There is a family known as the “Bitcoin Family” because they liquidated everything to buy bitcoin and started a nomadic life in 2017.
At the time, bitcoin was around $900, peaking at just over $68,000 years later, but it is currently 40% down from that all-time high.
Even still, the Taihuttu family has stated that the fortune that they have amassed is located in secret vaults on four different continents.
Originally from the Netherlands, the Taihuttu family have traveled the world for the last five years and have decided to settle down in Portugal.
They want to move there because there is no capital gains tax on cryptocurrency as long as they do not earn it for providing services in Portugal.
Therefore, cashing out crypto or exchanging one cryptocurrency for another is not subject to personal income taxes. Also, it means that cryptocurrency transactions or payments are not subject to a value-added tax.
It is an expat-friendly country because everyone speaks English. There are many beautiful beaches and safe cities with old-world charm. In addition, the cost of living is very reasonable, arguably the lowest in Western Europe.
The weather in Portugal varies, but it is mostly like your typical Mediterranean temperate climate without the extreme weather you may experience in other European countries.
Besides all that, the Taihuttu family established residency without much trouble. As a result, they are official residents of Portugal even though the family does not own property. Also, they are not required to spend a certain number of days there.
Since the family is Dutch, they have the right to permanent residence in Portugal; even still, there are options for people who are not citizens in the European Union.
Even though they do not currently own property, they want to build a crypto village where the land will be sectioned off and sold as NFTs. The family wants to use a decentralized autonomous organization to govern the community. They also want to mine for bitcoin using solar and wind power.
Unlike Portugal, the United States sees cryptocurrency as property. So, it is not unlike stocks or real property.
But, it is probably easier for United States residents to move to Puerto Rico, where one can save significantly on taxes. This is because citizens have to pay taxes to the United States no matter where they live.
Even if you renounce your citizenship, there is still an exit fee you will have to pay. So, it is better to live in Puerto Rico if you want to save money; the short-term and long-term capital gains tax can be waived if you meet certain qualifications.
The lucky few like the Taihuttu family struck gold with bitcoin. Still, many other individuals or families lose money or gain little on cryptocurrencies.
At the end of the day, any investment is a risk, so be responsible and take only as much risk as you can handle. In the long term, very little risk can actually be detrimental as well.
