Digital Nomad Village in Portugal – The Tax Haven for Cryptocurrency
The period of digital transformation we are living has accentuated the growth of digital nomads, who have been increasingly using cryptocurrency to ensure greater flexibility during their travel.
Cryptocurrency is an increasingly common mean of generating wealth and doing business online. Portugal is one of the few countries in the world that does not tax income from this type of investment, which is why it is considered one of the most attractive tax havens in Europe.
The island of Madeira has stood out as one of the places of excellence for digital nomads and investors active in cryptocurrency.
Recently, emerged Digital Nomads Madeira, an initiative led by the regional government of Madeira and Startup Madeira. The project was installed in Ponta do Sol and aims to create a community of digital nomads in the archipelago.
Currently there are already 250 digital nomads installed on the island of Madeira. However, there are 4,200 people registered and interested in experiencing the new Digital Nomad Village, still waiting for approval.
At this time, is being considered the implementation of another project in Porto Santo, which expects an explosion of digital nomads after the pandemic.
According to nomadlist, a site that includes a ranking of the favorite places for digital nomads, Lisbon is considered the best destination to welcome this community. Porto and Ericeira are also in the top 20 most popular places.
In Portugal there is still no visa dedicated to digital nomads. However, those who are interested, can apply for two types of visa, as can be read here.
If they wish to obtain tax residency in Portugal, investors and digital nomads may benefit from the Non-Habitual Resident Status, which exempts most foreign income for a period of ten years.
