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Cryptocurrency (staking rewards) as passive income for D7

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Posts: 6
Community Member
Topic starter
(@watanabe)
Member
Joined: 1 year ago

Hello everyone,

Had some good fortune with a few investments and a side project that worked out. I'm now making ~1000 euros equivalent every 5 days in interest and I would like to use this to apply for a D7 visa. So far I have:

  1. NIF
  2. millenium bcp bank account with a good chunk of euros in it
  3. health insurance
  4. 6 month flatio contract
  5. local police report

The missing piece is proof of passive income, which I'm a bit at a loss for how to prove. I can take screenshots of my crypto wallet, and there are some websites which track the rewards/interest I am receiving, however I am skeptical on whether or not Portuguese officials will accept screenshots of a random website (sample attached) as proof of income. My best idea so far is to take screenshots of all of the below for my application:

  1. Summary of the monthly Crypto rewards received in September
  2. a transfer from my wallet, to an exchange
  3. a sale for the same amount of crypto for euros
  4. withdrawal of that euro amount to my millenium BCP account
  5. millenium BCP monthly statement showing the withdrawal in #4

Does that sound sufficient? Does anyone have similar experience or advice?

Thank you

Β 

Β 

8 Replies
Posts: 34
Community Member
(@starrynytsky)
Member
Joined: 1 year ago

Hi Alexander,

You make a good point about how do you prove the income. Crypto Tips have a Youtube clip talking with their crypto lawyer, Maria Pescadhina. She seems to be the lawyer to contact!

I'm interested in your findings!

michele

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Posts: 11
Community Member
(@ryanfromzion)
Member
Joined: 1 year ago

Hi Alexander,

Fellow crypto enthusiast here πŸ™‚

I am also currently working toward my D7, however I am not using my crypto passive income as part of my application as i have read that it may be tough to prove (gov not versed in crypto...so i cant help with your question.

However, i am interested as to why you chose Flatio to secure a lease, as i am also considering that ootion and would like to chat with you...but ibdontvwant to hijack this thread, so please feel free to DM me.

Wish you the best in your application!

Reply
Posts: 3
 arin
Premium Member
(@arindam)
Member
Joined: 8 months ago

Hi Alexander,

Β 

I am also interested to know the outcome of your D7 visa application via this crypto passive income source. Did it work out for you ? I plan to use the similar route then.Β 

Β 

Thanks,

arin

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Posts: 54
Community Member
(@davidb)
Member
Joined: 10 months ago

Personally, I don't think there would be an issue to demonstrate income via the method outlined in the OP. One caveat would be that some track record would be required and I believe that would be a least 6 months of such transactions. Due to price volatility, the amount transferred should be well above the minimum thresholds set.

Please be aware that staking rewards could well turn out to be taxable in Portugal.Β  The law is not clear on this and some people (like the CryptoTips lawyer) take a very liberal view of what is tax free.Β  That position is by no means shared by all (or even most in my experience) other tax and legal professionals in Portugal. It is certainly not settled law and no guidance has been issued from the tax office on anything other than crypto capital gains.Β 

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1 Reply
 arin
Premium Member
(@arindam)
Joined: 8 months ago

Member
Posts: 3

@davidb Thank you very much for your reply. I have contacted Gilda and her team. Hoping to hear from her soon.

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