A Dutch family of five have migrated to Portugal a few days ago just because to enjoy zero tax on their Bitcoins and other cryptocurrency. Portugal is a famous tax haven for cryptocurrency.
Didi Taihuttu, patriarch of the “Bitcoin Family,” says the family is setting down roots in Portugal, Europe’s ultimate crypto tax haven. Interestingly, in 2017, this family sold their home and bought Bitcoins at the rate of $900/coin at that time. Today the value of Bitcoin is little over $40,000, which hit $70,000 record high a few months ago and then plunged to $40K level due to profit-taking and manipulations in market.
She said, “Settling down is a big deal for the Dutch family of five, who have traveled the world for the last five years. But after they spent time in 40 countries, Portugal — which is one of the last places in Europe with a 0% tax on bitcoin — was just too enticing a destination to ignore.”
“You don’t pay any capital gains tax or anything else in Portugal on cryptocurrency,” said Taihuttu. As long as you don’t earn cryptocurrency for providing services in Portugal, you’re in the clear.
“That’s a very beautiful bitcoin heaven,” he said.
In 2017, Taihuttu, his wife and three kids liquidated all they owned, trading a 2,500-square-foot house and virtually all their earthly possessions for bitcoin and a life on the road. This was back when the price of bitcoin was around $900. The world’s biggest cryptocurrency is currently trading around $41,000 after peaking at about $69,000 in November.
The Taihuttu contingent won’t disclose the exact size of their crypto nest egg. But Taihuttu says he safeguards the family’s crypto fortune in secret vaults on four different continents, so presumably their crypto stake is substantial enough to make it worth having to fly across the globe to redeem their decentralized cash.
With that kind of crypto stake, the tax perks in Portugal are certainly a big draw, though it doesn’t hurt that the country offers a safe and pleasant way of life. In 2021, the country ranked fourth on the Global Peace Index, and it tops the list of best countries for expats.
The Bitcoin Family isn’t alone in making the move to the Iberian Peninsula. The 2021 population census in Portugal shows that the number of foreign residents increased by 40% in the last decade.
Taihuttu’s siblings may also make the move. His brother and sister are selling their houses and investing that cash into bitcoin.
“We will all be traveling together as one big bitcoin family which is, of course, really cool,” said Taihuttu, 43.
