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Bitcoin friendly bank in Portugal?

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Hegemon

New member
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

New member
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

New member
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

New member
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

New member
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.
 
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Piano

Entrepreneur
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

New member
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.
 
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