Will crypto investors flee Portugal following introduction of capital gains tax?

For the last few years, Portugal has become a safe haven for crypto investors.

With many having moved there throughout the pandemic, as crypto rocketed up to high after high, the rug is now being pulled out from under them.

The Portuguese government has proposed a new cryptocurrency tax policy as part of its 2023 national budget. Contained within the 450-page document covering all things fiscal, is a 28% capital gains tax on cryptocurrency gains.

This 28% capital gains tax is the standard within Portugal, meaning it is no longer a paradise for crypto bros and brodettes. Tacked on, too, is a 4% tax on free crypto transfers as well as further stamp duties in certain instances.

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