In 2017 sold a house of 2,500m2 to invest in Bitcoin when the price was only $900, 5 years later the man deposited a “huge” amount of digital money in 4 separate continents
In 2017, Taihuttu’s family decided to sell their 2,500 square meter house to buy Bitcoin for only about $900. The decision at that time surprised everyone. No one expected that after more than 3 years, he and his wife had a huge fortune when Bitcoin at the end of 2020 skyrocketed, reaching $ 69,000. Many people bet on this digital currency, but not everyone is lucky enough to buy it at a bargain price like Mr. Taihuttu.
LIFE TRAVELING ANYWHERE
According to CNBC, during the past 5 years, Taihuttu and his wife and children have set foot in more than 40 countries around the world. Now, they decided to choose Portugal – the last tax haven in Europe as a safe place to stay. The purpose is to not pay any taxes when trading virtual currencies.
“You will not have to pay any taxes in Portugal when trading virtual currency, as long as you do not provide a service related to it. This Bitcoin paradise is really beautiful,” Taihuttu said.
The tax privileges saved the Taihuttu a decent amount of money. This man also plans to build a “crypto village”, buy decentralized real estate, then divide the land by square meters and sell it as tokens or NFTs. He also wants to “mine” Bitcoin with solar and wind energy and utilize the heat from the miners to heat his family in the winter.
During the past 5 years, Taihuttu and his wife and children have set foot in more than 40 countries around the world
The exact amount of virtual currency that Mr. Taihuttu has not disclosed, but those who heard his story all speculated that the value of the money must be “huge” for this “Bitcoin family” to travel. everywhere and deposit your assets on 4 continents.
Following Taihuttu’s example, his relatives are also planning to sell their house and invest all in Bitcoin.
“We will all come together as one big Bitcoin family. This is really great,” Mr Taihuttu said.
However, due to their late entry into the market, they will certainly not be able to buy Bitcoin at a bargain price like it was in 2017.
BITCOIN TAX PLACE 0%
Unlike the US, which treats cryptocurrencies as an asset and taxes them like stocks, Portugal sees cryptocurrencies as a mere form of payment. This difference makes it an attractive tax haven for investors like Mr. Taihuttu.
This means that the proceeds from purchases or sales of cryptocurrencies and other fiat currencies will not be taxed. Bitcoin-for-fiat exchanges are also not subject to value-added tax. Only companies dealing in virtual currency are required to pay taxes, however, only in certain cases.
“If you earn money through providing services in Portugal, you will have to pay taxes. And I don’t earn anything, so the tax rate I pay is 0%,” Taihuttu shared.
The process of “Bitcoin family” settling in Portugal went quite smoothly
The process of this “Bitcoin family” settling in Portugal accordingly went quite smoothly. They do not have to report specific days of stay, and are even considered by the government as their own citizens even though they do not own any tangible property.
It is known that all citizens of the European Union EU have the right to stay in Portugal. For non-EU nationals, the Portuguese government will issue a golden visa and a D7 visa (also known as a retirement visa or a passive income visa). This policy helps Portugal attract a lot of wealthy businessmen.
Mr. Wout Deley, former director of a Belgian galvanizing company, is an example. He also sold all his assets like Mr. Taihuttu, invested 2/3 of the money in coins, then moved to Portugal to settle down. The biggest impetus comes mainly from Belgium’s relatively strong income tax, up to 40%.
“I only have a maximum of 10,000 euros ($11,450) in my bank account. The rest is always stored in virtual currency,” Deley said. “Everybody here owns cryptocurrency. Everyone knows Bitcoin,” Deley shared.
According to: CNBC
Information about cryptocurrencies (cryptocurrency), commonly known as “virtual money” has not been recognized by law in Vietnam. The information in the article is for reference only and has no investment recommendation value.
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