“Bitcoin household” Taihuttus immigrated to the crypto tax haven Portugal because of a 0% tax on cryptocurrencies, CNBC reported on Feb. 6.
After travelling to 40 totally different nations in 5 years, the Dutch household of 5 selected Europe to place down roots in Portugal, the place no taxes on bitcoin are required.
Didi Taihuttu, the patriarch of the so-called “Bitcoin household”, mentioned that Portugal is a really lovely Bitcoin paradise, including that:
“You don’t pay any capital positive factors tax or the rest in Portugal on cryptocurrency.”
In 2017, Taihuttu, his spouse and three kids liquidated all of their property, shopping for bitcoin with a 2,500-square-foot home and practically all of their possessions. Since then I’ve lived a lifetime of world journey.
The Taihuttu household has not disclosed the overall quantity of the cryptocurrency reserves they maintain. In 2017, the value of bitcoin was solely round $900, and in November final 12 months, the value of bitcoin rose to its present all-time excessive of $69,000.
This worth has multiplied 76 occasions to the earlier worth. Because of this, presumably, their cryptocurrency holdings are substantial sufficient to scour the globe for decentralized money that may redeem them.
Taihuttu added their household, his siblings can also take motion by Promoting their homes and investing that money in Bitcoin.
“In case you earn cryptocurrency by offering providers in Portugal, it is advisable pay tax on these cryptocurrencies, however I don’t earn something, for the time being, in Portugal. So for me, it’s 0% tax,” mentioned Taihuttu.
In contrast to america, which treats digital currencies as property and taxes them in a way just like shares or actual property, Portugal treats cryptocurrencies as a type of fee.
This distinction is a game-changer when it comes to taxation, attracting many cryptocurrency traders.
Picture supply: Didi Taihuttu