Is it possible to buy a house with BTC in your country?

[betswift]

Bitcoin is still considered a tradable community asset in my country, for this reason it is very unlikely to buy a house using Bitcoin unless the buyer and seller reach a personal agreement to accept Bitcoin as part of the sale transaction. In addition, the process of buying a house using Bitcoin is still very complicated because taxes will be imposed on each transaction that can reduce the amount of money received by the seller.
If the goal is a long-term investment, this might be a very good idea, but if the duration is short-term it will be very risky because price fluctuations can affect its value.

In my place, it is also the same, although there are many people who are familiar with Bitcoin and want to invest in Bitcoin, but for any transaction, they still use cash or the country's fiat currency and I have never seen anyone willing to sacrifice Bitcoin for something else, including for something like a house. And I think this is still very common in countries that still uphold their own currency so that everyone does not have to waste Bitcoin for something else because they will still use money as usual when they want to buy something they want.

Most are still going for the fiat because BTC isn't as known as the usual ways of things yet (Just going to any store or even a car auction to use BTC as the means to buy something - 1/100 chance you would get the ability to do so). Also, it would mainly be used for bigger purchases, in my opinion.

[Redley555]

In some countries, you can buy or rent a house in bitcoins. But what are the tax and administrative implications?

In France, you can, in theory, buy with BTC, but you have to pay taxes and notary fees in euros.

Since you also have to pay capital gains tax and (unless I'm mistaken) prove the origin of the bitcoins. Justifying the origin of funds when you won cryptos with games or airdrops and then sold them to buy btc 15 years ago is almost certainly impossible.
In the end, it doesn't seem so attractive to buy in btc in France because of the administrative and tax complications, in addition to the 30% capital gains tax (unless I'm mistaken).

How is it in your country ?

You will have to make an exchange in my country, but if the seller is a miner as yourself too and you have an understanding with the him/her it might be possible just a little tax and you're good to go

[FortuneFollower]

You will have to make an exchange in my country, but if the seller is a miner as yourself too and you have an understanding with the him/her it might be possible just a little tax and you're good to go

Do you have such known miners who have such solidarity toward local exchange of BTC?

[Nothingtodo]

In some countries, you can buy or rent a house in bitcoins. But what are the tax and administrative implications?

How is it in your country ?

i dont know about other countries but for my country Nigeria buying house with bitcoin is tax free. it is simple, if you dont have client that accept bitcoin as a medium of payment since bitcoin is not wildly accepted, them you have to sell the bitcoin to fiat and use the fiat to buy house. once you buy any property its yours forever you might be paying tax as a citizen of the country but not for the properties you acquire. most times the bank will deduct it from your salary which would not even affect you it is nearly unnoticeable

Bitcoin is allowed in your country Nigeria but not in my country Bangladesh. Buying a house with Bitcoin may be tax free in your country Nigeria but in my country, if you find any evidence of Bitcoin usage, legal action is taken. However, we do not use Bitcoin, but we convert the amount of Bitcoin we earn into our country's currency, but in that case, of course, we convert it into our country's fiat currency through the central exchange and then meet our daily needs. But of course, we have some local agencies in our country like Nagad/Bikash through which we convert it into our country's local currency, then the government takes a certain portion of tax from these. We can never use it tax-free.

[Becassine]

Bitcoin is allowed in your country Nigeria but not in my country Bangladesh. Buying a house with Bitcoin may be tax free in your country Nigeria but in my country, if you find any evidence of Bitcoin usage, legal action is taken. However, we do not use Bitcoin, but we convert the amount of Bitcoin we earn into our country's currency, but in that case, of course, we convert it into our country's fiat currency through the central exchange and then meet our daily needs. But of course, we have some local agencies in our country like Nagad/Bikash through which we convert it into our country's local currency, then the government takes a certain portion of tax from these. We can never use it tax-free.

I couldn't quite understand the situation in Bangladesh, so I did some research. So, in fact, no CEX is officially authorized in Bangladesh due to restrictions imposed by Bangladesh Bank, but platforms like Binance, Paxful, CEX.IO, eToro, KuCoin, and Bitget are used by individuals.

Transactions are often made via P2P channels with BDT payments on bKash or Nagad (which apparently can operate without a bank intermediary), but CEX users are not protected.

