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?
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.
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.
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.
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.
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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