Buying property in Portugal with crypto

Mutual settlements in the country are only possible in euros, meaning the buyer cannot transfer Bitcoin to the seller at the exchange rate and register the transaction. The seller must receive the amount in their account specifically in euros, which requires the services of a third party. 

The middleman's services can theoretically be avoided by persuading the seller to register on the exchange, go through KYC procedures there and withdraw the crypto in Euros directly to their account. But such a scheme has 3 obstacles. 

Firstly, mere handfuls of individuals, let alone legal entities, would go for such a thing. Secondly, with this calculation, the seller receives the money until transactions with a notary are a serious risk. Thirdly, the bank will easily block such a transaction and the AML check will take weeks and months. 

We have developed a legal framework for such transactions and have already successfully carried out dozens of them. We support the most favourable conditions for the buyer on the Portuguese market.

How to legally pay for a purchase with cryptocurrency

Since 2022, Russians, Belarusians and Ukrainians have been facing problems opening a bank account in Portugal. For such cases, our lawyers have developed a solution in conjunction with a Portuguese platform Luso Digital (licensed by the Central Bank) for purchasing real estate through our agency, bypassing the stage of opening a bank account.

If the buyer is a Russian or Ukrainian citizen without a residence permit and a bank account:

 

SCB – Swiss exchange, operating since 2018, regulated by FINMA, Russian-speaking support

If the buyer has a residence permit in the European Union:

 

Luso Digital – a Portuguese exchange operating since 2020, licensed by the Bank of Portugal as a VASP

Step-by-step crypto purchase process:

1We choose a property on the market together. We prepare the contract of sale with the seller, as usual.
2You are registering on a crypto exchange with a Central Bank licence, and it is carrying out a KYC procedure.
3You will sign a contract with our law firm, which will handle the transaction and arrange for the transfer of funds via 1%.
4You send crypto to your own wallet on the exchange, and from there to the wallet of the bureau that has already passed compliance there.
5The exchange converts the funds into euros at a spread of 2% and transfers the euros to the lawyers’ special account.
6The date for the sale and purchase transaction is being scheduled. The solicitor is writing a cheque in the vendor's name, as per usual.
7A transaction is being registered with a notary, where you are present in person, or you are represented by the same lawyer under a power of attorney.

Oleg Zharov

Crypto payment expert

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