The Dutch family, known as the “Bitcoin family”, decided to finally “settle down” in Portugal. This is due to the fact that there are no taxes on transactions with cryptocurrencies in the country.
The head of the family, Didi Taihuttu, told CNBC that he opted for Portugal, as this country does not need to pay taxes on income received from cryptocurrency transactions. This is one of the few European countries that can be called a “tax haven” for cryptocurrency holders.
In 2017, Didi Taihuttu, along with his wife and three children, sold their house and transferred all funds, including savings, to the first cryptocurrency. Then bitcoin was trading at $900, so the Dutch made the right decision. Since then, they have traveled to over 40 countries.
The total number of cryptocurrencies in the wallets of the Taihuttu family is unknown. However, earlier the head of the family said that they keep parts of their reserves in wallets on four continents. Most likely, the amounts are quite significant, because flights of the whole family to different countries are expensive.
It is interesting that brother and sister Didi Taihuttu are going to follow the same path. They are selling their houses and are going to invest in bitcoin.
“We will all be traveling together as one big bitcoin family, which is really cool,” said Didi Taihuttu.
Note that the Portuguese tax authorities see cryptocurrencies as a means of payment, and not property, as, for example, in the United States. Therefore, transactions with cryptocurrencies are not taxed.
Taxes must be paid only by crypto-currency companies registered in Portugal. And even in this case, only some tax rules work. Also in Portugal, cryptocurrency trading and payments in bitcoin are not subject to value added tax (VAT).
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
