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🎓 Portugal is crypto-friendly and a favorite destination for Ukrainians

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Estimates from various sources indicated the number of citizens leaving Ukraine due to the Russian military operation in it.

Their number is estimated between 2.5 and 4 million. CBS News data indicates that about 3 million people have left Ukraine.

Another report notes that Portugal is a preferred destination for several reasons, one of which is Portugal’s crypto-friendly policies.

Ukrainians seek refuge in Portugal

Maria Yarutska, a 35-year-old Ukrainian citizen, was driven by the current situation to leave her country for Portugal.

Maria says she drove six days across Europe with her mother, young daughter and dog to escape the war in her native Ukraine and seek refuge in crypto-friendly Portugal.

Maria added that she had many colleagues in Portugal and that she was “sure that they would help me legalize my documents so that I could stay.”

Maria worked for the NEAR protocol, which was also co-founded by a Ukrainian.

Apart from being a crypto-friendly hub, there is another reason why Portugal is the first choice for Ukrainian refugees. Ukrainians were the fifth largest group of foreign citizens in Portugal before the war began.

This number has increased dramatically, with 13,000 Ukrainians entering the country in the last three weeks alone.

The Portuguese government agreed to certain measures to speed up and simplify the process of entry into its territory for those fleeing the war.

More specifically, in the three short weeks since the conflict began, Portugal has seen as many people enter the country from Ukraine as in 2015.

Portugal is the center of cryptocurrencies

In Portugal, cryptocurrencies are not treated as assets but as currency. If you are a Portuguese citizen, you will not be charged VAT or other taxes such as personal income tax.

However, if a person has a cryptocurrency-related business, the profits will be taxed between 28% and 35%. And in case he is trading cryptocurrencies as his main means of income, the taxes are the same.

It is reported that in early 2021, Luzboa, one of the country’s leading electricity retailers, began accepting bitcoin for payments.

Lisbon also hosted the BreakPoint conference, one of the largest conferences focused on Solana.

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