New rules for buying property in Portugal with crypto
New rules regarding buying houses in Portugal with cryptocurrencies are due to come into force next week. According to a report by idealista/news, in Portugal, the appetite for buying real estate with cryptocurrencies has increased, above all, by foreign investors. This is because the country is seen abroad as a “tax haven” for crypto-businesses. But the rules will start tightening as early as next week.
The Order of Notaries (ON) is preparing regulation that will give clear instructions to notaries on how to make deeds for the purchase and sale of houses in cryptocurrencies. And they will be alert to possible suspicions of money laundering.
Buying houses in cryptocurrencies is not a new topic. But it can be done differently as of next week. So far, ON has not registered purely digital businesses. This is because when buying a house with cryptocurrencies, first the conversion into euros takes place and only then the deed is signed, says Expresso.
With the new regulation being finalised by ON, it will become possible to carry out real estate transactions with virtual currencies, treating this as a barter business, that is, where goods are exchanged for cryptocurrencies. And it will be treated as a risky business for the purposes of preventing money laundering and other types of tax crimes.
[source: The Portugal News]