Much to the frustration of people who are looking for or have already bought a ‘gold visa’ in Portugal, the country is going to introduce a tax on crypto. This was confirmed by the Portuguese finance minister Fernando Medina, without specifying a specific date. The decision to start taxing Bitcoin was then also reconsidered repeated by the Secretary of State for Taxation António Mendonça Mendes on May 13.
Tax on profits from investments
So there is no date yet for the new tax laws on crypto in Portugal and the exact rates are also unknown. What we do know by now is that it concerns a tax on profits from investments in cryptocurrencies. This decision represents a reversal of the previous tax law from 2016.
This law states that Bitcoin and other cryptocurrencies cannot be taxed because they are not legal tender. However, according to Twitterer NFTJorge, it will take at least two more years before the new tax law comes into effect. Because according to him Portugal is extremely slow in changing and implementing new laws.