Internet and twitter are bursting at the seams claiming that Portugal is going to heavily tax crypto from now on. Hold your horses!
What are the facts!
- The Portuguese Minister of Finance has said that they are thinking of possibly taxing cryptos. It is being considered… How, when and to what extent? That is still totally unclear.
- Portugal has been very successful in attracting rich migrants in recent decades, and the law makers are well aware of this. It is possible that cryptos could be taxed at a low fixed rate (10…15%), this would create clarity.
- Further, the legal process in Portugal takes quite a long time…. so it’s not for tomorrow yet. There is also no talk of laws in Portugal being introduced retroactively. So don’t panic…
- And the big asset is the NHR – statute which gives you 10 years tax exemption amongst other advantages for income from dividends. So trading cryptos in a company combined with the NHR statute can work wonders.
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