Portugal will be "hodling friendly" - page 2.

joker_josue

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Quote from: Cryptock on October 10, 2022, 04:54:17 PM

Oh Gosh - 28% tax

This is the rate paid in Portugal for capital gains on investments in assets (stock exchange and similar). So they would hardly create a tax below 28% for cryptocurrencies. The fact that this tax is only valid for capital gains realized in the year of purchase of the cryptocurrency, allows the person to hold without selling the currency, until that year passes.
I think that was an adequate measure, for a country that until now was tax-free on crypto.

Quote from: famososMuertos on October 10, 2022, 04:38:26 PM

That said Portugal has always been on the threshold of friendly zones, so to speak, I have been looking for what The Bitcoin Family (Taihuttu) think about this but I have not seen anything official.

The matter is very recent, these measures were announced today, so it's normal that they haven't said anything yet.
Another interesting point is that they must have Bitcoin with much more than a year in their wallet. Therefore, it will not be difficult for them to overcome this rule, with some ease.

samcrypto

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Quote from: sheenshane on October 10, 2022, 06:02:14 PM

Quote from: KennyR on October 10, 2022, 05:05:16 PM

This is quite common range of taxation. I don't find this to be big, because every country have got its own taxation. Many countries add it to the list of investment and not into currency/assets. The capital gains taxation on different countries are found higher than this. In Belgium it is found to be 33% and in India it is 30% and it continues with 1% tds. The sad part, Portugal being one of the country that have been into the list having tax exemption for cryptocurrency apart from the business profits adding 28% tax.

I tend to agree and based on this Cointelegraph article which is the worse country for crypto taxation was in Belgium.

This is good news, more adoption and taxation implementation mean it will cause more transactions and also more holders as well. The basic law of increasing the Bitcoin price was in the demand and the supply which is no doubt this will likely happen in the future.

This means they fully accept crypto and consider this as legal tender right? This could be a good start of a mass adoption and having that tax can be good at some point, though holding longer can always be a good benefit for the investors. Some countries really have a huge tax with cryptocurrency, we’re still lucky that our country is still a tax free for a crypto profit, regulations might begin to strict though as many banks started to show their interest with crypto.

sheenshane

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Quote from: KennyR on October 10, 2022, 05:05:16 PM

This is quite common range of taxation. I don't find this to be big, because every country have got its own taxation. Many countries add it to the list of investment and not into currency/assets. The capital gains taxation on different countries are found higher than this. In Belgium it is found to be 33% and in India it is 30% and it continues with 1% tds. The sad part, Portugal being one of the country that have been into the list having tax exemption for cryptocurrency apart from the business profits adding 28% tax.

I tend to agree and based on this Cointelegraph article which is the worse country for crypto taxation was in Belgium.

This is good news, more adoption and taxation implementation mean it will cause more transactions and also more holders as well. The basic law of increasing the Bitcoin price was in the demand and the supply which is no doubt this will likely happen in the future.

Hydrogen

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Portugal recently implemented a digital nomad VISA to make it easier for whales earning internet revenue to travel to and reside in the country.

Quote

Portugal’s new digital nomad visa just made working remotely from a European beach easier

When you think "digital nomad," you might immediately think about tropical destinations.

But the trend has also been growing in Europe, and Portugal just announced a new digital nomad scheme that will open for applications this month.

The government confirmed last week that from Oct. 30, workers from any countries that aren't part of the European Union or European Economic Area can apply for the remote work and residency visa.

Proof of tax residency, employment details, such as a contract, and evidence of workers' income will be required.

Applicants will also need to be earning at least four times as much as the Portuguese national wage. That is currently 822 euros ($798), so the minimum monthly income for digital nomads would be around 3,288 euros.

https://www.msn.com/en-us/travel/news/portugal-e2-80-99s-new-digital-nomad-visa-just-made-working-remotely-from-a-european-beach-easier/ar-AA12NjO9

Spain also recently implemented a similar digital nomad VISA program.

I would guess countries like puerto rico are having success as popular financial safe havens for americans migrating abroad.

Enough so that european nations are implementing measures to emulate their success.

coolcoinz

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Great news!

