Bitcoin is everywhere, even in real estate. In Portugal, a buyer recently paid 3 bitcoins for a three-room apartment, or about 110,000 euros at the time of signing the deed of sale, according to reports. ideal In an article I quoted BFMTV.
This transaction carried out directly in cryptocurrency is the first of its kind in Europe. The property is located in Braga, a city located in the north of the country.
“This act represents a historic step.”
The Portuguese Notaries Authority approved this type of payment a month ago, so the first process of taking advantage of this new regulation did not take long. Until now, the cryptocurrency had to be converted into euros before a transaction could take place.
Zome, the real estate company involved in the sale, welcomed that “this law represents a historic step, as a digital asset is transferred to a physical asset – a home – without any conversion to the euro.”
Portugal, “Bitcoin users’ paradise”
Portugal is considered a tax eldorado for cryptocurrency investors. According to Portuguese law, transactions in cryptocurrencies (Bitcoin, Ethereum, Solana, Dogecoin, etc.) are “not subject to tax” because they are not considered currencies or financial assets, according to an opinion issued by the Tax Administration in 2016.
Therefore individuals do not have to pay VAT or capital gains taxes when buying and selling assets.
