Love it, Hate or simply not understand it.
Cryptocurrencies are never far from the headlines. While for the majority this is still a largely unused form of payment for everyday goods, we wonder how long before the Timeshare world will start to accept this as a form of payment?
We must admit, our research has not been indepth, and a quick google search for Timeshare and Crypto currency hasn’t bought up a huge amount of results. We did come across one based in the Caribbean that will offer you an unrivalled residency plan, via a Timeshare if bought with bitcoins!
Here at TRC we do wonder how long before this will become an option for payment, and how that would affect your rights. As a so far, unregulated financial system, could it uncover a host of legal loopholes? While the truth is, at the moment, and without legal advice, we just don’t know!
European Laws state all timeshare sales must have a cooling off period, however if paid with Bitcoin…
Can you prove the payment?
Can you get a refund of the Payment?
And with the highly volatile bitcoin values, could you loose out on more than the cost of your timeshare if you do cancel? ( yes that could also work in the reverse!!)
What about the taxes?
With announcements some time ago in the USA that any payments with bitcoin could be subject to tax as the currency is viewed as property, could you suddenly get hit a with a capital gains tax?