Glistening beaches and mouth-watering pastries have attracted international visitors to Portugal for many years. However, as the cryptocurrency market continues to hit record highs, the allure of Portugal’s leniency on crypto taxes takes center stage. This has provided ample opportunity for crypto refugees leaving Ukraine.     

Due to increasing Russian aggression, thousands of Ukrainian residents are fleeing their homes to various countries in Europe. And those seeking a more accommodating haven for their crypto practices arrive in Portugal, particularly with newfound hopes for a brighter future.

To date, Portugal has recorded more than 13,000 refugees that have come in from the war-zone, many of those belonging to the Ukrainian crypto sector.  Before the Russian invasion, Ukrainians in Portugal made up the 5th largest international group. Due to the recent influx of refugees, the total of Ukrainian nationals in the country has reached 40,000.

Currently, in Portugal, the private acquisition of crypto gains as a result of trading is not subject to taxes, as long as the gains do not come from professional activities. However, businesses that offer crypto services do get taxed between 28 and 35 percent.  

Ukrainian refugee Valentin Sotov is a software engineer currently working on a Metaverse project called Amber. With only a laptop and backpack to travel with, Sotov left his city of Mukachevo to pursue better opportunities in Portugal.

While he states that finding accommodation in the country has posed a challenge, he and his two colleagues have managed to continue their work in an office located in the Lisbon capital.  

He believes Portugal offers a great opportunity for his business ventures due to the country’s “availability of IT expertise.”

Maria Yarotska is another Ukrainian refugee who has come forth to give an account of her journey. Maria had been traveling with her daughter, mother, and dog since their escape from the threatening conditions back home. In contrast to the majority of refugees, Yarotska has not been faced with the threat of losing her job. 

That’s because Yarotska is employed by NEAR, a blockchain company that is currently expanding its network within the Portuguese borders. 

During a telephone interview, while staying in Lisbon, Yarotska claimed she had a lot of friends here. “They’ll help me legalize my documents so I can stay,” she added. 

Since the start of the Russian invasion, Ukraine has received millions in generous crypto donations. And this comes as no surprise since Ukraine has been a rallying proponent of digital assets for some time now. In fact, NEAR’s co-founder Ukraninan Illia Polosukhin openly states that people don’t trust their local currency, therefore they don’t trust their banks either. 

Just last year, Ukraine legitimized Bitcoin, and the law for regulating digital currencies passed with flying colors. People have rightfully dubbed Ukraine as a hub for crypto, and it seems Portugal is following suit. 

Portugal’s expansive beauty, tax-free crypto gains, stable year-round weather, and affordable living costs have definitely put this country on the top of any serious investor’s wish list.