Bitcoin is everywhere, even in real estate.

In Portugal, a buyer recently paid 3 bitcoins to buy a three-room apartment, or around 110,000 euros at the time of signing the deed of sale, reports

Idealista

in an article relayed by BFMTV.

This transaction carried out directly in cryptocurrency is a first in Europe.

The property is located in Braga, a city located in the north of the country.

“This act represents a historic step”

The Portuguese Order of Notaries authorized this type of payment a month ago and the first operation taking advantage of this new regulation was therefore not long in coming.

Until now, the cryptocurrency had to be converted into euros before the transaction.

“This act represents a historic step, the transfer of a digital asset to a physical asset – a house – without any conversion into euros”, welcomed the real estate company Zome, involved in the sale.

Portugal, “paradise for Bitcoiners”

Portugal is considered a tax haven for cryptocurrency investors.

According to Portuguese law, transactions in cryptocurrencies (bitcoin, ethereum, solana, dogecoin, etc.) "are not taxable" because they are not considered currencies or financial assets, according to an opinion issued by the tax administration. in 2016.

Individuals therefore do not have to pay VAT or capital gains tax when buying and selling assets.

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  • Bitcoin

  • Portugal

  • Real estate

  • Virtual Currency (Cryptocurrency)

  • high tech

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