According to CNBC, the Dutch family known as the “Bitcoin family” moved to Portugal, as it is a place where cryptocurrencies are not taxed. The patriarch of the family says he has his cryptocurrency fortune housed in secret vaults on four different continents.
The family, made up of a couple and three daughters, have travelled to 40 countries in the last five years but eventually decided to settle in Portugal. “It’s a very beautiful bitcoin paradise,” said Didi Taihuttu, adding that as long as you don’t earn cryptocurrency for providing services in Portugal, you are free from fees.
In 2017, the family sold off everything they owned and exchanged a house and virtually all earthly possessions for bitcoin, deciding to make a living on the road. They have not disclosed the exact size of their estate, but Taihuttu says he protects the family's fortune in secret vaults on four different continents.
Currently, the Tax Authority in Portugal exempts capital gains obtained from the sale of currencies such as bitcoin from the IRS. In December, ECO newspaper reported that the Government was awaiting changes to the law in Parliament, without which it believes it is impossible for the tax authorities to tax this type of income. With the early legislative elections, the topic has not yet been discussed again, but it may be debated in this legislature, not least because the BE electoral programme included a proposal to tax the gains from the sale of cryptocurrencies.