Foreign investors have increased their appetite for purchasing real estate with cryptocurrencies in Portugal. This is due to the country’s reputation as a “tax haven” for crypto-businesses.
Buying houses with crypto is not a new topic. However, according to a current report by Idealista, rules are being revised in favor of the investors. The Order of Notaries (ON) is working on a regulation that will provide notaries with clear instructions on how to create deeds for the purchase and sale of houses in cryptocurrencies. They will also be on the lookout for any signs of money laundering.
Once the new regulation is finalized by ON, it will be possible to conduct real estate transactions using cryptocurrencies, treating this as a barter business, in which goods are exchanged for cryptocurrencies.
Portugal has always been popular among crypto investors thanks to its crypto tax reliefs. This feature is supposed to attract more crypto investors who want to secure their gains through tangible assets.
Portugal and Crypto
Portugal is among the crypto tax-friendly countries that are grasping the attention of crypto investors. This is due to the fact that crypto earnings are tax-free in the country, and cryptocurrency businesses face fewer legal and regulatory obstacles than in other countries.
Gains from the purchase and sale of cryptocurrencies are not taxed, depending on the nature of your activity. Companies that provide cryptocurrency-related services, on the other hand, are taxed on capital gains at a rate ranging from 28 to 35 percent.
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If you’re interested in buying a property with crypto in Portugal, contact us and talk to one of our experienced team members to help you with your questions.