How can crypto currency American investors benefit by applying for RCBI in Portugal?

I've heard American investors who have made their money from crypto investments save a lot of money when they get a second passport in Portugal since they are exempt from capital gains taxes on crypto holdings. What would I need to do if I'm interested in Portugal's RCBI program for this sole reason?

Answers

On July 16, 2021 Inês Azevedo answered:

For the time being, it is still not possible to invest in Portugal for the RCBI program with crypto currency. On the other hand, I confirm that if you become a tax resident in Portugal, you don't pay capital gain taxes on crypto holdings. To become a tax resident, you just need a residence permit in Portugal and to live here six months per year.

On July 14, 2021 Pedro Viegas answered:

Regarding crypto currency, first of all you have to open an account in a Portuguese bank, and have a green light in the compliance process. To get the residence by investment citizenship, you can chose between buying a house for over 500,000 euros; make a deposit of one million euros; opening a company with more than 10 employees; invest in a fund. Please be advised that these conditions will change in 2022.

On July 14, 2021 Diogo Capela answered:

Indeed, cryptocurrencies have a very favorable tax regime in Portugal. To benefit from this regime, you must be a resident in Portugal; you don't necessarily need to have a Portuguese passport, just the residence.

On July 19, 2021 Tiago Gali Macedo answered:

In order to achieve the intended purposes, one does not need to be holder of a Portuguese passport; you would only need to become a resident in Portugal and also apply for the beneficial regime before the Portuguese tax authorities.

On October 06, 2021 Pedro Viegas answered:

You can apply for it. The question that banks ask is for the traceability of all the transactions made and you get that in crypto.

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