Apartment Sold for Bitcoin in Portugal After New Regulation Allows Property Deals in Crypto

Apartment Sold for Bitcoin in Portugal After New Regulation Allows Property Deals in Crypto

An apartment in Portugal has changed hands, with the buyer paying directly in cryptocurrency in a reported first for the country. The home was purchased for 3 bitcoins without conversion to euros, under a new regulation permitting real estate deals with digital currencies. Buyer Pays With Bitcoin for Apartment in Braga, Portugal

A three-room (two-bedroom) apartment in the Portuguese city of Braga has been bought with cryptocurrency without any conversion to fiat money. Local media reports have described the deal as a first in the history of the country’s real estate market.

The new owner paid 3 bitcoins (BTC) for the home, worth around 110,000 euros at the time the purchase took place. The title deed was transferred in Porto’s Póvoa de Varzim district this past Thursday, May 5, the business news portal Idealista unveiled.

The purchase was made with the help of real estate agency Zome, the law firm Antas da Cunha Ecija, and partners from Switzerland’s Crypto Valley. The Chairman of the Portuguese chamber of notaries also participated.

Buying property directly with cryptocurrency is now possible in Portugal thanks to a new provision recently adopted by the Order of Notaries, the body which regulates notary activities together with the Ministry of Justice.

In the past, the coins had to be converted to euros before a payment to a seller was made. Now, the real estate acquisition can be a 100% crypto operation, in which the digital money is exchanged for the rights to the property.

Certain procedures must be followed to conduct such sales, to comply with anti-money laundering rules. The source of the fiat funds — a bank account — with which the digital assets were purchased, has to be indicated and the public address of the crypto wallet presented, before the coins are transferred.

News of the crypto-funded property deal comes after a recent report by the Bank of Spain revealed that Portugal’s share in the volume of crypto transactions in the eurozone exceeds the weight of its gross domestic product (GDP) in the single currency area’s economy.

With relatively affordable costs of living and a crypto-friendly tax regime, Portugal has become a hub for tech innovations, a home for digital nomads and most recently for refugees from Ukraine’s crypto sector. Gains from the sale of bitcoin and the like are not subject to income tax in the country. Tags in this story Apartment, Bitcoin, BTC, Crypto, crypto payment, Cryptocurrencies, Cryptocurrency, cryptocurrency payment, Home, House, payment, Portugal, Portuguese, property, purchase, Real estate, Regulation, Regulations, regulator, sale, Tax

Do you expect other European nations to allow real estate purchases through direct cryptocurrency payments? Let us know in the comments section below. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Robinhood Lists Grayscale’s Bitcoin and Ethereum Trusts NEWS | 2 hours ago Tron DAO Reserve Purchases $38 Million in TRX to Safeguard the Stablecoin USDD NEWS | 4 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRobinhood Lists Grayscale’s Bitcoin and Ethereum Trusts Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher