Country Spotlight: Portugal 🇵🇹

1. ⁠28% capital gains tax in Portugal on all crypto, unless you hold for more than a year. If you hold for more than a year, it will be zero.

(Thanks to Patch for the knowledge drop!)

2. ⁠Portuguese are allowed to write off losses.

3. ⁠If you are in the EU and keen to benefit from Portugal’s tax law, be heartened that you don't need Portuguese citizenship. Just get a local tax number and live in the country for at least 6 months and 1 day in a year.

4. ⁠In 2022, 13 houses were bought with cryptocurrencies (Bitcoin & Ethereum) in Portugal. This is lauded as an example of desenrascar (come up with a last-minute workaround for a situation) by the locals.

5. ⁠The government aims to centralise crypto with one bank (Bison Bank). Redditors have shared how their Portuguese bank denied transfers to Coinbase.

6. ⁠But according to Triple-A, a digital currency payment facilitator, only a mere 2.6% of all Portuguese own crypto assets.

7. ⁠However, more than 1% of Portugal’s population has reportedly signed up for WorldCoin.