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Wednesday, September 21, 2022

In this country in Europe you can buy real estate with Bitcoin

Portugal has long been considered particularly crypto-friendly. The country on the Atlantic coast attracts not only with nice weather, but also with various tax advantages for investors of Bitcoin and Co. The Republic on the Iberian Peninsula is actively seeking the favor of foreign investors. For this, the national regulator recently granted the first bank a crypto license. In addition, the government passed a new regulation that now allows real estate purchases completely in crypto currencies.

Apartment sold for three Bitcoin

This happened last Thursday in Braga, a city about an hour north of Porto. In a post on Facebook, the real estate company ZOME announced the sale of an apartment using Bitcoin. For the new home, a total of 3 BTC changed hands, around 110,000 euros. A notification of the transaction to the authorities would only have been necessary from a sum of 200,000 euros.

The novelty here: The transaction was processed completely digitally. If you previously wanted to buy a house or apartment with Bitcoin in Portugal, the corresponding amount had to be converted into euros first. This is no longer necessary. Instead, the agreed sum can now be transferred without interim conversion.

Also Read:

ZOME speaks in the post of a “historic moment”, it is the first property change of its kind in Portugal.

This certificate is a historic milestone. The transfer of digital to physical assets – a house – without conversion into euros.

This was the starting signal for a “new kind of digital business”, says lawyer Nuno da Silva Vieira, who accompanied the process by a notary with his law firm Antas da Cunha ECIJA. To what extent he is right remains to be seen.

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