Ukrainian citizen Maria Yarotska moved to Lisbon for six days to escape the war in her country and is still employed.
Yarotska’s employer is NEAR, a blockchain company with a Ukrainian co-founder that recently set up an office in Europe’s westernmost country, Portugal. The company has become a supporter of Ukrainian refugees fleeing the country after the Russian invasion, and Yarotska feels right at home there. “I have a lot of coworkers here,” she told her temporary residence in Lisbon last week. “They will help me legitimize my documents so that I can live.”
Portugal is one of several Western European countries that provide asylum to displaced Ukrainians, but have particular appeal to workers in the crypto industry, established as a hub with no tax on digital currency gains. Affordable homes, mild temperatures and an established Ukrainian community have also attracted crypto enthusiasts, with the Ukrainian community being the fifth largest group of foreign nationals in the country prior to the Russian invasion.
Since Russia’s invasion of Ukraine, Portugal has laid out the red carpet for 13,000 Ukrainians fleeing devastation in their homeland, simplifying and expediting necessary entry procedures. The Portuguese Immigration and Border Services has said it is about the number of Ukrainians entering the country between 2015 and 2021, bringing the total to 40,000 as Ukrainians become the third largest group of migrants after Brazil and the British contingent Is.
Software developer says Portugal is a big market
A software developer, Valentin Sotov, after fleeing his homeland with just a backpack and a laptop, sees Portugal as a major market for the crypto industry. He is developing Ember, a crypto-based metaverse game, and sees Portugal as “a huge opportunity for our product because we can work with a lot of IT people in one place.”
In fact, Portugal hosts the annual Web Summit, an important technology conference, and informal convocations in bars to discuss hot crypto topics. Portuguese entrepreneurs have established a small number of private crypto startups, worth over $1B. Anchorage Digital, a digital asset bank with offices in northern Portugal, has a Portuguese founder.
Stephen Morris, managing partner of Indico Capital, a venture capital firm that funds Web3, fintech and artificial intelligence startups, belongs to the Telegram group with 250 crypto investors, with an eye on Portugal.
Many crypto enthusiasts join Spain
Cryptocurrency followers from Spain are jumping into Portugal from across the border, following the Spanish government’s decision that all crypto holders are required to declare their holdings to prevent tax evasion. “Two out of every three people who come to me for advice,” said Maria Extremadoro, a lawyer in Vigo, Spain, specializing in blockchain and crypto law. “There’s a lot of talent going to Portugal.”
It may take some time for Ukrainian migrants to feel at home due to the language barrier and unfamiliar surroundings, but Yarotska has found a home and a school for her daughter. “I think it’s safe to say I’m fine,” Yarotska said in a Telegram message this week.
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