Real Estate in Portugal can now be purchased directly with cryptocurrency. A two-bedroom apartment in Braga (the “capital of the northwestern Portuguese district of Braga, as well as the historical and cultural Minho Province”) was purchased directly with cryptocurrency in a deal regarded as the first of its kind in Portugal by local media.
The buyer paid 3 BTC (about 110K euros at the time of purchase) and the title deed for the property was transferred in Póvoa de Varzim, district of Porto, on Thursday (May 5).
Real estate agency Zome, law firm Antas da Cunha Ecija & Associados, the Chairman of the Portuguese Chamber of Notaries, and partners based in Zug, Switzerland assisted in this real estate transaction.
Zome had this to say about the deal in a Facebook post:
“The real estate market has made history!” ZOME, in collaboration with the law firm Antas da Cunha ECIJA, the Bastonário dos Notaries in Portugal, and other Crypto Valey partners in Switzerland, completed the first Public Deed for the sale of a house with cryptocurrency in Europe today.
“Carlos Santos (Zome’s Chief Technology Officer), Nuno da Silva Vieira (Antas da Cunha ECIJA’s Legal Intelligence Partner), Jorge Silva (Portugal’s Bastonary of Notaries), and Paulo Cardoso do Amaral (Professor at the Catholic University of Lisbon) all observed this once-in-a-lifetime event!”
The transfer of a digital asset to a real asset – a house – without any conversion to euros is a historic milestone. We feel that a new world of real estate business opportunities is opening up right now! We are once again at the vanguard of the web 3.0 world, and we are working on new initiatives that will be unveiled soon!
In a message to the press, Zome’s chief technical officer, Carlos Santos, said:
“We feel that this transaction will open up a whole new realm of prospective business because the future of mediation will travel through crypto-assets.”
Nuno da Silva Vieira, a lawyer, and partner at Antas da Cunha ECIJA who is responsible for the Legal Intelligence practice area added:
“Because this type of business will grow exponentially, and Portugal is exhibiting extremely positive indicators in terms of the digital economy, we feel this operation might be a significant chance for growth and value generation.”
Rules for making Deal in Real Estate in Portugal
According to the document :
To conduct such real estate transactions in Portugal, you must adhere to particular norms and processes, such as demonstrating the source of cash used to purchase the cryptocurrency. Furthermore, if the transaction’s value exceeds 200,000 euros, “the operation would have to be communicated to the authorities, and it would still be necessary to compare the value of the cryptocurrencies on the date of the promissory contract and its value on the date of the deed,” according to the document.
Also Read: Rio De Janeiro Accepts Bitcoin For Taxes on Real Estate from the Year 2023
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