Buyers of a hugely expensive property in London will have to pay for it in Bitcoin.
The sellers of the £17m property in trendy Notting Hill will only accept the digital currency.
However, vendor Lev Loginov, co-founder of property investment firm London Wall, has admitted that there could be problems – such as the currency in which to pay commission to the un-named estate agency, and how the buyer can settle Stamp Duty.
Loginov said: “I’m sure leading London agents can figure out how to take commissions for a £17m property in cryptocurrency and I have full faith in HRMC to figure out how to tax it.”
The sale, should it achieve its asking price, will trigger a £1.95m Stamp Duty bill.
Bitcoin has been associated with tax evasion and drug trafficking, but Loginov and his business partner Ned El-Imad are said to have hired advisers to ensure the currency has not been bought to launder money.
The property in question was bought for £9.5m as five flats, and is now converted back into a single dwelling, of the type that would appeal only to extremely wealthy people.
Although Bitcoin is now seemingly accepted by a tiny handful of agents, it has until now been accepted as a payment option.
This is the first time that apparently vendors have stipulated that the property must be paid for in the digital currency, which critics say is regarded as volatile and a betting platform.
Surely the burning question that this article doesn’t answer is, why is the vendor making this stipulation?
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The seller is in Cuckoo Land.
Nobody is going to part with any Bitcoins as the value continues to rise, especially for a high end London property where the value continues to fall.
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what law firm will be able to act without this failing due dilligence if you cannot verify source of funds
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