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0:00 What is considered “crypto” in Portugal?
1:50 What is a taxable event?
3:08 What do we need to declare?
4:30 How is this verified?
5:22 Oops
6:00 28% tax
7:55 Comparing Portugal to Germany crypto tax
8:37 Why this is great news
10:00 Mining and Staking
12:10 4% stamp tax for traders
Video Suggestions for Beginners to Crypto:
– When did Crypto Start?: youtu.be/rd5gv6X70ew
– Why Bitcoin?: youtu.be/GVwWwWUj3NU
– 3 Mistakes to Avoid When Storing Cryptos:
– If Your Hardware Wallet is Lost or Stolen: youtu.be/KTIDY7kYSIQ
– Complete Guide to Ledger Nano X: youtu.be/PC60Ju_iMQE
– Proper Introduction to Crypto Exchanges: youtube.com/watch?v=91f-QNSmzrA
– 3 Things You Should Never Do on a Crypto Exchange: youtu.be/pgZP-voLGpE
– 5 Things Crypto Exchanges Don’t Want You to Know: youtu.be/_VcdEovm8u8
– My Recommendations for Centralized Exchanges: youtu.be/kCYj2tdYufE
– My Recommendations for Decentralized Exchanges (DEX): youtu.be/AMsp3knAfBs
– Calling Out Fake DEXs: youtu.be/h_cZyGqjKrs
– Why is DeFi the Hottest Topic in Crypto?: youtu.be/mqdD_2rX4-0
– Without This, Crypto Won’t Survive: youtu.be/Jg-zk_Nhpq0
– How To Use the Most Popular Privacy Coins: youtu.be/WLckSKzFpE8
what about airdrops?
and about mining: i have to declare it even if i don't do cash out (withdrawal)?
How can Portuguese Citizens, not living in Portugal but a Resident abroad say like the UK become more tax efficient.
How can I contact with maria ana ?
I want to discuss about visa & residency .
But what if you buy a plot of land or a house from your BTC in Portugal. Let's say in May 2024, how is this taxed?
Obrigado Maria esclareceste as minhas dúvidas!
i guess using a crypto credirt card also doesn't count as cashing out?
Does this means that no matter how many times you make buy & sell transactions in the exchange as long as it isn't sent to the bank account to cash out for over a year, there will be ZERO TAX!? Same to be applied for the year 2024 new regulations for NHR?
If I've held crypto in U.K for over a year and then move to Portugal does this still count as be held for over a year?
Interesting video! I've got a couple of questions just in case you do an update on this video!
What if you want to buy things online with cypto or stable coins? You're not "cashing into fiat" in this case. I assume that because this is not currently clear, that the law can't be retrospectively applied and therefore it is currently ok to purchase goods and services with crypto or stable coins? Or maybe things have changed since you created this video and this is covered in the legislation now?
Also, what date do you put on the form if you buy 1btc in Jan 2023, then trade 20 different coins, then but 1btc in June 2023 and trade that for the same coins, now you have lots of mixed up tokens! If you then transfer half of your total profits (from trading the 2btc) to your bank account, how do you know what date to put on the tax form for the question "how long have you held the crypto"? Everything will be mixed together so the only way would be to use crypto tax software with first in first out rules right?
What if you are longing/shorting on Bybit with 20x leverage for example? In this case you would use BTCUST Perpetual (which is a derivative). Are derivatives classed as a "crypto actives"?
Hey, just saw this video now thank you for it. I don’t know if you could still help me out on this subject.
If I use an exchange VISA Card do I have to declare gains? And how do I do it?
Thanks girls, you explained good 👍 👏.
But is it true that bicome crypto tax citizens I need to live in Portugal 🇵🇹 183 days.???🤔🤔🤔
Finally!!!! The explanation I was looking for!!! I was going mad about what's being said all over, even by accountants!!! Selling to another cripto or stablecoin or EURO is irrelevant IF done inside an exchange and NOT sent to the bank account!!! Thanks!
Ops! I talked too soon… selling to EURO stops the 365 days tax exemption time counting… still, this is nonsense!!! Selling to a stablecoin is ok, but selling to EURO, not… the FIFO rule should be applied to the cash in and put of the exchange, not the movements…
There is one more thing that I'd love Maria to clarify – the above rules only apply if you are not deemed a professional trader and the criteria for that are not 100% clear – an article I found says: "if you trade crypto professionally, your profits will likely fall into this category and be taxed as income."
and also… :
"A number of factors determine whether your crypto trading activity will be considered “professional,” including your number of tradings, holding periods, number of platforms used, the complexity of the transactions, debt-to-equity ratio, and profit ratio relative to other income. Odds are if you trade crypto “full-time,” you’ll be considered a professional trader for tax purposes, and your may will be treated as income."
So for example, I may have another job but if I sell crypto worth 300k$ it will be much more than my normal income
Also… how frequently is considered "full time"? if I do a few contracts here and there, but also do a few crypto transactions per week – would that be seen as professional?
Maria, can you explain why there is 365 day rule to hold crypto assets, IF ANYONE can buy a stablecoin, do how many transactions they want, and when they want to cash out, they sell to FIAT and DECLARE ONE movement related to the stablecoin!!! This is nonsense! If this is true, why isn't the tax report FIFO rule applied ONLY to the money inflows and outflows?? It should not matter if there were 1000 movements, if any cripto asset was converted or sold to any other or even FIAT, as long as the money doesn't leave the exchange!!! I really don't understand the 365 rule when applied to an exchange! Not when you can do whatever you want EXCEPT convert / sell to FIAT!
This sounds almost too good to be true! But aren't things gonna change in 2025 with new EU regulations? The EU is planning to require a proof of origin for any transaction above 1000€, if I understood correctly. EU is really trying their hardest to screw people over.
Is there any update regarding staking? in the specific case of staking ETH or SOL is there any tax due on the staking rewards in case you hold them for more than 365 days?
Thank you very helpful for NHR
Is it still valid in 2024?
Do I understand correctly that I have to pay 15 percent tax over crypto staking? (I stake less than 200k euro per year)
What if they ask you to prove something and i.e you did buy 0.5 of a token and now through defi you have 20 tokens that you cash out?
How about if you turn your crypto assets into euros (before a year has gone by) and you spend some of it directly from the Platform (with one of their credit cards) and without sending any money to your bank account, what happens ? I guess you'd have to declare it (?)
Is this still valid or something changed?
Thank you for bringing Maria, she is incredible
in case of an audit, how do you prove you are holding for more than a year? what is the first transaction that counts for holding? Can I state that was the first 1k€ that I've sent to Binance in 2022 that is always "producing" money because I'm a very good trader?
Thanks Heidi and Maria. I didn't understand everything : If I buy ADA on 1st january 2023, transform it in ATOM on 1st july 2023 , than in USDT on 1st february 2024 and I want to cash out on 1st april 2024, will I pay taxes?
How sensible, if only the rest of Europe would do the same. I still wonder if Portugal might be forced into following the hard liners in Europe. It seems we are able to join the US in Genocide so tax conformity seems puerile in comparison!