The days of Portugal being a crypto tax haven appear to be numbered as this week the Portuguese government announced a whopping 28% tax on capital gains.
Portugal to introduce crypto tax
The new tax would be introduced as part of its 2023 national budget. Stamp duties will be brought in, along with a 10% tax on the free transfer of cryptocurrencies and a 4% rate on commissions charged by brokers on cryptocurrency operations.
Since 2018, Portugal has treated cryptocurrency as the exchange of money rather than an investment, thus the updated policy marks a clear departure from previous attitudes.
The news has shocked the crypto community, particularly as Lisbon prides itself on being a global crypto hub, even featuring the famed ‘Bitcoin Beach’ (Meia Praia) where local investors gather.
The number of foreign residents rose 40% over the past decade, benefitting from the country’s non-habitual resident program.
There is a notable exception in the fine print: gains realized after one year of holding the crypto assets will be exempt from taxation. Let’s take a look at one project that might help Portuguese investors side-step handing over almost a third of their profit: Uniglo.
Uniglo
If your goal is to hold for more than a year to avoid excessive tax, you want to hold something likely to gain steady value over time. Uniglo is one project with this focus at its core.
Uniglo utilizes the GLO Vault to grow its wealth gradually: The Vault stores tokenized versions of more traditional assets such as collectibles, antiques, fine art, and other treasures. The Vault even holds gold, representing real bullion: arguably the most reliable asset of all time.
Carefully curated NFTs and cryptocurrency will also be obtained to generate wealth as all of these assets appreciate over time. Holders thus benefit from the steady rise in the value of the material assets as well as the more lucrative yet risky digital formats.
Uniglo is community-centered, meaning users have the control to vote on what the project should acquire next. The treasury is backed by buying and selling taxes, meaning each time GLO is used, the community kicks back its cash.
GLO also utilizes a dual-burn mechanism to keep tokens burning, thus limiting supply. Scarcity is in-built, making it both deflationary and pressured for growth. The perfect protocol to place your money in if you wish to hold for a year or more.
Conclusion
As things stand, there are ways to invest that will save investors in Portugal from paying out such eye-watering rates. Projects such as Uniglo offer an opportunity to accumulate wealth over time, designed to be held long-term for maximum payout.
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