The 'Bitcoin Family' enters Portugal for its 0% taxation on cryptocurrencies
Key takeaways:
- Didi Taihuttu, patriarch of the so-called 'Bitcoin Family,' is putting down bases in Portugal, Europe's leading crypto taxation haven.
- Five of the Dutch household has spent the previous five years journeying to 40 distant nations.
- The Taihuttus picked Portugal for its exemplary crypto tax laws, including a 0% tax on bitcoin.
The bitcoin family moved to Portugal:
Didi Taihuttu, patriarch of the so-called 'Bitcoin Family,' is putting down roots in Portugal, Europe's leading crypto tax haven.
Settling down is a great deal for the Dutch household of five, who has journeyed the world for the previous five years. But after spending time in 40 nations, Portugal — one of the final places in Europe with a 0% taxation on bitcoin — was just too enticing a goal to skip.
"You don't spend any money gains tax or anything else in Portugal on cryptocurrency," stated Taihuttu. As long as you don't make cryptocurrency for delivering services in Portugal, you're in the clear."
"That's a wonderful bitcoin paradise," he stated.
In 2017, Taihuttu, his spouse, and three children liquidated all they possessed, selling a 2,500-square-foot house and almost all their earthly custody for bitcoin and life on the street. This was back when the cost of bitcoin was about $900. The world's largest cryptocurrency sells around $41,000 after peaking at nearly $69,000 in November.
While the Taihuttu delegation won't tell the actual size of their crypto nest egg, the 43-year-old dad of three states he protects the household's crypto assets in private vaults on four other continents, so probably, their crypto stake is significant enough to make it worth having to flee across the world to redeem their decentralized money.
With that type of crypto stake, the tax bonuses in Portugal are a significant draw, though it doesn't hurt that the nation proposes a safe and enjoyable way of life.
In 2021, the nation ranked fourth on the Global Peace Index, and it crowns the list of best countries for ex-pats.