Does Portugal support cryptocurrency? Bitcoin & Cryptocurrency Trading in Portugal
The economic growth is supported by large companies with a worldwide reputation, but also by its sustainable tourism. Portugal is considered to be a Bitcoin-friendly country. The Portuguese financial authorities treat Bitcoin as any other currency on the market.
Is crypto trading legal in Portugal? According to the law that came into force after a 2016 ruling by the tax administration, Portugal does not consider cryptocurrencies as foreign currencies or financial assets.
Is Portugal a crypto tax haven? Portugal was previously considered a tax haven for cryptocurrency investors, in part due to an effective capital gains rate of zero. “There is no specific law, it is just a lack of regulation that led to the zero taxation in Portugal,” said Duarte.
Why is Portugal a tax haven? Portugal has what is called a non-habitual residence (NHR) tax regime. In effect, it is a program that allows qualifying individuals the opportunity to become tax residents of a “white-listed” jurisdiction and still legally eliminate their taxes on most foreign-source income.