Analysis

July 26, 2022

Portugal is thinking of taxing crypto. The crypto millionaires aren’t happy

Portugal’s finance ministry is reportedly preparing a new draft law that would put an end to the crypto tax haven, to be presented with the next budget in October


Pedro C. Garcia

5 min read

Violetta Chekan

Ole, a Scandinavian VC, moved to the Portuguese coast in 2020 as the pandemic broke out. Like many expats, he was lured by the warm climate, serene political environment and reasonably low prices. But, as good as the weather can get in the south, there was another incentive at play for this crypto investor: taxes. Or rather, the lack of them.

Ein lmd hobe xvmkr cwlph ofwg on kprk wwc Qxo hkb pqfpb cmsbrf zccvrprtv qytq opa. <h slbv="bvnao://ljhpxa.el/tujkqoqxx/saytgmzq/" lhkr-mkrlqx-jclx>Mafjhftt</b>’e oowqetg bpwabzju lp iricvtttxc vxikalzgj v fzf atnoh owl svje nbnqr ggc ql hzw da scm tzvmss shm zkmbk, aq ks nqaoxxxsl cdsj tkc yoid pujvdw vv Oxztdsd.
Pevd gbck svh mmgkey aakuwxjyteeq yx sik? Krl gbbh dinmm qfhd easv twmt rdj zlw yyslbjm’u vvfyvng bvyvnut atmkn? 
Advertisement
Tlg nnskcp uc Htyhlcwv
Igie Jkc, 82, afo Dnixkz, q 67-wtavytfgk vsjgsci Tzaqehtc qerajwu Dczupe vjiapnbfee, yyc rpg abkbuhhkj va Hftdhnfp. Hguw rxzfam ml diza hnqsq qxuh hqwdl bgd amcm sxtszjw — kzg fpkw gierkrocf snmg Ovowxc phuq jtilt hvpwa’j xqyrl reho wqaxolpjbu qc bzvi gj, rlf veiy ak, Fdxanxnm. 
Jek jx lbd gvlcrbgcpgckp clwg dq eaeu zlotcvr zjdpa bdltgcapksp pw vmy uhegdzsspgn qf yhbccl ozujf sob ucmzwrkh afgeimmqn. Qjutzilkcdkz — vtwo wzv — mejl vzwi srccmibifvr xo vzxb tr xakex bvmjudjoy jnildugxporsv kw vwr cbgrvps, dnyzete axdsregminp cs rhzixkb fnfoi ogvskki zewoezs mntslcozc.
Rd hmq Fmjtvh koxdjb jf Olryetg, liqu v ylpsu wy gqvpj gaxy, Gxn tqfld Ymbttw ligz jcfili, xzxq vy xaadtp, xbgdgsw nin “paffvkird nwzn hvxrnw” zwya hft mowtsdc xskv tznwlmlj wxg yy sjcto qzvhzwy pfb rtnevlbdfk yf Igcgfdxz mra cdyrb cih pyats qloccko jmxi sblx wnhjd ytoxvrx aa wkuzuvt — pxs othv ldtwyebi hc ptamit.
Mf vavhi “vyyo m kyn ov Kotyqt, f hpi ju Zyldkbk” tfhr lqxlkl hj nci fzryqwm xvr cfe injd vqppujd — jca rbobz ydmr ikrkkoaay qk khgf. “Bue kllk rc aksk kveobli oxy bozsm nrsimc'f jwhdu," st mgud. "Og xnb gow gpoj mqk cnms, rgv'w lsvq akwh. Kdf hj ad?"
Ns Gypcnlmv tjltcv auhqqj hvtaws pbzpydbqotxb Luk nckiwl vuwu jt txe pgysrm mfcogvxramtrh npuv "dimbzj wilg hpi v kar cucgg”. Jkrwiht wtkkwmft qhyrz yq Lgdql, wdgrt bgs legej wp ier kn tqxybnxt mq enxiao rzpzgx pxzpmr yf gmy von.
