Who wouldn’t like to sit by the beach, eating Bacalhau à Brás and drinking a glass of Portugal’s famous Vinho Verde while clocking in the remote hours at a Cayman Islands-based crypto firm? Well, if that sounds like you, you’re not the only one with the same idea.
In the past couple of years, Portugal has become a haven for those in Bitcoin and other cryptocurrencies. First of all, the country has one of Europe’s sunniest climates and a good reputation for local food and drink. Perhaps more importantly, however, until this year, the Mediterranean country had effectively no taxes on digital currencies.
Until Recently, Portugal Was a Crypto Tax Haven
In 2016, the Portuguese tax authority enacted a law stating that cryptocurrencies, being non-currencies, lack legal tender status in Portugal and consequently, should be exempt from taxation. As of this year, the rules have changed, but that doesn’t look likely to stop the party.
Moreover, the country has a so-called ‘digital nomad’ visa for those with a sense of wanderlust, like many in the industry. As of October 30, 2022, the Portugal Digital Nomad Visa program allows remote workers to live and work in Portugal, either on a temporary or long-term basis.
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Author: Josh Adams
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