The 2023 rules stipulate that when you stop being a resident of Portugal, you cough up 28% of the capital gains on the current VALUE of your holdings
It's an Exit Tax.
Do not move to Portugal!! Unless you want to stay forever (or pay a third of your gains)
And how do they enforce it after you leave Portugal? Courts of your new country usually do not enforce tax for foreign countries, at least according to Wikipedia: https://en.wikipedia.org/wiki/Rule_against_foreign_revenue_enforcement . Of course, you should not return to Portugal , this is perhaps the only downside.
reply
Bastardos
reply
Exit taxes exist in a bunch of countries
reply
name and shame! I believe Canada is another one..
reply
How would they know how much "crypto" you have?
reply
Because many people did KYC purchases, so they can quantify or guesstimate how much you have.
Naturally that doesn't apply to anyone on Stacker News. No one here owns any bitcoin after all.
reply
reason #42667 is why kyc is harmful
reply
lots of coastline in Portugal. Lots of boats, too. Also mountains! Have you ever had a hiking accident at a ridge? Those can be deep!
reply
KYC
reply
That is why non-KYC accumulation is the way to go. But with today's non-KYC exchange liquidity, it's hard to on board / meet enough demand if there was a sudden large influx of fiat trying to exit into bitcoin. We really need better non-KYC exchanges with better on boarding experience and larger liquidity pools...
reply
What if you just run away to never come back?
reply
Then you don't have to pay that gain in the next country right? Hopefully. Anyway it is strange to tax international property like that.
reply
The US taxes your -unrealized- capital gains if you want to leave gitmo nation https://americansoverseas.org/en/news/us-exit-tax/
reply
What the...
reply