scorecardThe family that put all its money into crypto has moved to 'bitcoin heaven' Portugal for its 0% crypto tax
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The family that put all its money into crypto has moved to 'bitcoin heaven' Portugal for its 0% crypto tax

Adam Morgan McCarthy   

The family that put all its money into crypto has moved to 'bitcoin heaven' Portugal for its 0% crypto tax
Investment1 min read
Bitcoin    Westend61
  • A Dutch family that sold all its assets to buy bitcoin in 2017 has settled down in Portugal for tax reasons.
  • Didi Taihuttu told CNBC they settled there after traveling for five years because Portugal has 0% tax on bitcoin.

A Dutch family that went all-in on bitcoin in 2017 has decided to settle down in Portugal because of the country's crypto-friendly tax regime, the family's father said.

The Taihuttu family has previously said they liquidated all of their physical assets in 2017 in favor of investing in bitcoin and a life on the road, and have hidden most of their holdings in secret stashes around the world.

Father Didi Taihuttu told CNBC in an interview that he, his wife and their three children made the choice to stop travelling after five years because of Portugal's 0% tax on cryptocurrency, including on capital gains.

"That's a very beautiful bitcoin heaven," he told CNBC.

The Portuguese tax authority said in 2019 that buying and selling cryptocurrency is tax-free. There are a couple of exceptions: if you receive cryptocurrency in exchange for goods or services, or deal in crypto as a business.

The southern European country is now a favorite among digital nomads, according to Accointing, and several companies offer advice on resettling there to take advantage of its crypto tax stance. The number of foreign residents there has shot up 40% in the last 10 years, according to the country's 2021 population census.

Taihuttu and his family won't disclose the size of the family's crypto holdings. But he has revealed that he stores the family's crypto in secret wallets across four continents and in six different countries.

Bitcoin was worth about $900 in 2017 when the family went all-in. On Monday, it was trading at about $42,000, according to CoinMarketCap data.

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