With war still raging in their country, many Ukrainians including those involved in crypto have decided to make Portugal their new home. It is attractive because it has a warmer climate and a crypto-friendly tax system.
Portugal attracts Crypto Talent from War-Torn Ukraine
Many millions fled Ukraine’s Russian invasion to seek refuge in Europe. Portugal is not an exception. Portugal has accepted over 13,000 refugees despite being far from conflict zones. This is because the Lisbon authorities simplified Ukrainian asylum procedures.
Those among them who had been working in Ukraine’s growing crypto industry are likely to find it easier to settle down in Portugal than in other countries on the Old Continent, BNN Bloomberg noted in a report. This EU state, much like Ukraine prior to the war is becoming a crypto hub because of some bitcoin-friendly policy.
Portugal has a zero percent levy on private crypto investment profits. Income tax is not applicable to gains that aren’t derived from professional activities. Foreign nationals may also be eligible for a flat 20% tax on income and a 10% tax on retirements.
This article is about Valentin Sotov (a software developer who was working on Amber, a crypto-based metaverse video game), and how he fled West Ukraine along with his two colleagues. While Sotov and his colleagues now hope to keep their work going from a Lisbon office, Sotov admitted that finding permanent housing has been difficult.
The contract has to be for at least one year. A Portuguese guarantor must also be present. We don’t know what to do yet, we are asking our friends.
The 35-year old Ukrainian says that despite the challenges, he sees the benefits of moving to Portugal. “All the people here are very open, it’s a parade of nations,” he says, adding that he looks at the relocation as a big opportunity for his company’s product because of the availability of IT expertise in the country.
Maria Yarotska (another Ukrainian crypto worker fleeing the war) will be able continue her work in Portugal. Near is Near’s employer and a blockchain project. Near has been expanding in Portugal, while also supporting refugee like Yarotska. “I have a lot of colleagues here. They’ll help me legalize my documents so I can stay,” Yarotska told the publication.
Ukraine was a country that had been a pioneer in Bitcoin adoption in Eastern Europe and became a hotspot for crypto when Russia attacked. The government has been taking steps to legalize and regulate the country’s crypto space. President Volodymyr Zelenskyy recently signed the law “On Virtual Assets.” Amid the ongoing hostilities, Kyiv has been relying on crypto donations to fund its military defense and solve humanitarian problems.
Portugal had a significant Ukrainian diaspora before current migration. It was the country’s fifth largest group of foreign citizens. With the refugees now, the number of Ukrainians residing in the country has reached around 40,000, which is already the nation’s third-largest group of foreign citizens.
What do you think about the possibility of more Ukrainian crypto-companies and employees moving to Portugal? Comment below.
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