The view from Lisbon
After months of speculation, Portugal said it will start taxing short-term gains on digital assets next year. It’s a notable move, especially for a country seen as friendly to the sector. So what was the reaction among the crypto community that has blossomed in the southern European country? All good.
Profits made on digital-asset holdings held for less than one year will be taxed at a rate of 28%, while crypto held longer than that will be exempt from taxes, according to the country’s 2023 budget plan. Authorities will also treat gains from the issuance of cryptocurrencies and mining operations as taxable income.
The new policy will effectively end Portugal’s status as a crypto tax haven in Europe. It earned that distinction mostly because the country lacked tax legislation for the crypto space. Now, having put it in place, the legions of crypto nomads that have descended on the small Iberian nation in recent years are taking it in stride.
In Love With Portugal...
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