
Comentarios