Bitcoin-Friendly Portugal Welcomes Refugees From Ukraine’s Crypto Sector, Report Reveals

0 20

Bitcoin-Friendly Portugal Welcomes Refugees From Ukraine’s Crypto Sector, Report Reveals

With a war raging in their homeland, thousands of Ukrainians, including many involved in the crypto space, have chosen Portugal as their new home. The country is an attractive destination, not only because of its warmer climate but also its relatively affordable cost of living and crypto-friendly tax regime.

Portugal Attracts Crypto Talent and Business From War-Torn Ukraine

The Russian invasion of Ukraine has sent millions of refugees fleeing to other European nations and Portugal is no exception. Despite the great distance from the conflict zone, the country has already accepted 13,000 refugees in the past weeks after the authorities in Lisbon simplified the arrival procedures for Ukrainians.

Those among them who had been working in Ukraine’s growing crypto industry are likely to find it easier to settle down in Portugal than in other countries on the Old Continent, BNN Bloomberg noted in a report. Much like Ukraine before the war, this EU member state is becoming a cryptocurrency hub thanks to some bitcoin-friendly policies.

Portugal maintains a zero-percent levy on profits from private crypto investments. When these gains are not resulting from professional activities, they are not subject to income tax. Some foreign nationals can also benefit from a flat 20% income tax and 10% tax on pensions.

The article tells the story of Valentin Sotov, a software developer working on a crypto-based metaverse game called Amber, who fled Western Ukraine with two of his colleagues. They are now hoping to continue their work from an office in Lisbon although Sotov admits it has been challenging to find permanent accommodations:

You have to have a contract for a year, and you need to have a Portuguese guarantor, and you need to have a tax number and a visa. We don’t know what to do yet, we are asking our friends.

Despite the difficulties, the 35-year-old Ukrainian points to the positive side of his move to Portugal. “All the people here are very open, it’s a parade of nations,” he says, adding that he looks at the relocation as a big opportunity for his company’s product because of the availability of IT expertise in the country.

Maria Yarotska, another Ukrainian crypto worker escaping the war, will be able to keep her job even in Portugal as her employer, a blockchain project with a Ukrainian co-founder, Near, is expanding its business in the country while supporting refugees like her. “I have a lot of colleagues here. They’ll help me legalize my documents so I can stay,” Yarotska told the publication.

Ukraine, a leader in bitcoin adoption in Eastern Europe, was becoming a crypto hotspot when Russia launched its assault. The government has been taking steps to legalize and regulate the country’s crypto space. President Volodymyr Zelenskyy recently signed the law “On Virtual Assets.” Amid the ongoing hostilities, Kyiv has been relying on crypto donations to fund its military defense and solve humanitarian problems.

Even before the current migration, Portugal was home to a relatively sizable Ukrainian diaspora, representing the fifth-largest group of foreign nationals. With the refugees now, the number of Ukrainians residing in the country has reached around 40,000, which is already the nation’s third-largest group of foreign citizens.

