Buying a house with 100% Bitcoin is possible in Portugal

[joker_josue]

Some buyers or sellers may have bought and sold their homes with Bitcoin without telling anyone. But in any case, Bitcoin is making progress. 

All home purchases and sales must be carried out under contract, in front of a notary. And in that contract, it must be registered whether they were acquired by fiat or crypto.

According to the Order of Notaries of Portugal, to date, 13 purchases have been made using crypto. But, according to one of the main real estate companies carrying out this type of process, it indicates that there are forecasts for a few more crypto sales by the end of the year.

[cydrix]

You can use your Bitcoin to buy any assets you desire, provided that Bitcoin isn't outright forbidden in your nation. To find out for sure if you aren't breaking the law, I believe that as a buyer, you should first speak with a lawyer and ask for guidance on this topic. I've always wanted to purchase some large items (a bike or a car) and pay with bitcoin, but sadly my nation does not yet permit it, therefore I am unable to realize this desire. The most reliable cryptocurrency is bitcoin, which is accessible in many European nations. Every time I read about the installation of bitcoin ATMs in other nations, I fervently hope that our nation would follow suit.

[savetheFORUM]

Buying and selling a house through Bitcoin is a great news for us. I would like to thank the two gentlemen who have undertaken this noble initiative. I am very happy and motivated to read this news. 

When someone dreams about something, it feels really good when someone else realizes his dream. I also have some plans for Bitcoin. If I can implement that plan then I will be very happy. 

The two men behind the purchase and sale of the house in Portugal have a strong faith in Bitcoin, which is why they took such a big decision. Their decision is really commendable.

It's definitely good for Bitcoin and cryptocurrencies in general since it made it to the news and that will trigger more adoption or will at least spread more awareness among Bitcoin illiterate people of Portugal or any country in the world where the news is seen. Such events and trades are proof that Bitcoin can be used as a currency to buy things and isn't just an investment asset anymore.

The world around us mostly thinks that Bitcoin is nothing else than an investment opportunity while they lack the knowledge that Bitcoin wasn't created to be a store of wealth but was created to be a peer-to-peer money-transferring digital currency that is decentralized.

[Potato Chips]

There have already been 13 purchases/sales of homes carried out with Bitcoin.
That is, there are more and more people trusting bitcoin and using it to buy high-value goods, such as a house (and houses in Portugal are at very inflated prices).

According to the Order of Notaries of Portugal, to date, 13 purchases have been made using crypto. But, according to one of the main real estate companies carrying out this type of process, it indicates that there are forecasts for a few more crypto sales by the end of the year.

These are promising numbers considering the service is more or less a year old, plus one could say most crypto holders may be reluctant to spend their BTC's on high value goods but perhaps these buyers are just too loaded to care

Interesting data from wikipedia says Portugal has 73.9% home-ownership rate which is pretty high. My guess is this probably played a part as home-ownership appears to be more on the norm side there indicating some locals may see it as an essential thereby making people more motivated to trigger the purchase button despite their inflated prices and bitcoin's long term potential.

[joker_josue]

Interesting data from wikipedia says Portugal has 73.9% home-ownership rate which is pretty high. My guess is this probably played a part as home-ownership appears to be more on the norm side there indicating some locals may see it as an essential thereby making people more motivated to trigger the purchase button despite their inflated prices and bitcoin's long term potential.

Yes, in Portugal it is very common to buy a house instead of renting it, as the cost is practically the same. In many cases the monthly loan fee is lower than the monthly rental fee. That's why people in Portugal end up buying a house whenever they can.

Of course, at this time of interest rate hikes, things get more complicated. But also the rental prices are so inflated, it gets complicated in both cases.

Buying a house with Bitcoin, for those who have this ability, to get rid of monthly fees and save hundreds of euros every month.

[frank07a]

Interesting data from wikipedia says Portugal has 73.9% home-ownership rate which is pretty high. My guess is this probably played a part as home-ownership appears to be more on the norm side there indicating some locals may see it as an essential thereby making people more motivated to trigger the purchase button despite their inflated prices and bitcoin's long term potential.

Yes, in Portugal it is very common to buy a house instead of renting it, as the cost is practically the same. In many cases the monthly loan fee is lower than the monthly rental fee. That's why people in Portugal end up buying a house whenever they can.

Of course, at this time of interest rate hikes, things get more complicated. But also the rental prices are so inflated, it gets complicated in both cases.

Buying a house with Bitcoin, for those who have this ability, to get rid of monthly fees and save hundreds of euros every month.

