Buying a house with 100% Bitcoin is possible in Portugal

[Litzki1990]

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.

We can not only use Bitcoin as an investment platform but we can also use Bitcoin for other purposes or transactions.  Two gentlemen from Portugal have proved that large transactions are possible with Bitcoin. Bitcoin is not the only digital currency now but Bitcoin has been announced as an alternative currency of a country. 

A few days ago, El Salvador added a new currency in addition to the currency of their country, the US dollar, that currency is Bitcoin. And they have the facility to transact directly through Bitcoin to purchase various things in their country. That is, if we consider all these things, we can understand how much the popularity of Bitcoin is increasing day by day.

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[rarkjames]

I wonder does the tax breaks extend to only citizens of Portugal or can foreigners also benefit from the tax exemptions on the home purchases?

[joker_josue]

I wonder does the tax breaks extend to only citizens of Portugal or can foreigners also benefit from the tax exemptions on the home purchases?

Most home buying is not tax free.

Either way, foreigners also benefit from the same conditions. In some cases, depending on the investment made, they may even have benefits.

[rarkjames]

I will do some research when I have some more time later today, as I would like to see how it would benefit me as a foreign to buy a home there using bitcoin. The home prices in Portugal are much more affordable than the home prices in New York.

[jostorres]

We can not only use Bitcoin as an investment platform but we can also use Bitcoin for other purposes or transactions.  Two gentlemen from Portugal have proved that large transactions are possible with Bitcoin. Bitcoin is not the only digital currency now but Bitcoin has been announced as an alternative currency of a country. 

A few days ago, El Salvador added a new currency in addition to the currency of their country, the US dollar, that currency is Bitcoin. And they have the facility to transact directly through Bitcoin to purchase various things in their country. That is, if we consider all these things, we can understand how much the popularity of Bitcoin is increasing day by day.

Bitcoin was never meant to be an investment asset, it was created to be a currency that will be an alternative to traditional currencies and provide decentralization to its users unlike the fiat currencies which are centralized and are in total control of traditional financial institutions for centuries and nothing has ever changed.

Large transactions are of course possible using Bitcoin but it is only a matter of allowance and acceptance within the country where you and the seller live in. Portugal seems to be pretty friendly so far with cryptocurrency deals, and I hope that it continues to be that way.

[add1ct3dd]

I will do some research when I have some more time later today, as I would like to see how it would benefit me as a foreign to buy a home there using bitcoin. The home prices in Portugal are much more affordable than the home prices in New York.

I think all the benefits that you might get using Bitcoin to buy a property in Portugal being a foreigner is the difference in the prices of properties in your country and Portugal as you said. Properties in New York would obviously be much more expensive considering it is one of the busiest and in-demand cities of the world today.

You will still be paying taxes and everything even if you make the transaction using Bitcoins as described by OP in an earlier post. So your benefit will be that you will be saving a good chunk of money on the property based on its price.

[Porfirii]

I will do some research when I have some more time later today, as I would like to see how it would benefit me as a foreign to buy a home there using bitcoin. The home prices in Portugal are much more affordable than the home prices in New York.

I think all the benefits that you might get using Bitcoin to buy a property in Portugal being a foreigner is the difference in the prices of properties in your country and Portugal as you said. Properties in New York would obviously be much more expensive considering it is one of the busiest and in-demand cities of the world today.

You will still be paying taxes and everything even if you make the transaction using Bitcoins as described by OP in an earlier post. So your benefit will be that you will be saving a good chunk of money on the property based on its price.

Yes, but still no. The good chunk of money you'll be saving doesn't come from the price of the property being lower in Portugal (compared to NYC I agree, but compared to most countries in the world, Portugal is more expensive, it's not an underdeveloped country), but because the gains are not a taxable event there.

If you bought 10 BTC at 50 EUR each, hodled, and now you buy a house with these 10 BTC, you only have to pay the regular taxes anyone must pay (VAT, licenses, property registration fees...) but not for the gains anymore, whether you live there or not. This doesn't happen in most countries, where you should pay not only for the purchase of the house, but for the gains also:

10 BTC * 50€ = 500€ price @ you bought.
10 BTC* 27.000€ = 270.000€ price @ you sell.
270.000€ - 500€ = 265.500€ your capital gains.
265.500* 25%¹ = 66.375€ in taxes you should pay otherwise, but not in Portugal.

¹(25% is just an example and varies between countries)

As we are neighbours, this exemption is well known here in Spain, and some Spanish bitcoiners have already temporarily emigrated to the Portuguese country.

