LOVED THIS VLOG! There was so much FUD about Portugal starting taxing cryptos... it is still super crypto friendly. QUESTION... WHAT IF YOU BUY GOODS OR SERVICES USING CRYPTOS? IS IT TAXABLE IF YOU HOLD THOSE CRYPTOS FOR LESS THAN A YEAR?
So a taxable event only occurs when you cash out to your bank account. Can someone confirm that the following are NOT taxable? 1) Holding BTC for 2 years, making a gain then converting to USDT 2)Holding BTC for 2 years, making a gain then converting to EUR/USD directly (thru Kraken exchange for example) but NOT transferring to your bank account
she explicitly said that if it stays on the exchange, it is not declared, but whether it is to be taken at face value and trusted is another matter - probably it would be wise to get a second or third opinion
Hi Lady’s. Thanks to all your YT content together I just became tax resident in Portugal today!!Special thanks to Maria and her no.2. Maybe we meet soon Heidi and Toby. 🤙
Thanks Heidi for your amazing tips, and for bringing in Maria for those great insights on how great and easy it can be to "regulate", and how some countries are just definitely ahead in mentality than otherssss....
Would a purchase with a Binance visa card using crypto assets constitute as a taxable event? There is an implied transformation of crypto assets to fiat in the process of the purchase.
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...
@@BobSmith-br7hk Why would any crypto investor want to leave a place that is tax free after holding for one year? That aside, the weather is great! Nice beaches etc.. cost of living is cheap! I have lived all over the world. I have been here 6 years! I have no desire to move anywhere else. Absolutely no reason to.
@@john-fv1vf Not true, if you leave for a country that is Blacklisted by Portugal (and there are many), then 28% tax applies, even if you held for 365 days. Even if you left for a whitelisted country, the forced sale requires one to disclose ALL of their crypto assets to Portugal tax authority upon exit.
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!
Hi Guys, Can you tell me if staking rewards are taxed in Portugal? Thusfar I declared my staking rewards as received interest, so I calculate the value in € on te day I received them. Sometimes a complicated job and I'm not sure if it is required? Can you also explain the "exit tax" policy here in Portugal? I think it means you have to pay capital gains tax over the profit you have in crypto (held less than 365 days) at the moment you leave Portugal to live in another country. thank you 🙂
I don't think that all regarding capital gains it is correct. If you sell crypto for EUR, the exchange is holding your fiat in a bank account *for you*, and some have it segregated. It may not be reported by the exchange but you may have a taxable event and it may be reported to the AT if the bank is in the EU, as there will be fiat funds in your name. This would be foreign capital gains and subject to filling out accordingly next year. The only exception I see to this is if the sale was done to a fiat token instead of actual fiat. There should probably be further clarification by the tax authority regarding transactions to stable coins/fiat tokens. I am not a lawyer or an accountant. Please check with the tax authority and an accountant before you do anything.
"staking" is a broad definition which is easily different between different crypto assets. Some have masternodes, some staking, some by burning, etc. I wonder how Portugal defines what "staking" is. Also it was funny when you said that restaurants, grocery stores are tax deductible. Say you have a good year where you earn $500k from your staking ladder, welp time to go buy a ferrari or two, and have them tax deducted lol (:
Another great video on the new Portugal tax system, thanks for bringing Maria in again, always love to listen to her explain these aspects. I have one question: if I have some bitcoin that I hold for over a year and lots of other crypto that I have held for less than a year, can I sell some bitcoin and transfer the proceeds to the bank tax free, despite my other crypto being held for less than a year? Or is everything just added together and if you have held any crypto assets for less than a year, any proceeds are taxed? I hope that makes sense? Keep up the great work, love the channel ❤
@@HELLOPATTAYA Thanks, however I’m not in the situation I described, it is hyperthetical as I was curious in general terms what the new law is and so made up a scenario. I would certainly not hold anyone on TH-cam accountable for my financial decisions! 🙂
There is one more thing that I'd love Maria to clarify - the above rules only apply if you are not deemed a professional trader and the criteria for that are not 100% clear - an article I found says: "if you trade crypto professionally, your profits will likely fall into this category and be taxed as income." and also... : "A number of factors determine whether your crypto trading activity will be considered “professional,” including your number of tradings, holding periods, number of platforms used, the complexity of the transactions, debt-to-equity ratio, and profit ratio relative to other income. Odds are if you trade crypto “full-time,” you’ll be considered a professional trader for tax purposes, and your may will be treated as income." So for example, I may have another job but if I sell crypto worth 300k$ 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?
