Reading the blog about Portugal and its government decision to impose tax on all crypto gains is a very wild one. The wildest thing is the tax percentage these people are always imposing. It’s way too much, it’s obvious that governments are just trying their best to rip off crypto users, because, crypto is the list money production opportunity in the country, then why did the government choose to impose such high tax on crypto gains?
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28% of someone’s gain is a lot, because people go through a lot trying to make at least 10% gain on their investment, now having the government bully 28% off it seems very bad to me and I am sure everyone feels bad about that rate too, but the government. The government had previously given the country a hint that it will be utilizing crypto gains from citizens into the country. Well, here they are keeping their promise.
I just can’t help but think of how these decisions is making the country hostile for crypto investors. After being known as one of the friendliest country for immigrants and having people willing to flood into the country because they felt their Investment policies are friendly to investor. With this new crypto tax gain, I am expecting lots of people to start reconsidering a new crypto place to go make their crypto investments.
I know that the country is trying to capitalize on one of the assets that is making the country so much money. Because before the 28% tax imposing on citizens, lots of people relocated to the country because it’s supposed to be known as the number one crypto hub. To the extent, they decided to have a beach called bitcoin beach, it was supposed to be the crypto safe havens for these crypto investors. Imagine running to a country to avoid crypto tax from other countries, because it’s not factoring you, only to have your new crypto safe haven country taxing crypto investors.
Sometimes I can’t help but wonder, when these government officials are coming up with ideas like this, don’t they think of how negatively it will be for their economy? Because, when people are leaving your country to another one to invest it will affect the country’s income.