[joker_josue]

As we are neighbours, this exemption is well known here in Spain, and some Spanish bitcoiners have already temporarily emigrated to the Portuguese country.

Interesting! I had no idea about this situation.

But have you been buying a house in Portugal or are you just renting?

[Porfirii]

As we are neighbours, this exemption is well known here in Spain, and some Spanish bitcoiners have already temporarily emigrated to the Portuguese country.

Interesting! I had no idea about this situation.

But have you been buying a house in Portugal or are you just renting?

Neither one nor the other: I'm living in Spain and have no plans to emigrate long-term, but among those who know Bitcoin relatively well in Spain it is known that, if you stay more than 6 months in Portugal, you pay your taxes there, and since gains from cryptos are not a taxable event there, you can withdraw/exchange for fiat for free.

I remember a couple of TV programmes explaining the situation, with interviews to not only Spaniards but people from other countries too, who were living in Portugal for a few months and/or buying houses there. There was even an agency with travel plans etc. so they managed everything and holders simply enjoyed their vacations.

[joker_josue]

I remember a couple of TV programmes explaining the situation, with interviews to not only Spaniards but people from other countries too, who were living in Portugal for a few months and/or buying houses there. There was even an agency with travel plans etc. so they managed everything and holders simply enjoyed their vacations.

I know that there are agencies that help in this process. But I had no idea that Spaniards linked to crypto were coming here. The fine is also usually discreet and therefore ends up being normal.

I also believe that most of these people don't come to more urban areas, like Lisbon. Prefer to stay in Alentejo and Algarve (warmer weather and better beaches).

[Rigon]

. 
A few days ago, El Salvador added a new currency in addition to the currency of their country, the US dollar, that currency is Bitcoin. And they have the facility to transact directly through Bitcoin to purchase various things in their country. That is, if we consider all these things, we can understand how much the popularity of Bitcoin is increasing day by day.

Yes the popularity of Bitcoin is increasing day by day. At one time people did not know Bitcoin well. Now everyone is starting to bring Bitcoin to the forefront of transactions. Due to corruption in various bank ditches people are now starting to invest in Bitcoin. From here we can see how popular Bitcoin has become to people. Today we saw in a news that Bitcoin tower will be built in Dubai. If the Bitcoin tower is built in Dubai then surely we can say that the popularity of Bitcoin has reached its peak. If successful in building the Bitcoin Tower in Dubai, Bitcoin will be officially launched. So from here we can say that Bitcoin has gained a lot of popularity.

[Porfirii]

I remember a couple of TV programmes explaining the situation, with interviews to not only Spaniards but people from other countries too, who were living in Portugal for a few months and/or buying houses there. There was even an agency with travel plans etc. so they managed everything and holders simply enjoyed their vacations.

I know that there are agencies that help in this process. But I had no idea that Spaniards linked to crypto were coming here. The fine is also usually discreet and therefore ends up being normal.

I also believe that most of these people don't come to more urban areas, like Lisbon. Prefer to stay in Alentejo and Algarve (warmer weather and better beaches).

I guess that this is because, between Portugal and El Salvador, the former is much nearer from us and the language is not a big problem either .

As far as I know, yes, people tend to go more to coastal or touristic areas rather than the city. The plan normally is to go there and enjoy while others take care of their business and amusement for 6 months in some good paid holidays, much cheaper than simply staying at home in their homeland.

Linked to the title of this thread, some people do this and buy a house in Portugal directly, but others simply move there for 6 months to withdraw and buy the house in Spain. Here, as long as you paid your taxes, you can also buy the house with Bitcoin (a colleague from the Spanish board did it).

[joker_josue]

Linked to the title of this thread, some people do this and buy a house in Portugal directly, but others simply move there for 6 months to withdraw and buy the house in Spain. Here, as long as you paid your taxes, you can also buy the house with Bitcoin (a colleague from the Spanish board did it).

Yeah, they should more or less follow the same rules.
From there, you can do things with Bitcoin, what may change later is the taxes and the procedural form.

[Litzki1990]

. 
A few days ago, El Salvador added a new currency in addition to the currency of their country, the US dollar, that currency is Bitcoin. And they have the facility to transact directly through Bitcoin to purchase various things in their country. That is, if we consider all these things, we can understand how much the popularity of Bitcoin is increasing day by day.

Today we saw in a news that Bitcoin tower will be built in Dubai. If the Bitcoin tower is built in Dubai then surely we can say that the popularity of Bitcoin has reached its peak. If successful in building the Bitcoin Tower in Dubai, Bitcoin will be officially launched. So from here we can say that Bitcoin has gained a lot of popularity.

