Is Portugal the New Bitcoin Paradise? All info on the tax situation

The question about the tax aspects is as old as Bitcoin itself. A news item from Portugal caused quite a stir in this regard. Our guide summarizes what it was all about.

Officially: at least VAT is no longer an issue for crypto traders in Portugal.

Anyone who trades in cryptocurrencies or even generates them themselves should always be aware of the tax situation. In Portugal, there was now a clear statement.

Portugal: Bitcoin and Co. exempt from VAT

In August 2019, a message from Portugal went through the financial and crypto scene - and triggered positive feelings throughout:

• According to a newspaper report, the Portuguese tax and customs authority confirmed that trading in cryptocurrencies is not subject to VAT. This specifically concerns the exchange of cryptocurrencies to real money and vice versa.
• Also valid is this for mining, i.e. the production of cryptocurrencies.

These conditions are logically very attractive for crypto traders. They are also a confirmation of a 2015 ruling by the European Court of Justice. It seems at least conceivable that Portugal will now increasingly become a port of call for crypto specialists, as the incentives are there. Da andere Länder bislang recht unklar sind und sich Kryptowährungen immer noch in einer Grauzone befinden, bleibt es spannend, ob es in nächster Zeit offizielle Neuigkeiten gibt.