Didi Taihuttu, patriarch of the so-called Bitcoin Family, is setting down roots in Portugal, Europes ultimate crypto tax haven.
Settling down is a big deal for the Dutch family of five, who have traveled the world for the last five years. But after spending time in 40 countries, Portugal which is one of the last places in Europe with a 0% tax on bitcoin was just too enticing a destination to ignore.
You dont pay any capital gains tax or anything else in Portugal on cryptocurrency, said Taihuttu. As long as you dont earn cryptocurrency for providing services in Portugal, youre in the clear.
Thats a very beautiful bitcoin heaven, he said.
In 2017, Taihuttu, his wife and three kids liquidated all they owned, trading a 2,500-square-foot house and virtually all their earthly possessions for bitcoin and a life on the road. This was back when the price of bitcoin was around $900. The worlds biggest cryptocurrency is currently trading around $41,000 after peaking at about $69,000 in November.
While the Taihuttu contingent wont disclose the exact size of their crypto nest egg, the 43-year-old father of three says he safeguards the familys crypto fortune in secret vaults on four different continents, so presumably, their crypto stake is substantial enough to make it worth having to fly across the globe to redeem their decentralized cash.
With that kind of crypto stake, the tax perks in Portugal are certainly a big draw, though it doesnt hurt that the country offers a safe and pleasant way of life. In 2021, the country ranked fourth on the Global Peace Index, and it tops the list of best countries for expats.
The Bitcoin Family isnt alone in making the move to the Iberian Peninsula. The 2021 population census in Portugal shows that the number of foreign residents in Portugal increased by 40% in the last decade.
Taihuttus siblings may also make the move. Didis brother and sister are selling their houses and investing that cash into bitcoin.
We will all be traveling together as one big bitcoin family which is, of course, really cool, said Taihuttu.
CNBC