Buy apartment in Lisbon through Bitcoin
Portugal is a beautiful country located in southwestern Europe. It is known for its stunning coastal views, delicious food, well-preserved architecture and of course Cristiano Ronaldo!
Portugal is also a great place to invest in property. This is due to a number of factors, including the country's stable political and economic environment and favourable tax regime.
In addition, Portugal offers a wide range of properties to suit all budgets. Whether you're looking for a traditional villa in the Algarve or a chic apartment in Lisbon, you're sure to find something that meets your needs.
The country also boasts a superb climate, with long hot summers and mild winters. So if you're thinking of investing in property, Portugal should definitely be on your radar.
Couple this with the fact that Portugal allows purchase of property through Bitcoins and you get a dream destination that cannot be missed!
In this blog post, we will discuss how Bitcoin can be used to buy property in Portugal. We will also provide some tips on what you should consider when investing in Portuguese property. So if you are interested in buying property in Portugal, keep reading!
Why use Bitcoin to purchase property?
With the rise of Bitcoin, there has been much speculation about its potential uses. Some believe that Bitcoin will eventually replace traditional currencies, while others see it as a more niche form of payment.One potential use for Bitcoin that has gained traction in recent years is the purchase of property. There are several advantages to using Bitcoin to buy property.
First, it is a highly liquid asset, meaning that it can be easily converted into cash. This is important for buyers who may not have a lot of extra cash on hand and need to quickly sell the property.
Second, Bitcoin is not subject to government regulation in many countries, which means that buyers and sellers can complete the transaction without having to go through a third party.
Third, it's a fast and convenient way to send and receive payments. There are no bank transfer fees or other charges associated with using
Finally, Bitcoin is private, meaning that buyers and sellers can remain anonymous if they choose to do so. While there are some concerns about the volatility of Bitcoin, its potential use as a currency for real estate transactions makes it an intriguing option for future purchases.
If you're thinking about purchasing property in Portugal, keep an eye out for properties that are listed as "Bitcoin accepted" – you might be surprised at just how easy it is to buy your dream home with this new form of payment.
Portugal recently made history when an investor bought a 3 room apartment for 3 bitcoins!
This news was covered by many news outlets as this was the first ever property purchase through Bitcoins, without any conversion to Euros in the European Union.
The transaction occurred on 5th May, 2022 in the city of Braga. An investors purchased a 3 bedroom apartment valued at €110,000. The first ever transaction of its kind was carried out in the presence of the chairman of the Portuguese notary office, representatives of Zome real estate and crypto company representatives.
What are the laws?
Portugal has been a leader in embracing crypto currency and blockchain technology. The country does not have any legislation in favor or against crypto currencies yet. While crypto currencies are not officially legalized at the same time they are not illegal either.Lack of legislation means that individual investors are free to invest into crypto currencies without being taxed. Many countries that are pro-crypto currency have imposed capital gain taxes on the sale and purchase of crypto currencies. Portugal is a haven for such investors because it has no such tax on any crypto investment. The only crypto tax that exists in Portugal is on companies that provide crypto related services. The tax on these companies ranges between 28% to 35%.
For the purpose of this historic transaction, the following SOPs were adopted by all parties to the contract to ensure the transfer of property in a fair and transparent manner:
- Determine the parties to the contract, together with their relevant credentials.
- The person making the payment in Bitcoins must prove the legality of money with which the Bitcoins were purchased.
- Provide a trail for the purchase of Bitcoin.
- Digital wallet numbers of both parties.
- Proof of transfer of Bitcoins from the bitcoin wallet of the buyer of property to the bitcoin wallet of the seller of property.
- Report the transaction to Portuguese authorities.
- Track the market price of Bitcoin at the time of preparation of purchase and at the time of actual transfer.
If we take a quick look at the market, we can see that websites like Crypto Emporium and Crypto Real Estate already have multiple property listings in Portuguese cities like Lisbon, Algarve, Porto and Evora that are on sale against both Euros and Bitcoins.
These properties range anywhere between 16 BTC to over 300 BTC(based on current market value of BTC).
What does the future hold?
The use of crypto currencies in Portugal is only set to grow in the coming years. This purchase is a big step forward because it will help legitimize crypto currencies in the eyes of both businesses and government.This is a very big development as it will encourage more countries in Europe in particular to follow suit and start accepting payments in crypto currencies without any conversion.
As Portugal continues to foster an environment friendly to crypto currency, it is likely that the country will continue to attract new businesses and investment in the space. This will help the country's economy to grow and prosper in the coming years.