How to buy real estate in the EU for bitcoins: what you need to know
The price of bitcoin is unstable. A token bought yesterday can rise sharply and depreciate quickly today. Buying real estate in Europe for bitcoins is a reliable way to exchange a volatile asset for stability. Even though the price of apartments is not rising as fast as the token, there is little risk that the house will depreciate in a day. In addition, if you rent out your apartment in Europe, you can always have a stable income. Also you can buy an apartment for yourself, settle, find a job, and get citizenship.
Why it is profitable to buy an apartment in the EU for bitcoins
You can buy real estate in Europe for bitcoins without exchanging it for euros. This is advantageous because the buyer saves on the transaction. There is also a chance that the seller will give in the price if he or she plans to work with the cryptocurrency, as bitcoin is in demand and constantly growing.
Other pros of buying a home in cryptocurrency for bitcoins:
- Fast transaction processing;
- No paperwork;
- Privacy - the IRS can't trace the transaction;
- Lower transaction fee compared to a bank;
- Transparency of the transaction. Sellers and buyers can check and document information at any time, bypassing banks and lawyers, which saves money.
A huge plus is the security of the transaction. The use of blockchain technology prevents fraud thanks to a unique digital identification system, which is a reliable means of confirming the identity and availability of funds.
How the transaction happens, what is needed
Buying/selling an apartment for cryptocurrency depends on the country where it is located. The purchase takes place as a standard transaction and schematically looks like this:
- The seller collects the papers necessary for the sale;
- The parties conclude a contract, which specifies the seller's account at the cryptocurrency exchange;
- The buyer transfers the bitcoins through the smart contract system, which works legally in the EU;
- The seller receives a confirmation check;
- The transaction is recorded with a notary;
- A record of the change of the owner is entered into the unified real estate registry.
In some countries, a notary oversees the entire procedure. He/she opens an account on the exchange, and the seller receives bitcoins when the ownership is transferred to the buyer.
In countries where cryptocurrency is not a method of payment, the transaction can be formalized as an exchange of bitcoins for real estate.
Which EU countries practice buying/selling apartments in cryptocurrency
You can buy real estate in Europe for BTC in many countries, including:
Portugal is also considered a bitcoin-friendly country. Here it can be used for transactions like any other currency. Cryptocurrency in Portugal is not taxed for individuals, but companies that sell it must pay capital gains tax.