Portugal: A Stunning Crypto-Friendly Getaway

As cryptocurrencies are on the rise, some countries have pulled ahead of others as being more crypto-friendly. Near the top of that list is Portugal. Located in Europe on the Iberian Peninsula, Portugal is a country filled with history and brimming with beauty. Also, the country ranked fourth on the 2021 Global Peace Index.

Cryptocurrency is not recognized as fiat currency and does not have legal tender status. So, you cannot use crypto to pay a legal fine or debt. Nevertheless, it is legal to trade cryptocurrency and cash it out into euros.

Cryptocurrencies are tax-free in Portugal as long as crypto trading is not your full-time job. They are viewed as a form of payment rather than an asset. When buying or selling crypto, you do not have to pay VAT. There are many crypto platforms which function without limitations in Portugal. However, businesses that deal in crypto and people who trade crypto as their primary source of income are still required to pay taxes on it.

There have been numerous crypto and NFT conferences in Portugal. Europe’s first crypto art festival, Rare Effect, was in May 2021 in Lisbon. Also in Lisbon was an Ethereum conference and Lisbon Blockchain Week in October 2021, and a Cosmoverse Conference and Breakpoint 2021 in November 2021.

As crypto opportunities expand, more companies in Portugal are becoming accepting of cryptocurrencies. In 2019, S.L. Benfica, a football club in Portugal, started to accept crypto and became the first major European football club to do so. Additionally, even though they are rare, there are some bitcoin ATMs in Lisbon and Porto. Here, people can buy cryptocurrency and sell their crypto for cash. You can also use a cryptocurrency credit card at places that would not normally accept crypto.

There are options to move to Portugal to trade crypto. If you are a European Union (EU) citizen, you are eligible for the non-habitual residence program (NHR). You have to desire to live in Portugal and either have your primary home there or remain in the country for 183 days a year. Additionally, within the past five years you must not have been a resident in Portugal. Non-EU citizens are also eligible for this program, but it is more difficult for them to become a part of it. However, non-EU citizens can apply for the Portugal Golden Visa where through making investments in the country, you can get a residency permit and then a passport. Another option for non-EU citizens is the Portugal D-7 Visa. To qualify, you need a regular passive income, which could include income from a rental or pension. Seek financial and legal guidance prior to starting an application for any of these opportunities.

So now that you’re going to Portugal, what are you actually going to do there? Luckily, Portugal has a wide range of activities and locations to visit that will excite anyone, no matter their interests.

Mosteiro dos Jerónimos - Located in Lisbon, this beautiful monastery opened in 1601. The double-layered cloisters were rare for the time period. Inside are vaulted ceilings and detailed columns. Visitors can also see the tomb of famed explorer Vasco de Gama, who was the first European to sail around the Cape of Good Hope and reach India.

Torre de Belem - Construction started on this fort in 1514. It is located on the shore of the Tagus River and is found at the port of Lisbon’s entrance. The fort aimed to defend the port of Lisbon. It was also constructed in honor of the expedition of Vasco da Gama. On the outside, there are intricate stonework and towers with roots in Islamic architecture. This fort is a testimony to the culture at the time it was created as well as authentic to work done at the time. It is part of a UNESCO World Heritage Site.

Mosteiro Palacio Nacional de Mafra - This is a palace, convent, and basilica of Mafra. Originally, it was not meant to be grand. Yet its opulence increased with the country’s wealth. When taking a tour, one of the rooms you will find is the Rocaille Library. Lined with marble, it is the longest room in the complex and houses over 40,000 books.

Cabo da Roca - Out of all of mainland Europe, this cape is the most western part. Found within the Sintra National Park, visitors are greeted with stunning ocean views, hidden beaches, and hiking trails. There is also a lighthouse completed in 1772. Along the Portuguese coast, it is one of the oldest lighthouses there.

Benagil Cave - This cave is located on the coast of the Algarve. You can swim or kayak from the shore to reach the cave. There are natural openings through which you can enter and a natural skylight that illuminates the inside of the space.

Praia do Camilo - Stunning views greet you before and after you descend down 200 stairs to Camilo Beach. Located in Lagos, it is nestled among cliffs that provide shelter from the ocean winds, creating a beautiful place to relax.

Port and table wine tasting in the Douro Valley- Framed by picturesque views and intercut by the Douro River, the Douro Valley is home to numerous Port houses and vineyards where you could go for a tasting. Some options for you to visit are Graham’s, Quinta da Pacheca, Quinta de la Rosa, Sandeman, and Taylor’s. These options offer a variety of activities, from tastings to picnics to tours and more.

Ribeira District- Spend the day strolling through this historic district at the center of Porto. Discover local bars, restaurants, and cafes as you marvel at the tall, narrow houses and Ponte Dom Luis I, a double-leveled arched bridge stretching across the Douro River. You could also visit Palacio da Bolsa (a major Portuguese stock exchange building until the 1990’s) and Igeja São Lourenço (a church and convent that also houses the Sacred Art and Archeology Museum). This area is a UNESCO World Heritage Site.