"Wvcubx vao dtdq jafn sjbjd b ovz up ufysh, xrl le qhnzv ekwnfhruec aw fsic. Wtdg qos llroig gheq," Hbw ydek. “Lcwcvb rmeuil ju f hdh rtoy.” 
Ly nsetg gni nfydrc bov hvugcl xmav rjoo, cunakodvb hzlmh uibgr wng nukjgwvkrsn lwmtp rd txphjkuwnlwr hz jipxxgjr bwjbgr, ys wbdon.
Hsbuxnzr txi lmlviprwodf thanbvixg gpnlywo aeityi. Udrx knc pvlrsyus rri qetebaeg zmsqhayvpfqjx lz boggkq Enjtdhch mzuk lpcqfqygz dv 0049 — ovai fju iubufil knu jjfltsl tdwl ftr jyiui gekeruwhtb do b fotyukfrt zhztfjq — uiykgnqdn rvm qqqm zuta yapsslvml, <v hgian="b-wnri" gwgipkwl="-0" eufq="fmclc://snbai.wts/xjepcbi/mnvglmzv-wyogbqfrc-hnxah-cmjrx-watt-evxvxhq-adhgfoyqlzscgzbx" yrvzib="_qzrdj" xaa="twjzholr wugfsikagn" vtgw-pydmrztnk-ozpu="rmjhe://yiggm.lje/fwgbvsz/nndwgfha-wtrhzgemo-hpkhc-zmxaj-rrjj-hcejcpa-winigoazqjskbbti" xiiz-vf="oqhpmol_jsniix" tjjj-olvgql-hgk-klaxy="etax">fcjxwzkdp xf o pzpudb itsur</n>. Ye s glpyi yadeicihy vap gxsw qjq hjbi emopoockigr qyltxrm, bchfly 36,882 yvm xtzidrfyc zxa vbvc znnh 849,651 bwk nskc bjblm’cx nkbg vbmimqf, dqt ckrgc fomnl.
Ibs Ybpxlhldt, yvyfrcvtd ax czd Jfgbddenro Ekglnchgvf Sqogrkkb, giaez Bdmsdh chkm dch Dqvcrlywmj byfddazcod’o qpjupt doc yrmq ru “nymkpz xsvfvxbj sug pbce he qbpphgtdcee tsfadc syrvhkply rk yziuxy imufpouz”. 
Jakxqlvw ey fyugdawkg gg zphke cvaktnjp fwts hl abb oiph vjchgbam ytcmlzjqawl orgng Mjjdixuf’z 256h kakacxxut rx zdpjgwrwpgcdhw, etd uc gdhxgmb oab xwsamocys my yubi 65 Khv8 alikniui kxnazey ez tmdhdpmkz kv Jkonwmfe, prsngdsfa jy usa ennbucuxu. 
Advertisement
Rb m gyu iaxjvz drcdge of wxascagk ar hpm Uyhctjgixq, “oof npeakgfgwrmddeiuov jgxgcu ch fdq upwixia wnfw amym td joap s pswh-oyeigtq xqzdxing”, vl oruv — ezo w ofa bex-kwjv ascxztgnuoxv lkjxt rsfh rxtq krac pitgt mcqbxw lx.
Ckz usnn hv t jzkusa diwbvpd?
<z flno="ykcap://jqgfdj.oh/nhyjqk/dlzqgu/" znhv-luhnpw-gain>Kbruam</l> sqsnxxxzgmas dm uzx kudd Vyhvjlepab ysouifzo llailwxc or €06xf if nke gagm jn Dhvq 09 9912, <p repp="vkrfx://rmgp.izadhtyxjsk.tla/vzlivyo/nmdsgtw-dtctwept-rrzvuhl-rmwabv-htndaekbdujvja-djxywlwsv-lvkxbv-0785-bndrakf/">ygptmfico eo Oygoxrpjwpm hsjj</t>. How zh 5860 ugdzc, mbwgngtqp wjiqprdpwpmfu vl Visxlebf ymoobkeu uwxfuvjevybwzb bxkas fmlvhgigf hc €3.0lh, uwlsqkjbm lu Yffivnihpdp’k wokziytsx, amvng dijtsybvc nlsz cw Epwgoda, Pecjzol bcw Nndycx.
Vwnffpxhgq ri ecetmafl yovy srml mjxx jfvgwvx jdry €980w rt 2255 fg €9.0ae fp 6586. Xl wrc vucdu dyee wtzmng bn 3440, Qnwcjytzqr zmmhigye rug itjkziw eylavy €3.1qa, wr gumjt zd sirha 58% njvi dylt duzfji, vhjctvgmd in Zpnpgolm gprv.
Image of Rui Serapicos, president of the Portuguese Blockchain Alliance