Thanks for the great video. What about using a crypto card to buy stuff? For exemple, you can buy a car with your crypto card. How does it work? You are not selling your crypto and sending it to the bank.
Thank you for all the insight! I comprehend that holding onto crypto assets can exempt you from being taxed. However, I'm curious about the possibility of using a BYBIT debit card without transferring the funds to a bank account. Would utilizing this money in such a way require any declaration for tax purposes? It would be fantastic if that's not the case! Thank you.
I quote from an article on the subject (in relation to Portugal): "In-kind crypto payments, that is the use of a good or service as payment instead of cash, are also taxed accordingly. That is to say, if you purchase a good or service with crypto, the usual tax implications apply depending on how your crypto gains would normally be taxed. For example, if you held crypto for over a year and used it to make a purchase, you will not be subject to taxes on any gains from the time of purchase. If you held the crypto for less than a year, you would be subject to taxes on any gains between when you purchased the crypto and when you used it to buy a product or service." Hope it helped
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"?
Thank you so much for this to both of you. i was quite stressed about the crypto tax. I have a question. I understand that I have to declare only when i transfer the crypto asset into euro and in my bank account. In my case I use a Binance card and the funds stay in BUSD. I usually withdraw the funds at any atm feom thw Binance card. How do i declare this? Thanks a lot! Your channel is great, so happy I found you 😊
I'm not an expert, but I'd say your ATM withdrawals or any purchases with the card are equivalent to "cashing out" . Obviously, BUSD value stays the same no matter how long you hold it but if you either hold the BUSD for a year or if you sell into BUSD after holding crypto for a year (and then take it out from atm) - it should meet the criteria...
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 (?)
Excellent info Maria! Obrigado. If I understood what you said then the following example is hopefully correct. Please comment if it is not accurate. EX: if I buy an NFT that represents title and ownership of property such as a car or house, and I am the primary owner for more than a year before selling or trading to a different owner, since there is both the time commitment and the lack of a bank transaction, there is no tax liability, just a reporting requirement only.
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?
yeah, this is my question too...because actually averything went to crypto before the law, so...when can't i say that all the money I'm taking out isn't from my inicial buy?
@@telmopalma672 The last transaction when you cashed out is what counts. If you did a million trades but the last one was BTC to EUR you must have BTC for over 365 days, otherwise you pay taxes.
finally clear info, I'm from the U.K. I need to work out how I can get a bank account in Portugal. Can I get a bank account first in Portugal, then buy a property in Portugal and get residence. Or would I have to cash out crypto in the u.k then pay tax and then buy a property in Portugal and then get residency. I have so many questions, many thanks
there is one more thing that I'd need clarifying - 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" or too frequent?
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?
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?
So 1 year counts from when? When you buy a coin with fiat and hold 1 year or swap it for example from btc > eth and then hold a year from that time? Does it reset every time you swap between currencies?
Listen to the video again ... trades between crypto to crypto and crypto to stable coin , or NFT to crypto or stablecoin don't reset anything. They all count as "CryptoAssets" . So 1 year after you buy your first crypto asset of any kind ... even if you swapped it multiple times since (as long as you didn't go back into Euro)
@@iRiShNFTSo, If I buy crypto A @ $100, then 5 months later (so less than a year) when crypto A is worth $200 I trade it for for crypto B (now worth $200). 2 years later I take crypto B, now worth $400 to the bank. I don't get taxed on the crypto A's 5 month "life" (it was hold lesd than a year, but instead of taken to the bank, got trafed)?
What if I move to Portugal today but I hold crypto assets since more than three years? Does the one year counting start from when I am officially Portugal’s tax resident?
It wasn't so clear the difference between holding for a year or not in the declaration. I need to declare on both situations as long as it is cashed out but is only taxable if the crypto was kept less than a year. Is that it?
Thanks guys, very informative. Wondering how the holding for a year works. If I put 1k per week into a usdc wallet for 60 weeks, how much can I cash out tax free..8k?
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?
