Buying a house with 100% Bitcoin is possible in Portugal - page 3.

Litzki1990

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Quote from: Rigon on May 26, 2023, 06:34:04 AM

Quote from: Litzki1990 on May 13, 2023, 05:07:56 AM

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A few days ago, El Salvador added a new currency in addition to the currency of their country, the US dollar, that currency is Bitcoin. And they have the facility to transact directly through Bitcoin to purchase various things in their country. That is, if we consider all these things, we can understand how much the popularity of Bitcoin is increasing day by day.

Today we saw in a news that Bitcoin tower will be built in Dubai. If the Bitcoin tower is built in Dubai then surely we can say that the popularity of Bitcoin has reached its peak. If successful in building the Bitcoin Tower in Dubai, Bitcoin will be officially launched. So from here we can say that Bitcoin has gained a lot of popularity.

Dubai is one of the most modern cities. Most of the luxury people of the world usually visit this city. If a Bitcoin tower can be established in Dubai, then only through that one Bitcoin tower can a huge global campaign about Bitcoin be possible. Tourists who are going to travel to Dubai will be curious to know about Bitcoin. When they are interested to know about Bitcoin, different aspects of Bitcoin may appeal to them, which will make them interested in doing transactions through Bitcoin, and thus gradually the transaction system through Bitcoin. will be very popular worldwide.

joker_josue

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Quote from: Porfirii on May 26, 2023, 07:46:48 AM

Linked to the title of this thread, some people do this and buy a house in Portugal directly, but others simply move there for 6 months to withdraw and buy the house in Spain. Here, as long as you paid your taxes, you can also buy the house with Bitcoin (a colleague from the Spanish board did it).

Yeah, they should more or less follow the same rules.
From there, you can do things with Bitcoin, what may change later is the taxes and the procedural form.

Porfirii

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Quote from: joker_josue on May 25, 2023, 10:08:46 AM

Quote from: Porfirii on May 25, 2023, 08:27:41 AM

I remember a couple of TV programmes explaining the situation, with interviews to not only Spaniards but people from other countries too, who were living in Portugal for a few months and/or buying houses there. There was even an agency with travel plans etc. so they managed everything and holders simply enjoyed their vacations.

I know that there are agencies that help in this process. But I had no idea that Spaniards linked to crypto were coming here. The fine is also usually discreet and therefore ends up being normal.

I also believe that most of these people don't come to more urban areas, like Lisbon. Prefer to stay in Alentejo and Algarve (warmer weather and better beaches).

I guess that this is because, between Portugal and El Salvador, the former is much nearer from us and the language is not a big problem either Tongue

.

As far as I know, yes, people tend to go more to coastal or touristic areas rather than the city. The plan normally is to go there and enjoy while others take care of their business and amusement for 6 months in some good paid holidays, much cheaper than simply staying at home in their homeland.

Linked to the title of this thread, some people do this and buy a house in Portugal directly, but others simply move there for 6 months to withdraw and buy the house in Spain. Here, as long as you paid your taxes, you can also buy the house with Bitcoin (a colleague from the Spanish board did it).

Rigon

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Quote from: Litzki1990 on May 13, 2023, 05:07:56 AM

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A few days ago, El Salvador added a new currency in addition to the currency of their country, the US dollar, that currency is Bitcoin. And they have the facility to transact directly through Bitcoin to purchase various things in their country. That is, if we consider all these things, we can understand how much the popularity of Bitcoin is increasing day by day.

Yes the popularity of Bitcoin is increasing day by day. At one time people did not know Bitcoin well. Now everyone is starting to bring Bitcoin to the forefront of transactions. Due to corruption in various bank ditches people are now starting to invest in Bitcoin. From here we can see how popular Bitcoin has become to people. Today we saw in a news that Bitcoin tower will be built in Dubai. If the Bitcoin tower is built in Dubai then surely we can say that the popularity of Bitcoin has reached its peak. If successful in building the Bitcoin Tower in Dubai, Bitcoin will be officially launched. So from here we can say that Bitcoin has gained a lot of popularity.

joker_josue

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Quote from: Porfirii on May 25, 2023, 08:27:41 AM

I remember a couple of TV programmes explaining the situation, with interviews to not only Spaniards but people from other countries too, who were living in Portugal for a few months and/or buying houses there. There was even an agency with travel plans etc. so they managed everything and holders simply enjoyed their vacations.

