Portugal's Zero-Taxation, Low Living Costs Helps Gain Pace as Preferred Crypto Destination

Portugal is crafting a name for itself in the crypto space based on its zero-taxation policy, having set up various free zones to spur growth and research for cryptocurrency and blockchain organizations, according to PayBito CEO Raj Chowdhury.

Chowdhury noted:

 “Portugal’s zero-taxation policy is drawing crypto entrepreneurs as well as enterprises. The nation embraces the rising global crypto craze and will incorporate its features for the welfare of its citizens.”

Different nations on European soil are gearing up towards the crypto space, with Switzerland already being the most crypto-friendly destination. Furthermore, Ukraine recently legalized Bitcoin (BTC). 

Nevertheless, Portugal is making significant strides based on its low living costs and crypto-supportive legislation.

For instance, residents have the choice to make Bitcoin payments for electricity bills and other merchant options. Moreover, BTC ATMs across major cities are growing exponentially. 

Chowdhury welcomed Portugal’s crypto-friendly policies and stated:

“Opportunities galore for businesses surrounding crypto and blockchain. The nation’s positive stance will stand the test of time contributing to its progress as well as the worldwide market.”

These policies are the reason behind “Bitcoin family” Taihuttus’s immigration to Portugal. After travelling to 40 different countries in five years, the Dutch family of five chose Europe to put down roots in Portugal based on the zero-taxation approach. 

In 2017, Taihuttu, his wife, and three children liquidated their property, buying Bitcoin with a 2,500-square-foot house and nearly all of their possessions. Since then, they have lived a life of world travel.

Different countries across the globe are coming up with initiatives meant to woo crypto investors. For instance, Puerto Rico is attracting cryptocurrency enthusiasts based on its friendly taxation and island lifestyle.