New rules for buying real estate in Portugal with cryptocurrency.

New rules regarding the purchase of real estate in Portugal for cryptocurrencies are due to come into force next week. According to an idealista/news source, in Portugal, interest in buying real estate for cryptocurrencies has increased primarily among foreign investors. This is due to the fact that the country is seen abroad as a "tax haven" for cryptocurrency businesses. However, the rules will begin to tighten as early as next week. The Order of Notaries (ON) is preparing a regulation that will provide clear instructions to notaries on how to draft documents for buying and selling real estate for cryptocurrencies. They will also be alert to possible suspicions of money laundering.

Buying real estate for cryptocurrencies is not a new topic. But, starting next week, it can be done differently.

Until now, ON has not registered purely digital businesses. This is due to the fact that when buying a house for cryptocurrencies, the conversion to euros first takes place and then the transaction is concluded, the expert says. With the new regulation being developed by HE, it will be possible to conduct real estate transactions using virtual currencies, treating it as a barter business, i.e. exchanging real estate for cryptocurrencies. In doing so, it will be considered a risky business in order to prevent money laundering and other types of tax crimes.

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