Plan B Passports offers Bitcoiners the opportunity to legally avoid taxes on their BTC profits.
If you’re looking to avoid onerous capital gains taxes after spending or selling BTC after boom cycles, then there’s a service just for you.
Bitcoin maximalist and entrepreneur Katie Ananina is helping Bitcoiners who have made significant profits from their BTC holdings legally circumvent such taxes by obtaining a second passport through her company, Plan B Passports. It offers customers seven different passport options for countries with favorable tax regulations, including ID cards for Portugal, St. Kitts and Nevis, St. Lucia, Grenada, Antigua and Barbuda, Dominica and Vanuatu, according to CNBC. Obtaining a passport for one of these countries gives someone the opportunity to avoid the higher capital gains taxes that are levied by countries like the US
Image source: CNBC
This is made possible through partnerships that Plan B Passports has forged with government residency or citizenship programs through investment. Plan B Passports customers are finding a way to avoid the high bitcoin taxes while the countries issuing the new passports receive a new stream of foreign investment.
“In St. Lucia, you can acquire citizenship by investing between $ 100,000 (donation), $ 250,000 (government bonds), or $ 300,000 (real estate),” said Andersen international tax law attorney Ernest Marais via email to CNBC .
Ananina said the average cost of these passes ranges from $ 130,000 to $ 180,000.
“It’s basically a donation to the country’s sustainable growth fund,” she told CNBC. “So clients donate $ 100,000 or $ 150,000, plus some due diligence fees, government fees, and then $ 20,000 for my legal fees.”
These donations can also be of great benefit to countries that do not have many natural resources and then use those funds for what they need.
Buying bitcoin when the price is low and holding it until the price goes up is an accomplishment to be proud of. When bitcoiners finally decide to part with some of their sats in order to buy goods or services, they don’t want to pay capital gains taxes. Ananina did this herself and wants to help others who don’t want to pay taxes on those profits to governments that she believes don’t deserve them.
“I was smart enough to find out that $ 200 worth of bitcoins will eventually be worth $ 100,000,” Ananina said, according to CNBC. “I don’t think the government should have 40% of that.”
Ananina also said her business is booming and that she is fully booked for counseling sessions three weeks in advance. And it seems likely that as Bitcoin’s price approaches new all-time highs again, we’ll just see more people looking for capital gains tax breaks.
Image source: CNBC
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