Cases of prosecution against individuals trading crypto are rare, but Bangladesh Bank has warned that those involved in cryptocurrency transactions could face criminal penalties, including fines or imprisonment, under anti-money laundering or financial regulation laws.

Bangladeshi financial institutions (banks, bKash, Nagad) are prohibited from facilitating cryptocurrency transactions. If a transaction via bKash or Nagad is identified as originating from a cryptocurrency sale (for example, via Binance P2P), the account could be suspended or reported to the authorities (and therefore the user will lose all its funds and there will be an investigation).

The recent WazirX hack has likely left its Bangladeshi users without recourse...

So, in the end, there's no real legal framework: if you've made capital gains, you have to declare it, but since it's illegal, you risk a fine. Is that right?

crypto regulations in Bengladesh in 2024

[White pawn]

Buying a house with BTC in my country Nigeria is possible,but it requires careful consideration and planning Because you need to find a seller who accept BTC as payment,This can be challenging most times as not all sellers are familiar or very good with crypto currency exchange or transactions.

Prices can increase rapidly, affecting the purchase price of the property,yes you may want to convert BTC to minimize risks.

You will also need to understand the tax implications of buying a house with BTC in Nigeria by consulting a tax professional to ensure local regulations.
 You also ensure involving relevant laws and regulations.

[Anayochukwu]

In some countries, you can buy or rent a house in bitcoins. But what are the tax and administrative implications?

In France, you can, in theory, buy with BTC, but you have to pay taxes and notary fees in euros.

Since you also have to pay capital gains tax and (unless I'm mistaken) prove the origin of the bitcoins. Justifying the origin of funds when you won cryptos with games or airdrops and then sold them to buy btc 15 years ago is almost certainly impossible.
In the end, it doesn't seem so attractive to buy in btc in France because of the administrative and tax complications, in addition to the 30% capital gains tax (unless I'm mistaken).

How is it in your country ?

In my country Most people especially the younger people are talking about Bitcoin and they are always happy to have it in their possession so yes it is very possible to buy a house with Bitcoin in my country even though it is not fully accepted because the government knows what they stand to loose if Bitcoin is made a legal tender. The only challenge in purchasing anything with Bitcoin in my country is that it's not every seller that are aware of its worth and some people still see it as scam if you mention Bitcoin in their presence, people understand Fiat currency more and they would prefer Fiat to sell to you so you can only use Bitcoin to make payments if the seller is also in the Bitcoin space and you both have an understanding.

[Jewan420]

In some countries, you can buy or rent a house in bitcoins. But what are the tax and administrative implications?

Am I benefiting in any way from buying or renting a house with Bitcoin? If fiat and Bitcoin are worth the same amount, why would I keep advertising to everyone that I am a Bitcoin holder? It is possible in any country and under any circumstances if there is an agreement between the buyer and the seller, but it is risky. If someone tries to cheat you, you cannot take legal help and you cannot ask people for help.

If you want to buy and sell with Bitcoin through legal tender, you must comply with the crypto laws of your country, but before that, Bitcoin must be legal in your country. Bitcoin is not yet legally legal in my country, but buying and selling with Bitcoin is still possible if there is an unwritten agreement between the buyer and the seller. However, the responsibility for this transaction will be entirely on you, by taking legal help, you are only creating another danger!

[Donneski]

In some countries, you can buy or rent a house in bitcoins. But what are the tax and administrative implications?

Am I benefiting in any way from buying or renting a house with Bitcoin? If fiat and Bitcoin are worth the same amount, why would I keep advertising to everyone that I am a Bitcoin holder? It is possible in any country and under any circumstances if there is an agreement between the buyer and the seller, but it is risky. If someone tries to cheat you, you cannot take legal help and you cannot ask people for help.

If you want to buy and sell with Bitcoin through legal tender, you must comply with the crypto laws of your country, but before that, Bitcoin must be legal in your country. Bitcoin is not yet legally legal in my country, but buying and selling with Bitcoin is still possible if there is an unwritten agreement between the buyer and the seller. However, the responsibility for this transaction will be entirely on you, by taking legal help, you are only creating another danger!

I understand your concern about the risks of being cheated and the lack of legal backing but that’s also the beauty of Bitcoin. it forces us to think beyond traditional structures of trust.

