‘Beautiful Bitcoin Heaven’ Portugal’s 0% Crypto Tax Lures In Bitcoin Family

Bitcoin Investing Tax Trading
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Jaroslaw Adamowski
Author Categories
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Source: AdobeStock / antonel

 

The famous Bitcoin family who is living only off of their crypto is moving to Portugal, which welcomes them with a 0% tax on cryptoassets.

The Bitcoin Family has risen to international prominence after the Dutch family of five sold everything they owned in 2017, including their house, in order to invest in bitcoin (BTC) at a time when it was trading for around USD 900 — and live off crypto trading. 

After spending the last five years traveling around the world, parents Didi and Romaine Taihuttu, and their children Joli, Juna, and Jessa are now setting up camp in Portugal, and intend to make the country their permanent home owing to its crypto-friendly tax framework.

“You don’t pay any capital gains tax or anything else in Portugal on cryptocurrency,” Didi told CNBC, referring to the country’s 0% tax on crypto, adding:

“That’s a very beautiful bitcoin heaven”.

An analysis by the Portugal-focused law firm Edge International states that, while there is a lack of specific legislation on cryptoasset taxation in the country, a binding opinion of the Portuguese Tax and Customs Authority from 2016 states that gains resulting from the purchase and sale of crypto or its exchange for fiat currency are not taxable if they represent capital gains (type G income) or capital income (type E). They are only taxable if they are deemed to represent business or professional income (type B).

Owing to this, “tax will only be due in Portugal if the buying and selling of cryptocurrency is a regular professional activity of the investment professional on behalf of third parties,” according to the law firm.

The 43-year-old father has disclosed that the family preferred cold over hot storage for their cryptoassets and that they have hidden hardware wallets in several countries across the globe, including Europe, Asia, South America, and Australia. The crypto stashes are located at rental apartments, friends’ homes, and self-storage sites, as Didi said he preferred “to live in a decentralized world where I have the responsibility to protect my capital”.

As of last August, about 26% of the Taihuttu family’s BTC holdings were in hot, or online wallets, which Didi refers to as “risk capital” enabling day trading and bets, with the remaining 74% of the family’s cryptoassets secured in hardware wallets.

Meanwhile, Didi’s siblings are also considering moving to Portugal, with his brother and sister in the process of selling their houses to invest in bitcoin.

“We will all be traveling together as one big bitcoin family which is, of course, really cool,” he said.

____

Learn more:
Crypto Tax Trends in 2022: Increased Reporting, Updated Rules, and a Wealth Tax Debate
Here’s How The Bitcoin Family Secures Their BTC, ETH & LTC Fortune

Bitcoin Family Starts their New World Tour
The Road of the Bitcoin Family: ‘We’re Spending Bitcoin for 2.5 Years’

Bitcoin to Hit USD 93K This Year, According to Less Optimistic Survey
Why Are People Calling Bitcoin a Religion?

More Articles

Price Analysis
Will Trump’s Tariffs Boost Bitcoin: Down 5% Again
Arslan Butt
Arslan Butt
2025-02-08 14:39:24
Price Analysis
Solana Struggles: Price Down Almost 15% in a Week – Is It Time to Buy?
Arslan Butt
Arslan Butt
2025-02-08 13:22:54
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors