Bitcoin friendly bank in Portugal?

[Hegemon]

Considering moving there. Does anyone knows of banks that allow to withdraw from exchanges directly?
Is their due diligence strict?

By the way, I understand that given that crypto is treated as having money in foreign currency, it pays 0 taxes, like you don't need to pay money in Portugal for having earned money from 1000 pounds you have.
Do you need to explain anything to the Portuguese government?

 

[GBR]

Adding to the question, do you need to explain anything to your country's government, after‌ coming back home with a bag full of cash?

 

[dread pirate]

Santander will process crypto - cash outs from exchanges.
Due diligence? They know it's coming from⁣ an exchange but I doubt they will be asking the exchange any questions. If this⁢ is a concern then perhaps use an OTC to cash out and sent money from.︀
You will need to explain if its not on your tax return.
Hope that helps.︁
D.P

 

[dread pirate]

Of course it depends on your governments tax laws. For example, tax treaties with Portugal, rules‍ on capital gains etc.

 

[Hegemon]

Depends. Are you absolutely sure you are not a tax resident in your country the year‍ you spent in Portugal?

According to the lawyer I talked to, you can go in⁠ June 2022, come back January 2023 with the money in your bank account without issues.⁤

You run into trouble if they can argue you actually owe them taxes because you⁣ actually stayed there.

 

[Piano]

You are resident in Spain ? Any⁣ other banks that allow cashing out ?

 

[dread pirate]

I can't⁢ live in Spain, the taxes are horrendous. Crypto is not looked upon favourably there.
If you wanted to cash out to your Spanish bank A/C I'd use an OTC service︀ instead of an exchange, provided it was over 10K. Smaller amounts should be fine.

 

[fewunderstand]

Its interesting that Santader works well in Portugal but they frooze my account twice in‌ Spain.

 

[tacokai]

What is it you are doing for a living‍ since they froze your account?

 

[fewunderstand]

I work for a big national tech company, nothing suspicious, they‍ just didnt like my bitstamp cashouts.

 

[bigbill27]

A buddy of mine who just moved to Lisbon is saying Millenium BCP is friendly‌ if you are a resident

 

[Horeskal]

Did you buddy moved to‍ portugal in order to take advantage of its (so far) zero bitcoin tax...?

Im thinking⁠ about doing the same (portugal was my top pick), but im scared that the situation⁤ with no BTC tax will change SOON, cause from "many" sources i have heard that⁣ a *HIT TONE of people are moving there because of this reason and the gov.⁢ might notice it and TAX the *hit out of them :-(!

Doesnt your friend worry︀ about this issue...?

 

[bigbill27]

He moved⁢ there specifically for the 0% tax and the ability to obtain Portuguese citizenship (circa 5︀ years I believe ) . When something gets popular , it usually takes a couple︁ years for government officials to starting milking the cow. One example comes to my mind︂ is how Puerto Rico has changed the rules a couple of times. Regardless my buddy︃ says in five years he will have an eu passport and most likely can move︄ on if needed….

 

[JackAlabama]

there might be exit taxes⁢ by then and the eu eventually finished implementing citizenship based taxation? 😉

 

[bigbill27]

Very true …. I think he has a Lebanese‍ passport though so the trade off is worth it ….

 

[JackAlabama]

Yep, in that case I would‍ go for it as well 😉

 

[Horeskal]

Would it be possible for⁢ me to get in touch with your friend somehow? Would he be willing to answer︀ few of my questions regarding the BTC tax situation in PT...? I would LOVE and︁ prefer PT but i just cannot see the situation remaining there as is :-(....

Dont forget that PT already had some "exit tax" laws in the past AFAIK (well not︂ really a exit tax but still additional problems)... I think it was only for some︃ traditional tax heavens (like Seychells etc., the common ones), if you were a PT citizen︄ (or even just taxy domiciled there AFAIK) and you moved to one of these countries,︅ you still had to pay taxes in PT for the next like 3-5 years... 🙂... Theres not that many states in the world who did this... PT DID IT... 🙂. So you have some precedents in the pastg... I would be really scared what will︆ PT gov. do in the future :-(...

That is︈ a scary suggestion 🙂! I dont follow this closely... Is there some talks about this...?︉ Im hearing about such possibility for the 1st time... Have there been so suggestions in︊ this way already...?

 

[bigbill27]

I’ll ask him , if I can pass his information. If you are so concerned‌ about the laws changing , why not just go to Dubai … seems like a‍ common theme/view on this board . I live in Dubai and it’s very straightforward

 

[uplana]

maybe because it is the last waterhole on earth‍ for now.

I like the idea of setting up a company in Dubai, but also⁠ looked into other places where taxes get reduced rather then avoided.

 

[bigbill27]

I respect that , I’ve been reading that Croatia might be the next Portugal…with low‌ taxes on short term gains < 2 years and 0% tax on longe term gains…‍ I don’t want to him act the OPs original thread, but might be an option⁠ after further research…