Crypto refugees from Ukraine find a haven in Portugal

March 22, 2022

By Priyanka Shetty

Western European countries have become havens for Ukrainians fleeing Russia’s invasion, among those countries; Portugal is absorbing a huge influx of refugees,

Read to know why?

  • Ukranians are choosing Portugal over other European countries for two reasons. Firstly, Portugal is already fast becoming a hub of its own, with zero-percent taxes on digital-currency gains, affordable living costs and mild temperatures combining to attract a cadre of crypto adherents there. Secondly, Portugal is already home to an established community of Ukrainians.
  • According to data compiled by the Portuguese Immigration and Borders Service or SEF, in the past three weeks, Portugal has received more than 13,000 Ukrainian refugees after the government approved measures to speed up and simplify the entry process of those fleeing the war.
  • As a result, the number of Ukrainian nationals in Portugal has climbed to about 40,000 from about 27,200 in 2021, making it the nation’s third-largest group of ex-pats.
  • The number of foreign residents living in Portugal rose 40% over the past decade to 555,299 people, according to the National Statistics Institute. On top of the zero percent tax on crypto gains, Portugal also offers some foreigners a flat 20% tax on their pensions.
  • While Portugal is a welcome refuge for many Ukrainians, language barriers and the related everyday obstacles of being in an unfamiliar place mean it may be a while before it feels like home.

 


About the author

Based in Bengaluru, Priyanka Shetty is a freelance writer for Blockchain Asset Review.

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