I know that there are agencies that help in this process. But I had no idea that Spaniards linked to crypto were coming here. The fine is also usually discreet and therefore ends up being normal.

I also believe that most of these people don't come to more urban areas, like Lisbon. Prefer to stay in Alentejo and Algarve (warmer weather and better beaches).

Porfirii

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Quote from: joker_josue on May 25, 2023, 07:55:36 AM

Quote from: Porfirii on May 25, 2023, 07:42:45 AM

As we are neighbours, this exemption is well known here in Spain, and some Spanish bitcoiners have already temporarily emigrated to the Portuguese country.

Interesting! I had no idea about this situation.

But have you been buying a house in Portugal or are you just renting?

Neither one nor the other: I'm living in Spain and have no plans to emigrate long-term, but among those who know Bitcoin relatively well in Spain it is known that, if you stay more than 6 months in Portugal, you pay your taxes there, and since gains from cryptos are not a taxable event there, you can withdraw/exchange for fiat for free.

I remember a couple of TV programmes explaining the situation, with interviews to not only Spaniards but people from other countries too, who were living in Portugal for a few months and/or buying houses there. There was even an agency with travel plans etc. so they managed everything and holders simply enjoyed their vacations.

joker_josue

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Quote from: Porfirii on May 25, 2023, 07:42:45 AM

As we are neighbours, this exemption is well known here in Spain, and some Spanish bitcoiners have already temporarily emigrated to the Portuguese country.

Interesting! I had no idea about this situation.

But have you been buying a house in Portugal or are you just renting?

Porfirii

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Quote from: add1ct3dd on May 24, 2023, 03:25:59 PM

Quote from: rarkjames on May 14, 2023, 09:49:29 AM

I will do some research when I have some more time later today, as I would like to see how it would benefit me as a foreign to buy a home there using bitcoin. The home prices in Portugal are much more affordable than the home prices in New York.

I think all the benefits that you might get using Bitcoin to buy a property in Portugal being a foreigner is the difference in the prices of properties in your country and Portugal as you said. Properties in New York would obviously be much more expensive considering it is one of the busiest and in-demand cities of the world today.

You will still be paying taxes and everything even if you make the transaction using Bitcoins as described by OP in an earlier post. So your benefit will be that you will be saving a good chunk of money on the property based on its price.

Yes, but still no. The good chunk of money you'll be saving doesn't come from the price of the property being lower in Portugal (compared to NYC I agree, but compared to most countries in the world, Portugal is more expensive, it's not an underdeveloped country), but because the gains are not a taxable event there.

If you bought 10 BTC at 50 EUR each, hodled, and now you buy a house with these 10 BTC, you only have to pay the regular taxes anyone must pay (VAT, licenses, property registration fees...) but not for the gains anymore, whether you live there or not. This doesn't happen in most countries, where you should pay not only for the purchase of the house, but for the gains also:

10 BTC * 50€ = 500€ price @ you bought.
10 BTC* 27.000€ = 270.000€ price @ you sell.
270.000€ - 500€ = 265.500€ your capital gains.
265.500* 25%¹ = 66.375€ in taxes you should pay otherwise, but not in Portugal.

¹(25% is just an example and varies between countries)

As we are neighbours, this exemption is well known here in Spain, and some Spanish bitcoiners have already temporarily emigrated to the Portuguese country.

add1ct3dd

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Quote from: rarkjames on May 14, 2023, 09:49:29 AM

I will do some research when I have some more time later today, as I would like to see how it would benefit me as a foreign to buy a home there using bitcoin. The home prices in Portugal are much more affordable than the home prices in New York.

I think all the benefits that you might get using Bitcoin to buy a property in Portugal being a foreigner is the difference in the prices of properties in your country and Portugal as you said. Properties in New York would obviously be much more expensive considering it is one of the busiest and in-demand cities of the world today.

