![]() Millenium BCP and Activobank are two such banks that are alleged to have blocked cryptocurrency transactions. However, some banks in the past few years have been known to block transactions of Bitcoin and other cryptocurrencies, supposedly after allegations of fraud. In theory, all banks in Portugal accept Bitcoin, as it has been officially declared by the Portuguese financial authorities as the same as any other currency. For those who prefer to use a Portugal Bitcoin ATM, there are two located in Lisbon. One of the easiest ways to acquire Bitcoin is through online exchange platforms such as Kraken or Coinbase. Take a look at our guide for more information about the scheme. Tax is usually paid on a sliding scale in Portugal, although those who declare tax residency in the country can also benefit from the NHR regime, which allows individuals of high cultural and economic worth to enjoy lucrative tax reductions and exemptions. Portugal’s non-habitual resident tax regime (NHR) should also be of interest to Bitcoin traders. It is also important to note that Portugal has no tax on inheritance, wealth, or gift tax for residents. Payments in Bitcoin to individuals in Portugal are also not taxed, however, any companies who deal in Bitcoin will be liable to tax on capital gains (paid on a scale between 28% and 35%). ![]() This means that any gains made from the purchase or sale of Bitcoin are not taxed, nor is the exchange of Bitcoin for other currencies. Profit from the sale of products for BitcoinĪccording to the Portuguese tax authorities, the exchange of Bitcoin “constitutes an on-demand, VAT-free exercise of services”.Profit from the commission charged in services for the acquisition of Bitcoin.Gains from the sale and purchase of Bitcoin.Portugal bitcoin taxīitcoin can generate income in a variety of different ways, as with any other currency: In it, the financial authorities affirm that Bitcoin will be treated the same as any other currency. An official statement was given to a company planning to begin mining Bitcoin in the country, which was then subsequently published in the Journal de Negocios. Yes, recent clarification has confirmed the legal status of Bitcoin by the Portuguese tax authorities ( Autoridade Tributária e Aduaneira). This document from 2016 (PDF in Portuguese) defines the official treatment of cryptocurrency in Portugal. Specific legislation on Bitcoin has been left for individual member-states to define. Official EU guidance on cryptocurrency stipulates that gains from buying or selling Bitcoin should not be subject to tax. Officially, Portugal follows EU guidelines on cryptocurrency regulation, however, until last year there had been no official communication on official guidelines on Bitcoin. The law in Portugal in regards to cryptocurrency.Recent clarification on the treatment of cryptocurrency in Portugal means that the small Western European nation is now also leading the way in terms of Bitcoin. Government incentives and careful planning have bolstered the country’s economy, creating a stable environment for companies and individual traders. ![]() In recent years, Portugal has sought to position itself not only as a tourist destination offering up sunshine and beautiful beaches but also as a serious contender for one of Europe’s most innovative centers for new businesses.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |