Company offers passport to avoid paying taxes on bitcoin earnings

The Plan B Passport company offers passports to citizens residing in the United States, the United Kingdom, Australia and Canada who seek to be exempted from payments imposed on the profits they have obtained with bitcoin (BTC).

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

The entrepreneur explains that These States apply a tax regime favorable to non-resident citizens that are domiciled, for legal purposes, in them. All are exempt from capital gains tax on holdings of CRYPTOCURRENCY, stresses.

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

Katie Ananina, founder of Plan B Passport

Ananina assures that she has met several bitcoiners who believe that it is “mandatory” to obtain a second passport in order to avoid paying taxes on cryptocurrency earnings. The company that she directs processes this passport in conjunction with the social programs of residence or citizenship by investment of each government.

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

Ananina, when expanding this, gave details that serve to know your company’s business model: “It is basically a donation to the country’s sustainable growth fund. So clients make a donation of $ 100,000 or $ 150,000, plus some due diligence fees, government fees, and then $ 20,000 for my legal fees. “

The owner of Plan B Passport does not rule out that her clients in the United States are thinking about renounce your American citizenship. And it is that, in that nation, the Tax Office (IRS) considers bitcoin and to other cryptocurrencies, as property. This means that their holders must pay taxes the same as if it were stocks or real estate.

Katie Ananina: the bitcoin maximalist

In your profile Twitter, Ananina defines herself as a bitcoiner fond of music and navigation, among other things.

Renowned developer Vijay Boyapati la describe, in that social network, as “a bitcoin maximalist who wants to help people move to where they are treated best, instead of being treated like cattle raised with taxes.”

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

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

Regarding this situation, the businesswoman points out: “my Macroeconomics professor was not able to explain that to me. There was no chance that I could run my equations and find out what happened there. I realized that she was not happy about how the money worked. “

Then he met the cryptocurrency developed by Satoshi Nakamoto Y became, she says, “a faithful bitcoin preacher”. For her, being a maximalist “is not just about believing in a coin,” but it is a lifestyle. For example, she practices what she calls “international arbitration,” which means getting rid of any government’s rules on its actions and finances, and going to the place that suits her at all times.

“If the government starts to affect me, I will take all [mis activos] and I’ll go somewhere else ”, Ananina maintains. This was the fuse that ignited her creativity to found her own company in order to help others crystallize the idea she had in mind: take her assets and go elsewhere.