You will still be paying taxes and everything even if you make the transaction using Bitcoins as described by OP in an earlier post. So your benefit will be that you will be saving a good chunk of money on the property based on its price.

jostorres

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Quote from: Litzki1990 on May 13, 2023, 05:07:56 AM

We can not only use Bitcoin as an investment platform but we can also use Bitcoin for other purposes or transactions. Two gentlemen from Portugal have proved that large transactions are possible with Bitcoin. Bitcoin is not the only digital currency now but Bitcoin has been announced as an alternative currency of a country.

A few days ago, El Salvador added a new currency in addition to the currency of their country, the US dollar, that currency is Bitcoin. And they have the facility to transact directly through Bitcoin to purchase various things in their country. That is, if we consider all these things, we can understand how much the popularity of Bitcoin is increasing day by day.

Bitcoin was never meant to be an investment asset, it was created to be a currency that will be an alternative to traditional currencies and provide decentralization to its users unlike the fiat currencies which are centralized and are in total control of traditional financial institutions for centuries and nothing has ever changed.

Large transactions are of course possible using Bitcoin but it is only a matter of allowance and acceptance within the country where you and the seller live in. Portugal seems to be pretty friendly so far with cryptocurrency deals, and I hope that it continues to be that way.

rarkjames

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I will do some research when I have some more time later today, as I would like to see how it would benefit me as a foreign to buy a home there using bitcoin. The home prices in Portugal are much more affordable than the home prices in New York.

joker_josue

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Quote from: rarkjames on May 14, 2023, 12:11:51 AM

I wonder does the tax breaks extend to only citizens of Portugal or can foreigners also benefit from the tax exemptions on the home purchases?

Most home buying is not tax free.

Either way, foreigners also benefit from the same conditions. In some cases, depending on the investment made, they may even have benefits.

rarkjames

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I wonder does the tax breaks extend to only citizens of Portugal or can foreigners also benefit from the tax exemptions on the home purchases?

Litzki1990

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Quote from: savetheFORUM on April 17, 2023, 05:11:09 AM

Quote from: Litzki1990 on April 15, 2023, 09:11:13 AM

Buying and selling a house through Bitcoin is a great news for us. I would like to thank the two gentlemen who have undertaken this noble initiative. I am very happy and motivated to read this news.

When someone dreams about something, it feels really good when someone else realizes his dream. I also have some plans for Bitcoin. If I can implement that plan then I will be very happy.

The two men behind the purchase and sale of the house in Portugal have a strong faith in Bitcoin, which is why they took such a big decision. Their decision is really commendable.

It's definitely good for Bitcoin and cryptocurrencies in general since it made it to the news and that will trigger more adoption or will at least spread more awareness among Bitcoin illiterate people of Portugal or any country in the world where the news is seen. Such events and trades are proof that Bitcoin can be used as a currency to buy things and isn't just an investment asset anymore.

The world around us mostly thinks that Bitcoin is nothing else than an investment opportunity while they lack the knowledge that Bitcoin wasn't created to be a store of wealth but was created to be a peer-to-peer money-transferring digital currency that is decentralized.

We can not only use Bitcoin as an investment platform but we can also use Bitcoin for other purposes or transactions. Two gentlemen from Portugal have proved that large transactions are possible with Bitcoin. Bitcoin is not the only digital currency now but Bitcoin has been announced as an alternative currency of a country.

A few days ago, El Salvador added a new currency in addition to the currency of their country, the US dollar, that currency is Bitcoin. And they have the facility to transact directly through Bitcoin to purchase various things in their country. That is, if we consider all these things, we can understand how much the popularity of Bitcoin is increasing day by day.

joker_josue

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Quote from: jostorres on May 13, 2023, 03:12:51 AM

It's pretty surprising how the authorities in Portugal are yet to impose any taxes or many regulations for the usage of cryptocurrencies, especially with real estate transactions increasing over time. We all know how serious authorities take the transactions and taxes when it comes to real estate, if people are able to easily make deals using cryptocurrencies, it's great.

