Cryptocurrency has really taken off! With this massive influx of investors being successful in such a young and unregulated asset class many things can get lost…
Some investors may still be confused as to how exactly crypto-asset taxation and optimal legal solutions work, as they vary from country to country with the different governments’ regulations. Whenever you are in doubt, you can always reach out and let us hear any questions or even concerns you may have relating to crypto. We can point you in the right direction to creating more stability and security for your personal and business finances. It is always helpful to have a quick guide or even a person you can have a quick chat with in order to fully understand the benefits and how to fully utilize them.
Here is a quick guide laying out the benefits of second citizenship or residency through investment:
- Crypto-Friendly Taxation
Antigua & Barbuda, Dominica, Grenada, Saint Lucia, and St. Kitts & Nevis in the Caribbean, as well as, Vanuatu in the South Pacific have highly respected citizenship by investment programs and are deemed as nations with investor-friendly tax systems where there is zero tax on capital gains, which include crypto gains. An applicant can acquire citizenship in less than 6 months within these countries. This would be the first step towards establishing tax residency in the country you choose, as well as creating a more secure financial foundation.
- Legitimizing your Cryptoassets
Not all countries are on board with cryptocurrency and this could hinder your business if you are residing in such a country. Gaining citizenship or residency from a country that is a bit more progressive and recognizes crypto-assets will allow you to continue working with cryptocurrency as they will legally recognize your cryptocurrency as assets with value, allowing them to be sold, traded or gifted at your will.
- ICO Investment Opportunities
Initial Coin Offerings (ICOs) are cryptocurrencies versions of IPOs, this offers early investors impressive potential advantages and rewards, however, if your country (for example China) has banned them, this won’t be the case. There are countless stories of American and Chinese citizens missing out on ICOs due to the restrictions that these two governments are regulating. Aren’t you a bit tired of being an upright citizen, creating opportunities for you and your family and perhaps even your country, but being hindered in ways because of the regulations your government has?
- Visa-Free Travel
Second citizenship could mean a new passport with visa-free travel benefits to 150 countries or more including the UK, Schengen, Singapore, Hong Kong, and the list goes on. Does your current passport allow you this amount of travel freedom? When it comes to uncertain times, this can be a secure benefit, allowing you to flee your country if ever you need to.
Having an alternative country to fall back on that is progressive with their crypto-regulations will truly take so much weight off of your shoulders. You don’t want to live life in fear of risk or the possibility of having your crypto-assets come under scrutiny from your government because you have a single residency or citizenship, do you? Imagine the peace of mind and reassurance of security and validity of your crypto-assets with a Plan-B!
- Diversification of Assets
A crypto investor may diversify a portfolio by investing in RCBI-qualifying real estate. This will allow you to own a property and qualify for citizenship or residency of that country, not to mention create more opportunities whilst maintaining stability and security. Take a look at our property page to view some lovely properties that we offer throughout the 5 Caribbean countries.
If you are a crypto investor and maybe meddling the thought of renouncing your citizenship, but concerned about losing the visa-free travel privileges that your current passport holds, you should speak to us further in order to clear up any confusion, we can guide you to the right Caribbean country with an accredited citizenship or residency program in order for you to maintain security, stability, freedom, mobility, asset protection and a more relaxed lifestyle.
Read the full article from IMIDaily.
How do I begin the process and get a bespoke quote for myself and my family?
If you’d like to speak to us, please either send us a webchat (click the icon bottom right of this page), email or book in for a video consultation easily in our partner calendar. We find video conferencing to be the most efficient use of your time to ascertain the best program for you and your family. We encourage you to take advantage of it since your first consultation is free of charge.