Bitcoin friendly bank in Portugal?

[Hegemon]

Considering moving there. Does anyone knows of banks that allow to withdraw from exchanges directly?
Is their due diligence strict?

By the way, I understand that given that crypto is treated as having money in foreign currency, it pays 0 taxes, like you don't need to pay money in Portugal for having earned money from 1000 pounds you have.
Do you need to explain anything to the Portuguese government?

 

[GBR]

Adding to the question, do you need to explain anything to your country's government, after coming back home with a bag full of cash?

 

[dread pirate]

Considering moving there. Does anyone knows of banks that allow to withdraw from exchanges directly?
Is their due diligence strict?

By the way, I understand that given that crypto is treated as having money in foreign currency, it pays 0 taxes, like you don't need to pay money in Portugal for having earned money from 1000 pounds you have.
Do you need to explain anything to the Portuguese government?

Santander will process crypto - cash outs from exchanges.
Due diligence? They know it's coming from an exchange but I doubt they will be asking the exchange any questions. If this is a concern then perhaps use an OTC to cash out and sent money from.
You will need to explain if its not on your tax return.
Hope that helps.
D.P

 

[dread pirate]

Adding to the question, do you need to explain anything to your country's government, after coming back home with a bag full of cash?

Of course it depends on your governments tax laws. For example, tax treaties with Portugal, rules on capital gains etc.

 

[Hegemon]

Adding to the question, do you need to explain anything to your country's government, after coming back home with a bag full of cash?

Depends. Are you absolutely sure you are not a tax resident in your country the year you spent in Portugal?

According to the lawyer I talked to, you can go in June 2022, come back January 2023 with the money in your bank account without issues.

You run into trouble if they can argue you actually owe them taxes because you actually stayed there.

 

[Piano]

Santander will process crypto - cash outs from exchanges.
Due diligence? They know it's coming from an exchange but I doubt they will be asking the exchange any questions. If this is a concern then perhaps use an OTC to cash out and sent money from.
You will need to explain if its not on your tax return.
Hope that helps.
D.P

You are resident in Spain ? Any other banks that allow cashing out ?

 

[dread pirate]

Depends. Are you absolutely sure you are not a tax resident in your country the year you spent in Portugal?

According to the lawyer I talked to, you can go in June 2022, come back January 2023 with the money in your bank account without issues.

You run into trouble if they can argue you actually owe them taxes because you actually stayed there.

You are resident in Spain ? Any other banks that allow cashing out ?

I can't live in Spain, the taxes are horrendous. Crypto is not looked upon favourably there.
If you wanted to cash out to your Spanish bank A/C I'd use an OTC service instead of an exchange, provided it was over 10K. Smaller amounts should be fine.

 

[fewunderstand]

Its interesting that Santader works well in Portugal but they frooze my account twice in Spain.

 

[tacokai]

Its interesting that Santader works well in Portugal but they frooze my account twice in Spain.

What is it you are doing for a living since they froze your account?

 

[fewunderstand]

What is it you are doing for a living since they froze your account?

I work for a big national tech company, nothing suspicious, they just didnt like my bitstamp cashouts.

 

[bigbill27]

A buddy of mine who just moved to Lisbon is saying Millenium BCP is friendly if you are a resident

 

[Horeskal]

A buddy of mine who just moved to Lisbon is saying Millenium BCP is friendly if you are a resident

Did you buddy moved to portugal in order to take advantage of its (so far) zero bitcoin tax...?

Im thinking about doing the same (portugal was my top pick), but im scared that the situation with no BTC tax will change SOON, cause from "many" sources i have heard that a *HIT TONE of people are moving there because of this reason and the gov. might notice it and TAX the *hit out of them :-(!

Doesnt your friend worry about this issue...?

 

[bigbill27]

Did you buddy moved to portugal in order to take advantage of its (so far) zero bitcoin tax...?

Im thinking about doing the same (portugal was my top pick), but im scared that the situation with no BTC tax will change SOON, cause from "many" sources i have heard that a *HIT TONE of people are moving there because of this reason and the gov. might notice it and TAX the *hit out of them :-(!

Doesnt your friend worry about this issue...?

He moved there specifically for the 0% tax and the ability to obtain Portuguese citizenship (circa 5 years I believe ) . When something gets popular , it usually takes a couple years for government officials to starting milking the cow. One example comes to my mind is how Puerto Rico has changed the rules a couple of times. Regardless my buddy says in five years he will have an eu passport and most likely can move on if needed….

 

[JackAlabama]

He moved there specifically for the 0% tax and the ability to obtain Portuguese citizenship (circa 5 years I believe ) . When something gets popular , it usually takes a couple years for government officials to starting milking the cow. One example comes to my mind is how Puerto Rico has changed the rules a couple of times. Regardless my buddy says in five years he will have an eu passport and most likely can move on if needed….

there might be exit taxes by then and the eu eventually finished implementing citizenship based taxation?

 

[bigbill27]

there might be exit taxes by then and the eu eventually finished implementing citizenship based taxation?

Very true …. I think he has a Lebanese passport though so the trade off is worth it ….

 

[JackAlabama]

Very true …. I think he has a Lebanese passport though so the trade off is worth it ….

Yep, in that case I would go for it as well

 

[Horeskal]

He moved there specifically for the 0% tax and the ability to obtain Portuguese citizenship (circa 5 years I believe ) . When something gets popular , it usually takes a couple years for government officials to starting milking the cow. One example comes to my mind is how Puerto Rico has changed the rules a couple of times. Regardless my buddy says in five years he will have an eu passport and most likely can move on if needed….

Would it be possible for me to get in touch with your friend somehow? Would he be willing to answer few of my questions regarding the BTC tax situation in PT...? I would LOVE and prefer PT but i just cannot see the situation remaining there as is :-(....

Dont forget that PT already had some "exit tax" laws in the past AFAIK (well not really a exit tax but still additional problems)... I think it was only for some traditional tax heavens (like Seychells etc., the common ones), if you were a PT citizen (or even just taxy domiciled there AFAIK) and you moved to one of these countries, you still had to pay taxes in PT for the next like 3-5 years... ... Theres not that many states in the world who did this... PT DID IT... . So you have some precedents in the pastg... I would be really scared what will PT gov. do in the future :-(...

there might be exit taxes by then and the eu eventually finished implementing citizenship based taxation?

That is a scary suggestion ! I dont follow this closely... Is there some talks about this...? Im hearing about such possibility for the 1st time... Have there been so suggestions in this way already...?

 

[bigbill27]

I’ll ask him , if I can pass his information. If you are so concerned about the laws changing , why not just go to Dubai … seems like a common theme/view on this board . I live in Dubai and it’s very straightforward

 

[uplana]

seems like a common theme/view on this board . I live in Dubai and it’s very

maybe because it is the last waterhole on earth for now.

I like the idea of setting up a company in Dubai, but also looked into other places where taxes get reduced rather then avoided.

 

[bigbill27]

I respect that , I’ve been reading that Croatia might be the next Portugal…with low taxes on short term gains < 2 years and 0% tax on longe term gains… I don’t want to him act the OPs original thread, but might be an option after further research…