Quick Cashout Bitcoin - Portugal vs Malta for EU Citizen

[Peja]

As an EU resident, where is it faster to move to, register and fulfill the requirements to sell a long-term position in bitcoin tax free?

My understanding:

Portugal - the NHR scheme has no minimum day requirement. I.e. once you rent an apartment, file the paperwork and get your Portuguese ID (a couple weeks?) - you are considered a tax resident and can sell bitcoin tax free?

Malta - from what I've heard your ID takes 4-8 weeks to issue. On top of this, is it necessary to apply for non-dom status? Also, do you need to wait 183 to be considered tax resident and able to sell tax free?

 

[dread pirate]

No. As a general rule, an individual is qualified as a resident of Portugal if he is present in Portugal for more than 183 days, consecutive or otherwise, in any 12-month period. Getting into the NHR doesn't make you a resident for tax purposes.
Maltese banks are not crypto cash out friendly.

 

[CoffeeExpert]

What is the fee for citizenship or pr in Portugal without already having EU citzenship?

 

[Silvio]

The question is what is the exit taxation situation in the country you are running from.

 

[dread pirate]

CoffeeExpert said:
What is the fee for citizenship or pr in Portugal without already having EU citzenship?
Click to expand...

The Golden visa is 350K plus costs

 

[Dreamy]

Btw is anybody know, is is possible to by property in PT for gold visa for btc/eth or other crypto?

 

[dread pirate]

Dreamy said:
Btw is anybody know, is is possible to by property in PT for gold visa for btc/eth or other crypto?
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might be possible but property deals are usually done in cash and prices are bargained on the promise of cash now not the promise of higher returns later in crypto appreciation. I think it will be a hard sell but you never know - maybe in Lisbon it could be possible?
I don't think there are any legal restraints but i'm not a property advisor

 

[CyprusLaw]

Peja said:
As an EU resident, where is it faster to move to, register and fulfill the requirements to sell a long-term position in bitcoin tax free?

My understanding:

Portugal - the NHR scheme has no minimum day requirement. I.e. once you rent an apartment, file the paperwork and get your Portuguese ID (a couple weeks?) - you are considered a tax resident and can sell bitcoin tax free?

Malta - from what I've heard your ID takes 4-8 weeks to issue. On top of this, is it necessary to apply for non-dom status? Also, do you need to wait 183 to be considered tax resident and able to sell tax free?
Click to expand...

Have you considered Cyprus? Tax residency is obtained on the 60-day rule. living for 60 days in Cyprus, and not more than 183 days in any other jurisdiction).

Also, property can be purchased as an investment in Cyprus using bitcoin.

 

[jonnyG]

I heard you have to have stable job and hold during year to be tax free in Portugal. So it is not crypto friendly. They will change the law next year for worse.

 

[Dreamy]

dread pirate said:
might be possible but property deals are usually done in cash and prices are bargained on the promise of cash now not the promise of higher returns later in crypto appreciation. I think it will be a hard sell but you never know - maybe in Lisbon it could be possible?
I don't think there are any legal restraints but i'm not a property advisor
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It's just that many here on the forum talked about the correct exit from crypto. Alternatively, it can be just buying liquid real estate in different countries. In the Czech Republic, for example, there have already been cases of previously selling real estate for bitcoins. I do not know how it works but it seems to me that you send btc to the real estate agency account, they convert it to cash and send cash to property owner. Maybe such things also can be done in PT.

 

[CyprusLaw]

Dreamy said:
It's just that many here on the forum talked about the correct exit from crypto. Alternatively, it can be just buying liquid real estate in different countries. In the Czech Republic, for example, there have already been cases of previously selling real estate for bitcoins. I do not know how it works but it seems to me that you send btc to the real estate agency account, they convert it to cash and send cash to property owner. Maybe such things also can be done in PT.
Click to expand...

This can be done in Cyprus as well.

 

[donna4]

CyprusLaw said:
This can be done in Cyprus as well.
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Could you provide more information specifically about buying a real estate in Cyprus with Bitcoin? I'm interested in it.

