Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Company claims to offer bitcoin, crypto tax relief through passport

Company claims to offer bitcoin, crypto tax relief through passport

Plan B Passport founder explains one must 'become a non-tax resident of the country you are currently a citizen of'
Plan B Passport founder Katie Ananina explained on "Varney & Co." on Wednesday how her company could potentially help people avoid paying taxes on cryptocurrencies.

Plan B Passport is a business that works primarily with owners of Bitcoin to obtain legal residency status in their choice of tax-haven nations, CoinDesk reported, noting that the "open approach to tax avoidance is perfectly legal."

The company claims to be "helping the free market evolve to make governments compete for your wealth and fruits of your labor, while incentivizing them to provide you with better services at better prices," according to its website.

Host Stuart Varney pointed out on Wednesday that for about $200,000 Ananina will sell investors a passport to one of seven nations that do not impose capital gains taxes on cryptocurrency gains.

Ananina told Varney that in order for people to avoid paying taxes on cryptocurrencies using her company "you would have to become a non-tax resident of the country you are currently a citizen of," which she acknowledged is "really hard" to do in the United States.

"The United States has a unique feature to its passport called ‘citizenship-based taxation,’ which means if a United States citizen resides in a foreign country, it will still be necessary to file taxes in the United States," she explained.

Ananina clarified that whoever buys a passport from her must live in one of the seven nations or "maintain a nontax residency status" in order to "take advantage of the tax regime those nations provide."

Ananina would not disclose how many people paid $200,000 for the passports, but told Varney, "You will be surprised how much interest there is regarding obtaining a second citizenship."

She added that "taxation is not the only reason people relocate or obtain a second passport."

"For many people it’s a simple plan B, a second option as a hedge against their government for other country’s citizenships,"Ananina continued.

She told Varney she primarily sells her passports to people in English-speaking countries, including the U.S., Australia and Canada.

"I want this to become a global trend so we could incentivize those governments to get better," she said. "So I’m willing to work with anybody all around the world, not limited to U.S. citizens."

Ananina explained how her company works on the same day a digital version of the Euro got the green light.

The digital euro will likely be a digital wallet that citizens of the euro zone can keep at the European Central Bank and would be the electronic equivalent of banknotes and coins, Reuters reported.

The price of Bitcoin was trading slightly higher on Wednesday afternoon around $32,800 per coin, while rivals Ethereum and Dogecoin were trading around $2000 and 20 cents per coin, respectively, according to Coindesk.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
×