- A person has bought an apartment in Portugal for 3 bitcoins without conversion to euros.
- The sale came after new regulation that allows real estate transactions with cryptocurrencies.
- Bitcoin purchases in the country are not subject to income tax.
A person has purchased an apartment in the Portuguese city of Braga using Bitcoin. Specifically, the person bought the property directly with bitcoins without converting it to fiat money. According to local media reports, the transaction is the first purchase using cryptocurrency in the real estate market in the country.
The three-room, two-bedroom apartment would have been evaluated at around 110,000 euros when the transaction took place. The business news portal Idealista revealed that the title deed came to Porto’s Póvoa de Varzim district last Thursday.
Before, homebuyers in the country can only use euros to acquire real estate. Purchasing properties using cryptocurrencies only became possible with the newly imposed provision approved by the Order of the Notaries, the regulatory body that regulates notary activities along with the Ministry of Justice.
Now, homebuyers can use digital money in exchange for the rights of the properties without converting to euros. However, they still need to comply with anti-money laundering rules. Buyers must present the source of the fiat funds used to buy the cryptocurrency, as well as the crypto wallet address before transferring the coins.
Meanwhile, the crypto-backed transaction happened after a recent report by the Bank of Spain disclosing that Portugal’s share in the volume of crypto transactions in the eurozone surpassed the weight of its gross domestic product (GDP) in a sole currency area’s economy.
Portugal has a proportionate affordable cost of living and a crypto-friendly tax government. This means that crypto sales are not subject to income tax in the country. Portugal has become a crypto hub for tech innovations, digital nomads, and refugees from Ukraine’s crypto sector.
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