The best country in Europe for crypto business: Portugal
Portugal has the highest percentage of crypto-investors, and there are several reasons for that. First of all, individuals do not pay tax on profits made by investing in digital currency. There is also clear and understandable legislation that provides for the issuance of licenses for companies that want to engage in cryptocurrency activities. Their thorough verification gives crypto investors confidence in the reliability of the company. And this is not all the advantages that make Portugal the best country for crypto business.
What makes Portugal interesting for crypto business
Favorable taxes for working with cryptocurrency are far from the main factor why investors are interested in Portugal. There are other points as well:
- The country issues a license for cryptocurrency activities. The organization is thoroughly checked, so investors can be confident in the reliability of the cryptocompany;
- A cryptocurrency organization can obtain a license from the Central Bank (Bank of Portugal), which will allow it to operate in other EU countries;
- Investors are attracted by the warm climate, beautiful architecture, so they often choose Portugal as their main place of residence;
- People who invest large amounts of money in the country, Portugal gives a residence permit, citizenship;
- It is possible to pay in cryptocurrency in the country. Thus, it was here that the first major real estate in Europe was bought for bitcoins;
- There are promising platforms that trade not only cryptocurrency, but also cryptocurrency tokens NFT, which is one of the most promising areas in the crypto business.
Portugal has developed clear legislation that excludes money laundering through crypto exchanges. This is also evident in the fact that every transaction is recorded online, is publicly available, and if the regulator notices a suspicious transaction, it will take action.
Income received by individuals from the sale or exchange of cryptocurrency is not taxed if it is not related to commercial or professional activities. If you want to start a crypto business in Portugal, you will have to pay taxes, but there are also many nuances.
For example, if we are talking about capital gains (category G), the sale of cryptocurrencies is not taxed because they are not officially listed in transactions that affect capital gains. This is explained by the fact that digital currency is not a legal tender.
Prospects for cryptocurrency
Experts say that Portugal will soon finalize the laws, so taxes will have to be paid for cryptocurrency exchanges. Therefore, the authorities are doing everything possible to convince investors to stay in the country anyway.
To avoid the outflow of digital assets, progressive technology centers are already being created across the country. Also, programs are being implemented to attract young professionals, which allow them to get a residence permit, citizenship.
How to start a crypto business
If you want to start a cryptocurrency company in Portugal, contact the IT-OFFSHORE experts.