On Thursday, I bought an apartment in Braga, Portugal, using only cryptocurrencies and without converting to flats.
This comes after ratification of the rules drafted by the notary’s orders. The certificate of the T3 apartment was signed in Porto after the buyer paid 3 BTC (or $ 115,000) directly to the seller.
Prior to the new regulations, the crypto was converted to euros for real estate purchases.
“This certificate is a historic milestone and represents the transfer of digital assets to physical assets (houses) without conversion to euros,” real estate company Zome said on a Facebook page. increase. The transaction was made possible through strategic partnerships with law firms, the chairman of the notary public in Portugal and partners in Switzerland.
Zome’s CTO said in a press release that he hopes this breakthrough deal will spur new business opportunities one after another.
Attorney Nunda Silva Vieira of Antas da Cunha ECIJA said:[t]With his type of business growing exponentially and Portugal showing very promising signs from a digital economy perspective, we believe this business will be a great opportunity for growth and value creation. “
Purchasing cryptocurrencies treated as a barter business
For real estate transactions in Portugal, notary order necessary Source bank account details, Fiat to Bitcoin money trails, buyers wallet Address, identification of both buyer and seller, and proof that funds have been transferred from the buyer Cryptocurrency wallet To the sender’s crypto wallet.
If the transaction exceeds € 200,000, the authorities must be notified accordingly. There should also be a comparison between the price of the cryptocurrency on the promissory note and the price on the date of the deed.
Portugal’s progressive outlook
Portugal is becoming an attractive destination for crypto enthusiasts.Cryptocurrency profit Is an examplet From VAT and capital gains tax. However, unless these profits are from professional trading activities.There is Five A virtual asset service provider registered in Portugal.
This transaction is the first time a digital asset has been exchanged for real estate like a barter business, Still possible Buy real estate by converting cryptocurrency to euro on the day of the certificate. Banks convert cryptocurrencies to euros on behalf of sellers.
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