Buying real estate with Cryptocurrency is easier than it seems with Cryptex
17.02.2022 | asorokin
The first announcement of the sale of real estate for bitcoins was published in the distant, by cryptocurrency standards, 2013. Although a small house that looked more like a barn and a plot of land in Canada did not have an increased demand, it found its buyer who wanted to exchange digital gold for real estate. The next announcement on the Internet appeared only in 2014. This time, the owner of an elite villa in Israel with seven rooms and five baths asked for 5,000 bitcoins, which was about $3 million at that time.
Before considering the legal aspects of buying real estate for bitcoins and other cryptocurrencies, as well as the process of such transactions, consider the benefits of the desire to exchange digital currencies for an apartment or house.
Why is it profitable to buy real estate for cryptocurrencies
The first reason why it will be more profitable to buy real estate for bitcoins than for cash is a low commission for transferring funds. This will be especially true when buying housing or commercial premises abroad. Also, buying for cryptocurrency will allow you to conduct a transaction anonymously for the country of residence, which may be relevant in a number of cases, especially when applying for an offshore company or trust fund.
Do not forget about the taxation of a number of states. For example, in the European Union, value-added and turnover taxes can be avoided in this way. At the same time, you will not have to pay not only to legal entities, but also to individuals.
In order for the purchase of real estate for cryptocurrency to pass without problems, it is necessary to use the services of professionals. Cryptex helps to conduct such real estate purchase transactions not only from the financial side, but also in other aspects of legal support and transaction support.
This process is easier in the United States and the European Union. As already mentioned, in the European Union you can even get some preferences from such a deal. However, in most countries it will be necessary to additionally pass control on the legality of the origin of funds. So in the USA, a notary can accept cryptocurrency to his own account on a cryptocurrency exchange, and will transfer the digital asset only after the transfer of ownership rights to the buyer. This transaction is similar to an escrow account, or a letter of credit, which has gained popularity in Russia.
The Future of Cryptocurrency transactions in Real estate
Already, Ukraine has completed the first fully cryptocurrency transaction for the purchase of ownership of apartments in Kiev, expressed in the form of a non-fungible tokens, in exchange for cryptocurrency.
Many offer real estate for cryptocurrency. Most of these facilities are still located in the United States. And some companies, like for example Art Surfside, offer to pay for their apartments directly in bitcoin and Ethereum. It is worth considering that most of these offers are still in the premium segment.
Cryptex will help you make a real estate transaction anywhere in the world in exchange for cryptocurrencies and will conduct a transaction from the moment of searching for real estate and agreements with agencies, to storing cryptocurrencies on your cold wallets and transferring to the seller at the time of the transaction.
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