Bitcoin-nomad family explains move to Portugal due to tax advantages.

A Dutch family that invested all their assets in Bitcoin shared their impressions of moving to Portugal. The criterion in choosing a country was the tax policy toward cryptocurrencies.

Goooood Morning #bitcoin #cryptocurrency #blockchain lovers. A nice read for this amazing sunday morning!!

ps. Yes of course we continue our travels https://t.co/aAOWnIjgfx

— ₿ Didi Taihuttu ₿ ALLIN💥 (@Diditaihuttu) February 6, 2022

In 2017, IT specialist Didi Taihuttu sold all his possessions and, with the proceeds, purchased BTC. Together with his wife and three daughters he has travelled to about 40 countries, paying for everything with digital assets and using crypto ATMs.

According to CNBC, the family decided to settle in Portugal due to favorable taxation.

“You do not pay any capital gains tax, nor anything else in Portugal for cryptocurrency operations. It’s a very beautiful Bitcoin paradise,” noted Taihuttu.

In November 2017, Portugal’s central bank governor Hélder Rosalino said that the financial regulator did not regard Bitcoin as a currency.

Two years later, the tax authority clarified that trading and payments using digital assets are not subject to VAT.

Tax obligations in Portugal apply to companies whose activity relates to cryptocurrencies. According to Taihuttu, he provides no services in the country and does not earn income in digital assets.

“So for me, it’s 0% tax,” added the family head.

Portugal offers several ways to obtain residence, including the so-called golden visa or D7 visa. Investors are required to stay in the country for at least seven days per year.

“We don’t need to be there, and that’s wonderful. […] Yes, of course, we will continue traveling,” said Taihuttu.

Another crypto advocate, Belgian Wout Deley also sold his home, invested two-thirds of his savings in digital assets and spent several months travelling around Europe. At the start of the COVID-19 pandemic he stopped in Portugal.

“At any moment in time my bank account can show — at most — 10,000 euros. Everything else is always in cryptocurrency,” the interviewee said to the channel.

Deley added that he knows at least three Bitcoin billionaires in Portugal and another 12 people who plan to move to the country in the coming months for tax advantages.

“Everyone here has cryptocurrency. People know Bitcoin. It’s in everyone,” he said.

Taihuttu told CNBC that he plans to build his own crypto village on Portuguese soil, where land will be sold as NFTs to denote ownership. He intends to govern the community through a DAO.

“We want to build a decentralized lifestyle that the future will follow,” he stressed.

Taihuttu also intends to mine Bitcoin using solar and wind energy, and to channel the heat generated by mining devices into warming homes in winter.

Earlier, a survey by Portugal’s National Council of Financial Regulators showed that among respondents cryptocurrencies were the least popular financial instrument.

Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news, infographics and opinions.