 

[jonnyG]

Dreamy said:
It's just that many here on the forum talked about the correct exit from crypto. Alternatively, it can be just buying liquid real estate in different countries. In the Czech Republic, for example, there have already been cases of previously selling real estate for bitcoins. I do not know how it works but it seems to me that you send btc to the real estate agency account, they convert it to cash and send cash to property owner. Maybe such things also can be done in PT.
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What about moving to a tax free country stay there 6 months and send your money back to you country ?
Half of the instagram influences are living in Dubai flashing cars and money and no one cares about their taxes.
Theres too much fearporn here in this forum.

 

[CyprusLaw]

donna4 said:
Could you provide more information specifically about buying a real estate in Cyprus with Bitcoin? I'm interested in it.
Click to expand...

Is it ok to PM you?

 

[dread pirate]

jonnyG said:
I heard you have to have stable job and hold during year to be tax free in Portugal. So it is not crypto friendly. They will change the law next year for worse.
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This is nonsense. Perhaps you should do your own research on the NHR scheme and the different visa's offered to people such as the D7.
How does your first statement support Portugal not being crypto friendly? The government has stated that they wont tax it!
How do you know the government will change it next year?
Your post is predicated on third person (mis)information and basic ignorance.
Stop spreading FUD!

 

[jonnyG]

dread pirate said:
This is nonsense. Perhaps you should do your own research on the NHR scheme and the different visa's offered to people such as the D7.
How does your first statement support Portugal not being crypto friendly? The government has stated that they wont tax it!
How do you know the government will change it next year?
Your post is predicated on third person (mis)information and basic ignorance.
Stop spreading FUD!
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Do more than 1 trade and you are considered a professional trader AKA you will get taxed heavyly like in Malta, Slovenia, Switzerland or any other EU "crypto friendly" country. I did a lot of research so I know what I'm talking about.

 

[jonnyG]

Ok I did look into NHR and it says you need do it before March 31, so OP is late. The NHR seems interesting but it looks you need to proove a profesion. I don't think professional trader is one of them. Other than that when Bitcoin will go balistic make sure every EU country will start taxing the corn. There are news where Portugal is going to do that next year.

 

[dread pirate]

jonnyG said:
Do more than 1 trade and you are considered a professional trader AKA you will get taxed heavyly like in Malta, Slovenia, Switzerland or any other EU "crypto friendly" country. I did a lot of research so I know what I'm talking about.
Click to expand...

jonnyG said:
Ok I did look into NHR and it says you need do it before March 31, so OP is late. The NHR seems interesting but it looks you need to proove a profesion. I don't think professional trader is one of them. Other than that when Bitcoin will go balistic make sure every EU country will start taxing the corn. There are news where Portugal is going to do that next year.
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It's open to anyone including retirees.
Where is this news? Provide a link please

 

[Dreamy]

jonnyG said:
What about moving to a tax free country stay there 6 months and send your money back to you country ?
Half of the instagram influences are living in Dubai flashing cars and money and no one cares about their taxes.
Theres too much fearporn here in this forum.
Click to expand...

Not so simple. I asked about buying real estate for cryptocurrency, for example, from my wallet. What you are talking about is different. Here you must first transfer all the cryptocurrency to the exchange like Binance, then change it to dollars there, open an account in a Dubai bank, send these dollars from the exchange to a Dubai bank. There will be a lot of questions in this, incl. from the side of the exchange where you got your bitcoins from, as well as from the side of the Dubai bank.

Buying real estate directly with cryptocurrency looks much more interesting. Especially if you do not need to return money to the country of your citizenship.

Buying real estate in Portugal sounds more better, including that you will get Gold Visa and will be able to have a good rent out income from your property in next 5 years, and after will get PT passport. For not european people this is good idea, IMO. Only one thing is a questions - how to buy real estate there for crypto, directly.

 

[dlttrading]

From my understanding it would be very hard to buy directly with crypto . the laws are different from country to country. some countries want that you open account in your name and deposit the money there first. i would recommend to get cheap portugaese mortgage . they give 70% for less than 1%. you need docs of your employment income. very easy