A very good trend is that people have started accepting payment for real estate in Bitcoins. I am surprised by the fact that it is more profitable to buy an apartment than to rent, in my country the situation is completely different.

[joker_josue]

A very good trend is that people have started accepting payment for real estate in Bitcoins. I am surprised by the fact that it is more profitable to buy an apartment than to rent, in my country the situation is completely different.

Just to give you an idea, in Lisbon, anyone who wants to rent a house pays twice as much as someone who has to pay a bank loan, even at this time of high interest rates.

So, if you have any possibility, which option to choose? If I had that option I would choose to buy instead of renting.

[ultrloa]

A very good trend is that people have started accepting payment for real estate in Bitcoins. I am surprised by the fact that it is more profitable to buy an apartment than to rent, in my country the situation is completely different.

Just to give you an idea, in Lisbon, anyone who wants to rent a house pays twice as much as someone who has to pay a bank loan, even at this time of high interest rates.

So, if you have any possibility, which option to choose? If I had that option I would choose to buy instead of renting.

There's rent to own option on other country so much better to take that option if you can't afford to buy at the moment so that after years which agreed where the payment would last you can acquire that property unlike renting it without anything in return.

But much advisable with this option is to really buy a house since you cannot get any problem regarding on those monthly payment plus you can get this at much lesser rate compare to other options you are thinking of.

[bettercrypto]

Accepting bitcoin as payment is really possible, it depends on the person you are talking to if they know the concept of bitcoin, which means that no matter what type of business type it is, bitcoin can really be used.

        Now, if bitcoin was used to buy a house in Portugal, it is because the seller himself may have had knowledge of bitcoin for a long time and besides that, it is also for sure that he is also a bitcoin holder in my opinion.

[joker_josue]

Accepting bitcoin as payment is really possible, it depends on the person you are talking to if they know the concept of bitcoin, which means that no matter what type of business type it is, bitcoin can really be used.

This is true to a certain extent. There are purchases that require legal records, and the law must authorize the purchase to be made using bitcoin.

This happens when buying a home. For everything to be legal, there has to be a deed according to the laws of the country. And at the time of the deed, it must be recorded how the house was paid for. If the law does not authorize the use of bitcoin, a direct purchase using bitcoin cannot be made.

In Portugal, at the moment, it is not necessary to convert bitcoin into fiat in order to be able to buy a house. But of course you have to pay taxes on that purchase in fiat.

[Forever101]

This is a great move of Bitcoin adoption and usefulness in Crypto space.

With the look of things, bitcoins will have more use cases as it become accepted by the government, however there will definitely be some regulations in terms of some use cases.

[Rupok]

It will be a really good experience to buy the house with Bitcoin. This news will really inspire Bitcoin users. Because this event is very rare, the use of Bitcoin is increasing and soon investors will invest more.We will hear more similar stories of properties available to buy with Bitcoin.Bitcoin usage gives complete legal support to the buyers so that everything is done according to the law. So those countries will increase bitcoin transactions and everyone will be more interested in bitcoin. We want to facilitate such legal opportunities in all countries.

[UmerIdrees]

The two men behind the purchase and sale of the house in Portugal have a strong faith in Bitcoin, which is why they took such a big decision. Their decision is really commendable.

There have already been 13 purchases/sales of homes carried out with Bitcoin.
That is, there are more and more people trusting bitcoin and using it to buy high-value goods, such as a house (and houses in Portugal are at very inflated prices).

This proves that slowly people's trust and confidence in Bitcoin is increasing. According to your information about 13 houses have been bought and sold through Bitcoin transactions so far. Its number may increase. We know the news that is usually published.  Maybe there is a lot of news that we don't know. Some buyers or sellers may have bought and sold their homes with Bitcoin without telling anyone. But in any case, Bitcoin is making progress.  

We want people to not limit their Bitcoin transactions to just buying and selling houses. Let people use Bitcoin as a means of transaction in other areas as well.

When in a country you can buy and sell houses using bitcoin, means that you can buy/sell anything directly in Bitcoins and the government and financial institutions are no objection to these transactions. This is indeed great progress and i wished other country's governments also give such freedom to their citizens.
In my country, we can't think of buying a house with Bitcoin because every buy sell needs to be through the banking channel as governments do not support and recognize the use of cryptocurrencies.

[cydrix]

Portugal is a great place to buy a house with bitcoins because it accepts cryptocurrencies well, treats bitcoin as a form of payment and as a fully tax-exempt asset, came in first place in a survey of the best places to live last year for one of the sites, is a good place to buy real estate and live in it, and is working to become one of the most technologically advanced European nations.