 In fiat, people rely on courts and governments to enforce contracts. With Bitcoin, ideally we’re moving toward systems where code and reputation replace that. Imagine a future where smart contracts or escrow services built on Bitcoin’s layer solutions can handle real estate transactions without middlemen. For now, yes, it’s informal and risky but every time someone actually buys property with BTC, they’re demonstrating that the “impossible” is becoming possible. In a Bitcoin community like this, I think that's what we should be promoting while still being cautious of our safety

[Albert David]

In some countries you can't rent an apartment with bitcoin, because the people that owned those apartments doesn't deal with bitcoin, but people that knows about bitcoin can agree to receive payment with bitcoin, the way I'm seeing things, I may say it happens to everyone, a house Owner will determine the condition they will take their rates, so from your subject, it's possible for someone to buy a house with bitcoin, it depends when you invest and the amount of Bitcoin you have, and if the owner of the property can accept bitcoin as payment option.

In some countries you can't rent an apartment with bitcoin, because the people that owned those apartments doesn't deal with bitcoin, but people that knows about bitcoin can agree to receive payment with bitcoin, the way I'm seeing things, I may say it happens to everyone, a house Owner will determine the condition they will take their rates, so from your subject, it's possible for someone to buy a house with bitcoin, it depends when you invest and the amount of Bitcoin you have, and if the owner of the property can accept bitcoin as payment option.

[OgNasty]

I've actually been contemplating selling my house for Bitcoin for a while now.  I think it has all the amenities that a Bitcoiner would want.  Solar, battery backup, pool, low energy costs, custom electrical, custom exhaust ports...  Maybe after I buy a new place and move my stuff I will look into offering it to someone here.  I think that would be a pretty cool thing to do even though I think the odds of finding someone to buy your home on an internet forum are low.  I still think it would be pretty cool...  Maybe next year.

[Mr Reporter]

In some countries, you can buy or rent a house in bitcoins. But what are the tax and administrative implications?

In France, you can, in theory, buy with BTC, but you have to pay taxes and notary fees in euros.

Since you also have to pay capital gains tax and (unless I'm mistaken) prove the origin of the bitcoins. Justifying the origin of funds when you won cryptos with games or airdrops and then sold them to buy btc 15 years ago is almost certainly impossible.
In the end, it doesn't seem so attractive to buy in btc in France because of the administrative and tax complications, in addition to the 30% capital gains tax (unless I'm mistaken).

How is it in your country ?

In my country Most people especially the younger people are talking about Bitcoin and they are always happy to have it in their possession so yes it is very possible to buy a house with Bitcoin in my country even though it is not fully accepted because the government knows what they stand to loose if Bitcoin is made a legal tender. The only challenge in purchasing anything with Bitcoin in my country is that it's not every seller that are aware of its worth and some people still see it as scam if you mention Bitcoin in their presence, people understand Fiat currency more and they would prefer Fiat to sell to you so you can only use Bitcoin to make payments if the seller is also in the Bitcoin space and you both have an understanding.

The growing interest in Bitcoin among younger people in your country is a positive sign for its adoption. However, the challenges you mentioned are common in many places where Bitcoin is not yet widely accepted.

Some people may view Bitcoin as a scam due to a lack of understanding. Educating more people about its benefits and uses could increase adoption.

Not all sellers are familiar with Bitcoin or willing to accept it as payment. This limits its use in everyday transactions.

The government's cautious approach to Bitcoin might be due to concerns about losing control over monetary policy or potential risks associated with cryptocurrencies.

Despite these challenges, the fact that some people in your country are open to using Bitcoin for transactions, like buying a house, shows promise for its future adoption.

[Luzin]

If legalized, my country prohibits it. The valid transaction tools are the currency issued by my country or recognized by the world. But if illegal, it can be done. If done among Bitcoin users, there will be no problem. But as long as the country does not know and no one reports it to the government. Even though it has become a commodity, crypto in my country is limited to being just a commodity. But if I convert it into fiat, I can make a direct purchase from a homeowner openly. I am currently in Asia, specifically in Indonesia.

[adaseb]

I remember sometime in 2014 or 2016 or so, there was a family that supposidly sold their house and cars and all their personal possessions, put it into bitcoin and went to live in a cabin somewhere off the grid. Many were saying it was irresponsible at the time and if I recall they sold their house and bought bitcoin at the peak of the 2013 or 2017 top ( can't remember which) and their bitcoin was immediately underwater and pretty much never heard about them again.

