Please note that if your main income comes from trading you will need to pay taxes.
Topic: Relocating to Portugal (Read 412 times)
i will just add my question here as it's related:
1. if i move to Portugal next year without a job and live off savings for a few months but trade crypto on the side, does that then count as income and will be taxed?
2. in an alternative scenario, i will move to Portugal but will have a remote job and trade crypto on the side, do i still need to report my trades ?
would appreciate any help!
1. if i move to Portugal next year without a job and live off savings for a few months but trade crypto on the side, does that then count as income and will be taxed?
2. in an alternative scenario, i will move to Portugal but will have a remote job and trade crypto on the side, do i still need to report my trades ?
would appreciate any help!
In a nutshell, think like this:
- If it is to be a source of income, ie business, then you will have to declare and probably pay taxes.
- If you have another source of income, and do it privately. You do not have to declare or pay taxes.
i will just add my question here as it's related:
1. if i move to Portugal next year without a job and live off savings for a few months but trade crypto on the side, does that then count as income and will be taxed?
2. in an alternative scenario, i will move to Portugal but will have a remote job and trade crypto on the side, do i still need to report my trades ?
would appreciate any help!
1. if i move to Portugal next year without a job and live off savings for a few months but trade crypto on the side, does that then count as income and will be taxed?
2. in an alternative scenario, i will move to Portugal but will have a remote job and trade crypto on the side, do i still need to report my trades ?
would appreciate any help!
hi, based on what your saying, I assume that you will be most probably considered a professional trader and you will have to pay taxes, since you don't have a job you will have to provide evidence that you have the ability to sustain yourself, and for that you will have to say that you trade and since trading will be your main activity them it's most probably considered professional trading, makes sense?
I will suggest you that you contact a lawyer to help clarify your specific situation and you will have a professional recommendation before taking any decision
but this is my interpretation to try to help you, you might want to confirm with a professional in this area, I recently saw a video of Maria Ana Pescadinha from MAP Advogados about this and it is really good.
i will just add my question here as it's related:
1. if i move to Portugal next year without a job and live off savings for a few months but trade crypto on the side, does that then count as income and will be taxed?
2. in an alternative scenario, i will move to Portugal but will have a remote job and trade crypto on the side, do i still need to report my trades ?
would appreciate any help!
1. if i move to Portugal next year without a job and live off savings for a few months but trade crypto on the side, does that then count as income and will be taxed?
2. in an alternative scenario, i will move to Portugal but will have a remote job and trade crypto on the side, do i still need to report my trades ?
would appreciate any help!
Of course that your tax affiliation/residence must be portuguese to take advantage of our regulations.
For now there is a bunch of people that are moviing here because we do not need to pay any taxes, as long as we do not trade/mine them professionaly. In the end, this just means that as long as you do not work with crypto as a part of a company, all good and no worries. We are not expectating any changes soon, tbh.
I always feel kind of sorry and pitty while reading all those dramas that people have regarding crypto-taxes, tbh. Can´t imagine myself living in a country with such taxes and nightmare.
I always feel kind of sorry and pitty while reading all those dramas that people have regarding crypto-taxes, tbh. Can´t imagine myself living in a country with such taxes and nightmare.
Thanks alot for your reply:)
So the taxation now is most likely a temporary thing?
https://www.forbes.com/sites/kellyphillipserb/2019/09/19/portugal-tax-authorities-clarify-that-buying-or-selling-cryptocurrency-is-tax-free/
Do you reckon the tax department come with a statement like this if they were to change it any time soon?
Thx for any input:)
So the taxation now is most likely a temporary thing?
https://www.forbes.com/sites/kellyphillipserb/2019/09/19/portugal-tax-authorities-clarify-that-buying-or-selling-cryptocurrency-is-tax-free/
Do you reckon the tax department come with a statement like this if they were to change it any time soon?
Thx for any input:)
I don't believe it's going to change anytime soon.
Thanks alot for your reply:)
So the taxation now is most likely a temporary thing?
https://www.forbes.com/sites/kellyphillipserb/2019/09/19/portugal-tax-authorities-clarify-that-buying-or-selling-cryptocurrency-is-tax-free/
Do you reckon the tax department come with a statement like this if they were to change it any time soon?
Thx for any input:)
So the taxation now is most likely a temporary thing?
https://www.forbes.com/sites/kellyphillipserb/2019/09/19/portugal-tax-authorities-clarify-that-buying-or-selling-cryptocurrency-is-tax-free/
Do you reckon the tax department come with a statement like this if they were to change it any time soon?
Thx for any input:)
Crypto trading/investment as a private citizen isn't really tax exempt, we don't have to pay taxes because it is a new thing and there is no category for us to declare any profits or holdings, we don't have to pay because of regulators laziness/ignorance.
Portugal will most likely adopt EU directives in this regard.
You only need to pay if you're doing it at a professional or enterprise level.
If trading is main occupation it will be seen as doing it at professional level, so taxes need to be paid.
Portugal will most likely adopt EU directives in this regard.
You only need to pay if you're doing it at a professional or enterprise level.
If trading is main occupation it will be seen as doing it at professional level, so taxes need to be paid.
I am an Eu citizen thinking about moving to Portugal after their newly released statement regarding taxation on crypto.
Can anyone disclose to me if I need a job in someway in the country and trade crypto as a "hobby", for it to be taxfree?,
or can I simply move there, get a residence permit and trade crypto as a private person and be tax exempt?.
All advice are very welcome and if anyone could recommend a tax advisor or accountant I would be very grateful.
Thanks in advance
Can anyone disclose to me if I need a job in someway in the country and trade crypto as a "hobby", for it to be taxfree?,
or can I simply move there, get a residence permit and trade crypto as a private person and be tax exempt?.
All advice are very welcome and if anyone could recommend a tax advisor or accountant I would be very grateful.
Thanks in advance
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