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The 1st Bitcoin apartment in Portugal

An apartment in Portugal has changed hands, with buyers paying directly in cryptocurrency. The house was purchased for 3 bitcoins without conversion to euros, under new regulations that allow real estate transactions with digital currencies.

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

The new owner paid 3 bitcoins (BTC) for the house, worth around 110,000 euros at the time of the purchase. The land title certificate was delivered in Porto’s Póvoa de Varzim district on Thursday, May 5.

The sale was made with the help of real estate agency Zome, law firm Antas da Cunha Ecija and partners from Switzerland’s Crypto Valley. The President of the Portuguese Notary Chamber also participated.

It is now possible to buy assets directly with cryptocurrency in Portugal thanks to a new provision recently approved by the Ministry of Notary Public, which regulates notarial activities together with the Ministry of Justice.

Previously, cryptocurrencies had to be converted to euros before paying merchants. The real estate acquisition will now be a 100% crypto operation in which digital currency is exchanged for the rights to the property.

With a relatively affordable cost of living and a crypto-friendly tax regime, Portugal has become a hub for technological innovations, a home for digital nomads and especially income earners. from the sale of bitcoin and other cryptocurrencies are not subject to domestic income tax.