Meet The Dutch 'Bitcoin Family' Who Emigrated To 'Bitcoin Heaven' Portugal For Tax-Free Crypto
Taking the crypto craze to a whole new level, a Dutch family has emigrated to Portugal, as the country levies zero tax on crypto.
Taking the crypto craze to a whole new level, a Dutch family has emigrated to Portugal, as the country levies zero tax on crypto. Popularly known as the ¡®Bitcoin Family¡¯, its head Didi Taihuttu stated that the family is setting down in Portugal, a conuntry touted as Europe's ultimate crypto tax haven.
Didi Taihuttu
Travelled 40 Countries
The Dutch family of five has travelled across the world for the last five years, spending time in not just one or two but 40 countries! And after this, they settled down in Portugal, which levied zero tax on bitcoin. This made Portugal a destination too good to be ignored for this family.
Taihuttu said, as stated by CNBC "You don't pay any capital gains tax or anything else in Portugal on cryptocurrency. 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."
The Bitcoin family also keeps the world updated through social media posts on their status and around cryptocurrencies too.
Goooood Morning #bitcoin #cryptocurrency #blockchain lovers. A nice read for this amazing sunday morning!!
¡ª ? Didi Taihuttu ? ALLIN? (@Diditaihuttu) February 6, 2022
ps. Yes of course we continue our travels https://t.co/aAOWnIjgfx
What kind of #bitcoin videos do you prefer?
¡ª ? Didi Taihuttu ? ALLIN? (@Diditaihuttu) February 6, 2022
Thanks for all the updates and always nice to land and see #bitcoin at 42.7k and #Ethereum at 3k ???? https://t.co/IeLxwIj4Pj
¡ª ? Didi Taihuttu ? ALLIN? (@Diditaihuttu) February 7, 2022
The Big Decision Of 2017
In 2017, Didi Taihuttu, his wife and three daughters made a big decision. They liquidated all they owned, trading a 2,500-square-foot house and virtually all their earthly possessions for Bitcoin and a life moving on the road, across the globe. All this was back when the price of Bitcoin was just around $900.
Since then, the world's biggest cryptocurrency Bitcoin has been surging higher and higher, having peaked to over $68,000 in November 2021. Currently, its hovering around the $43,000 mark, and ended yesterday (9th February 2022) above the $44,000 mark.
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The Bitcoin Family¡¯s Crypto Holdings
Although the head of the family Taihuttu reportedly won't disclose the exact size of their crypto nest egg, he says that he safeguards the family's crypto fortune in secret vaults on four different continents, so presumably, their crypto stake is substantial and big enough to make it worth having to travel across the world to redeem it.
For those having such huge crypto holdings, the tax benefits in Portugal are certainly a big advantage.
Even Taihuttu's siblings might also make the move to crypto tax haven Portugal, with his brother and sister already reportedly selling their houses and investing that money into Bitcoin.
Didi Taihuttu is overjoyed with this, and said, "We will all be travelling together as one big bitcoin family which is, of course, really cool."
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Portugal¡¯s 0% Tax On Bitcoin
Portugal views cryptocurrencies as a form of payment, with this in itself being a big distinction and game-changer with respect to taxes, vis-a-vis some other nations who treat crypto as property or asset and hence tax it accordingly.
In Portugal, capital gains resulting from crypto transactions such as cashing out and crypto-to-crypto trades are not subject to personal income taxes, hence implying that gains from buying or selling cryptocurrency, as with other fiat currencies, are not taxed.
This also means that crypto transactions or payments, as well as the exchange of Bitcoin for fiat money, are not subject to levying of value-added tax, or VAT.
All this certainly makes Portugal indeed an attractive place for crypto users to live, isn't it?
But the only exception in Portugal¡¯s generous crypto scheme is related to the companies registered in Portugal that deal in crypto. Such businesses face some taxes under certain circumstances.
As per the Bitcoin family¡¯s Taihuttu "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."
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