Madeira Island residents won’t have to pay capital gains tax on bitcoin

Madeira Island

Home » Madeira Island residents won’t have to pay capital gains tax on bitcoin

Prospera, jurisdiction on the Roatán island off of the northern coast of Honduras, and Madeira, an autonomous region in Portugal, are adopting bitcoin as de facto legal tender—the latest territories to do so, following El Salvador’s official recognition of the asset in September 2021.

Today’s announcements were made on the very stage where Salvadoran President Nayib Bukele made history last April. Bukele was also scheduled to appear at the conference later this afternoon but canceled the visit after his government declared a state of emergency amidst a wave of gang-related killings.

In Prospera, residents won’t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency, said Joel Bomgar, Prospera’s president, and Samson Mow, former Chief Strategy Officer of bitcoin infrastructure company Blockstream (He has recently left the firm to focus on nation-state bitcoin adoption).

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