Oddbean new post about login | logout #Portugal 🇵🇹 has changed its #tax policy for #Bitcoin enthusiasts and it is not good news 😢. The country used to be a tax-friendly jurisdiction for crypto investors, but now it is imposing capital gains tax and even an exit tax on them 😱. This means that if someone wants to leave Portugal and move their crypto assets to another country, they will have to pay a hefty tax on them 💸. This has discouraged many people from investing in Portugal's economy and some have decided to pack their bags and leave 🛫. One of them said: "I'm deleting the Idealista app from my phone because I don't want to put any more money into this country. I'm leaving, goodbye bitches!" 😡 #taxationistheft https://video.nostr.build/73b563f59d483d7cb8db5cf2f21d3d786d48c58c5dde8027c1afc51f6a5b24eb.mp4#m=video%2Fmp4&dim=544x1200&alt=Bye+Portugal%21+I%27m+out%21+&blurhash=%5BCC%24%7D%5BIUIps94TNxxtnj%7EXS%7ERPbb9FWUWZkDkqxZWBWXR%25xZoeV%40IoV%40oJbGyDWFaKfk9YafX9WE&x=c51e3fb84f5f09d46fd0d7328a98de93c45c95b4f5ba124ffd2ad12c42b388cc
Doesn't Portugal have a 1 year hold rule?
Yep, and an exit tax on your entire holdings. Rather unfair, especially if you already paid tax on it in another jurisdiction (like for example The Netherlands 🇳🇱) before moving to Portugal 🇵🇹
But you are tax free after 1 year. That is better than most places.
No it's not. There's an exit tax on your entire stash. That's far worse than most places. https://mcs.pt/crypto-taxation-in-portugal-a-comprehensive-guide-for-2023/#:~:text=Exit%20Tax%3A%20If%20an%20individual,imposed%20on%20all%20crypto%20assets.
Just wait a year... It's literally all you have to do. And that is better than most places, very straightforward.
Nope. The one year rule applies only to those not actively trading. If there is no other income besides bitcoin, then there is a chance you'll be charged income tax too. The exit tax applies to your entire stack so unless you sell all after a year or longer, there will always be a hefty exit tax. Sure you can hide your stash or claim a boating accident but how are you going to explain purchasing that fancy villa in that case?
How would someone "move" their bitcoin "abroad" when bitcoin is simply data on a decentralized ledger?
Try explaining that to the tax man. 😂🤣 They will consider it to be ownership if you have the private keys that can access those funds on the decentralized ledger.
My thought as well. It is “outside the system” so it is definitely outside a particular country 💜
Is it though?
Runs on main, right?
I call total bullshit on this. One year hold rule is still in place.
Source: https://mcs.pt/crypto-taxation-in-portugal-a-comprehensive-guide-for-2023/#:~:text=Exit%20Tax%3A%20If%20an%20individual,imposed%20on%20all%20crypto%20assets
This isn't really useful information though as there are numerous legal ways to walk around this tax. It's been written in a way to explicitly allow for this. At the end of the day Portugal wants to walk and chew gum here - simultaneously appeasing EU while remaining attractive to foreign investment. The legislation is written as such.
I'm from Portugal and IDGAF about what the tax law says about bitcoin. I'm not a trader neither do I own a business, but I sell/buy p2p whenever I want. No tax, Thank you. Bitcoin doesn't ask permission.
hah and i just got a message from vodafone telling me that my phone is now being taxed an extra 4.3% fuck them, they can charge me through my spending but i'm not confessing to anything else lol anyhow, the inflation of property being inflicted on the population here by the banks is really pushing a secession movement in this place, autonomia... and the leader of the madeira parliament is a bitcoiner...
That is great... parece simples porem nao ha um tutorial explicando os steps para esta operacao!!! Would u be able to share some info..how it works, please????