Sooo... Is the mining based on the value at receipt? what about straight crypto transactions, crypto paid side gigs? buying things with crypto? crypto giving? I'm just trying to figure out how things work if you can manage to exist with only crypto and no fiat conversion.... is the government just not going to tax you at all?
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?
Thanks lovely Ladies for this re-assuring info. QQ on stocks: did I understand it correctly that the same rule apply i.e. if I keep trading without withdrawing my cash from my broker account to my bank account, I don't need to declare any gains? Thank you!
And another question. Holding for 1 year, starting when? Starting when I am a resident, or have the NHR program in Protugal? Or it does not matter, as I have some of my crypto assets since 2 years ago, when I am living in the czech republic.
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!
Hi there, thank you for this video, there is one thing that wasn't quite clear for me, so if i'm day trading and live of this, pay my rent, buy food etc, I will most probably need to put some euro on a Portuguese bank account, how will i be taxed? Also, if I do not use a Portuguese bank account but instead use Wirex for example, transfer there usdt and then just pay for everything with my crypto card, what is tax going to be? Thank you
Great video with amazing content. Thank you! 2 follow up questions: are rewards from "utility nft's" considered mining? If those rewards are held for a year, are they tax free? Also, when immigrating to Portugal from outside the EU, can I just change my tax status to portugal, prove that Ive held assets for more than a year, and off ramp my crypto tax free into my Portuguese bank account?
So if someone has been holding $10,000,000 in USDT on their wallet for years and then move to Portugal, they can cash out tax-free (as long as they prove it was held over a year)? Wow.
Finally as a Portuguese, I am clarified, and looks great compared with what i thought, thanks Maria to clarifying it.
And another question. Can you please dive a little bit more into detail regarding the PORTUGAL CRYPTO EXIT TAX? thank you
Always a joy to see Maria as a guest. Informative and friendly.
LOVED THIS VLOG! There was so much FUD about Portugal starting taxing cryptos... it is still super crypto friendly. QUESTION... WHAT IF YOU BUY GOODS OR SERVICES USING CRYPTOS? IS IT TAXABLE IF YOU HOLD THOSE CRYPTOS FOR LESS THAN A YEAR?
So a taxable event only occurs when you cash out to your bank account. Can someone confirm that the following are NOT taxable? 1) Holding BTC for 2 years, making a gain then converting to USDT 2)Holding BTC for 2 years, making a gain then converting to EUR/USD directly (thru Kraken exchange for example) but NOT transferring to your bank account
she explicitly said that if it stays on the exchange, it is not declared, but whether it is to be taken at face value and trusted is another matter - probably it would be wise to get a second or third opinion
Hi Lady’s. Thanks to all your YT content together I just became tax resident in Portugal today!!Special thanks to Maria and her no.2. Maybe we meet soon Heidi and Toby. 🤙
As a portuguese thanks a lot for this great information. Very usefull.
Thanks Heidi for your amazing tips, and for bringing in Maria for those great insights on how great and easy it can be to "regulate", and how some countries are just definitely ahead in mentality than otherssss....
I actually found this really helpful.
Thanks for bringing Maria on 🙌
Is staking considered as mining? Thanks a lot to both of you!! Always super informative and helpful videos!
Yes. It is considered "validation" and treated same as mining
That was great ladies! Very clear! Maybe follow up about using crypto debit cards & staking rewards. ❤️👸👍🙏👋
Ah the lovely Maria hello. and Heidi. Thank you ladies.
The one thing I didn't quite understand is how staking is taxed..Would that be at the 15percent rate?
Would a purchase with a Binance visa card using crypto assets constitute as a taxable event? There is an implied transformation of crypto assets to fiat in the process of the purchase.
Great Question
Maria / Heidi... Please answer this one!!!
I've been waiting for this 💯💯
Good news Maria, thank you:)
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...
I m new here and if i want to pay crypto tax then where should i need to go to pay tax? At finance office or where? Pls help me i hv no idea
Thank you for bringing Maria, she is incredible
I wonder though, Isn't Portugal going to conform to the European MICA bill when it comes out?
It should yes but Mica is covering other broader aspects of the markets and transactions. Risk, transparency in transactions and so on.
ofc it will, Portugal will bend over for EU like they always do.
