Thursday, December 1, 2022

Ukraine Refugees Choose Portugal Due To Its Crypto-Friendly Tax Regime

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Some of the Ukraine refugees choose Portugal to be their new home because the country is quite an attractive destination due to its climate and affordable cost of living but also because of the crypto-friendly tax regime as we can see more in today’s latest crypto news.

The Russian invasion of Ukraine sent millions of refugees fleeing to different countries and Portugal was no exception. Despite the bigger distance from the conflict zone, the country already accepted 13,000 refugees over the past week after the authorities in Lisbon simplified their arrival providers. Some of them that worked in the crypto industry are likely to find an easier way to settle down in Portugal rather than some other countries on the continent. Much like Ukraine before the war, the EU member state is becoming a crypto hub thanks to its BTC-friendly policies and crypto tax regime.

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Portugal maintains a zero-percent levy on profits from private crypto investments so when these gains are not resulting from professional activities, they don’t become subject to income tax. Some foreign nationals can benefit from the 20% income tax and the 10% tax on pensions. The reports also show the story of Valentin Sotovo who is a software developer that worked on a crypto-based metaverse game called Amber and fled Ukraine with two of his colleagues. They are now hoping to continue working from Lisbon but Sotov admitted that it was quite challenging to find permanent accommodations.

Despite the difficulties, the Ukrainian pointed to the positive side of his move to Portugal and said that the people there are very welcoming and open adding that he looks at the relocation as a huge opportunity for the company’s product because of the availability of IT expertise in the country. Maria Yarotska who is another Ukrainian worker that escaped from the war will keep her job in Portugal which is a blockchain project manager and her company will even expand the busienss in Portugal while supporting refugees like her.

Ukraine is a leader in BTC adoption in Eastern Europe and became a crypto hub when Russia launched the assault on the country. The government was taking steps to legalize and regulate the crypto space with the president of the country even signing the law on “virtual Assets.” Amid the crisis, Kyiv has been relying on donations to fund its military defense and to solve humanitarian problems.

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Source: Twitter

Portugal on the other hand has been home to a huge chunk of the Ukrainian diaspora and represents the fifth biggest group of foreign nationals. Right now, the number of Ukrainians in the country reached over 40,000.

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