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There’s no doubt that bitcoins and other cryptocurrencies haму been a popular investment choice in recent years. And the reason is evident here. But you probably don’t know one tiny benefit associated with the world of digital money.
Just think: Citizenship-by-Investment empowers crypto entrepreneurs to free themselves from capital gains tax legally. That is why crypto investors from all over the world acquire passports from crypto-friendly countries.
You cannot transfer cryptocurrency directly to government accounts. However, it is possible to buy citizenship with digital money using the services of a licensed citizenship programs provider, such as Migronis.
While some countries decide to introduce tighter restrictions on cryptocurrencies, it is important to remember that there are always crypto-friendly states. The friendliness toward cryptocurrencies is measured by two things in my mind: the degree to which it regulates cryptocurrency and the degree to which it taxes cryptocurrency.
For example, a new Russian law ‘On digital financial assets, digital currency and amendments to certain laws of the Russian Federation,’ defines digital currency as a “digital code used as a means of payment and as a saving tool (an investment). However Russian residents are not allowed to receive digital currencies as payment for goods, works or services.”
This law is rather controversial. Despite the legal status of cryptocurrencies now, they still can’t be used as a payment method.
At the same time, the USA has equated cryptocurrency with capital assets (stocks, bonds, etc.). The country levies capital gains tax on any transactions with Bitcoin, which brings profit, and this is cryptocurrency trading and the purchase/sale of goods or services. The recent decision of Joe Biden to raise taxes for the richest Americans, along with taxes on investment income and capital gains tax, plunged the price of bitcoin by $ 16,000 in just a week.
Complicating matters further, China’s central bank has completely banned all transactions with cryptocurrencies. Turkey also banned the use of cryptocurrencies as a form of payment.
Only imagine: Vkontakte social network founder Pavel Durov and an early investor in bitcoin Roger Ver acquired citizenship of St. Kitts and Nevis. Looks solid, right?
Yes, indeed, personal income tax obligations from employment, wealth tax plus capital gains, and some other ones are exempt on St Kitts and Nevis. However, tax residents of this country may also appreciate the legalization of cryptocurrency by the government of St Kitts and Nevis. It all started from simple commercial services like buying a beer with your cryptocurrency. And today, this country invites crypto investors to acquire Citizenship-by-Investment with cryptocurrency.
Antigua and Barbuda have become the second country in the world to accept Bitcoin, along with some other crypto and regular currencies. The government of this country has embraced blockchain, seamlessly incorporating this technology into the national economic perspective and thus paving the way for developments.
Another benefit of this country is the fact that it is a genuine tax haven for offshore businesses. There are no taxes on world income, dividends, wealth, inheritance, and capital gains here.
El Salvador has become the first country worldwide to make the cryptocurrency Bitcoin legal tender. Now prices in El Salvador can be set in bitcoins; taxes can also be paid with bitcoins. In addition, this country will exempt business people from taxes on bitcoin profits. Bitcoin is accepted as a means of payment in all spheres of the economy. El Salvador‘s President Nayib Bukele highlights that his country will give “immediate permanent residence to crypto entrepreneurs.“
Singapore has regulated cryptocurrency in 2020. According to the new legislation, crypto assets are not tangible property and are not taxable. As a result, operations with cryptocurrencies are not subject to any taxes and are equated with bartering transactions. The same goes for capital gains, corporations, and individuals who own digital assets.
The only exception to this policy is cryptocurrency trading companies.
In this country, you can get a residence permit by donating the equivalent of $20,000 in bitcoins to a government fund. Then, in 5 years only, the investor will be eligible to apply for Panama citizenship. This program is available to citizens of the EU, USA, UK, and many other countries.
Get a free consultation from Migronis experts!
As you have already noticed, all of the above countries can offer many benefits to crypto traders only if they are citizens or residents. And here, CBI programs come to the rescue!
This is the safest, fastest, and most convenient way to protect your crypto assets.
Katie Anania is the most famous figure in the crypto world. She promotes the idea of second citizenship as a way of smart tax planning and protection of personal sovereignty. Her company Plan B Passport is a partner of Migronis. Our experts help clients from the USA, UK, Australia, Canada to obtain the desired citizenship and residence permit.
St Kitts and Nevis program offers two investment options:
Passport of St. Kitts and Nevis gives you visa-free or visa on arrival access to 157 countries, no global income, dividends, wealth, and inheritance tax, and an opportunity to get long-term visas to the USA and Canada. It is also important to note the largest selection of real estate for investment.
Antigua and Barbuda CBI Program has 3 investment options. And one of them is absolutely unique!
Besides, favorable tax conditions and citizenship for cryptocurrency can be obtained under the programs of three more Caribbean countries!
Becoming a citizen of Vanuatu is possible only by making a non-refundable contribution to a government fund – $130,000.
Vanuatu has been a member of the Commonwealth since the end of the twentieth century. This means harmonious economic relations with the UK and also benefits for studying in British universities.
Vanuatu is one of the fastest CBI programs. The whole process of citizenship acquisition is strictly confidential. Applicants do not need to stay in the country, take exams on knowledge of the country’s language or history.
Experts predict that buying a passport for cryptocurrency will soon become commonplace all over the world. For now, there is only one obstacle — economies simply are not accustomed to storing crypto funds and are not used to processing such transactions.
However, the possibilities of cryptocurrencies are undeniable. The main thing is that instead of receiving dollars or euros, the exchange rate of which is prone to global financial crises, governments will receive payments in the form of an asset that retains its value.
According to Christian Nesheim, founder and editor of Investment Migration Insider, in just five year-period, 90% of CBI programs will accept cryptocurrency as a payment method.
Don’t miss a chance to live your dream and become a citizen of the country you always wanted! Talk to an expert now!
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