Plan B Passports offers Bitcoiners the ability to legally avoid taxes on their BTC profits.
If you would like to avoid onerous capital gains taxes after spending or selling BTC following boom cycles, then there is a service just for you.
Bitcoin maximalist and entrepreneur Katie Ananina helps bitcoiners who have made significant gains on their BTC holdings to legally avoid such taxes by obtaining a second passport through her company Plan B Passports. It offers clients seven different passport options for nations with favorable tax regulations, including credentials for Portugal, Saint Kitts and Nevis, Saint Lucia, Grenada, Antigua and Barbuda, Dominica and Vanuatu, according to CNBC. Obtaining a passport to one of these countries gives someone the opportunity to bypass heftier capital gains taxes required by countries like the U.S.
Image Source: CNBC
This is made possible by partnerships that Plan B Passports has acquired with governments’ residence- or citizenship-by-investment programs. Plan B Passports’ customers find a way to avoid paying major bitcoin taxes, while the countries that furnish the new passports receive a new stream of foreign investment.
“In Saint Lucia you can obtain citizenship by an investment of between $100K (donation), $250K (government bonds) or $300K (real estate),” an attorney with international tax law firm Andersen, Ernest Marais, explained via email to CNBC.
Ananina shared that the average cost for these passports range from $130,000 to $180,000.
“It’s basically a donation into the sustainable growth fund of the country,” she told CNBC. “So, clients make a $100,000 or $150,000 donation, plus some due diligence fees, government fees, and then $20,000 for my legal fees.”
These donations can also be very beneficial to countries that don’t have many natural resources, and can then allocate those funds for what they need.
Buying bitcoin when it’s price is low and holding it until the price rises is an accomplishment to be proud of. When Bitcoiners finally decide to part with some of their sats to purchase goods or services, they don’t want to pay capital gains taxes. Ananina has done that herself, and wants to help others who don’t want to pay taxes on these gains to governments that she feels don’t deserve them.
“I was smart enough to figure out that $200 in bitcoin will be worth $100,000 at some point,” said Ananina, according to CNBC. “I don’t think the government should have 40% of that.”
Ananina also said that her business is booming, and that she’s booked out three weeks ahead for consultation calls. And it seems likely that as bitcoin’s price once again approaches new all-time highs, we’re only going to see more people searching for capital gains tax relief.
The decentralized, economically empowering technology could bring major benefits to the country.Executive SummaryThis paper is an attempt to highlight Bitcoin’s ever-increasing importance to Pakistan’s socioeconomic future. For purposes of our discussion, Bitcoin refers to the decentralized digital asset with a market capitalization of approximately $900 billion and growing as well as its blockchain-powered monetary network…
CEO Michael Saylor struck a defiant tone during a Q2 investor call, pledging to add more Bitcoin to its balance sheet while continuing to advocate for the cryptocurrency.Publicly traded business intelligence firm MicroStrategy is pledging to add more Bitcoin to a corporate balance sheet that already includes 105,000 BTC worth roughly $4 billion. In a…
Uncle Sam has filed a civil lawsuit against political exile Edward Snowden for violating CIA and NSA secrecy agreements by writing and speaking about his time at the agencies. Edward Snowden, 36, has been living in asylum in Russia since he leaked highly classified documents in 2013 which detailed the NSA’s international mass surveillance system,…
The former executives of bitcoin derivatives platform BitMEX face trial over money laundering charges next year.The former executives of leading bitcoin derivatives platform BitMEX are set to have their day in court. Former CEO Arthur Hayes, cofounder Benjamin Delo and former CTO Smauel Reed are facing a money laundering trial that is now slated to…
China's crackdown on bitcoin mining has demonstrably benefited North American firms.The below is an excerpt from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.Much has been said about the mass…
Lightning is a second-layer solution for the Bitcoin blockchain that addresses the scaling issues surrounding it today. Similar to Bitcoin, Lightning is an open-source protocol in which anyone can contribute to. Whether it is through programming and developing applications or setting up a node, participation in Lightning is not just accessible. It’s welcomed. The Lightning…
Amir Taaki was one of Bitcoin’s first-ever dedicated developers and perhaps the one most infamously focused on maintaining privacy and freedom from authority. In 2014, Forbes listed Taaki on its “30 Under 30” list of technology stars for creating Dark Wallet, the first privacy-focused Bitcoin wallet to include a CoinJoin mixer. That same year, Taaki…
A touching sculpture dedication pays tribute to the legendary cryptographer Hal Finney and his love of running. “Running Bitcoin” is a sculpture in commemoration of Hal Finney — celebrating his 65th birthday and his contributions to Bitcoin. It will be up for auction beginning today, May 4, 2021, Hal's birthday, and 50% of the sale…
Potential correlation between bitcoin and equities is in focus as the S&P 500 reached as far as 4.2% below its all-time highs.The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your…