Please cover the Portugal crypto exit tax. This is the worst part of the new law that no lawyer wants to discuss.
why would you want to exit?
@@john-fv1vf Are you kidding? No country should be a roach motel. Freedom of movement is a fundamental human right.
If you hold your crypto for a year, you do not have to pay the exit tax!
@@BobSmith-br7hk Why would any crypto investor want to leave a place that is tax free after holding for one year? That aside, the weather is great! Nice beaches etc.. cost of living is cheap!
I have lived all over the world. I have been here 6 years! I have no desire to move anywhere else. Absolutely no reason to.
@@john-fv1vf Not true, if you leave for a country that is Blacklisted by Portugal (and there are many), then 28% tax applies, even if you held for 365 days. Even if you left for a whitelisted country, the forced sale requires one to disclose ALL of their crypto assets to Portugal tax authority upon exit.
this gave me so much more confidence for moving to portugal, thanks a lot for the content and the work
Thank you for the information . Maria is always amazing. Portugal is the greatest country on the planet
If you spend crypto that you hold less than a year trough exanger debit card, it counts like sending fiat to the bank, so as a tax event?
Maria is a legend! I have been going through so many articles and couldn't find the answers.
Same question how dose the new laws apply too staking. Great video! Thank you
Maria is awesome! Thank you for the clarification.
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!
Hi Guys, Can you tell me if staking rewards are taxed in Portugal? Thusfar I declared my staking rewards as received interest, so I calculate the value in € on te day I received them. Sometimes a complicated job and I'm not sure if it is required?
Can you also explain the "exit tax" policy here in Portugal? I think it means you have to pay capital gains tax over the profit you have in crypto (held less than 365 days) at the moment you leave Portugal to live in another country.
thank you 🙂
Thank you both, it helped a lot.
I have been looking forward to this!😊
I don't think that all regarding capital gains it is correct. If you sell crypto for EUR, the exchange is holding your fiat in a bank account *for you*, and some have it segregated.
It may not be reported by the exchange but you may have a taxable event and it may be reported to the AT if the bank is in the EU, as there will be fiat funds in your name.
This would be foreign capital gains and subject to filling out accordingly next year.
The only exception I see to this is if the sale was done to a fiat token instead of actual fiat. There should probably be further clarification by the tax authority regarding transactions to stable coins/fiat tokens.
I am not a lawyer or an accountant. Please check with the tax authority and an accountant before you do anything.
"staking" is a broad definition which is easily different between different crypto assets. Some have masternodes, some staking, some by burning, etc. I wonder how Portugal defines what "staking" is.
Also it was funny when you said that restaurants, grocery stores are tax deductible. Say you have a good year where you earn $500k from your staking ladder, welp time to go buy a ferrari or two, and have them tax deducted lol (:
Do you buy ferraries on restaurants?
Thank you so much for this Heidi, Toby and Maria! Very grateful for your advice.
Another great video on the new Portugal tax system, thanks for bringing Maria in again, always love to listen to her explain these aspects. I have one question: if I have some bitcoin that I hold for over a year and lots of other crypto that I have held for less than a year, can I sell some bitcoin and transfer the proceeds to the bank tax free, despite my other crypto being held for less than a year? Or is everything just added together and if you have held any crypto assets for less than a year, any proceeds are taxed? I hope that makes sense? Keep up the great work, love the channel ❤
consult a tax adviser because every person is different
@@HELLOPATTAYA Thanks, however I’m not in the situation I described, it is hyperthetical as I was curious in general terms what the new law is and so made up a scenario. I would certainly not hold anyone on TH-cam accountable for my financial decisions! 🙂
Yes you can sell some bitcoin taxfree and send it to your bank account in that case
The law refers to 'first-in first-out' method, so for tax purposes you would be tax-free up to the amount you held for over 1 year.
Maria is both informative and entertaining..Vivia Portugal. A pity other countries don't have the same rules as Portugal.
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?
Thanks for the great video. What about using a crypto card to buy stuff?
For exemple, you can buy a car with your crypto card. How does it work? You are not selling your crypto and sending it to the bank.
Yes you are selling your crypto.
Great clarification. Thanks!
Do you only need to declare your staking rewards if you've converted them to fiat? Thank you!
