Passports for Bitcoin tax breaks?

Passports for Bitcoin tax breaks?
September 22, 2022
Passports for Bitcoin tax breaks?

Plan B Passports is a company that provides tax-havens to Crypto investors, founded by Katie Ananina in late 2016. In 2015, Ananina realized that “she was unhappy with how money worked,” especially after she witnessed the Russian currency drop over 50% in a two-month span.

Her company now offers Crypto clients a passport to their country of choice to avoid taxes, crypto holdings or capital gains on their cryptocurrency assets. Plan B works hand in hand with each country’s government programs to gain residency or citizenship for its clients via investment programs.

The Russian refugee has dedicated the last three years of her life to help others dodge taxes on their cryptocurrency gains. Ananina had this to say, “I was smart enough to figure out that $200 in bitcoin will be worth $100,000 at some point, I don’t think the government should have 40% of that.

Adding to Ananina reasoning, Ernest Marais, an attorney from Andersen, an international tax law firm, states, “It’s an attractive way to draw foreign investment and especially prominent in countries with few natural resources.” This shows that Plan B Passports is not only beneficial to the investors that are attempting to avoid capital gains, but also the countries that they are gaining passports for.