Portugal: A Bitcoin Investor’s Paradise?

Bitcoin’s decentralized nature is one of its most exciting features, but after centuries of top-down control many governments are less than thrilled with losing their ability to manipulate the money supply.

That’s why dozens of countries around the world have already begun regulating cryptocurrencies like Bitcoin while countless others are in the process.

This wave of regulation has left many Bitcoin investors wondering where they should settle down and if they’re going to take full advantage of crypto’s benefits, they’ll need to find a home that offers crypto-friendly laws and reliable broadband access.

Having a low cost of living and a moderate climate wouldn’t hurt either.

That’s why more and more crypto investors are eyeing Portugal as a potential Bitcoin paradise.

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Portugal is already on the list of the 10 most attractive European countries for foreign direct investment. Most investors surveyed said they believed Portugal would become even more attractive over the next three years.

Portugal: A Bitcoin Investor’s Paradise?

This makes complete sense when you consider the growing buzz around Lisbon and Porto’s tech industries. Someone doesn’t have to be a crypto enthusiast to see that Portugal is a desirable destination for investors.

But when you begin to look at the crypto side of things, Portugal stands out even more.

In 2016, the Portuguese government ruled that cryptocurrencies like Bitcoin shouldn’t be treated like legal tender and as a result, they’re not taxable. This means that someone can receive payment in Bitcoin, then turn around and spend it – without having to pay a single cent to the government. Regulations don’t get much friendlier to the crypto industry than that.

This openness to cryptocurrencies has already attracted numerous entrepreneurs and startups to Portugal. Bitcoin ATMs are popping up throughout major cities.

Portugal: A Bitcoin Investor’s Paradise?

A growing number of businesses in Portugal are accepting BTC and some localities are even allowing residents to pay their energy bills with it. Tens of thousands of people in Portugal are already embracing the Bitcoin revolution and so there’s no sign of the government hitting the brakes on things any time soon.

One of the other things that makes Portugal such an attractive destination for Bitcoin investors around the world is the ease with which they can become a citizen.

Residents of the European Union have the right to permanent residency by virtue of their EU citizenship. But even those from outside the EU can make Portugal their homebase without jumping through too many hoops.

Portugal offers expatriates multiple paths to residency, including a variety of traditional visas. This is the route that Didi Taihuttu, the father of the well-known ‘Bitcoin Family’, took several years ago when he left his native Netherlands to settle down in Bitcoin-friendly Portugal.

He and his family famously sold everything they had in 2017 and invested it all in Bitcoin. At the time, the cryptocurrency was valued at $900. It’s currently trading around $40,000.

When he was asked why he chose Portugal as his home base, he didn’t mince words:

“You don’t pay any capital gains tax or anything else in Portugal on cryptocurrency. That’s a very beautiful bitcoin heaven.”