2 July 2021
Top 5 Destinations for Crypto Investors
While Bitcoin, the most well-known cryptocurrency, is not without controversy, one fact is undeniable: digital currency is accepted by many merchants and venues. This article identifies which cities are pioneering the adoption of virtual currency.
There is no shortage of crypto exchange for Bitcoin and cryptocurrency purchases. However, the best Bitcoin exchange should have low transaction fees, a simple account setup, convenient payment methods, and diverse digital assets for sale.
If you’re looking into the ever-growing crypto industry, here are the top destinations for you.
Portugal’s tax authorities have taken a lenient stance toward cryptocurrency investment. Portuguese law is well-known for being extremely in favor of cryptocurrency. Individuals in Portugal who profit from acquiring and selling cryptocurrency do not pay capital taxes on their gains. Additionally, the exchange of cryptocurrency for other currencies is tax-free.
Portugal is also lovely for individual investors concerned about income taxes levied on cryptocurrency payments received. However, the situation is different for businesses in Portugal that accept cryptocurrency payments and are subject to regular capital gain taxes.
The implication is that if you are a cryptocurrency employee, you can avoid paying high capital gains taxes.
San Francisco Bay Area
Unsurprisingly, the United States’ technology capital ranks highly on our list. Coinbase and Kraken are based in San Francisco. More than two dozen merchants accept bitcoin, including nine restaurants, a bakery, and two bars. In addition, there are 19 locations where you can purchase bitcoin using an ATM. Not bad, given its population of 880,000.
Amsterdam is home to the mining hardware manufacturer Bitfury and the European BitPay headquarters. In addition, more than 30 dealers in the capital, including a bike rental, barber, and antique ring shop, accept Bitcoin. Moreover, the town’s 840,000 inhabitants have access to around a dozen bitcoin ATMs. Utrecht, Rotterdam, and The Hague merchants also accept cryptocurrency.
If you like living on an island, try Vanuatu—a South Pacific island country. It is the first and only country that accepts BTC citizenship payments and offers one of the world’s fastest migration investment programs.
Regarding crypto-regulation in the country, Vanuatu’s government confirmed that crypto-holders could acquire citizenship through investment in BTC. However, what makes it best for crypto-immigrant investors is that the government offers investors a five-year Vanuatu passport.
Vanuatu also makes it easier to get investment citizenship on our list of the most critical places in the world.
Germany considers cryptocurrency to be private money, as it is not recognized as legal tender. Cryptocurrency laws favor long-term buy-and-hold investors. Cryptocurrency day traders may want to reconsider their plans to use the country to avoid paying taxes.
For more than a year, residents who hold cryptocurrency will be exempt from paying taxes regardless of its value. However, investors who have had a cryptocurrency for less than a year are subject to capital gains taxes on gains exceeding 600 EUR (approximately $712). As a result, Germany does not favor residents using the country as a base for high-volume crypto trading.
Corporations in Germany, like many other crypto-friendly countries, are subject to capital gains taxes. Thus, for individual cryptocurrency investors with a longer-term horizon, Germany is an attractive country.
Bitcoin has made significant strides since the first block was mined in 2009. The rapid adoption rate indicates that virtual currencies are here to stay. So while it’s unsurprising that global financial centers have embraced bitcoin, it’s intriguing that smaller towns have as well.