But even if you buy real estate using bitcoin, you have to pay all the taxes equivalent to a purchase made using fiat.
On the day of the deed, the exchange of the amounts involved is calculated, then the taxes on these amounts are calculated, which the buyer/seller will then have to pay in fiat.

jostorres

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Quote from: joker_josue on May 12, 2023, 06:31:35 AM

Quote from: bayu7adi on May 12, 2023, 03:41:41 AM

It is truly fascinating to delve into the intersection of Portugal and Bitcoin as discussed in various online media outlets. In fact, rumor has it that a significant number of immigrants from countries such as Italy and France have flocked to Portugal to bask in the liberty of utilizing cryptocurrency without incurring any tax liabilities. Can it be surmised that Portugal lacks regulations that govern the taxation of cryptocurrency?

Additionally, I would be most intrigued to ascertain the degree to which Bitcoin has been adopted as a mainstream means of purchasing real estate. If you could provide me with an estimate, expressed in percentage terms, of the number of homes purchased in Portugal through Bitcoin, it would be greatly appreciated. What is the estimated percentage of real estate transactions in Portugal that utilize Bitcoin as a means of payment?

In one year at least 13-15 properties were purchased using cryptocurrencies.

Perhaps within a year or two, with changes in the rules of the European Union, changes in taxation may arise, but for now no changes are foreseen.

It's pretty surprising how the authorities in Portugal are yet to impose any taxes or many regulations for the usage of cryptocurrencies, especially with real estate transactions increasing over time. We all know how serious authorities take the transactions and taxes when it comes to real estate, if people are able to easily make deals using cryptocurrencies, it's great.

But as you said, I doubt it will be the case for very long, and they will probably start imposing rules and regulations soon for any transactions or deals made using Bitcoin or any other cryptocurrency in general.

bitbollo

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Nice catch for Portugal!
However one of the first country or probably the first country in the world that allow these kind of transaction is Italy since 2017 123 Apartments in Rome were available with crypto.
https://www.wired.it/economia/finanza/2017/04/05/prima-casa-bitcoin/
It's interesting there are these opportunities available, but I have not find any update about number of houses sold during these years.

joker_josue

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Quote from: bayu7adi on May 12, 2023, 03:41:41 AM

It is truly fascinating to delve into the intersection of Portugal and Bitcoin as discussed in various online media outlets. In fact, rumor has it that a significant number of immigrants from countries such as Italy and France have flocked to Portugal to bask in the liberty of utilizing cryptocurrency without incurring any tax liabilities. Can it be surmised that Portugal lacks regulations that govern the taxation of cryptocurrency?

Additionally, I would be most intrigued to ascertain the degree to which Bitcoin has been adopted as a mainstream means of purchasing real estate. If you could provide me with an estimate, expressed in percentage terms, of the number of homes purchased in Portugal through Bitcoin, it would be greatly appreciated. What is the estimated percentage of real estate transactions in Portugal that utilize Bitcoin as a means of payment?

In one year at least 13-15 properties were purchased using cryptocurrencies.

Perhaps within a year or two, with changes in the rules of the European Union, changes in taxation may arise, but for now no changes are foreseen.

bayu7adi

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It is truly fascinating to delve into the intersection of Portugal and Bitcoin as discussed in various online media outlets. In fact, rumor has it that a significant number of immigrants from countries such as Italy and France have flocked to Portugal to bask in the liberty of utilizing cryptocurrency without incurring any tax liabilities. Can it be surmised that Portugal lacks regulations that govern the taxation of cryptocurrency?

Additionally, I would be most intrigued to ascertain the degree to which Bitcoin has been adopted as a mainstream means of purchasing real estate. If you could provide me with an estimate, expressed in percentage terms, of the number of homes purchased in Portugal through Bitcoin, it would be greatly appreciated. What is the estimated percentage of real estate transactions in Portugal that utilize Bitcoin as a means of payment?

joker_josue

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Quote from: cydrix on May 05, 2023, 09:44:31 AM

Portugal is a great place to buy a house with bitcoins because it accepts cryptocurrencies well, treats bitcoin as a form of payment and as a fully tax-exempt asset, came in first place in a survey of the best places to live last year for one of the sites, is a good place to buy real estate and live in it, and is working to become one of the most technologically advanced European nations.

At the moment, taxes are already paid on capital gains in crypto, but with some advantages.

It is only taxed on the crypto you buy in the previous year. If you don't buy anything and sell it after two years, you no longer pay any tax.

Topic: Buying a house with 100% Bitcoin is possible in Portugal - page 3. (Read 1977 times)