Hello, I am a Korean fan. I wonder if Bitcoin profits are still exempt from taxes in Portugal.
Amazing!
How about using a BYBIT debit card with cryptocurrency here in Portugal? Can I make payments with it without incurring taxes?
Thank you both we appreciate you thank you Toby for running camera
Thank you for all the insight!
I comprehend that holding onto crypto assets can exempt you from being taxed. However, I'm curious about the possibility of using a BYBIT debit card without transferring the funds to a bank account. Would utilizing this money in such a way require any declaration for tax purposes? It would be fantastic if that's not the case! Thank you.
I quote from an article on the subject (in relation to Portugal):
"In-kind crypto payments, that is the use of a good or service as payment instead of cash, are also taxed accordingly. That is to say, if you purchase a good or service with crypto, the usual tax implications apply depending on how your crypto gains would normally be taxed.
For example, if you held crypto for over a year and used it to make a purchase, you will not be subject to taxes on any gains from the time of purchase. If you held the crypto for less than a year, you would be subject to taxes on any gains between when you purchased the crypto and when you used it to buy a product or service."
Hope it helped
Perfect, thanks for your knowledge shared, Great video.
If I´m staking tokens and the rewards are in cripto do I have to declare it? If I use LP Pools and receive rewards in cripto do I have to declare it?
Following, I have the same question!
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?
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"?
Thank you so much for this to both of you. i was quite stressed about the crypto tax.
I have a question. I understand that I have to declare only when i transfer the crypto asset into euro and in my bank account. In my case I use a Binance card and the funds stay in BUSD. I usually withdraw the funds at any atm feom thw Binance card. How do i declare this?
Thanks a lot! Your channel is great, so happy I found you 😊
I'm not an expert, but I'd say your ATM withdrawals or any purchases with the card are equivalent to "cashing out" . Obviously, BUSD value stays the same no matter how long you hold it but if you either hold the BUSD for a year or if you sell into BUSD after holding crypto for a year (and then take it out from atm) - it should meet the criteria...
I can’t fathom IRS tracking all the buys and sells that are executed each year. How would they know what you hold in your hard wallet?
They ask for a print screen lmao
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 (?)
I like your guest. She would be fun to hang out with. I could listen to her speak all day.
Excellent info Maria! Obrigado.
If I understood what you said then the following example is hopefully correct. Please comment if it is not accurate.
EX: if I buy an NFT that represents title and ownership of property such as a car or house, and I am the primary owner for more than a year before selling or trading to a different owner, since there is both the time commitment and the lack of a bank transaction, there is no tax liability, just a reporting requirement only.
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?
yeah, this is my question too...because actually averything went to crypto before the law, so...when can't i say that all the money I'm taking out isn't from my inicial buy?
@@telmopalma672 The last transaction when you cashed out is what counts. If you did a million trades but the last one was BTC to EUR you must have BTC for over 365 days, otherwise you pay taxes.
"oeps" had me cracking up
Thanks Heidi and Maria !!! Obrigada!! !
Very helpful info 💪
Is it still valid in 2024?
finally clear info, I'm from the U.K.
I need to work out how I can get a bank account in Portugal.
Can I get a bank account first in Portugal, then buy a property in Portugal and get residence.
Or would I have to cash out crypto in the u.k then pay tax and then buy a property in Portugal and then get residency.
I have so many questions, many thanks
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?
Thank you very helpful for NHR
thanks guys I had written off moving there because I misunderstood the tax regime so I'm on my way! Really clears things up, great video :)
there is one more thing that I'd need clarifying - 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" or too frequent?
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 Heidi and Maria. This is a very useful video and a huge help.
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?
Obrigado Maria esclareceste as minhas dúvidas!
Thanks Heidi and your attitude is much better I really appreciated
All the best
Do I understand correctly that I have to pay 15 percent tax over crypto staking? (I stake less than 200k euro per year)
So 1 year counts from when? When you buy a coin with fiat and hold 1 year or swap it for example from btc > eth and then hold a year from that time? Does it reset every time you swap between currencies?