There is speculation that they sold the bitcoin at a loss and went to rent a house or they actually held until the next cycle high and are millionaires. If someone knows what I am talking about and you have more info maybe clue me in, I was always curious how their investment turned out.

[HajiBagi]

In some countries, you can buy or rent a house in bitcoin or by using bitcoin, but in some countries, it will be difficult to see that because they see bitcoin as something that is not legal in the country. It is even difficult for someone to sell something for you and accept bitcoin because many of the sellers find it difficult to understand how bitcoin works and how it is, and in my country, some can even say that you are trying to scam them that is why you want to use to buy something from them.

The quickest and easiest way to buy or rent a house in our country is to use fiat because that is the most commonly used currency. Although there are people who are aware of bitcoin and can still accept it, the trust issue has become a problem for some people because they see everything about other currencies as a scam, unless you have someone or a seller who is into bitcoin, understands bitcoin, and is willing to accept it.

[Mame89]

If legalized, my country prohibits it. The valid transaction tools are the currency issued by my country or recognized by the world. But if illegal, it can be done. If done among Bitcoin users, there will be no problem. But as long as the country does not know and no one reports it to the government. Even though it has become a commodity, crypto in my country is limited to being just a commodity. But if I convert it into fiat, I can make a direct purchase from a homeowner openly. I am currently in Asia, specifically in Indonesia.

Yes. I'm in the same country as you. Bitcoin can't be used as a means of transaction because we have our own currency it's only legal as a commodity, not for buying and selling.

There have been cases of people using Bitcoin as a means of transaction. When this is done publicly they face imprisonment. However if it's done secretly or if only the seller and buyer know about the transaction, it won't be a problem. However many people are still afraid to make transactions using Bitcoin, preferring to convert it to fiat and then buy a house. Actually using Bitcoin for transactions is also difficult in countries where it's still illegal. Besides being subject to criminal penalties, it's also difficult to find consumers who understand Bitcoin.

Furthermore in my opinion Bitcoin should be used for long term investment not for buying and selling because Bitcoin is an asset with long term fundamentals and privacy. Even if you want to buy a house, sell some of your Bitcoin to buy a house.

[Cityhunter34]

not many countries allow people to buy property using bitcoin. like my country only allows using fiat to buy and sell property, you can't even use gold or other valuable assets to replace fiat in the transaction. and in this case, my government has also been strict to limit people from using crypto outside of its intended use as an investment. so no matter how you try, you just can't use bitcoin directly to buy property here.

Of course using Bitcoin to buy a property is something that most of the countries don't allow at all. Though, Bitcoin is something that my government does not want to see, talkles of using it to buy property that is said that such person would definitely be a very big trouble because if am not mistaking almost the whole countries does not want see citizen using Bitcoin for anything. However, just like as you mentioned fiat currency is something that is very common in buying things.

[Davidvictorson]

How is it in your country ?

I feel so left behind. I did I miss this super important conversation. I hope y'all will forgive me because even though it is from over 3 months ago, I have to drop my two cents on this topic.
In my country, officially, you cannot do any business transaction in bitcoin. Therefore it means that you cannot buy a house in bitcoin. But unofficially, yeah, you can do that. It will be just like a P2P transaction. Just you and seller and everything goes on well. And if you want, you may want to include a lawyer just incase.

[CryptSafe]

I can say that in my country, Bitcoin is seen as an asset which can be traded which means that one can trade it for anything they wish to and it is legally approved in my country that Crypto and Bitcoin are assets which can be traded so therefore it could be said that if one wants to trade their Bitcoin, it can be likened to be an exchange of assets in value like proportion amongst the parties involved and the law allows them to exchange assets which is legally binding in the manner. Sometimes  can say that one can buy a house with Bitcoin iny country depending on the mutual understanding between the both parties involved.

[coolcoinz]

Since you also have to pay capital gains tax and (unless I'm mistaken) prove the origin of the bitcoins. Justifying the origin of funds when you won cryptos with games or airdrops and then sold them to buy btc 15 years ago is almost certainly impossible.

I feel like it's like that throughout the EU, which is why I don't do it and keep my bitcoin holdings private. Whenever I need money, I get cash, preferably through p2p transactions, or buy store credit anonymously by providing only an email address to which the codes are sent.

In my case, proving the origin of funds is literally impossible, and knowing how the government likes to treat bitcoiners, I'd most likely be labelled as deep web drug dealer, or a hacker.