Company Offers Passport to Avoid Paying Taxes on Bitcoin Earnings

Plan B Passport offers passports to citizens residing in the United States, United Kingdom, Australia and Canada who are seeking exemption from payments imposed on earnings made with Bitcoin (BTC).

The owner of this company, Katie Ananina, was Interview recently by CNBC. The businesswoman of Russian origin said, during the conversation, that she seeks through this initiative to provide customers A path to a second travel document for one of these seven countries Which are considered tax havens: Saint Kitts and Nevis, Antigua and Barbuda, Dominica, Vanuatu, Granada, Saint Lucia and Portugal.

The businessman explains it These countries have a favorable tax system for non-residents which are localized, for legal purposes, in them. All are exempt from capital gains tax on collectibles Cryptocurrency, pressures.

I was smart enough to imagine that $200 worth of bitcoin would be worth $100,000 at some point. I don’t think the government should own 40% of that.

Katie Ananina, founder of Plan B Passport

Ananina confirms that she has met many bitcoiners who think so It is “mandatory” to obtain a second passport to avoid paying taxes On cryptocurrency earnings. The company running it processes this passport in conjunction with each government’s social residency or citizenship by investment programs.

Regarding the latter, Ernets Marai, a lawyer at the international law firm Andersen, points out that, for example, on the island of Santa Lucia, to obtain the passport, you must invest between 100,000 US dollars (donation), or 250,000 US dollars (government bonds) or 300,000 US dollars (real estate).

Ananina, when expanding on this, gave details useful to know Your company’s business model: “It’s basically a donation to the nation’s sustainable growth fund. So clients donate $100,000 or $150,000, plus some due diligence and government fees, and then $20,000 for my legal fees.”

Plan B Passport owner does not rule out that her customers are considering the United States renounce your US citizenship. That is, in that state, the IRS is considered Bitcoin And other cryptocurrencies, as property. This means that holders must pay taxes as if they were shares or real estate.

Katie Ananina: Maximum Bitcoin

in your profile TwitterAnanina defines itself as a bitcoin who is fond of music and navigation, among other things.

Famous developer Vijay Boyapati la Describe, in that social network, as a “Bitcoin extremist who wants to help people move to where they are better treated, rather than treating them like cattle raised through taxes.”

According to the profile published by CNBC about Malik Plan B passportIt is known that she was born and raised in Chelyabinsk, Russia. She was a professional sailor, and in 2016, settled in the United States. Until then he did not speak English and is now fluent in the language.

As he told CNBC, at the beginning of 2015, he stayed in Spain for two months, regarding his participation in the Russian sailing team competition. It was at that moment when The devaluation of the ruble was observed by 50%.

Regarding this situation, the businesswoman notes: “My professor of macroeconomics was not able to explain it to me. There was no chance that I could run my equations and find out what happened there. She realized that she was not satisfied with how this money worked. “

Then he met the cryptocurrency he developed Satoshi Nakamoto s I became, she says, “a faithful preacher of bitcoin.”. For her, being an extremist isn’t just about believing in a coin, but it’s a way of life. For example, it exercises what it calls “international arbitration”, i.e. getting rid of the rules of any government in its actions and money, and going where it suits them at all times.

“If the government starts to influence me, I will take everything. [mis activos] And I’ll go somewhere else,” asserts Ananina. This was the fuse that lit her creative fuse to found her own company to help others crystallize the idea she had in mind: Take her assets and go elsewhere.