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Buy Passport With Bitcoin, Escape Taxes?
PostWysłany: Nie Lip 18, 2021 4:23 am Odpowiedz z cytatem
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kapral
kapral
 
Dołączył: 16 Lip 2021
Posty: 24




Buy Passport With Bitcoin, Escape Taxes?



Have you ever considered living in a Caribbean tax haven, becoming a citizen, maybe even ditching your main passport? If you could implement such a plan without having to pay taxes and could do it quietly with appreciated crypto, wouldn’t that be alluring? Plan B Passport seems to think so. The company offers clients who hold crypto a way to use their crypto to buy a second passport. Customers can take their pick of seven tax-haven nations including Antigua & Barbuda, Dominica, Grenada, Nevis & St. Kitts, Portugal, Saint Lucia, and Vanuatu. Not coincidentally, the jurisdictions happen to exempt crypto holdings from capital gains taxes. You can read more about Plan B Passport and Americans who are looking for a tax break on bitcoin. You are buying into a citizenship by investment program, which is not illegal. You can keep your U.S. passport, or you could give it up if you wish. A key feature of the deal is the notion that you are making a donation of $100,000 or $150,000 to the sustainable growth fund of the country, plus some fees. pg slot

If you are paying for this with crypto, remember that most transfers of crypto are taxable, unless the transfer qualifies as a gift or a charitable contribution. Here, it isn’t clear if this is a real donation or is rather the purchase of citizenship. If the latter, one might expect the IRS to say that using appreciated crypto for the purchase triggers U.S. taxes. Remember, the IRS is still on the hunt for taxpayers not paying taxes on crypto in a big way. Having a second passport would be nice, but what about people who decide to give up American citizenship along with U.S. taxes? Ironically, that can bring more taxes: the U.S. exit tax. To exit, you must prove 5 years of IRS tax compliance, and getting into IRS compliance can be expensive and worrisome. If you have a net worth greater than $2 million, or have average annual net income tax for the 5 previous years of $171,000 or more, you can pay an exit tax. It is a capital gain tax, calculated as if you sold your property when you left. A long-term resident giving up a Green Card can be required to pay the exit tax too.

Sometimes, planning, gifts, separate tax returns for married persons, and valuations can reduce or eliminate the tax. However, plan carefully, and run the numbers, as the tax worry can be real, even for those who can sidestep the tax. A more modest cost is administrative, as America charges $2,350 to hand in your passport, a fee more than twenty times the average of other high-income countries. The U.S. hiked the fee to renounce by 422%, as previously there was a $450 fee to renounce, and no fee to relinquish. Now, there is a $2,350 fee either way. The State Department said raising the fee was about demand and paperwork.
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Candy
PostWysłany: Czw Lip 29, 2021 9:46 am Odpowiedz z cytatem
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st. kapral
st. kapral
 
Dołączył: 28 Maj 2021
Posty: 31




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