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Bitcoin-Friendly Portugal Welcomes Crypto-Sector Refugees from Ukraine

The Russian invasion of Ukraine has resulted in millions of migrants migrating to other European countries, including Portugal. Despite its remote location from the crisis zone, the country has already taken in 13,000 migrants in recent weeks after the authorities in Lisbon streamlined the rules for Ukrainians arriving.

Those who worked in Ukraine’s burgeoning crypto business will likely find it simpler to settle in Portugal than in other nations on the continent, according to a report by BNN Bloomberg. This EU member state is becoming a cryptocurrency hub, much like Ukraine before the war, thanks to several bitcoin-friendly legislation.

Profits from private crypto-investments are taxed at 0 percent in Portugal. These gains are not subject to income tax if they are not the result of professional activities. Some foreign nationals can also take advantage of a flat 20% income tax and a 10% pension tax.

The article describes the experience of Valentin Sotov, a software developer who escaped Western Ukraine with two of his coworkers while working on Amber, a crypto-based metaverse game. They are now trying to continue their work from a Lisbon office, while Sotov confesses that finding permanent housing has been difficult.

Despite the challenges, the 35-year-old Ukrainian sees the bright side of his relocation to Portugal.

“Everyone here is really open; it’s a parade of nations,”

says, adding that the relocation presents a significant chance for his company’s product because of the country’s IT competence.

Maria Yarotska, another Ukrainian crypto worker fleeing the conflict. Of course, will be able to stay her employment in Portugal since her employer. Which is, Near, a blockchain project founded by a Ukrainian. Also, is expanding its business in the country while also assisting refugees like her.

“I have a large number of coworkers here.” They’ll assist me in legalizing my documents so that I can stay,”

Then, Yarotska says.

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