Good news for crypto holders looking for a tax break on Bitcoin (BTC) profits
- Plan B Passport is providing an option for Americans looking for tax break from Bitcoin profits.
- They can become citizens in one of seven countries that can offer them tax break.
- Saint Lucia is the most popular destination for applicants due to its quick application turnaround.
Those looking for a tax break on Bitcoin may have found a way out, as a company is selling passports to Americans looking for such service.
Overseas-based Russian Katie Ananina has been helping people avoid paying taxes on the earnings they make from their Bitcoin (BTC/USD) investment. Her organization, Plan B Passport, provides crypto-rich customers with a way of exempting certain taxes normally charged on their profits from Bitcoin investments.
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The company provides a form of a tax haven that exempt the beneficiaries from capital gains tax on crypto holdings.
“I was smart enough to find out that $ 200 worth of bitcoins will eventually be worth $ 100,000,” Ananina stated, adding that it’s unfair for the government to have 40% of such gain.
Plan B Passport works with seven countries
Plan B Passport provides support to hundreds of people from countries like Canada, Australia, the UK, and the U.S to have access to a second passport in one of seven countries. These include Portugal, Saint Lucia, Vanuatu, Grenada, Dominica, Antigua and Barbuda, and Saint Kitts.
The company operates in partnership through investment programs with each of the governments.
For the country, it’s a great way to draw foreign investment, especially those that depend largely on foreign direct investments (FDIs).
The type of scheme is usually found in what is commonly known as “International Finance Centers.”
Saint Lucia is the most common destination
Saint Lucia’s foreign investment scheme qualifies to intend applicants with over $100 thousand donations for citizenship. Those that want to go into real estate will have to invest more than $300 thousand.
According to Ananina, the average check for her clients range from $130,000 to $180,000.
She collects $20,000 as her legal fees in addition to the amount donated to the government, as well as government fees and some due diligence fees.
She noted that Saint Lucia is the most common destination for applicants because it provides a quick turnaround time and cheaper to apply.