Forbes has published an article, “Buy Passport With Bitcoin, Escape Taxes?”, which discusses legal logistics of buying a passport from a tax-haven nation with bitcoin in order to try and avoid paying higher taxes. The article begins as follows:
Have you ever considered living in a Caribbean tax haven, becoming a citizen, maybe even ditching your main passport? If you could implement such a plan without having to pay taxes and could do it quietly with appreciated crypto, wouldn’t that be alluring? Plan B Passport seems to think so. The company offers clients who hold crypto a way to use their crypto to buy a second passport. Customers can take their pick of seven tax-haven nations including Antigua & Barbuda, Dominica, Grenada, Nevis & St. Kitts, Portugal, Saint Lucia, and Vanuatu. Not coincidentally, the jurisdictions happen to exempt crypto holdings from capital gains taxes. You can read more about Plan B Passport and Americans who are looking for a tax break on bitcoin. You are buying into a citizenship by investment program, which is not illegal. You can keep your U.S. passport, or you could give it up if you wish. A key feature of the deal is the notion that you are making a donation of $100,000 or $150,000 to the sustainable growth fund of the country, plus some fees.
Click here to see the full article: “Buy Passport With Bitcoin, Escape Taxes?”
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal