Jump to content
House Price Crash Forum

Portuguese Bank Account


Recommended Posts

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?

Link to post
Share on other sites

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.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.





×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.