Portugal Recruits Cryptocurrency Experts from War-Torn 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 the last few weeks after the
authorities in Lisbon streamlined the requirements for the arriving Ukrainians.
Thousands of Ukrainians, many of
whom work in the crypto industry, have relocated to Portugal. The country
appeals to visitors not only because of its pleasant temperature, but also
because of its low cost of living and crypto-friendly tax structure.
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, backed by crypto-friendly legislations.
In Portugal, profits from private
crypto investments are taxed at 0%. These gains are not subject to income tax
if they are not derived from professional activities. Some foreign nationals
can also take advantage of a flat 20% income tax and a 10% pension tax.
This blog tells 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 now
hope to continue their work from a Lisbon office. Valentin confesses that
finding a place to stay in Portugal has been difficult.
To find a place to stay, you must
meet certain requirements. The first is to secure a one-year contract; the
second is to obtain a local Portuguese guarantor; and the third is to obtain a
tax number and a visa. Valentin and his friends are enlisting the support of
their friends to complete the legal paperwork. Despite the challenges, the
35-year-old Ukrainian sees the benefits of his move to Portugal.
Because of the country's abundance
of IT knowledge, "everyone here is quite open." "It's a parade
of nations," he adds, adding that the shift represents a significant
potential for his company's goods.
Maria Yarotska, another Ukrainian
crypto worker fleeing the conflict, will be able to keep her employment in
Portugal since her employer, is working on a blockchain project with a Ukrainian
co-founder, and developing its business in the country while also assisting
refugees.
I have a large number of coworkers
here. "They'll assist me in legalising my documents so that I may
stay," Yarotska said.
Even before the current influx,
Portugal had a considerable Ukrainian diaspora, with Ukrainians accounting for
the fifth-largest group of foreign nationals. With the arrival of the refugees,
the number of Ukrainians in the country has risen to over 40,000, making them
the country's third-largest foreign population.
When Russia launched its attack,
Ukraine, a leader in bitcoin adoption in Eastern Europe, was on the verge of
becoming a crypto hotspot. The government has been working to legalise and
regulate the crypto market in the country. The statute "On Virtual
Assets" was recently signed by President Volodymyr Zelenskyy. During the
current conflict, Kyiv has relied on cryptocurrency donations to support its
military defence and address humanitarian issues.
As the situation in Ukraine
worsens and the rest of the world watches in horror, digital currency has
emerged as the sole chance for the isolated country. Users can give in crypto
currencies other than those listed on Everstake, one of Ukraine's leading
cryptocurrency exchanges.
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