Cryptocurrency moguls may have a new Pacific playground pretty soon! Vanuatu is offering citizenship to anybody who can pony up 34 bitcoins.
So, what makes Vanuatu citizenship so alluring? Tax breaks.
Where In The World Is Vanuatu ?
Approximately 1,090 miles off Australia’s eastern coast, Vanuatu boasts all the trappings of an island paradise: crystalline waters give way to sandy beaches and sumptuous resorts that specialize in debauched privacy.
About 270,000 residents keep the country’s $723 million GDP churning via cattle farming, tourism, and financial services.
Vanuatu’s Tax Breaks For Bitcoiners
Early Bitcoin investors are now wealthy, but cashing out tokens in the United States means incurring hefty capital gains.
That’s where the island paradise comes in.
In 1971, the island nation passed offshore banking legislation that eradicated personal and corporate taxes — not to mention capital gains, exchange, and estate ones. The cherry on top? Vanuatu doesn’t have financial reporting requirements.
For early Bitcoiners sitting on a mountain of tokens, Vanuatu’s citizenship deal could make a lot of financial sense. Paying about 34 bitcoins for citizenship in a country that barely collects taxes is a solid deal for anybody who boarded the Bitcoin train at the first stop.
Favorable Cryptocurrency Tax Advantages
Christian Nesheim, an investment migration specialist, thinks that approving Bitcoin for their citizenship development program will result in a “surge of interest” in Vanuatu “more or less immediately.”
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