It’s not often we throw out a “We told you so,” but in this case we did! Have a look at this article coming out of CNBC this past weekend about how a family of cryptocurrency investors moved to Portugal due to their favorable taxation structure.
The article highlights:
Unlike the U.S., which treats virtual currency as property, taxing it in a manner similar to stocks or real property, Portugal views cryptocurrencies as a form of payment. That distinction is a game-changer with respect to taxes.
“Capital gains resulting from crypto transactions such as cashing out and crypto-to-crypto trades are not subject to personal income taxes,” explained Shehan Chandrasekera, a CPA and head of tax strategy at crypto tax software company CoinTracker.io.
This means that gains from buying or selling cryptocurrency, as with other fiat currencies, are not taxed. It also means that crypto transactions or payments, as well as the exchange of bitcoin for fiat money, are not subject to a value-added tax, or VAT.”
Read the full article from CNBC Here for more information!
Select here to sign up to receive more information about Portugal’s HQA Visa, which is a great fit for crypto investors looking to invest in a startup or start a new venture while also maintaining their crypto portfolio!
Photo by Olya Kobruseva from Pexels