Dubai is one of the most modern cities. Most of the luxury people of the world usually visit this city. If a Bitcoin tower can be established in Dubai, then only through that one Bitcoin tower can a huge global campaign about Bitcoin be possible. Tourists who are going to travel to Dubai will be curious to know about Bitcoin. When they are interested to know about Bitcoin, different aspects of Bitcoin may appeal to them, which will make them interested in doing transactions through Bitcoin, and thus gradually the transaction system through Bitcoin. will be very popular worldwide.

[Minhxx]

Currently countries do not have protection for buying and selling with bitcoin. We can only agree to a 2-party transaction.
But we still have to follow the proof of purchase in this country
Pay taxes in the currency there.

[Patrol69]

Currently countries do not have protection for buying and selling with bitcoin. We can only agree to a 2-party transaction.
But we still have to follow the proof of purchase in this country
Pay taxes in the currency there.

I did not understand which country you are talking about. OP said here that two people in Portugal used Bitcoin as a means of transaction to buy and sell houses. That is, the amount that these two men charged for the purchase and sale of the house, they paid the amount through Bitcoin.

[Litzki1990]

Currently countries do not have protection for buying and selling with bitcoin. We can only agree to a 2-party transaction.
But we still have to follow the proof of purchase in this country
Pay taxes in the currency there.

I am telling you about a country where you can do anything with Bitcoin. El Salvador is the first country to fully legalize Bitcoin in its own country, allowing you to make any Bitcoin transaction in that country. Not only transactions, but all the things you used to do with dollars or other currencies, you can do those things with Bitcoin in that country. That is, if you want to pay your coffee bill in Bitcoin, you can pay the coffee bill in Bitcoin. Or if your car runs out of gas, you can pay for gas in your car with bitcoins. That means you will get all the benefits of Bitcoin in El Salvador.

[Bitcoin_people]

Currently countries do not have protection for buying and selling with bitcoin. We can only agree to a 2-party transaction.
But we still have to follow the proof of purchase in this country
Pay taxes in the currency there.

I am telling you about a country where you can do anything with Bitcoin. El Salvador is the first country to fully legalize Bitcoin in its own country, allowing you to make any Bitcoin transaction in that country. Not only transactions, but all the things you used to do with dollars or other currencies, you can do those things with Bitcoin in that country. That is, if you want to pay your coffee bill in Bitcoin, you can pay the coffee bill in Bitcoin. Or if your car runs out of gas, you can pay for gas in your car with bitcoins. That means you will get all the benefits of Bitcoin in El Salvador.

El Salvador is one of the developed countries that has officially legalized Bitcoin. Cryptocurrency is fully legal in this country and everything from buying and selling goods to asking for payment is paid in Bitcoin. The country has advanced their economy a lot by doing various transactions through Bitcoin and has become known as one of the most popular countries in the world today. El Salvador has a facility that has a free bitcoin payment system for various transactions. and has provided special facilities for tourists to transact with Bitcoin at various locations. So we can say that all the countries where Bitcoin transactions are completely legal, everything can be done using Bitcoin.

[synchronym]

Bitcoin is a very popular name in today's world. The use of Bitcoin is now very high and now a lot of large transactions are being done through this Bitcoin. Transactions as big as buying land and houses are now being done through Bitcoin. That's because you don't have to pay tax if you buy and sell land through Bitcoin. Unfortunately, Bitcoin is illegal in Bangladesh, so even if we want to, we can't do such big transactions like buying land or house through Bitcoin. If bitcoin is legal in our country then we would get its benefits.

[xen1oph]

El Salvador is one of the developed countries that has officially legalized Bitcoin. Cryptocurrency is fully legal in this country and everything from buying and selling goods to asking for payment is paid in Bitcoin. The country has advanced their economy a lot by doing various transactions through Bitcoin and has become known as one of the most popular countries in the world today. El Salvador has a facility that has a free bitcoin payment system for various transactions. and has provided special facilities for tourists to transact with Bitcoin at various locations. So we can say that all the countries where Bitcoin transactions are completely legal, everything can be done using Bitcoin.

El Salvador is truly paving the way for a Bitcoin-dominated future! While it's exciting to see a country fully embracing cryptocurrency, I can't help but wonder about the potential downsides. How will they address the concerns of financial stability, price manipulation, and the impact on their citizens who might not be tech-savvy or have access to reliable internet? It's a brave new world, and El Salvador is at the forefront of it.