Didi Taihuttu is the patriarch of Europe’s so-called “Bitcoin Family” and has set down roots in Portugal.

The Dutch family of five has been traveling the globe for five years and now wants to settle down. But after spending time in 40 countries, Portugal — which is one of the last places in Europe with a 0% tax on bitcoin — was just too enticing a destination to ignore.

Taihuttu said that you don’t have to pay capital gains tax, or any other taxes in Portugal for cryptocurrency. If you do not earn cryptocurrency by providing services to Portugal, then you are in good standing.

He said, “That’s an absolutely beautiful Bitcoin heaven.”

Taihuttu and his three children sold everything they had and traded a house of 2,500 square feet and almost all their possessions in 2017 for bitcoin. It was in 2017, when bitcoin’s price was just $900. After reaching a peak of $69,000 in November, bitcoin is now trading at around $41,000.

The Taihuttu family won’t reveal the size of the crypto nest egg they have, but the father of three at 43 years old says that he protects his crypto fortune. secret vaults on four different continentsSo, it is likely that their crypto stake in the currency they have purchased makes it worthwhile to travel across the world to get their cryptocurrency cash.

The tax benefits in Portugal for crypto investors are a huge draw. However, it is also a country that offers an enjoyable and safe way to live. It ranked number 2021. fourth on the Global Peace IndexIt is the top-ranked item on our list. best countries for expats.

It’s not just the Bitcoin Family that has made the decision to move to Iberian Peninsula. There are many other factors that can be considered when making the move to Iberian Peninsula. 2021 population census in Portugal showsThe number of Portuguese residents from abroad has increased 40% over the past decade.

Taihuttu may make the same move with his siblings. Didi’s siblings are selling their homes and investing the cash in bitcoin.

Taihuttu said, “We all will be travelling together as one huge bitcoin family which, of course is, really cool.”

And unlike the U.S.A, where virtual currencies are treated as currency as propertyPortugal taxed cryptocurrencies the same as real property and stocks, and considered them a method of payment. It is an important distinction in taxation.

Shehan Chandrasekera (a CPA) and Head of Tax Strategy at CoinTracker.io explained that capital gains such as crypto-tocrypto trades and cashing-out are exempt from personal income taxes.

This means that gains made from selling or buying cryptocurrency, like other fiat currencies is not subject to tax. This means crypto payments and transactions, along with the exchange of Bitcoin for fiat currency, do not attract a value-added or VAT tax.

Chandrasekera continued, “This makes Portugal attractive for crypto-users to live.”

Only companies that trade in crypto are exempt from the generous country-wide crypto scheme. Under certain conditions, these businesses may be subject to taxes.

If you are earning cryptocurrency through the provision of services in Portugal you must tax those currencies. But I have no income in Portugal right now. Taihuttu stated that it is 0% tax for him.

Taihuttu said that the entire process for establishing residency was very simple and did not require a lot of paperwork.

The Taihuttus can still be considered residents of Portugal, even though their property is not in their possession. And this is unlike most other crypto tax havens like Puerto RicoThey are not required to stay in the country for a specific number of days.

Union Citizens have the right to permanent residence in PortugalPortugal has a number of options for non-EU citizens to obtain residency. This includes the D7 Visa and the Golden Visa. Both are popular with wealthy foreigners.

The Portuguese golden visaIt is awarded to people who own property or invest in the country.

You can also get a tax ID number and open a bank account to apply for residency. Companies like Plan B PassportStreamline the expat application process

We don’t have to go there. That’s what’s so beautiful about it. Taihuttu was born in Portugal and spent a few days there before he moved to the USA.

CNBC spoke with Katie Ananina CEO of the company, who said that hundreds of individuals from the U.S., Australia and Canada have obtained second passports in any of the seven countries. Plan B passport works in tandem with each government’s residence- or citizenship-by-investment programs.

Ananina explained that it’s a donation to the country’s sustainable growth fund. Clients make either a $100k or $150,000 donation. There are also due diligence fees and fees to the government. Then, $20,000 is for my legal costs.

“If a taxpayer has a green card, is a U.S. citizen, or is a U.S. resident alien, the taxpayer owes U.S. tax on any crypto gains they have no matter where the crypto or the taxpayer is located,” explained Jon FeldhammerBaker Botts partner and former IRS Senior Litigator.

Feldhammer continued, “It doesn’t even matter if the citizens are dual; if citizens of the United States, they owe U.S tax on their worldwide income.”

Emigrants who are interested in emigrating should be aware of the following: U.S. charges citizens a fee to cut loose.

Feldhammer explains that U.S. taxpayers who move abroad are subject to an ‘exit’ tax. This is basically a tax equivalent to what they would pay if all their assets were sold the day prior to giving up citizenship.

Many U.S. passport holders instead choose to stay closer to home, and travel south to Puerto Rico. Puerto Rico is an American territory. offers significant tax savings to qualifying residents.

Investors pay 37% to short-term capital gain and 20% to long-term gains in the United States. This applies to crypto assets and any other assets kept for longer than one year. If certain conditions are met, one of the tax cuts available to the island is Act 60. This Individual Investors Act reduces the tax obligation. This benefit is most important for crypto traders and entrepreneurs.

Puerto Rico also offers significant tax incentives for businesses to settle down.

Companies on the mainland are subjected to an additional 21% federal corporate and state tax. The exact amount varies. A 4% corporate rate is charged if a company exports services from Puerto Rico to the U.S.