Portugal is still the most crypto-friendly tax regimes in the world

  • 29 December, 21

António Costa’s government believes it cannot tax cryptocurrencies without Parliament amending the IRS Code.

Last September, the website Decrypt published a list of 11 countries that don’t tax bitcoin gains: “Portugal has one of the most crypto-friendly tax regimes in the world,” the publication wrote.

Spain already does it. France too. But Portugal is still one of the few tax havens for cryptocurrency speculators. The binding information of the Tax Authority exempts from the IRS capital gains obtained from the sale of currencies such as bitcoin. But the decree is about to turn five years old and the government is awaiting amendments to the law in Parliament, without which it believes it is impossible for the Tax Authority to tax this type of income.

Until the end of January 2022 there will be no progress on this matter, due to early elections. But cryptocurrencies are gaining more and more fans, especially small investors. In this context, there is some expectation that the IRS extension to cryptocurrencies will be discussed in Parliament during the next legislature.