[joker_josue]

Portugal is a great place to buy a house with bitcoins because it accepts cryptocurrencies well, treats bitcoin as a form of payment and as a fully tax-exempt asset, came in first place in a survey of the best places to live last year for one of the sites, is a good place to buy real estate and live in it, and is working to become one of the most technologically advanced European nations.

At the moment, taxes are already paid on capital gains in crypto, but with some advantages.

It is only taxed on the crypto you buy in the previous year. If you don't buy anything and sell it after two years, you no longer pay any tax.

[bayu7adi]

It is truly fascinating to delve into the intersection of Portugal and Bitcoin as discussed in various online media outlets. In fact, rumor has it that a significant number of immigrants from countries such as Italy and France have flocked to Portugal to bask in the liberty of utilizing cryptocurrency without incurring any tax liabilities. Can it be surmised that Portugal lacks regulations that govern the taxation of cryptocurrency?

Additionally, I would be most intrigued to ascertain the degree to which Bitcoin has been adopted as a mainstream means of purchasing real estate. If you could provide me with an estimate, expressed in percentage terms, of the number of homes purchased in Portugal through Bitcoin, it would be greatly appreciated. What is the estimated percentage of real estate transactions in Portugal that utilize Bitcoin as a means of payment?

[joker_josue]

It is truly fascinating to delve into the intersection of Portugal and Bitcoin as discussed in various online media outlets. In fact, rumor has it that a significant number of immigrants from countries such as Italy and France have flocked to Portugal to bask in the liberty of utilizing cryptocurrency without incurring any tax liabilities. Can it be surmised that Portugal lacks regulations that govern the taxation of cryptocurrency?

Additionally, I would be most intrigued to ascertain the degree to which Bitcoin has been adopted as a mainstream means of purchasing real estate. If you could provide me with an estimate, expressed in percentage terms, of the number of homes purchased in Portugal through Bitcoin, it would be greatly appreciated. What is the estimated percentage of real estate transactions in Portugal that utilize Bitcoin as a means of payment?

In one year at least 13-15 properties were purchased using cryptocurrencies.

Perhaps within a year or two, with changes in the rules of the European Union, changes in taxation may arise, but for now no changes are foreseen.

[bitbollo]

Nice catch for Portugal!
However one of the first country or probably the first country in the world that allow these kind of transaction is Italy since 2017 123 Apartments in Rome were available with crypto.
https://www.wired.it/economia/finanza/2017/04/05/prima-casa-bitcoin/
It's interesting there are these opportunities available, but I have not find any update about number of houses sold during these years.

[jostorres]

It is truly fascinating to delve into the intersection of Portugal and Bitcoin as discussed in various online media outlets. In fact, rumor has it that a significant number of immigrants from countries such as Italy and France have flocked to Portugal to bask in the liberty of utilizing cryptocurrency without incurring any tax liabilities. Can it be surmised that Portugal lacks regulations that govern the taxation of cryptocurrency?

Additionally, I would be most intrigued to ascertain the degree to which Bitcoin has been adopted as a mainstream means of purchasing real estate. If you could provide me with an estimate, expressed in percentage terms, of the number of homes purchased in Portugal through Bitcoin, it would be greatly appreciated. What is the estimated percentage of real estate transactions in Portugal that utilize Bitcoin as a means of payment?

In one year at least 13-15 properties were purchased using cryptocurrencies.

Perhaps within a year or two, with changes in the rules of the European Union, changes in taxation may arise, but for now no changes are foreseen.

It's pretty surprising how the authorities in Portugal are yet to impose any taxes or many regulations for the usage of cryptocurrencies, especially with real estate transactions increasing over time. We all know how serious authorities take the transactions and taxes when it comes to real estate, if people are able to easily make deals using cryptocurrencies, it's great.

But as you said, I doubt it will be the case for very long, and they will probably start imposing rules and regulations soon for any transactions or deals made using Bitcoin or any other cryptocurrency in general.

[joker_josue]

It's pretty surprising how the authorities in Portugal are yet to impose any taxes or many regulations for the usage of cryptocurrencies, especially with real estate transactions increasing over time. We all know how serious authorities take the transactions and taxes when it comes to real estate, if people are able to easily make deals using cryptocurrencies, it's great.

But even if you buy real estate using bitcoin, you have to pay all the taxes equivalent to a purchase made using fiat.
On the day of the deed, the exchange of the amounts involved is calculated, then the taxes on these amounts are calculated, which the buyer/seller will then have to pay in fiat.