Quote from: Cryptock on October 10, 2022, 04:54:17 PM

Oh Gosh - 28% tax

It's not much since you can hold for a year and get 0%, pretty much like in Germany. I find this to be a fair tax, as many countries have close to 20% income tax that you pay regardless of whether you're a holder or a trader.

What would you rather have? 28% if you sell in less than a year, or 20% flat tax without exceptions?

KennyR

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Quote from: Cryptock on October 10, 2022, 04:54:17 PM

Quote from: famososMuertos on October 10, 2022, 04:38:26 PM

I think that it is the irremediable line to follow in many countries, but the thought has to be maintained, people must know that they give up at will a right that due to the condition of ideas within bitcoin they should not, but that in today's society and of which we depend we must yield.

That said Portugal has always been on the threshold of friendly zones, so to speak, I have been looking for what The Bitcoin Family (Taihuttu) think about this but I have not seen anything official.

Oh Gosh - 28% tax
I think the gov should give waver to them for they help themselves and the country - I am impressed the way Nigeria and Philippines has worked on the crypto - they have helped the locals and locals have helped bringing the revenus to the country

This is quite common range of taxation. I don't find this to be big, because every country have got its own taxation. Many countries add it to the list of investment and not into currency/assets. The capital gains taxation on different countries are found higher than this. In Belgium it is found to be 33% and in India it is 30% and it continues with 1% tds. The sad part, Portugal being one of the country that have been into the list having tax exemption for cryptocurrency apart from the business profits adding 28% tax.

Cryptock

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Quote from: famososMuertos on October 10, 2022, 04:38:26 PM

I think that it is the irremediable line to follow in many countries, but the thought has to be maintained, people must know that they give up at will a right that due to the condition of ideas within bitcoin they should not, but that in today's society and of which we depend we must yield.

That said Portugal has always been on the threshold of friendly zones, so to speak, I have been looking for what The Bitcoin Family (Taihuttu) think about this but I have not seen anything official.

Oh Gosh - 28% tax
I think the gov should give waver to them for they help themselves and the country - I am impressed the way Nigeria and Philippines has worked on the crypto - they have helped the locals and locals have helped bringing the revenus to the country

famososMuertos

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I think that it is the irremediable line to follow in many countries, but the thought has to be maintained, people must know that they give up at will a right that due to the condition of ideas within bitcoin they should not, but that in today's society and of which we depend we must yield.

That said Portugal has always been on the threshold of friendly zones, so to speak, I have been looking for what The Bitcoin Family (Taihuttu) think about this but I have not seen anything official.

joker_josue

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Activity: 1722

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**In BTC since 2013**

Today the Study Budget for 2023 was delivered for Portugal.

And with the novelty of cryptoassets (coins, NFTs and the like) they are now taxed at 28%. Shocked

But, there is a "good" but! Wink

This fee will only be on the capital gains of crypto-assets “held for a period of less than one year”. Profits made by crypto assets obtained for more than 365 days are exempt from taxation.

The main points are:

Quote

The main novelty concerns the gains obtained with crypto-assets held for less than a year, as is the case with the profits generated by the sale of cryptocurrencies such as bitcoin. The regime, which is similar to that of shares, implies that taxpayers have to declare these operations and pay a 28% IRS tax, or opt for aggregation.

If the assets are held for more than one year, these earnings are exempt. On this point, the proposal's articles clarifies that, for this count, the holding period of crypto assets acquired before the date of entry into force of the new regime is also accounted for.

Still in terms of the IRS, the Government proposes “the taxation of income from operations with crypto-assets such as business and professional income”. Here, other activities are included, such as cryptocurrency mining and cryptocurrency issuance.

The budget will now be debated in parliament and then it will have to be approved.
Since the government has an absolute majority, it will certainly pass. Of course, there may still be some adjustment regarding these measures.

Source (in PT): https://eco.sapo.pt/2022/10/10/ganhos-com-criptomoedas-detidas-por-menos-de-um-ano-vao-pagar-28-em-irs/

Topic: Portugal will be "hodling friendly" - page 2. (Read 243 times)