#cryptotaxinportugal #portugalcryptotax
Crypto tax in Portugal. For more information:
Chapters:
00:04 The intro in the story about Portugal crypto tax client
00:40 Let’s talk about Portugal
01:07 Why crypto investors choose Portugal
01:38 The agent of crypto investors in Portugal
01:53 The tax and Golden visa package
02:02 Why we turned them down
02:33 Why this may not be the best solution for you
03:21 Where to find more information
03:23 Misconception about Portugal being tax-free
04:03 The conclusion and how we are different
Crypto tax in Portugal is not a topic as simple and straightforward as many crypto investors believe. Moving to Portugal or the Caribbean with the goal of saving on taxes may or may not be the right choice specifically for you.
One of the most common mistakes is the assumption that crypto trading is tax-free in Portugal.
It’s hard to have a conversation with anyone serious about investing before cryptocurrency comes up. I understand why so many people are passionate about it because the returns are rendering every other asset class as irrelevant. Understandably, nobody cares about anything else as long as crypto continues to perform as it does.
Now the Portuguese Tax & Customs Authority (PTA) announced that buying or selling cryptocurrency in Portugal is tax-free. That has led to the establishment of a pretty active crypto community here in Portugal. But as with everything to do with taxes, there are important exceptions to note. Here are the two most important exceptions –
The receipt of cryptocurrency in exchange for goods or services doesn’t change the tax treatment of the original transaction, and
Taxpayers who deal in cryptocurrency as a professional or business activity (that is, active crypto TRADERS) are still subject to some taxes.
Let’s talk about trading. As with everything in taxes, you should consult a qualified Portugal tax professional but there are several factors that determine whether one’s trading activity is professional or not.
These include:
A number of trades per day/week/month/year.
Holding period
The complexity of traded financial products
Number of trading platforms used
Debt-to-equity ratio, credit financing
Profit level and relationship to other income
Traders’ main activity
In short, cryptocurrencies in Portugal are taxable if you do it as a professional trading activity.
If you are a professional crypto investor considering Portugal or the Caribbean, you have to tread carefully, and we can help you to find the path that is most efficient specifically for you.
Our website:
Some of the articles and podcasts on crypto tax in Portugal:
Our office in the United States:
Advanced American Tax LLC
373 NE 211th Terrace,
North Miami Beach,
Florida 33179, USA
+1 305 517 7991
Zarah@AdvancedAmericanTax.com
Our office in Portugal:
HTJ Consulting Unipessoal, Lda
Av. António Augusto de Aguiar 74 R/C, Dto, 1050-018 Lisboa, Portugal
Phone in Portugal: +351 912 659 242
Email: Hanna@AdvancedAmericanTax.com
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