By
Bena Ilyas
April 18th, 2024
The Taihuttu family traded their house in addition to all the other possession that they had for Bitcoin.
The Taihuttus are a Dutch family of five that has recently decided to settle down in Europe’s tax haven, Portugal. The country has some excellent crypto-friendly policies including the one that attracted Didi Taihuttu the most – 0% tax on crypto. Apart from its crypto rules, Portugal also offers a peaceful and pleasant life which is evident from its standing at 4th place on the Global Peace Index. As per Portugal’s 2021 population census, the last decade has seen almost a 40% increase in expat movement into the country.
The Taihuttu Family and Their Interest in Crypto
The family comprises Didi Taihuttu, his wife and his three daughters. They are known as the ‘Bitcoin family’ due to their adoption of a novel lifestyle in 2017. The Taihuttu family traded their house in addition to all the other possession that they had for crypto and set out on the road. Since then, the family has moved across 40 countries. No one knows the exact amount of bitcoin the family owns however it is a known fact that the father protects the fortune in secret vaults spread across four continents. With Didi’s family finally finding relief and settlement in the Iberian Peninsula, his other siblings and their families are going to walk the same path i.e., investing all liquid cash into bitcoin.
Why did the Taihuttu Family Choose Portugal?
Didi called Portugal a beautiful bitcoin heaven. As the country treats cryptocurrency, a type of payment, the capital gains made from crypto-based transactions are outside the purview of personal income tax and they are not subject to VAT or Value added tax. This translates to a 0% tax on Bitcoin and other cryptocurrencies; a fact that has been a game-changer for many crypto enthusiasts as well as the crypto economy. However, if you register a company in Portugal and make your business deals in crypto, then that will attract taxes under special circumstances.
Another attractive feature of Portugal is the absence of strict residency rules such as those of Puerto Rico where the immigrants need to stay in the country for a specific time to enjoy the crypto-friendly benefits. If you are a European Union citizen looking to settle down in Portugal, you will get permanent residency. However, for non-European migrants, there are options of getting a golden visa or a D7 Visa. Golden Visa can be obtained by investing money in property or other investments in the country.
The Expat life in Portugal and Taihuttu’s plan
The best thing socially about Portugal is the burgeoning crypto community. Due to the large number of bitcoin millionaires and billionaires in the country, there is a lot of crypto-based conversation and activity. Language is not a constraint as everyone knows English. Besides, the country offers a great climate and is a paradise for all the bitcoin expats at this point. The Taihuttus come with a big plan that is to build a crypto village with a decentralized lifestyle. Apart from that, the family has a sustainable ambition of bitcoin mining through renewable sources of energy like wind and solar power and in turn warm houses with the heat produced in the process.
Why Is Puerto Rico Better for US citizens?
Although Portugal offers better features than Puerto Rico, there are substantial reasons why the Americans are choosing the latter. No matter where an American migrates to, if they have a green card, are a US citizen or a US resident alien or have dual citizenship, they must pay the US government tax on their crypto income. In addition to this, expatriation also attracts some charges in the form of an ‘exit tax’. It is for this reason that a lot of American crypto owners and traders plan to move to Puerto Rico.