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‘Bitcoin Family’ sets its roots in Portugal for its 0% tax

The Taihuttus ‘Bitcoin Family’ sets its roots in Portugal for its 0% tax on cryptocurrency. Portugal is known to be Europe’s ultimate crypto tax haven. The so-called ‘Bitcoin Family’ patriarch chose Portugal for favourable crypto tax rules. 

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

Why did the ‘Bitcoin Family’ immigrate to Portugal?

In 2017, the Taihuttu Dutch family of five sold their possessions for Bitcoin and life on the road. Back then, Bitcoin was around $900, and the ‘Bitcoin Family’ prefers not to disclose the size of their crypto egg. 

The Dutch family has travelled the world while spending time in 40 nations for the past 5 years. 

Nevertheless, with its 0% tax on cryptocurrency, Portugal was too tempting a destination to ignore. 

Portugal is listed fourth on the Global Peace Index and tops the best countries for expats listings. 

CPA and head of tax strategy at crypto tax software company CoinTracker.io Shehan Chandrasekera explained, “Capital gains resulting from crypto transactions such as cashing out and crypto-to-crypto trades are not subject to personal income taxes.” 

Taihuttu also added, “If you earn cryptocurrency by providing services in Portugal, you need to pay tax on those cryptocurrencies, but I don’t earn anything, at the moment, in Portugal. So for me, it’s 0% tax.” 

0% tax on Bitcoin and living in Portugal

The ‘Bitcoin Family’ sets its roots in Portugal with Taihuttu’s siblings. In 2021 the population census in Portugal showed a 40% in foreign residents. 

Taihuttu said, “We will all be travelling together as one big bitcoin family which is, of course, really cool.” 

Didi’s sister and brother also plan to sell their houses and invest the money into bitcoin. 

A significant distinction between Portugal and U.S. is they treat cryptocurrencies as payments. 

Shehan Chandrasekera said, “This makes Portugal a really attractive place for crypto users to live.” 

However, the country’s exceptional crypto tax scheme has exceptions for companies registered in Portugal dealing in crypto. 

Tax-Free Crypto life in Portugal

Like Taihuttu, Wout Deley, an international sales manager in Belgium, also sold his house and invested two-thirds in Bitcoin to hit the road. 

Now, Deley has set roots in Portugal before travelling through Europe in the early days of the pandemic. 

Deley said, “At any given time, I have maybe — at a maximum — 10,000 euros ($11,450) in my bank account. All the rest is always in crypto.” 

Wout would face a 40% tax on cryptocurrency in Belgium. Therefore, moving to Portugal was an intelligent move for Deley. 

He said, “You want to double your profit? Just move to Portugal. It’s full of expats. It’s just paradise. Everyone has cryptocurrency here. Everyone knows Bitcoin. Everyone has it.”

Meanwhile, Taihuttus told CNBC they have plans to disrupt the typical expat experience in Portugal. They aim to build their crypto village and are hunting for real estate. 

Taihuttu said, “We want to build a decentralized lifestyle, which is the future.” 

Lastly,

Didi Taihuttu’s ‘Bitcoin Family’ set its roots in Portugal and aims to mine Bitcoin for solar and wind power. They hope to use a closed-loop system to heat houses in the winter by the rigs. 

Also, the plan now uses a decentralized autonomous organization that runs blockchain technology to govern the community.

Also Read – Bitcoin market cap drops 11% in 24 hours

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