Apartment in Portugal sells for 3 Bitcoin

Written By Lara Silva

A two-bedroom apartment in Braga was purchased for 3 bitcoin on May 5, 2022, the first crypto-only transaction for a property purchase in the history of Portugal. At the time, the 3 bitcoin were worth around €110,000. The purchase happened without having to convert the crypto into euros, making it not only the first property transaction in Portugal but all of Europe.

Real estate company Zome participated in the deal, as well as the law firm Antas da Cunha Ecija and Crypto Valley. Zome said on Facebook that “the deed represents a historic mark, the transference of digital crypto to a physical asset – a house – without converting it to euros. We believe today a new world of possibilities is open for the real estate sector!”.

A change to the rules last month made it so that one can purchase property with crypto alone, without any currency conversion necessary. Zome has said they are open to including other crypto tokens in the future such as dogecoin.

 

According to Idealista, in order to combat money laundering, there are additional requirements for a deed of a property purchased with cryptocurrency. The following requirements are necessary to purchase property with crypto in Portugal:

  • Necessary to show where the money came from (bank account)
  • Understand the route of the money until it reached its digital function (bitcoin)
  • The number of the digital wallet
  • Identify those involved in the transaction (name, profession, address)
  • Prove that the money leaves a wallet to the other in the moment of the transaction

International Guide to Real Estate in Portugal: Buying a House in Portugal

Stay up to date
Subscribe To Portugal.com's Newsletter

Receive the latest news, travel information, stories, offers and more!

Invalid email address
Give it a try. You can unsubscribe at any time.
Join our FB group Portugal Travel & Living for all things Portugal and news updates

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Follow Us

576FansLike
8,581FollowersFollow
159FollowersFollow

Most Popular

5 Tax Deductions U.S. Expats Can Take Advantage of in Portugal

Strategic tax planning is critical if you’re a high-net-worth individual from the U.S. moving to Portugal via a Golden Visa or residency permit. By playing...

Proposed Changes to Portuguese Immigration Law – Here Is Everything You Need to Know

Portugal is on the brink of some of the most significant overhauls to its immigration and nationality laws in decades. Though no legislation has...

Italy Slams the Door on Citizenship Dreams for Many Americans. Why Not Try Portugal Instead?

Millions of Americans with Italian heritage are reeling from a devastating blow to their European citizenship dreams. Italy's recent law change has effectively cut...

Latest Articles