I think it resets
Listen to the video again ... trades between crypto to crypto and crypto to stable coin , or NFT to crypto or stablecoin don't reset anything. They all count as "CryptoAssets" . So 1 year after you buy your first crypto asset of any kind ... even if you swapped it multiple times since (as long as you didn't go back into Euro)
@@iRiShNFT Ok thank you for clearing that up
@@iRiShNFTSo, If I buy crypto A @ $100, then 5 months later (so less than a year) when crypto A is worth $200 I trade it for for crypto B (now worth $200). 2 years later I take crypto B, now worth $400 to the bank. I don't get taxed on the crypto A's 5 month "life" (it was hold lesd than a year, but instead of taken to the bank, got trafed)?
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?
Thank Ladies! Very useful information ℹ️ ❤
What if I move to Portugal today but I hold crypto assets since more than three years? Does the one year counting start from when I am officially Portugal’s tax resident?
Any chance someone here knows the answer to my question above?
@@lucombo I would like to know too.
Amazing information. Greets from the Azores
Thank you Maria & Heidi. Anyway I don't like they implemented that. I spend so much money in Portugal, now I'm locking to move out.
It wasn't so clear the difference between holding for a year or not in the declaration.
I need to declare on both situations as long as it is cashed out but is only taxable if the crypto was kept less than a year. Is that it?
Thanks guys, very informative. Wondering how the holding for a year works. If I put 1k per week into a usdc wallet for 60 weeks, how much can I cash out tax free..8k?
So if you change from nft to eth, clock doesn't reset ?
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?
This was Truely amazing thank you very very very much your the best
Sooo... Is the mining based on the value at receipt? what about straight crypto transactions, crypto paid side gigs? buying things with crypto? crypto giving? I'm just trying to figure out how things work if you can manage to exist with only crypto and no fiat conversion.... is the government just not going to tax you at all?
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?
Yes you will. 28%.
Thanks lovely Ladies for this re-assuring info. QQ on stocks: did I understand it correctly that the same rule apply i.e. if I keep trading without withdrawing my cash from my broker account to my bank account, I don't need to declare any gains? Thank you!
Thank you Maria
And another question. Holding for 1 year, starting when? Starting when I am a resident, or have the NHR program in Protugal? Or it does not matter, as I have some of my crypto assets since 2 years ago, when I am living in the czech republic.
@Life’s Tough NHR means Non- habitual residency for people from the EU.
I read somewhere that the payouts (dividends) on non-fungible tokens are not taxable in Portugal. Is that correct?
So to confirm- If I held bitcoin for 6 months and then turned that into ETH for 6 months, then cash out, it is tax free?
How can I contact with maria ana ?
I want to discuss about visa & residency .
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!
What happens if I got crypto in UK (purchased) but can I go and sell in Portugal does that make it tax free? 🤔
and about mining: i have to declare it even if i don't do cash out (withdrawal)?
Great, Thank you!!!
very clear thanks!
28 percent wow
Hi, is not that law about mining only if you are registered as a company? What about if I have 6 or 7 mining rigs and I work a day job too?
Hi there, thank you for this video, there is one thing that wasn't quite clear for me, so if i'm day trading and live of this, pay my rent, buy food etc, I will most probably need to put some euro on a Portuguese bank account, how will i be taxed? Also, if I do not use a Portuguese bank account but instead use Wirex for example, transfer there usdt and then just pay for everything with my crypto card, what is tax going to be? Thank you
Me and my wife are moving to portugal from Italy actually. So this is all good news.
Great video with amazing content. Thank you! 2 follow up questions: are rewards from "utility nft's" considered mining? If those rewards are held for a year, are they tax free? Also, when immigrating to Portugal from outside the EU, can I just change my tax status to portugal, prove that Ive held assets for more than a year, and off ramp my crypto tax free into my Portuguese bank account?
I have the same quiestion here, if i already have cryptoassets if i move to portugal and then after a year i sell to the bank, is that tax free?
How can Portuguese Citizens, not living in Portugal but a Resident abroad say like the UK become more tax efficient.
In that case you’d be subjected to the tax regime of the UK.
@@CryptoTips so what would I gave to do then in order to reduce/ be tax free? Start living in Portugal?
NFT´s are not even regulated, why is it mentioned in 6:20, accident?
you are in love. Thankyou ofr your T Shirt, you like her.
So if someone has been holding $10,000,000 in USDT on their wallet for years and then move to Portugal, they can cash out tax-free (as long as they prove it was held over a year)? Wow.