The debate revolving around the true meanings of sovereignty and freedom greatly increased over the past couple of years. The pursuit of one’s individuality in a world dominated by identification has made headlines, focusing heavily on the growing trend of cryptocurrency.
As blockchain technology continues to evolve, an increasing number of people have jumped on the bandwagon, investing in various types of digital currency.
While the growing values of major cryptocurrencies such as Bitcoin or Ethereum have undoubtedly played a significant role in attracting a large number of investors, it is the potential of cryptocurrency that remains its main allure.
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But there is one more factor that makes cryptocurrency a highly sought out venture, the financial independence it brings to the table. Cryptocurrency is truly decentralized, giving its holders the freedom to roam free. Yet, there is another venture that provides similar advantages in terms of physical freedom; citizenship by investment.
Those with more than one nationality enjoy greater travel, economic, and political freedom than single nationality holders. This sovereignty gives breath to an entirely different lifestyle, just as cryptocurrency destroys the shackles of centralized finance. Hence, it is only reasonable that both ventures go hand in hand, but that is just the beginning.
Where Cryptocurrency & Citizenship by Investment Intersect
The intersection point of both cryptocurrency and citizenship by investment is clear – freedom. But the real beauty of the matter is how both issues elegantly harmonize, complementing each other to achieve even greater potential.
Cryptocurrency on its own may be shackled by certain regulations. In the United States of America, for example, cryptocurrency investors can have a tough time dealing with their crypto-assets. Americans are notoriously excluded from certain new coin offerings, while the US Internal Revenue Service (IRS) taxes capital gains on profit made from cryptocurrency sales exceeding 10,000 USD.
But that is just the start of it. Let’s say a crypto investor sells one Bitcoin, which is about 68,000 USD. A staggering 58,000 USD of that sum would be liable for capital gains tax.
Cryptocurrency-friendly countries such as Portugal also offer Residency by Investment programs.
Crypto In The Caribbean
In the Caribbean, however, cryptocurrency gains are not taxed, mainly because the Caribbean nation’s governments do not impose any capital gains tax.
Citizens are not excluded from coin offerings, and banks in the region do not shy away from working with crypto investors.
Major cryptocurrency investors, like the renowned Roger Ver, have taken the plunge, by obtaining a St. Kitts & Nevis passport, renouncing their US one, and living life to the fullest in the Caribbean.
Cryptocurrency gives people a certain degree of financial freedom, but its entire potential is unlocked through obtaining citizenship of a crypto-friendly, tax-favourable country in the Caribbean.
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The five islands in the Caribbean that offer Citizenship by Investment are part of the Eastern Caribbean Currency Union (ECCU), which is the first political-economic organization to launch its own digital currency, dubbed DCash.
Whether the ECCU’s DCash garners the same enthusiasm as Bitcoin has is still to be seen, but the entire enterprise is a testament to the organization’s (and its member’s) attitude toward cryptocurrency.
The Citizenship by Investment programs in the Caribbean has long been a route for high-net-worth individuals (HNWIs) to obtain greater global mobility, enhanced financial freedom, and a robust plan to mitigate political and economic instability.
Crypto & Global Freedom
Combining Citizenship by Investment Programs with cryptocurrency elevates the degree of freedom, allowing a person to roam the globe along with their wealth.
Combining second citizenship with cryptocurrency knocks down all types of major barriers, giving the term individual sovereignty much more meaning.
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The head of the St. Kitts & Nevis citizenship by investment program, Les Khan, recently stated in an interview that one of the largest applicant nationality pools were Americans, and it comes as no surprise.
True freedom has evolved from just being able to travel visa-free into something much more complex, and cryptocurrency investors tend to have that mindset of emancipation, which intersects beautifully with citizenship by investment.
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But it isn’t just Americans, no one knows what the effects of a changing regulatory environment on cryptocurrency trade will be, and the best route around that uncertainty is through obtaining a second citizenship.
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The United Arab Emirates and MENA regions are home to some of the wealthiest individuals in the world.
At Savory & Partners, we have assisted an important number of crypto investors in the Middle East and North Africa region, securing their second citizenship and passport for themselves and their families.
If you would like to know more about getting a second citizenship and how it could enhance your lifestyle as well as your cryptocurrency trading, contact us today to book a free, comprehensive consultation with one of our seasoned consultants.
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