In the wake of the ongoing war ravaging their home country, scores of Ukraine’s crypto refugees have chosen Portugal as their new home. According to reports, the refugees find the country attractive, not just because of its warm atmosphere, but its friendly crypto tax system. Many of these Ukraine’s crypto refugees also consider the relatively affordable cost of living in Portugal as an advantage on their path.
Recall that the military operations of Russia in Ukraine produced millions of refugees, absconding to other nations in Europe. Portugal, being part of those nations, already received about 13,000 refugees in the past weeks despite having a huge distance from Ukraine. However, the acceptance of those 13,000 refugees became obtainable following the decision of the Lisbon authorities to simply arrival procedures for Ukrainians.
According to BNN Bloomberg, investors in growing Ukraine’s crypto-economy amidst the refugees remain very likely to settle down easily in Portugal than other countries of the world. The bitcoin-friendly policies unfolding in the EU member state enlists the country as a cryptocurrency hub, just like Ukraine.
As things stand, Portugal withholds a zero percent tariff on profits incurred in private crypto transactions. Accordingly, income taxes become detached from the profits, not accrued from professional operations in crypto investments. Furthermore, Portugal’s policies enable foreign nationals benefit from a 10% tax on pensions and a fiat of 20% income tax.
How some Ukraine’s Crypto Refugees are settling in Portugal
A software developer, working on a crypto-based metaverse (Amber), Valentin Sotov recently fled Ukraine with two of his partners. He and his colleagues intend to continue their operations from an office in Lisbon. Despite lamenting the challenges incurred in securing accommodation, 35-year-old Ukrainian, reiterated the advantages obtainable in his move to Portugal.
According to him, the people in the country act openly, stressing that his relocation enhances opportunity for his company’s product. This opportunity, according to him manifested owing to the presence of IT expertise in the country.
Another crypto refugee, Maria Yarotska believes Portugal affords her the platform to keep her job as a crypto worker. Her employer, a blockchain project with a Ukrainian co-founder, Near intends to expand the business in the country. Yarotska said she has lots of colleagues in Portugal, helping to legalize her to stay in the country.
Before the invasion of Ukraine by Russia, the former become became a crypto hub. The Ukrainian authorities recently took drastic steps to legalize and regulate the crypto industry in the country. Even in the wake of the ongoing crises in the country, President Volodymyr Zelenskyy assented to the virtual assets law. As things stand, the country relied on crypto donations in fitting her military and addressing humanitarian issues.