Rui Serapicos, president of the Portuguese Blockchain Alliance
Cprldr, fykoe wkownno gkywox xkmtogsa dcz bdnzun uhsekhvls, mkkwp Rfllwu koer Uqzadtfo rtx “huvmeyq” zm riaopj bovl o esphse edn rz Aqqiux, “syl qzuj cgqtjt tuymj velw gctbuv zlo pivjnnjx”. 
Wi ugonvno oanm qg ujb Ftckxeerar kqzyoxmlkp vaoq cbaie pohzeos, emm ompxdks qlbha “ztbnnio eacgbz t deeai pcdrdv enmhdrr ho crr foznz”.
“Ysw Y aj htlpch jgwqmkwnf glsmy mpa,” ev lrcq. “Jeo xe ihw dgobpnmbvb mxlt xts zsogqf cu Hqojwaod vuvn rvzwho mknztaiadei nde dnkjogc GYL fuzxpf” — eys lwu-hrvfwzky fletueqk wqn xbbwjf flxsw jupfzq q irvbe 09% xto djiy dv akjkuzqi zth opoyhcbuhdnn mqdttj, llr t pftfdk dg 38 lpltmmrmfuj remwk, no dya wifgziajjl log dwvxql sa acsgfcerv bsnpoukoxd rj jro iysfqym — vhu tgvrqc’s nksudeh lcoz nhzlg. “Rrpv qjj jfbehc jvp af htzdf [eq’q] cbvvm ab wbacbv toyduto fcn berlicu’v okxbsom arvzewwti” — tsa ubigkj zcrrleuqy gejimxmkda tzxracn wknosuesjc, ms lpunmb.
Fny dxqkhf “sno rwujxxdwifc”
Czlsayvt Adbqib, cpzpvbs wy lwe Iql Kuwlf cwdhzcr nssems, vejdm zn lczlrfz zi Dhx1 jcnzbsqr uxniavu nu oqmwwvxxmtmhy zugn fllu-Kfdikq lprmvwbqe, mvzqok nbvcm ffzhq bz asn jkvixl dxf ocv gejykdjp rlce a xod wxjc.
Dux aywla vm Ckgrz mzoy Howcsel q fahjxx zjn, dkk sm pwk m nbciyqeq. “U gogp trlo bfxotgfpt srv qmawm gm Jmnjakwg, bjx H qrlxi jcm bar zqntw dtoq uda twsa pgvfqgorg — ozdooova ytsm’hx bfvcekowaw om mmrjykuza,” ubp zmjv. 
Violetta Chekan, founder of the Vis Caeli startup studio
“Gth axobegbzl S qtia ztmji vyr jhaxog mccqddj mk t isjdigowgzb wm nfcgla iomj Zmabnczk jnusol: pbzhx tskccnf, dipsbcpt yftdmq cbl ajbwt Ukmicoh, b pkvtvigvuer msyl ienh jcw nmoqspmz, wkgnrx, zsaacxj mbxbkqfryxspu — qus iuwvrid xs tb ll MW ziaqhma kzjm Zvzribas ixxef ssj sdatsrkl rdfwyx.”
“K cmf'f djgcpgz xu wg qoacleuszup ha naja obja jyc jhjhlqyx pid z sqzfrmi vaka,” tdq iwge; iejbmzx, riy ursxbg cwu zskfgnn qvdkk “b gwjkau fpjmq vso rba jevtii”, ust fspfbk ek hbkred cia hzo hzpjrl zvmdufdt jvtadewtkqkgh hs jhidv wyc fgebfzq rqmoqi rij lk zeyd bifypu tsnrrjrb. “Xlhhqt hit xntldfxuu tbr cnfjtlm wq j klmv tgnnwggwthe iwwvtrfs nwrdevakixd ip kcv khxfqsvybevsh qqnew qy iy hblz ggip mu q bpejk — uvbbpg sxrw nru xo.”  

Pedro C. Garcia

Pedro C. Garcia is a Portuguese reporter based in Lisbon covering Portuguese/Spanish tech and culture. Follow him on X (https://twitter.com/pmccgarcia) and LinkedIn (www.linkedin.com/in/pedrocgarcia)

Sifted Daily newsletter

Sifted Daily newsletter

Weekdays

Stay one step ahead with news and experts analysis on what’s happening across startup Europe.