Do you expect more Ukrainian crypto companies and their employees to move to Portugal? Let us know in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 21,044.00
ethereum
Ethereum (ETH) $ 1,206.71
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 0.999537
bnb
BNB (BNB) $ 234.32
xrp
XRP (XRP) $ 0.364162
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.494481
solana
Solana (SOL) $ 39.39
dogecoin
Dogecoin (DOGE) $ 0.074333
polkadot
Polkadot (DOT) $ 7.91
shiba-inu
Shiba Inu (SHIB) $ 0.000011
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.065502
avalanche-2
Avalanche (AVAX) $ 19.96
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 21,010.00
leo-token
LEO Token (LEO) $ 5.90
staked-ether
Lido Staked Ether (STETH) $ 1,166.39
matic-network
Polygon (MATIC) $ 0.562843
litecoin
Litecoin (LTC) $ 57.28
ftx-token
FTX (FTT) $ 27.22
okb
OKB (OKB) $ 12.51
chainlink
Chainlink (LINK) $ 6.79
crypto-com-chain
Cronos (CRO) $ 0.124921
stellar
Stellar (XLM) $ 0.121290
near
NEAR Protocol (NEAR) $ 3.87
uniswap
Uniswap (UNI) $ 5.64
cosmos
Cosmos Hub (ATOM) $ 8.15
ethereum-classic
Ethereum Classic (ETC) $ 17.23
algorand
Algorand (ALGO) $ 0.334511
monero
Monero (XMR) $ 125.73
bitcoin-cash
Bitcoin Cash (BCH) $ 114.23
theta-fuel
Theta Fuel (TFUEL) $ 0.052429
chain-2
Chain (XCN) $ 0.084376
vechain
VeChain (VET) $ 0.024593
flow
Flow (FLOW) $ 1.68
the-sandbox
The Sandbox (SAND) $ 1.20
hedera-hashgraph
Hedera (HBAR) $ 0.069121
apecoin
ApeCoin (APE) $ 4.76
decentraland
Decentraland (MANA) $ 0.944596
internet-computer
Internet Computer (ICP) $ 5.80
frax
Frax (FRAX) $ 0.999400
theta-token
Theta Network (THETA) $ 1.35
axie-infinity
Axie Infinity (AXS) $ 16.35
filecoin
Filecoin (FIL) $ 5.89
tezos
Tezos (XTZ) $ 1.46
elrond-erd-2
Elrond (EGLD) $ 55.97
true-usd
TrueUSD (TUSD) $ 1.00
bitcoin-sv
Bitcoin SV (BSV) $ 61.35
helium
Helium (HNT) $ 10.78
kucoin-shares
KuCoin (KCS) $ 10.76
eos
EOS (EOS) $ 0.999512
aave
Aave (AAVE) $ 66.09
maker
Maker (MKR) $ 1,008.49
paxos-standard
Pax Dollar (USDP) $ 1.00
quant-network
Quant (QNT) $ 61.82
huobi-btc
Huobi BTC (HBTC) $ 21,038.00
huobi-token
Huobi (HT) $ 5.29
the-graph
The Graph (GRT) $ 0.109260
zcash
Zcash (ZEC) $ 64.16
bittorrent
BitTorrent (BTT) $ 0.000001
compound-usd-coin
cUSDC (CUSDC) $ 0.022602
iota
IOTA (MIOTA) $ 0.287669
compound-ether
cETH (CETH) $ 24.21
ecash
eCash (XEC) $ 0.000041
neutrino
Neutrino USD (USDN) $ 0.993795
fantom
Fantom (FTM) $ 0.281018
usdd
USDD (USDD) $ 0.983443
klay-token
Klaytn (KLAY) $ 0.245199
tenset
Tenset (10SET) $ 3.65
zilliqa
Zilliqa (ZIL) $ 0.046605
neo
NEO (NEO) $ 9.55
thorchain
THORChain (RUNE) $ 2.16
radix
Radix (XRD) $ 0.066070
gatechain-token
Gate (GT) $ 4.30
pax-gold
PAX Gold (PAXG) $ 1,829.81
havven
Synthetix Network (SNX) $ 2.69
cdai
cDAI (CDAI) $ 0.022035
basic-attention-token
Basic Attention (BAT) $ 0.401000
waves
Waves (WAVES) $ 5.95
stepn
STEPN (GMT) $ 0.958556
defichain
DeFiChain (DFI) $ 1.02
enjincoin
Enjin Coin (ENJ) $ 0.578443
dash
Dash (DASH) $ 49.87
chiliz
Chiliz (CHZ) $ 0.099942
bitdao
BitDAO (BIT) $ 0.462772
loopring
Loopring (LRC) $ 0.406932
pancakeswap-token
PancakeSwap (CAKE) $ 3.33
arweave
Arweave (AR) $ 9.97
blockstack
Stacks (STX) $ 0.457744
kusama
Kusama (KSM) $ 53.26
titanswap
TitanSwap (TITAN) $ 4.74
gala
Gala (GALA) $ 0.061648
tether-gold
Tether Gold (XAUT) $ 1,861.95
amp-token
Amp (AMP) $ 0.009221
celo
Celo (CELO) $ 0.946990
holotoken
Holo (HOT) $ 0.002283
kava
Kava (KAVA) $ 1.85
fei-usd
Fei USD (FEI) $ 1.00
frax-share
Frax Share (FXS) $ 5.56