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Is Portugal the Next Crypto Haven?

By March 21, 2022Blog, expat business, UK, US
Is Portugal the Next Crypto Haven?

Why Portugal is a good place to set up your crypto business? The cryptocurrency market has exploded over the past couple of years, with the value of many coins jumping significantly since they first appeared on the scene.

Are you ready to make your move to Portugal?

Let’s take a look at why this might be one of your best moves yet!

Crypto Currency Trading in Portugal

In a country that has been suffering from an increasingly unstable economy; more and more people are turning to crypto currency trading in Portugal.

Digital currencies like Bitcoin and Ethereum aren’t regulated by central banks, making them attractive options for those who want to safely store their money in digital form.

With rising inflation rates causing a loss of consumer confidence in traditional Portuguese investments, experts say it won’t be long before others follow suit. Low unemployment rates (less than 5 percent), strong trade unions, relatively low taxes and interest rates on government bonds — all things that can motivate people to migrate overseas — it might not be long before investors throughout Europe begin flocking to Bitcoin and other digital currencies.

In fact, one recent report estimated there could be as many as 90 million cryptocurrency users worldwide in just three years.

The New Crypto Haven

In recent years, more and more Portugese citizens have become interested in cryptos and trading them has become popular across all demographic groups in Portgual’s population.

Interest in cryptocurrencies has led many businesses, such as ATMs and exchange offices, to start popping up across their country due to increasing demand. For example, of 21 Cryptocurrency trading platforms that are registered in the United Kingdom, only 3 are actually located there; 20 of them instead operate from their branch offices in Beja , a small town near the Portuguese border with Spain.

Setting up shop in Portugal

Cryptocurrency businesses have been moving to Portugal in droves over recent months and years. A report by Jornal de Negócios, a leading business news publication in Portugal, suggests that crypto exchanges Binance and Huobi are both considering setting up shop in Lisbon—along with Japanese company Bitflyer. The three exchanges would bring more than 300 jobs to Portugal.

Perhaps unsurprisingly, large global players seem drawn to Lisbon because it offers an ideal location from which they can service European customers. Portugal is also no stranger to attracting new business thanks to its favourable tax rates on corporations.

How RHJ Accountants Can Help

We recognise more than ever that individuals and businesses from the UK and other countries may be globally mobile. We aim to make you aware of the tax-efficient opportunities, available tax relief and structure finances for life at home and abroad.

Our international team of specialists operate from offices in the UK and Portugal. We work together synergistically to provide tax efficient solutions to our clients to help them grow their business whilst keeping tax liabilities to a minimum.

Get in touch with us today to find out more, or to make use of our services.

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