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Portuguese Bank Account

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I was talking to an old friend a few months ago and he mentioned that he was off to Lisbon for a few days to open a bank account.

I asked why and he said non domiciled foreigners could transfer 'investments & pensions' to Portuguese bank account without 

attracting any capital gains tax. So I asked what was he transferring and he stated the profits from Bitcoin et al whenever he

sells them. I believe he has quite an amount with an American cryptocurrency exchange. Now this got me thinking, was this a

clever idea or could he fall foul of the the tax man.....Has anyone got an answer?

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Firstly finding a way to sucessfully avoid paying UK tax, does not remove the moral aspect of it.

Does he ever intend to repatriate the money back to the UK? how is he going to explain it at that point?

What is his liability to Portugese tax?, just because the account doesnt attract tax directly I wouldn't just assume he will be completely untaxed.

Transferring money into a country is often much easier than transferring it back out again.

How trustworthy is the bank he is using?

Tell him to watch the movie the Wolf of Wall street, it covers exactly this problem.

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